HRnetGroup full-year profit rises 16.6% to S$48.2m

Published Fri, Feb 22, 2019 · 12:40 AM

MAINBOARD-listed recruitment firm HRnetGroup on Friday posted a 16.6 per cent rise in full-year net profit to S$48.2 million from S$41.3 million a year ago, as revenue grew 9.3 per cent to S$428.5 million.

This translated to an earnings per share of 4.77 Singapore cents, up from 4.59 cents last year.

HRnetGroup added that its revenue growth was partially due to acquisitions completed in the second half of the year. These include REForce in China, HRnetRimbun in Jakarta, and Career Personnel in Hong Kong. Taken together, these new business units contributed S$4.4 million in revenue and S$2.9 million in gross profit, HrnetGroup said.

Directors of the company have recommended a final dividend of 2.8 Singapore cents per share for FY2018, subject to shareholders approval at an annual general meeting to be convened. This is up slightly from the 2.3 Singapore cents per share paid out last year.

Looking ahead, the group noted that political uncertainties and trade tensions will pose a challenging environment with impending slowing economic growth.

Nonetheless, the recruiting firm is of the view that pockets of opportunities remain within new geographical markets and segments. The company added that it will continue to expand in more regions and will target to sustain its current level of growth.

Shares in HRnetGroup closed at 78.5 Singapore cents apiece on Thursday, up 0.64 per cent, or 0.5 cent.

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