Industrial automation firm ISDN Holdings has reported earnings of $8.52 million for FY2024 ended Dec 31, 2024, up 72.1% y-o-y from the $4.95 reported in the same period a year ago.
Earnings for 2HFY2024 similarly grew 25.4% y-o-y to $3.78 million.
The group reported a revenue of $372.4 million for the full year, up 9% y-o-y. For the 2HFY2024, revenue grew 13.3% y-o-y to $197.9 million.
The group says that revenue growth was from growth in all key business units and regions. Its industrial automation business in China, which accounts for 71% of its revenue, grew 4% y-o-y in FY2024 and 1.5% in 2HFY2024.
Its Southeast Asian industrial automation business which accounts for 20% of revenue rose 3.1% y-o-y in FY2024 and 25.2% in 2HFY2024. ISDN says that this reflects a cautious emergence from the industrial downcycle in 2023 to 2024. The group continues to grow its market access by establishing new facilities in Taiwan and Malaysia.
Meanwhile, its hydropower business, which contributes about 6% of revenue, increased 233% y-o-y to $22.3 million in FY2024.
Gross margin for FY2024 declined 1.2 percentage points (ppts) due to cyclical mix shift as weakness in the semiconductor and electronics sectors shifted mix towards solutions with slightly lower margins.
The group says that it is seeing early recovery in the semiconductor and electronics segments, consistent with global trending, and remains confident that these sectors should provide solid long-term growth out of the downcycle.
The group’s gearing ratio as at Dec 31, 2024 was 34%.
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Cash and cash equivalents stood at $56.1 million.
The board has proposed a final dividend of 0.47 cents per ordinary share for FY2024.
Shares in ISDN closed flat at 31 cents on Feb 28.
