Spindex’s net profit surges 43.8% YoY to $15.6m in FY 2024

Earnings per share stood at $13.49.

Spindex reported a 43.8% year-on-year increase in net profit for FY2024, rising to $15.6m from $10.8m a year ago.

Revenue for the period slipped 1.7% to $180.3m from $183.4m amidst challenging market conditions.

The company’s Imaging and Printing (IP) segment declined 16.4% to $26.6m from $31.8m in FY2023, whilst its Consumer Product and Others (CP) segment dropped 10.4% to $63.0m from $70.3m due to weaker demand.

On the flip side, its Machinery and Automotive Tools (MA) segment grew 11.6% to $90/7m from $81.3m.

Despite lower revenue, gross profit rose to $38.1m from $32.1m due to effective cost management, better product mix, and lower inflationary costs on some material prices.

In addition, the USA, Europe, and other markets contributed $82.2m in revenue, the highest amongst all markets, followed by China with $61.7m, and ASEAN (excluding Singapore) with $35.7m.

The Singapore market posted the lowest revenue of $612,000.

Earnings per share stood at $13.49, up from $9.38.