Alpina Holdings Limited has reported a significant financial turnaround for the fiscal year ending 31 December 2024, achieving a net profit of $2.4 million. The Singapore-based company, specialising in integrated building services (IBS) and mechanical and electrical (M&E) engineering, saw its revenue jump by 37.3% to $88.1 million, whilst gross profit surged by 130.4% to $10.4 million.
The company’s IBS segment remained the primary revenue driver, with a 21% growth, whilst the M&E segment experienced a remarkable 149.4% increase. This growth was attributed to the completion of more projects throughout the year. Alpina’s Executive Chairman and CEO, Low Siong Yong, stated, “We are pleased to report a strong turnaround in our financial results for FY2024, supported by improved operating cash flows that showcase the strength of our business model and strategy.”
In March 2024, Alpina completed the acquisition of Wan Dormitory Pte. Ltd., generating $3.6 million in rental income. This acquisition not only provided an investment opportunity but also addressed the shortage of dormitories in Singapore, securing additional living space for Alpina’s workforce.
The company strengthened its balance sheet, with total assets rising to $81.6 million and total equity to $30 million by the end of 2024. Alpina also secured 20 new contracts worth approximately $172.7 million, enhancing its business outlook.
Looking ahead, Alpina has proposed a final dividend of 0.1899 Singapore cents per share, representing a 14.5% payout ratio of its net profit. Low expressed confidence in sustaining and improving the company’s performance, highlighting the strategic acquisition and new contracts as key contributors to future growth.
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