Infrastructure and civil engineering company, OKP Holdings 5CF anounced a 66.1% decline in net profit to $12.1 million in 1HFY2024 for the six months to end-June. In 1HFY2023 OKP had one-off item under other gains from an arbitral award in relation to a contract.
In 1HFY2024, OKP reported 5.6% y-o-y increase in revenue to $73.9 million due to higher contribution from the construction segment of $5.6 million, partially offset by a decrease of $1.6 million and $0.1 million from the maintenance segment and rental income, respectively.
Revenue from the construction segment registered growth to $46.1 million, mainly driven by a higher percentage of revenue recognised from various ongoing and newly awarded construction projects as they progressed to a more active phase in 1H2024. Conversely, revenue from the maintenance segment declined to $24.7 million, mainly due to the completion of certain projects and the reduction in maintenance revenue. The construction and maintenance segments remain the major contributors to the Group’s revenue, representing 62.4% and 33.4% of the Group’s 1H2024 revenue, respectively.
The Group’s rental income generated from investment properties experienced a marginal decline to $3.1 million, mainly attributed to the strengthening of the Singapore dollar against the Australian dollar as the rental income generated from the property at 6-8 Bennett Street, East Perth, Western Australia was denominated in Australian dollar. Overall, the Group’s rental income accounted for 4.2% of the Group’s total revenue in 1H2024.
As of June 30, the group's net tangible assets stood at $175.3 million, and NTA per share stood at 57.12 cents compared to 54.66 cents at end-December 2023.
