Boustead Projects AVM 0.00%has reported profits that were $10.7 million for the 2HFY2023 that ended in March. This was up to 97% year-over-year due to the higher gross profits and other earnings and an unanticipated gain from the sale of a subsidiary as well as lower overhead costs.
Revenues for the period were 4% more than y-o-y, at $166.2 million, due to the higher revenues from the engineering and construction (E&C) company, which was partially compensated by less revenue contribution from its real property business.
In the year-end the company posted profits in the range of $18.35 million, an increase of to 62% year-over-year. The total revenue decreased by 16% from a year ago to $284 million due to less revenue of E&C E&C business in the 1HFY2023 period as well as lower contribution to the real estate industry.
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The current backlog of orders for Boustead Project is as high at $402 million. This is backed by the signing of new contracts worth $401 million in FY2023and led by a record-setting $300 million design and build contract for a fully integrated logistics, manufacturing and office building in Singapore.
In light of the volatile and uncertain future, Boustead Projects recognises the importance of leveraging the synergies and strengths from the Boustead Singapore Group F9D 1.26%, says the executive vice chairman Wong Yu Wei.
“Following an unconditionally offered offer that Boustead Singapore and concert parties have further consolidated their interest, which increased from 73.98% at the end of FY2022, to 95.5% by the end of FY2023. Our board has learned the fact that Boustead Singapore continues to explore several options to eventually remove it from the market and privatize Boustead Projects, according to their stated plans.
“Notwithstanding all this Boustead Projects’ management will continue to concentrate on the execution of the company’s business plans as they were previously outlined,” he adds.
Boustead Projects is proposing a final dividend of 0.7 cents per share as well as a an additional special dividend amounting to 0.7 cents for each share.
The shares of Boustead Projects were suspended since March 28, the day after the end of Boustead Singapore’s offering.
The shares in Boustead Singapore closed at an unaffected 79.5 cents on the 25th of May.