AEM Holdings has reported a 149.9% surge in its 1H20 earnings to $55.3 million from the $22.3 million registered in 1H19, due to higher revenue, favourable product mix, and operational cost efficiency.

Earnings per share (EPS) for the half-year came in at 20.15 cents, from the 8.25 cents in the same period the year before.

Fully diluted EPS, after provision for preference dividends, came in at 20.13 cents for the half-year, compared to the 8.18 cents a year ago.

Revenue grew 81.7% y-o-y to $273.7 million due to increased sales in all business segments, and higher number of sales to new customers.

Net profit grew 147.9% y-o-y to $55.3 million, while net profit margin rose 5.4 percentage points to 20.2%.

Raw materials and consumables cost rose 74.7% y-o-y to $166.4 million in 1H20 mainly due to the increase in cost for raw materials and consumables. The positive difference between revenue and cost was primarily due to the favourable change in product mix.

Staff costs increased 65.9% y-o-y mainly due to the higher headcount for Research and Development (R&D), business development and engineering projects as well as from the acquisition of Mu-TEST.

As at end June, cash and cash equivalents stood at $139.7 million, a 28.1% increase y-o-y.

AEM Holdings has proposed an interim dividend of 5.0 cents per share, representing a payout of 25% for the half-year period.

Shares in AEM Holdings closed 9 cents higher, or 2.5% up, at $3.66 on Monday (August 3).