ComfortDelGro’s subsidiary Vicom has reported earnings of $15.6 million for the 1HFY2025 ended June 30, up 10.2% y-o-y.
For the 1HFY2025, revenue grew 24.1% y-o-y to $69.8 million, and ebitda grew 9.7% y-o-y to $23.1 million.
Earnings per share for the 1HFY2025 subsequently grew 10.2% y-o-y to 4.39 cents.
The group’s higher revenue was due to higher revenue contribution from the On-Board Units (OBU) project and increase in testing volume from the manufacturing and construction sectors.
Operating costs for the 1HFY2025 grew 29.1% y-o-y higher to $50.9 million due to higher staff costs and OBU subcontractor fees.
The group reported a 26.6% y-o-y lower interest income for the 1HFY2025 due to a weak interest rate environment.
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Total equity increased to $146.4 million as at June 30, from total comprehensive income generated of $15.1 million mainly from operations, offset by payment of dividends and noncontrolling interests of $10.6 million and $0.6 million respectively.
Total assets increased to $217.7 million as at June 30, due to the increase in non-current assets of $11.1 million offset by the decrease in Current Assets of $4.6 million.
As at June 30, net cash outflow for the period was $5.1 million after payment of dividends.
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The group says that demand for vehicle testing and related work is expected to be strong, with the installation of OBU for the Electronic Road Pricing (ERP) 2.0 exercise in full swing. Demand for non-vehicle testing is expected to remain stable, but there is increased uncertainty regarding the effects of US tariffs on the manufacturing sector and the overall economy.
The board of directors has declared a tax-exempt one-tier interim dividend of 3.10 cents per ordinary share for the period.
Shares in Vicom closed 3 cents lower or 1.852% down at $1.59 on Aug 11.
