HRnetGroup H2 profit rises 14.2% to S$29.6m; posts record profit for FY2021
RECRUITMENT company HRnetGroup CHZ posted a 14.2 per cent rise in net profit to S$29.6 million for the second half ended Dec 31, 2021, from S$25.9 million a year ago.
This was driven by revenue growth for its flexible staffing and professional recruitment segments across its key regions, the company said in a bourse filing on Friday (Feb 25).
Earnings per share stood at 2.95 Singapore cents for the half-year period, up from 2.58 cents a year ago.
Revenue for H2 rose 41.6 per cent to S$315.4 million, from S$222.7 million a year ago. In December, the company also had an all-time high number of contractors in its flexible staffing segment.
A final dividend of 3 cents per share was proposed for the half year, for shareholders' approval at the upcoming annual general meeting. The date payable will be announced later.
This is on top of a special dividend of 1 cent per share paid to shareholders on Jan 11. In 2020, a final dividend of 2.5 cents was paid.
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For the full year ended Dec 31, 2021, the company posted a record net profit of S$65.5 million, up 39.7 per cent from S$46.9 million a year ago.
It also posted a record revenue of S$590.5 million, up 36.4 per cent from S$433 million a year earlier, with all the regions it was operating in experiencing double-digit percentage growth.
HRnetGroup noted that FY2021 had its best performance in history, and it also provided a record dividend payout for the year.
In Singapore, the company expects it will "ride on the wave of demand for both professional recruitment and flexible staffing", as the labour market is on its recovery track. As for China, the company said the employment churn will provide "a huge opportunity" for its brands.
Shares of HRnetGroup closed down 3.2 per cent of S$0.025 at S$0.75 on Thursday.
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