Catalist-listed Aedge Group has reported earnings of $550,000 for 2HFY2024 ended June 30, up from a loss of $472,000 in 2HFY2023. Ebitda rose to $2 million from $170,000 over the same period.
Overall, the group reported a loss of $593,000 for FY2024, improving 73.6% y-o-y from a loss of $2.25 million in the previous financial year. FY2024 ebitda turned positive at $2.1 million, up from a loss of $443,000 in FY2023.
According to an Aug 29 announcement, the improvement came on the back of the group’s contract acquisition, higher utilisation of existing assets and leveraging government grants.
Earnings per share stood at 0.52 cents in 2HFY2024, up from a loss per share of 0.45 cents in 2HFY2023. For the full year, loss per share improved to 0.56 cents in FY2024 from a loss of 2.12 cents in FY2023.
Meanwhile, the group’s FY2024 revenue saw a decline of 9.6% y-o-y to $23.91 million, driven by lower revenue from engineering services, and security and manpower services.
That said, the decrease was offset by an increase in revenue from transport services.
Gross profit saw an increase to $3.03 million in FY2024, up 41.7% from $2.14 million in FY2023. This was due to a higher utilisation of the group’s bus assets as a result of a rationalisation exercise conducted in FY2023.
Additionally, the group says its investment property is on track to be converted into a 300-bed workers’ dormitory and is currently generating recurring income from the warehouse being tenanted out.
Poh Soon Keng, executive chairman and CEO of Aedge Group, says: “We will continue to explore property investments that are synergistic to our business. The positive financial performance in 2HFY2024 underscores our commitment to creating value for our shareholders and positions us well for future growth.”
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Established in 2000 and based in Singapore, Aedge Group offers three principal services: engineering services, transportation services and security and manpower services. The company listed on the Singapore Exchange S68 in December 2020.
Shares in Aedge Group closed at an unchanged 26.5 cents on Aug 29.
