Venture H1 net profit rises 24.1%; declares S$0.25 dividend

VENTURE Corporation reported a 24.1 per cent year-on-year increase in net profit for the first half ended June 2022, on the back of higher revenue.

Net profit for the 6 month period rose to S$174.3 million, from S$140.4 million in H1 2021, the company said in a bourse filing on Friday (Aug 5). On a per share basis, earnings improved to S$0.599 from S$0.484 in the year ago period.

The board of directors has declared an interim dividend of S$0.25 per share, which is in line with the interim dividend a year ago. The interim dividend payment date is set for Sept 15.

Revenue for the first half of 2022 climbed 25.4 per cent to S$1.8 billion from S$1.4 billion in the year-ago period.

Venture said there was steady growth from broad-based expansion in all technology domains across the group’s portfolio.

“In particular, healthcare and wellness, life science and genomics and test and measurement instrumentation technology domains registered strong performance,” it said.

Venture expects demand to “remain unabated” in H2 2022, based on order patterns from customers and business partners, and it noted that there has been “resilient demand across its diversified customer base”.

“The industry continues to see supply lagging behind demand with challenges from global supply chain constraints, rising inflationary pressures and a tight labour situation,” Venture said. “Notwithstanding these and other impediments over the next 12 months, with operational excellence and increased focus on inventory management, Venture expects to end the year well. “

Net asset value per share rose to S$9.506 as at end-June 2022, up from S$9.348 in end-Dec 2021.

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Venture Corp posts 29% jump in Q1 earnings to S$84 million

The counter rose 1 per cent on Friday to close at S$17.73, before the earnings announcement.