For the period, the group’s revenue increased by 34% to $107.3 million compared to $80.1 million in FY2022, mainly attributable to the growth of its engineering and scaffolding segments as the construction sector remained strong on backlogged projects.
This revenue improvement came about even as softening metal prices saw an 8% y-o-y decrease in revenue for Union Steel’s metals segment to $50 million in FY2023.
The group’s cost of sales increased to $79.9 million for the period, compared to $61.5 million in FY2023.
As at end-June, Union Steel’s cash and cash equivalents stood at $22.7 million.
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The board has declared a final dividend of 5 cents per share for FY2023.
Shares in Union Steel closed flat at 75 cents on Aug 25.
