Hong Leong Asia H1 net profit surges 64.1% to S$91.9 million
Group attributes increase to higher sales volumes in building materials unit, strong engine unit sales from main subsidiary Yuchai
Hong Leong Asia's net profit surged 64.1% to S$91.9 million in the first half of the year, driven by higher sales volumes in its building materials unit and strong engine unit sales from subsidiary Yuchai, according to the group's bourse filing. Revenue increased 17.6% year-on-year to S$3.1 billion, while Yuchai's revenue rose 16.8% to S$2.7 billion, with engine unit sales growing 10.9% to 277,684 units.
Building materials revenue climbed 24.1% to S$384.8 million, supported by robust construction in Singapore. The interim dividend of S$0.03 per share was declared, up from S$0.02 a share the previous year, to be paid out on Sep 9. Hong Leong Asia anticipates demand from China due to growing demand for advanced engines and export markets, despite mixed domestic demand.
They expect satisfactory performance in H2 and full-year, barring unforeseen circumstances, with strong demand expected from public and private-sector projects in Singapore and Malaysia.
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