The group saw revenue for the full year growing 17% y-o-y to $526.6 million, but revenue for 2HFY2024 declined 8% y-o-y to $286.0 million.
The group says that key factors driving the turnaround included resuming construction work post-Covid-19 pandemic, and implementing effective cost management measures.
For the 2HFY2024, the group’s revenue decreased due to a decline in revenue from the construction and engineering solutions segment. This was caused by the completion of certain existing projects and the lower revenue recognition for the initial phase of new projects secured in 2HFY2024.
The group’s operating loss in 2HFY2024 of $0.1 million compared to a profit the year before was due to profits generated from the engineering solutions and the property development segments, partially offset by an operating loss in the construction segment.
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The group’s revenue for the full year however increased due to increase in revenue from construction and engineering solutions.
Revenue from the property development segment amounted to $9.4 million in FY2024 mainly
attributable from the sale recognition of two units from Tranquility Project and 10 units from Equinox Project.
The group’s 2025 strategy focuses on sustainable growth through strategic partnerships and enhanced internal capabilities. It says that it has refined its project selection criteria to emphasise on quality and margins.
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As at Dec 31, 2024, the group’s order book stood at $0.60 billion, expected to extend until 2028.
The group has not proposed any final dividend for the reporting period.
Shares in Tiong Seng closed flat at 9.3 cents on Feb 28.
