Pan-United Corp has reported 2HFY2023 earnings of $20.4 million, up 107% y-o-y from the $9.8 million recorded in 2HFY2022.
For the full year, earnings were up 56% y-o-y to $36.3 million.
Revenue for 2HFY2023 rose 13% to $413.9 million. For FY2023, revenue grew 10% y-o-y to $774.1 million, driven primarily by the concrete and cement (C&C) business.
Costs of doing business have increased, as evident from the increase in cost of raw materials, subcontract costs and other direct costs by 7% y-o-y, as well as the increase in staff costs by 18% y-o-y.
The company’s ebitda from continuing operations was at $68 million in FY2023, compared to $51.5 million in FY2022. This is mainly attributable to the increase in revenue from the C&C business.
The share of results of associate decreased by 53% y-o-y to $2.8 million in FY2023, as a result of lower sales volume and selling prices.
In its forward looking statement, the company notes that the industry will continue to face challenges from higher operating costs. This includes tight manpower supply, volatility in energy prices and supply chain issues resulting from elevated geopolitical tension.
Shares in Pan-United closed at an unchanged 38.5 cents on Feb 7.
