Credit Bureau Asia, which listed on the SGX-ST’s mainboard in December 2020, has reported earnings of $3.1 million for the 2HFY2020 ended December, 15.9% lower than earnings of $3.7 million in the same period a year ago.
Earnings for the FY2020 fell 2.6% to $6.8 million from $7.0 million.
Earnings per share (EPS) for the FY2020 stood at 3.36 cents on a fully diluted basis, from EPS of 3.49 cents the year before.
Revenue for the 2HFY2020 grew 9% y-o-y to $22.9 million due to higher revenues from the group’s FI Data Business and Non-FI Data Business.
Other operating income for the period grew 9.6% y-o-y to $0.6 million mainly due to the $0.5 million grants received under the jobs support scheme (JSS).
Listing expenses for the 2HFY2020 increased 203.1% y-o-y to $1.1 million due to the group’s preparation for its IPO in late 2020.
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2HFY2020 share of result of joint ventures fell 17.1% y-o-y to $0.4 million due to lower contribution from the group’s Cambodia investment. Credit Bureau (Cambodia) saw a 6.4% y-o-y growth in 2HFY2020 revenue, while its profit after tax (PAT) margin fell to 44.8% from 48.0% due to increase in operating expenses due to operational requirements during the same period.
Share of results related to the group’s Myanmar investment was a loss of some $0.1 million in 2HFY2019 and 2HFY2020.
Total profit before tax (PBT) fell 3.5% y-o-y to $9.9 million in 2HFY2020.
Group revenue for FY2020 increased 6.8% y-o-y to $43.4 million, thanks to higher revenue from its FI Data Business and Non-FI Data Business.
Other operating income surged 225.9% y-o-y to $2.7 million as a result of the gain on disposal of CDM of $1.1 million and the JSS grant of $1.2 million.
The increase was partly offset by the decrease in other government grants of $0.2 million and the decrease in interest income of $0.2 million due to lower fixed deposits placement and lower interest rate.
FY2020 listing expenses increased to $1.4 million from $0.4 million in FY2020 in preparation for the IPO.
Share of results of joint venture in FY2020 fell 24.4% y-o-y to $0.9 million due to the decrease in the group’s investment in Cambodia. This was due to negligible consultancy revenue recorded in FY2020 and the lower profitability in Credit Bureau (Cambodia).
The group’s share of results related to its Myanmar investment was a loss of $0.2 million in FY2019 and FY2020.
Total profit before tax for the FY2020 grew 9.1% y-o-y to $20.8 million.
In its financial statements released on Feb 24, the group says it received gross proceeds of some $27 million raised from the IPO on Dec 3, 2020, which it has used for organic growth initiatives, strategic investments, general corporate and working capital purposes and listing expenses.
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Cash and cash equivalents as at end-December stood at $48.8 million.
No final dividend was proposed. An interim dividend of 2.1 cents was paid before its listing.
In FY2021, the group says the outlook is “hopeful” but remains “uncertain” as the Covid-19 vaccines are being distributed globally. As such, it remains “cautiously optimistic” that the growing demand and growth for its products and services will continue.
It expects business as usual for its subsidiaries in Singapore, Malaysia and Cambodia. Myanmar Credit Bureau began operations on Dec 30, 2020, and is not expected to have any material impact on the group for the FY ending Dec 31.
“We achieved a creditable performance for FY2020 as our PATMI grew by 11.1% to S$8.2 million excluding one-off IPO expenses. Going forward, we will continue to grow our business in Singapore. We also expect to grow our regional footprint to new countries and identify new areas of opportunity for the group,” says founder and executive chairman Kevin Koo.
Shares in CBA closed 3 cents lower or 2.2% down at $1.33 on Feb 24.
