READY-MIX concrete producer Pan-United Corporation on Wednesday (Feb 7) posted a net profit of S$20.4 million for the second half of its 2023 financial year ended Dec 31, up 107 per cent from S$9.9 million the previous year.
Revenue for the period increased 13 per cent to S$414 million from S$365.9 million a year ago, the mainboard-listed company’s condensed consolidated financial statements showed.
Basic earnings per share for the period stood at 2.94 Singapore cents, up 58 per cent from 1.86 cents in the year-ago period.
This brings the group’s profit for the full financial year to S$36.3 million, up 56 per cent from S$23.4 million the year before. Its revenue went up 10 per cent to S$774.1 million from S$703.3 million.
The higher revenue recorded in FY2023 was primarily driven by its concrete and cement business, said the group in a regulatory filing.
Basic earnings per share for FY2023 came in at 5.12 Singapore cents, up 30 per cent from 3.94 cents in the year-ago period.
A final dividend of 1.8 cents per ordinary share was proposed for the year, up from 1.3 cents a year ago.
Once approved by shareholders at the forthcoming annual general meeting, the dividend will be paid on May 17, after the books are closed on May 9.
The group noted that the public sector is likely to contribute about 55 per cent of total construction demand this year, bolstered by the ongoing stepping-up of Build-to-Order housing flats and a strong pipeline of institutional projects and civil engineering works in Singapore.
Private-sector construction demand is anticipated to grow as well, with a projected increase in commercial and industrial building projects.
Shares of the group closed flat at S$0.385 before the results were announced.
