Vicom, a subsidiary of ComfortDelGro , has reported earnings of $29.3 million for the FY2024 ended Dec 31, 2024, up 6.1% y-o-y from the $27.6 million reported in the same period a year ago.
For the 2HFY2024, earnings for the group came in at $15.2 million, up 11% y-o-y.
Earnings per share for the reporting period came in at 8.26 cents per share, also up 6.1% y-o-y.
For the reporting period of FY2024, the group saw a 6.8% y-o-y increase in revenue of $119.5 million. Operating profit came in 4.8% y-o-y higher at $34.6 million, while ebitda tracked a 5.4% y-o-y increase to $43.2 million.
The group, which works in the areas of inspection and technical testing services, says that its vehicle testing business remained robust in 2024. They inspected a total of 525,108 vehicles, increasing its market share to 72.9%.
The group has installed 77,000 On-Board Units (OBUs) as part of the ERP 2.0 exercise in 2024, as one of the authorised partners appointed by the Land Transport Authority (LTA).
The manufacturing sector, the key industry served by Vicom ’s non-vehicle testing business, saw subdued sentiment in the first half of 2024, affecting its performance marginally. However, this sector rebounded in the second half of the year, bolstered partly by the upturn in the global electronics cycle.
The group says that the construction of the new Jalan Papan integrated testing centre is under way and is expected to be ready in 1H2026, which will enable them to house a larger vehicle inspection centre to meet the growing demand expected in the western part of Singapore, and also bring new testing capabilities on stream for the non-vehicle testing business.
Vicom has declared a tax-exempt one-tier final dividend of 3 cents per ordinary share. The total dividend for 2024 will be 5.80 cents per ordinary share resulting in a payout ratio of 70%.
Shares in Vicom closed flat at $1.32 on Feb 21.
