Hong Leong Asia’s profit soars 60.9% to $49.5m in H1 2024

EPS stood at 6.62 Singaporean cents in H1 2024.

Hong Leong Asia saw its net profit attributable to shareholders propel by 60.9% on a year-on-year (YoY) basis to $49.5m in the first half of the year (H1 2024), the group’s latest bourse filing showed.

Similarly, H1 2024 saw its net profit surge 44.3% YoY to $92.5m. The group registered a revenue of $2.3b, an 8.5% YoY uptick compared to last year’s $2.0b.

The group attributed its profitability to the strong performance at Yuchai and building materials unit (BMU) on the back of improving market conditions in Singapore, Malaysia, and China.

In Singapore and Malaysia, BMU revenue grew 5.0% YoY to $321.5m as demand for building materials in ready-mix concrete continued, led by public sector projects in Singapore.

The group's earnings per share (EPS) stood at 6.62 Singaporean cents during the first six months.

Hong Leong Asia expects its order books in the Precast and Ready-Mix Concrete segments to grow further from public and private sector projects in Singapore.

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