Tai Sin Electric’s net profit surges to $15.9m in H1 FY2025

The group’s gross profit margin improved to 17.58%.

Tai Sin Electric Limited’s net profit surged to $15.9m for the six months ended 31 December 2024 (H1 FY2025) from $7m in H1 FY2024.

The group’s revenue rose by 20.1% to $235m in H1 FY2025 from $196m in H1 FY2024. The revenue increase was across all of the group’s segments except for the Switchboard segment.

The Cable & Wire (C&W) segment’s revenue improved by 25.64% to $168.6m from $134.2m. The increase in revenue was across the C&W segment in Singapore, Malaysia, and Vietnam.

The revenue increase in Singapore was driven by growth in public sector construction activities and data centre developments. Meanwhile, the improvements in revenue in Malaysia and Vietnam were primarily due to higher exports to the Philippines and Cambodia, respectively.

The Electrical Material Distribution segment registered revenue of $49.3m, an increase of 10.94% compared to $44.43m in H1 FY2024. This increase is attributed to higher revenue from the Building and Infrastructure Cluster, Chemical, Oil & Gas Cluster, Marine Cluster, and Electronic Cluster, supported by the growth of these clusters’ activities in Singapore and Malaysia.

Revenue from the Test & Inspection segment increased by 3.75% to $15.5m in H1 FY2025 from $14.98m in H1 FY2024, driven by higher revenue from the Heat Treatment and Nondestructive Testing activities, as more jobs were carried out for both the ongoing and new projects in Indonesia.

Revenue from the Switchboard Segment declined by 21.99% to $1.7m from $2.2m due mainly to lesser projects in the Brunei market.

Gross profit increased to $41.3m in H1 FY2025, and its gross profit margin improved to 17.58% in H1 FY2025, in line with improved margin in the C&W segment, from 16.51% in H1 FY2024.

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