Pan-United Corp, which is a concrete manufacturer and is Singapore’s biggest producer of ready-mixed concrete, has been buying back shares steadily since it reported its FY2021 earnings late last month. The most recent buying was made on March 16, when 500,000 shares were acquired at 34.9 cents each.
This brings Pan-United’s cumulative buyback to around 4.1 million shares under the current mandate. Prior buybacks were made on Feb 25, with the acquisition of 165,000 shares at 34.9 cents each and on March 9 and 10 for 120,000 shares and 350,000 shares at 35 cents each respectively. The company bought again on March 14, acquiring 240,000 shares at 34.7 cents each.
On Feb 22, Pan-United reported revenue of $586.9 million for FY2021 ended Dec 31, 2021, up 45% from $405 million in FY2020. This was in line with a pick-up in construction activities. During the year, the company saw higher material costs but managed to cut down financial expenses because of better cash flows. As such, Pan-United saw earnings grow 17 times to FY2021’s $18.7 million from FY2020’s $1.04 million.