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Hiap Seng reports earnings of $20.1 mil for FY2024, a reversal from losses a year ago

Nicole Lim
Nicole Lim • 2 min read
Hiap Seng reports earnings of $20.1 mil for FY2024, a reversal from losses a year ago
The group’s gross profit almost doubled y-o-y to $6.1 mil from increased in maintenance activities this year.
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Hiap Seng Industries has reported earnings of $20.1 million for the FY2024 ended Mar 31, 2024, a reversal from its losses of $2.56 million in the same period a year ago. 

The group posted a revenue of $24.9 million, a 34.1% y-o-y growth for the full year. Gross profit nearly doubled for the FY2024 from the same period a year before, from $3.1 million in FY2023 to $6.1 million in FY2024. 

The group says that the improved performance is attributed to higher revenue from increased volume of maintenance activities carried out in FY2024, as well as prudence in cost control with reduction of administrative expenses.

The group’s cash and cash equivalents for the full year stood at $14.3 million. 

After the completion of its debt restructuring exercise in February this year, Hiap Seng announced that it is in a debt free position. 

The group’s net asset position stands at $19.6 million. 

See also: MAS swings back from two years of losses with $3.8 bil net profit in FY2023/24

Looking ahead, the group says that it is cautiously optimistic on prospects over the near to medium term and will focus on taking necessary initiatives to buffer against a challenging oil & gas market. 

Short-term demand will remain soft amid economic uncertainty and geopolitical tensions, but the group aims to remain agile and diversify beyond oil & gas. 

Shares in Hiap Seng closed 0.1 cent higher or 33.3% up at 0.4 cents.

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