Overseas Education posts 16% rise in FY2019 net profit of S$8m

MAINBOARD-LISTED Overseas Education Ltd, which runs international school Overseas Family School, kept its bottom line up on the amortisation of intangible assets, according to unaudited results on Thursday.

Net profit was S$8 million for the full year to Dec 31, 2019, up 15.9 per cent on the year before, even as revenue dipped 0.9 per cent to S$79.6 million on lower student enrolment in the first half of 2019, compared with the previous year.

Earnings per share ticked up to 1.9 Singapore cents from 1.7 cents previously, while net asset value was 33.6 Singapore cents a share against 34.4 cents before.

The board has recommended a final dividend of S$0.0275 a share, unchanged from the year before, to be paid on May 15. The books will close on May 5.

Overseas Education shares added half a Singapore cent or 1.43 per cent to S$0.355 on Thursday before the results were announced.