Plant and terminal engineering specialist, PEC IX2 Limited, has reported earnings of $16.0 million in FY2024 ended June 30, up 136% y-o-y from $6.8 million in the previous financial year.
The group’s 2HFY2024 earnings similarly saw an increase of 176% y-o-y to $10.79 million in FY2024.
Earnings per share stood at 6.3 cents in FY2024, up from a share of 2.7 cents in FY2023.
The increase in earnings came on the back of the group’s rising revenue which saw an increase of 14% y-o-y to $491.0 million in FY2024. This was driven by an increase in project and maintenance works from overseas.
Gross profit was also up by 33% at $115.0 million in FY2024, compared to $86.3 million in the same period last year, due to project settlements within the full-year period.
Similarly, the group’s gross profit margin also increased to 23% in FY2024, on the back of contributions from project works.
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For the FY2024, PEC’s cash generated from operating activities stood at $42.7 million.
The group used $10.2 million in investing activities in FY2024, driven by investments in a fabrication facility, purchase of construction equipment, motor vehicles and office equipment to support the business operation. The amount was partially offset by proceeds from disposal of assets and quoted investments.
Additionally, the group used $12.1 million in financing activities FY2024, due to the net repayment of borrowings, dividend payment to shareholders, purchase of treasury shares and payment of lease liabilities.
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Overall, the group saw an increase in cash and cash equivalents of $20.4 million to $146.6 million in FY2024.
As such, the group has proposed to declare a dividend of 2.0 cents per ordinary share, as well as a special dividend of 1.5 cents per share in the current financial year.
Shares in PEC Limited closed at 2.5 cents higher or up 4.9% at 53.5 cents on Aug 28.
