Union Gas net income up 2.2% in FY 2024

Thanks to cost control measures despite a dip in revenue.

Union Gas Holdings Limited has reported a net profit of $12.5m in fiscal year 2024, up 2.2% from the previous year.

In a bourse filing, the company attributed this to “effective cost control measures” despite a 2.6% decline in revenue to reach $125.5m due to lower sales and lower selling prices.

The largest decrease was in the natural gas unit, falling 22.5% to $4.8m. This was followed by a 4.1% decrease in revenue from diesel to settle at $15.6m, and liquefied petroleum gas declining 1.3% to $105m.

Union Gas’ board of directors has proposed a final dividend of $0.01 per ordinary share.

“Together with the interim dividend of 0.60 Singapore cent per ordinary share, it brings the total dividend per share in FY 2024 to 1.60 Singapore cents, which is higher than the total dividend of 1.48 Singapore cents per share in FY 2023,” the company said.

Looking ahead, Union Gas eyes exploring potential partnerships, and mergers and acquisitions that will enable it to expand its traditional segments and/or diversify into other complementary gas and energy segments locally and overseas.

It will also continue monitoring the potential impact of geopolitical tensions on its business and is committed to improving productivity and controlling costs to protect its profitability.

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