“It’s noteworthy that ISOTeam’s net profit for 1HFY2024 has already surpassed the net profit recorded for the entire FY2023, standing at $1.3 million. This achievement underscores our optimism regarding ISOTeam’s outlook for FY2024, anticipating a continuation of this upward trajectory,” write Ng and Chan in their non-rated report dated April 30.
SAC Capital analysts Daniel Ng and Matthias Chan like ISOTeam after its “strong” performance for the 1HFY2024 ended Dec 31, 2023. For the six-month period, ISOTeam reported earnings of $1.4 million, 34% higher y-o-y, and revenue of $62.7 million, 16.5% higher y-o-y.
The improved set of figures were mainly due to the group’s divestment of its non-core businesses in December 2022 and its sharper focus on its core construction-related segments. The group’s key segments saw broad-based growth in revenue, which more than offset the decline in ISOTeam’s “others” segment.
