SINGAPORE (Feb 24): Tiong Seng Holdings posts a 49.4% increase in full year earnings to $15.3 million, from $10.2 million a year ago.
This was on the back of stronger revenue contribution form Tiong Seng’s construction and property development segments.
Full year revenue grew 37.3% to $774.3 million, compared to $563.8 million a year ago.
Tiong Seng’s construction contracts segment saw revenue increase 30.5% to $629.4 million, while revenue from its sale of development properties segment surged 92.0% to $137.8 million.
Tiong Seng has proposed a first and final dividend of 0.8 cents per share. This is an increase from dividends of 0.5 cents a year ago.
As at Dec 31, 2016, cash and cash equivalents stood at $87.6 million.
Tiong Seng says it has pared down its loans and borrowings to lower the group’s gearing level to 0.55, from 0.93 previously.
Tiong Seng CEO Pek Lian Guan says the group’s new civil engineering business is “well-positioned to gain traction” amid a surge in public sector projects.
In addition, its construction order book stands at approximately $1.0 billion, extending up to 2020.
Meanwhile on the property development front, Pek says the group is maintaining a cautiously optimistic outlook in spite of tightening measures in China’s property market.
Tiong Seng closed half a cent higher at 24.5 cents on Friday.
