VICOM reports flat growth amidst intense competition in non-vehicle testing business

The company’s net profit attributable to shareholders increased by 1.3%.

VICOM Ltd reported a flat revenue growth of 0.8% citing strong competition in its non-vehicle testing business, according to its half-year results.

"VICOM has achieved a steady performance for the first half of 2024. For the vehicle testing business, we continue to be focused on the new "On-Board Unit" installation project. For the non-vehicle testing business, we are keeping a close watch on costs amid intense competition, market volatility, and supply chain challenges that are exerting pressure on margins," Sim Wing Yew, CEO of VICOM said.

Operating profit grew 1.6%, reaching $16.8m in H1 whilst net profit attributable to shareholders increased by $0.2m or 1.3% to $14.1m. EBITDA grew by 3.8%.

A tax-exempt one-tier interim dividend of 2.80 cents per share has been declared.