Hock Lian Seng’s earnings soar 128.8% in H1 2024

Gross profit surged 213.9% to $21.3m.

Hock Lian Seng’s earnings for H1 2024 surged 128.8% to $20.4m from $8.9m a year ago.

Gross profit soared 213.9% to $21.3m from $6.7m in H1 2023, driven by positive contributions from the civil engineering and property development segments.

The increase in the civil engineering segment was due to the finalisation of accounts with subcontractors as the CAG JV project neared completion, whilst the rise in the property development segment was boosted by higher revenue and favorable prices at Shine@Tuas South units.

Meanwhile, revenue for the period fell 6.0% to $99.8m from $106.1m due to lower contributions from the civil engineering segment, offset by the higher turnover from the property development segment.

As of 30 June, the company’s order book for the civil engineering segment totals $624m which includes the Aviation Park station project and Serangoon North Station project.

Earnings per share stood at $0.0398.

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