Union Gas has reported a 16.5% y-o-y lower earnings for the 1HFY2025 ended June 30 of $4.36 million.
The group’s revenue for the reporting period came in 3.8% y-o-y higher at $63.7 million, while gross profit grew 2.5% y-o-y to $22.6 million.
This higher revenue was attributed to an increase in revenue from its liquid fuel and newly established EV charging services and industrial gases business segments.
The liquid fuel segment registered a 33.8% y-o-y jump in revenue to $9.5 million mainly due to higher sales volume achieved, and the EV charging services and industrial gases segment reported revenue of $400,000, including maiden contribution of $200,000 from the industrial gas business in Indonesia which commenced operations in November 2024.
This was partially offset by lower revenue from its gas fuel segment, which declined 0.8% y-o-y mainly due to a decrease in volume.
Other income and gains recorded by the group fell 32.7% y-o-y mainly because of lower income from government grants and foreign exchange gains, while the group’s overall expenses increased by approximately 5.8% y-o-y, which was attributed mainly to an increase in marketing and distribution costs due to higher delivery charges, marketing expenses and staff costs.
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As such, the group saw lower earnings for the period.
The board of directors has declared an interim dividend of 0.48 cents per share, representing about 35% of the net profit for 1HFY2025.
Shares in Union Gas closed 1 cent higher or 2.532% up at 40.5 cents on Aug 13.
