Pan-United Corp announced a net profit of $18.7 million in FY2021, for the 12 months to Dec 31, a marked improvement on the $1m million in net profit in FY2020.
Revenue rose 45% y-o-y, to $586.9 million, on the back of a recovery in the company’s Concrete and Cement which rebounded with the recovery of construction activities in Singapore.
Raw materials, subcontract cost and other direct costs were all higher as was staff cost. The group’s Ebitda increased to $42.9 million in FY2021, versus $27.9 million in FY2020. Both operating and free cash flow generation were strong, resulting in lower bank borrowings and reduced interest expense.
Pan-United closed Feb 21 at 36 cents, up 2.9% for the day and 4.41% year to date.
