Venture Corp's Q1 profits soared 72.2% to $83.67m

It cited its operations in engineering and advanced manufacturing as a driver of growth.

Venture Corporation is on a tear as its profits soared 72.2% YoY from $48.6m to $83.67m in Q1. Revenue edged up 1.5% to $856m.

According to its financial statement, the effects of a weakened USD lifted its revenues. In USD terms, revenue for the reported quarter would have grown by 9.1%.

"The improvement in profitability continued to be driven by impactful value creation through engineering design and development, operational excellence and judicious cost management," Venture said. 

It added that it continues to leverage its core capabilities in engineering, advanced manufacturing, and supply chain management, in order "to drive operational excellence and deep value creation."

"Venture plans to grow its pool of strategic partnerships and its technological diversity with expansion into new and adjacent ecosystems. Excellent execution of these ongoing and new initiatives will support the group’s endeavor to build sustainable growth and performance," it concluded.

As a sign of Venture's growth, its CEO Wong Ngit Liong received a remuneration package of $12.02m, excluding share options, a 119% increase from last year’s $5.5m, as company profits rose over 170% due to exciting sales momentum. It was at par with and even greater than what Singapore’s bankers received.

Analyst reports revealed that most of Venture's revenue came from its manufacturing ties with Philip Morris for the I Quit Ordinary Smoking (IQOS) tobacco device, based on patents and its subsidiary's operations.