You are here

Venture Corp net profit up 165% in Q4 on record revenue

VENTURE Corp's net profit jumped 164.5 per cent in the fourth quarter to S$143 million as efforts to diversify its customer base and deepen partnerships paid off.

This included a S$11.3 million gain on disposal of an associate. Excluding this gain, net profit would have risen 143.4 per cent to S$131.7 million.

A final dividend of 60 Singapore cents was declared, up from 50 Singapore cents in the same period a year earlier.

Revenue in the three months ended Dec 31 was S$1.086 billion, up 27.1 per cent from the same period a year earlier. This is Venture's third straight quarter of revenue above S$1 billion.

For the full-year ended Dec 31, Venture made a net profit of S$372.8 million, up 106.3 per cent from 2016 and beating street estimates.

Revenue hit a record S$4 billion, up 39.3 per cent from 2016 and in line with street forecasts.

Venture said it remains confident that it is "well placed to create significant value" for its partners. "However, it is expected that the business environment may remain volatile. The next leap forward will entail more intensive preparation and investment in the development of new engineering and advanced manufacturing capabilities," Venture added.

Net profit margin in the fourth quarter was 13.2 per cent. Excluding the one-off disposal gains, it was 12.1 per cent.

Fourth quarter earnings per share was 49.5 Singapore cents, up from 19.3 Singapore cents in the same period a year earlier.

Full-year earnings per share was S$1.30, up from 64.8 Singapore cents in 2016.

Net asset value per share was S$7.609 as at Dec 31, up from S$7.031 at the end of 2016.

Venture shares rose 1.7 per cent to S$27.56 on Wednesday before results were released.