Venture Corp H2 net profit rises 13.8% to S$195.3 million on more customer demand, new products

VENTURE Corporation reported a 13.8 per cent rise in net profit to S$195.3 million in the six months ended Dec 31, 2022, up from S$171.7 million in the corresponding period in 2021.

This was due mainly to higher revenue growth from robust customer demand and the introduction of new products in the second half (H2), Venture said in a regulatory filing on Friday (Feb 24).

Earnings per share for H2 2022 stood at 67.1 Singapore cents per share, up from 59.1 Singapore cents per share in H2 2021.

Revenue for the period climbed 23.4 per cent to S$2.1 billion, up from S$1.7 billion previously. In particular, the group’s healthcare and wellness, life sciences and genomics, and test and measurement instrumentation portfolios contributed “significantly” to overall performance, Venture said.

The directors have proposed a final dividend of 50 Singapore cents per share, unchanged from the previous year.

For the full year ended Dec 31, 2022, net profit rose 18.4 per cent to S$369.6 million. Revenue gained 24.3 per cent to S$3.9 billion.

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In terms of outlook, the global macroeconomic and geopolitical environment “remain uncertain”, Venture said, though it will continue to invest in the development of new capabilities across multiple portfolios to stay “uniquely relevant”.

Venture’s shares closed 1.2 per cent or S$0.21 higher to S$18.17 on Friday, prior to the earnings announcement.