Technology solutions provider, Venture Corporation V03 , has reported earnings of $270.0 million for its FY2023 ended Dec 31, 2023, 26.9% y-o-y down from FY2022’s $369.6 million.
This translates to an earnings per share (EPS) of 92.6 cents, 26.9% lower than FY2022’s EPS of 126.8 cents.
FY2023 revenue declined by 21.7% y-o-y to $3.03 billion in FY2023 from $3.86 billion in the year before, primarily due to the softer market demand from weakened macroeconomic conditions and customers’ inventory destocking.
Additionally, changes in finished goods, work-in progress and raw materials used decreased in tandem with the lower revenue.
Meanwhile, profit for the period also decreased 26.9% to $270.7 million from FY2022’s $370.1 million, largely due to a 205% increase in investment revenue of $28.2 million spent by the group, up from FY2022’s $9.2 million.
This was attributed to Venture Corp’s capitalising on the favourable high interest rate environment.
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With this year’s results, the group’s board of directors has recommended a final dividend of 50 cents per share on a one-tier tax-exempt basis for FY2023. Including the interim dividend of 25 cents per share paid in September 2023, total dividends for FY2023 will amount to 75 cents per share.
Venture Corp’s balance sheet remains strong, with a net cash position of $1.06 billion as at Dec 31, 2023.
Moving forward, the group is actively investing and building its manufacturing, engineering and total business capabilities to grow further in the life sciences, test and measurement instrumentation, hyperscale data centres, semiconductor equipment, advanced industrial, networking and communications as well as luxury lifestyle and wellness domains.
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Venture is also expanding its participation in its customers’ products by providing more services across the design, sourcing, manufacturing and supply chain management process.
Furthermore, the group is also creating advanced modules that help improve product performance, generating outstanding value for our customers, while actively mitigating geopolitical risks for both existing and prospective customers through innovative redesign and supply chain solutions.
Shares in Venture Corp closed six cents higher or 0.43% up at $14.10 on Feb 22.
