Boustead Singapore’s net profit soars 64% in 2H24

The increase was due to significant revenue contributions from three of its divisions.

Boustead Singapore’s net profit rose 64% in 2H24 to $37.3m from $22.7m in 2H23.

Revenue for the period rose 27% to $399.6m from $314.8m, whilst gross profit increased 46% to $121.4m from $83.1m.

The increase was due to significantly better revenue contributions from the geospatial division, real estate solutions division, and energy engineering division.

Boustead’s geospatial division revenue rose 27% to YoY to $212.7m whilst the real estate solutions division revenue rose 30% YoY to $369.5m. The energy engineering division revenue soared 78% YoY to $174.4m.

The board proposed a final dividend of $0.04 per share which takes the dividend for FY24 to $0.55 per share, compared to $0.4 per share for FY23.