SINGAPORE (Feb 28): Venture Corporation reported record full-year earnings of $372.8 million in FY17, doubling from its profit of $180.7 million a year ago as revenue hit the $4 billion mark.
For the 4Q period, Venture’s earnings more than doubled to $143 million from $54 million in 4Q16 on record quarterly revenue of $1.1 billion, which grew 27.1% on-year from $854.6 million a year ago.
Revenue for the full year grew 39.3% to $4 billion from $2.9 billion in FY16, which Venture attributes to a year of excellent execution of customers’ programmes across the group’s diversified customer base, and further deepening of complementary and collaborative partnerships.
This resulted in profit before tax doubling to $443.7 million from the previous year.
Net margin for the full year grew to 9.3% from 6.3% in FY16.
As at end-2017, the group generated cash from operations of $500 million compared to $265.7 million a year ago, and registered an increase in working capital position arising from higher balances in trade receivables and inventories.
Shareholders’ funds grew to $2.2 billion compared to $2 billion a year ago, and net asset value (NAV) per share grew to $7.61 from $7.03 as at end-2016.
A final dividend of 60 cents has been proposed, representing a 20% increase over a prior year and to be paid on 31 May.
In its outlook, Venture says it remains confident it is well-placed to create significant value for the benefit of its partners in spite of expectations for the business environment to remain volatile.
The next leap forward will entail more intensive preparation and investment in the development of new engineering and advanced manufacturing capabilities, says the group, while a stronger focus is in place to strengthen Venture’s next-gen, globally connected “Clusters of Excellence” to position itself to better serve the major economic and growth regions of the world.
Shares in Venture closed 1.7% higher at $27.56 on Wednesday.
