Its wholly-owned subsidiary Fair Chem Industries posted an increase in revenue of $1.3 million in 1HFY2024, with improved margins.
Overall, GKE recorded a revenue of $55.5 million, up 2.1% y-o-y, with its cost of sales increasing slightly by 0.7% to $39.0 million.
Gross profit was up 5.6% y-o-y to $16.5 million, while gross profit margin improved by 1 percentage point to 29.7% for the period.
As a result, earnings per share increased to 0.25 cents for 1HFY2024, compared to 13 cents in 1HFY2023.
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GKE’s cash and cash equivalents stood at $26.8 million as at Nov 30, 2023.
Neo Cheow Hui, CEO and executive director of GKE, says: “Our effort in enhancing our assets in Singapore to maximise our competencies to provide higher value-adding solutions and services to our customers and broadening potential earnings at the same time, is a continuous challenge we have for ourselves.”
“The stability in our Singapore and China operations demonstrated in the 1HFY2024 results is a boon to the group," says Neo.
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"However, we remain steadfast in achieving stable and sustainable growth for the long term and continue to stay prudent in the management of our resources to ride through the uncertain times.
"Meanwhile, we will continue to monitor the progress of our infrastructural materials and services segment in Guangxi, China, and conduct regular credit risk assessment to safeguard our interest," he adds.
Shares in GKE closed 0.4 cents higher or 5.63% up at 7.5 cents on Jan 12.
