OKP Holdings' net profit drop 66.1% to $12.1m in H1.

Thanks to ongoing and newly-awarded projects.

OKP Holdings reported a net profit of $12.1m in H1, a 66.1% decrease from H1 2023, when it earned $35.8m, the company's latest bourse filing showed.

Net profit attributable to equity holders is $11.9m for the period, a 66.6% decrease compared to H1 2023's $35.6m

Revenue is $73.9m for the first six months of 2024, up by 5.9% compared to $70m in H1 2023. 

OKP Holdings has declared a basic earnings per share of $0.38, 66% lower than the $0.11 EPS announced in H1 2023.

OKP Holdings said that it achieved a record high order book of $706.9m for the half year ended 30 June, with revenue visibility extended until 2027.

This was thanks to its ongoing and newly-awarded construction and maintenance projects.

Its construction segment's revenue rose 13.6% to $46.1m, partially offset by a 6% decrease in revenue from its maintenance segment to $24.7m, and a 2.1% decrease in rental income.
 
The group’s free cash and cash equivalents saw a 43.6% increase year-on-year, from $65.8m to $94.2m.