Hong Leong Asia’s net profit surges by 35% YoY in FY2024

The group has doubled its dividend to $0.04 per share.

Hong Leong Asia Ltd.’s attributable net profit (PATMI) increased by 35.3% year-on-year (YoY) to $87.8m for the full year ended 31 December 2024 (FY 2024), according to a bourse filing.

Group revenue increased by 4.1% YoY to $4.2b, with growths at both powertrain solutions (Yuchai) and building materials unit (BMU).

In Singapore and Malaysia, BMU’s revenue grew by 4.9% YoY to $682.3m, with reportable segment profit after tax of $86.2m, representing growth of 13.1% YoY.

Meanwhile, in China, Yuchai’s revenue grew by 4.2% YoY to $3.5b, with reportable segment profit after tax of $89.6m, up 17.2% YoY.

Powertrains sold in FY 2024 increased by 13.7% YoY to 356,586 units, led by good volume growths in marine and power generation, truck, and bus applications despite a mixed domestic market.

The HLA Board of Directors also proposed a final dividend of $0.03 per share.

Together with the interim dividend paid of $0.01 per share, the group has doubled its dividend to $0.04 per share for FY 2024.