iFAST Q4 earnings more than double to S$2.5m on higher revenue

INCREASED revenue from its product offerings gave a lift to results for iFAST Corporation Ltd (iFAST) for its fourth quarter ended Dec 31 as net profit more than doubled to S$2.5 million from S$1.1 million in the previous year, the group said in a Singapore Exchange filing on Wednesday morning.

Earnings per share for the fourth quarter increased to 0.93 Singapore cent from 0.43 Singapore cent in the year ago period.

On an annual basis, iFast recorded a 65.9 per cent increase in net profit to S$9.04 million for fiscal 2017.

For the quarter, revenue rose 30.8 per cent to S$28.2 million from the previous year.

Meanwhile, revenue for fiscal 2017 stood at S$101.17 million, a 25.5 per cent increase from 2016.

The growth in revenue in both the fourth quarter and full year were due mainly to the growth of the group's business and asset under administration in both business-to-customer and business-to-business business divisions in the period, contributed by the group's continuing efforts at strengthening its investment platforms in the various countries in the recent years, it said.

Net asset value per share crept up to 30.69 Singapore cents as at Dec 31, from 29.92 Singapore cents a year ago.

Dividend per share on a diluted basis increased to 0.9 Singapore cent from 0.75 Singapore cent in the previous year.

The proposed final dividend for fiscal 2017 brings the total dividend to 3.01 Singapore cents per ordinary share for fiscal 2017, being 7.9 per cent higher than the total dividend of 2.79 Singapore cents per ordinary share for fiscal 2016.

iFast added that it expects the dividend per share for fiscal 2018 to be higher than fiscal 2017.

Incorporated in 2000, iFAST is an Internet-based investment products distribution platform with a presence in Singapore, Hong Kong, Malaysia, China and India.

iFAST shares ended unchanged at S$0.88 on Tuesday.