Hong Leong Asia has reported earnings for the FY2024 ended Dec 31, 2024 of $87.8 million, up 35.3% y-o-y. Its earnings for the 2HFY2024 came in 12.2% higher y-o-y at $38.2 million.
Earnings per share for FY2024 stood at 11.74 cents per share, up from the 8.67 cents per share reported in the same period a year ago.
Hong Leong Asia’s revenue for the full year came in 4.1% higher y-o-y at $4.25 million, up from the $4.1 million reported in the same period a year ago.
This is attributed to “robust growths” at both powertrain solutions Yuchai, and the group’s building materials unit.
Profitability was lifted by strong performances from the two units on back of higher sales volumes from marine and power generation business and improved market conditions in Singapore and Malaysia, resulting in higher sales volume for ready-mixed concrete.
Patmi in FY2023 and FY2024 included one-off gains of $6.7 million and $3.3 million each from the disposal of an associate/subsidiary. Excluding these one-off gains, patmi would have increased 45.2% y-o-y.
Other income, which comprised mainly government grants and VAT rebate, technology licensing income, interest income and net foreign exchange gain, was up 28% y-o-y to $124.0 million in FY2024.
This was due to higher government grants and VAT rebate, and technology licensing income recognised in FY2024, partially offset by the absence of gain on disposal of a subsidiary of Yuchai in FY2023.
Yuchai has a strategic cooperation agreement with Vietnam’s Kim Long, and continues to R&D on New Energy powertrains.
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In the building materials unit, the group is anticipating better performance on the back of strong construction demand. In addition, the new Johor-Singapore Special Economic Zone (JS-SEZ) will create more opportunities.
The group has proposed a final cash dividend of 3 cents per ordinary share for the reporting period.
Shares in Hong Leong Asia closed flat at $1.02 on Feb 26.
