Tiong Seng rebounds in FY2024
It was driven by higher revenues.
Tiong Seng Holdings Limited generated a net profit of $2.8m in the financial year 2024, rebounding from a net loss of $13.6m in FY 2023 driven by higher revenues.
The company’s revenue rose to $536.2m in FY2024 from $475m in FY2023, driven by increased revenue from construction and engineering solutions after construction work resumed.
During the period, revenue from sales of development properties totalled $9.4m, primarily due to revenue recognition of two units from the Tranquility Project, and 10 units from the Equinox Project.
Earnings per share stood at $0.0065.