PNE Industries, the manufacturer and trader of electronic and electrical appliances, has posted earnings of $1.3 million for the FY2024 ended September, up 70.5% y-o-y from the same period last year. 

 

Earnings per share for the period stood at 1.5 cents, as compared to 0.9 cents in FY2023. 

 

Revenue for FY2024 saw a 13.9% y-o-y increase to $61 million, on the back of an improvement in contract manufacturing sales due to higher customer demand. 

Meanwhile, gross profit for the same period rose by 6.6% y-o-y to $11.3 million. The group says that despite a $7.4 million increase in sales, a less favourable product mix reduced the group&rsquo s gross profit margin to 18.6% for FY2024 from 19.9% in FY2023. 

 

For the same period, other operating income increased by 2.9% y-o-y, due to a $0.4 million increase in   foreign exchange gains and $0.1m gain on the disposal of property, plant and equipment (PPE).

 

The group declared a final dividend of 2 cents per share, which is expected to be paid on Feb 14, 2025. 

Between Jun 15 and 16, PNE Industries : BDA 0% executive managing director Tan Koon Chwee acquired 24,700 shares.

 

With a consideration of S$18,128, this increased his direct interest in the manufacturer, dealer and trader of electrical and electronic products and appliances from 11.12 per cent to 11.15 per cent.

 

Tan serves as the CEO of the group and is the brother of non-executive chairman Tan Kong Heng. He is responsible for formulating and implementing the group&rsquo s corporate and business strategies and financial matters. He also oversees the marketing function of the group.

 

On May 11, PNE Industries reported that its H1FY23 (ended Mar 31) revenue decreased by S$13.6 million or 35.5 per cent compared to the same period the previous year due mainly to lower contract manufacturing sales because of customer requests to defer deliveries as well as component shortages.