VENTURE Corporation posted a 6.6 per cent year-on-year decline in net profit to S$121.4 million for the half year ended Dec 31, 2024, from S$130 million.
This came as revenue over the same period fell 6.3 per cent on year to S$1.35 billion, from S$1.44 billion.
In its earnings release on Friday (Feb 21), Venture noted that its H2 revenue was 2.3 per cent lower compared with revenue in the first half of the year.
It attributed this mainly to its lifestyle consumer technology domain, which was affected by unexpected lower demand.
“This was offset by revenue growth across the majority of technology domains. In particular, networking and communications and advanced industrial technology domains delivered better results,” the company said.
The company’s earnings per share came in at S$0.419 for the half year, from S$0.447 in the corresponding period a year earlier.
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Venture’s board proposed a final dividend of S$0.50 per share, unchanged from the year-ago period. If approved by shareholders at the company’s upcoming annual general meeting, the dividend will be payable on May 19, after books close on May 6.
For the full year, net profit declined 9.3 per cent year on year to S$245 million, as revenue fell 9.6 per cent to S$2.7 billion.
In the year ahead, Venture said that it is implementing new business wins in design and manufacturing. It added that the company aims for growth in 2025, despite an uncertain short-term business environment.
“We are confident in our ability to effectively navigate complexities by leveraging our differentiating capabilities, resilience and longstanding relationships with key partners,” it said.
It noted that it plans to make investments to differentiate itself and explore growth opportunities.
Shares of Venture closed at S$12.94, down 0.2 per cent or S$0.02 on Friday, before the results were released.
