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Vicom posts 3% uptick in Q1 profit, notes &lsquo considerable&rsquo inflationary pressures
VEHICLE inspection company Vicom&rsquo s group profit after tax and minority interest (Patmi) inched up by 3 per cent to about S$6.3 million for the first quarter ended Mar 31, 2022, from S$6.2 million in the year-ago period.
This was due to higher operating profit, which was offset partially by higher tax expenses, the mainboard-listed company said in a business update on Wednesday (May 11) evening.
Revenue rose 8.1 per cent on the year to S$26 million for the quarter, from S$24.1 million previously. The top line was mainly boosted by higher business volume in the non-vehicle testing business as it rode on the recovery phase of the Singapore economy.
Cash and cash equivalents as at March 2022 stood at S$78.9 million, up 4.6 per cent year on year. Vicom : WJP 0% said this &ldquo healthy cash balance&rdquo will support its business growth and opportunities.
The company noted that its overall business for the non-vehicle testing segment continued to improve in the first quarter of this year, and is expected to mirror the trajectory of the Singapore economy.
&ldquo However, there are considerable inflationary cost pressures as a result of supply chain disruptions and shortages of labour,&rdquo it added.
As for the vehicle inspection business, Vicom said it has largely been stable, although there was lower demand for new car registrations and emission testing services, as the worldwide shortage of microchips hindered vehicle productions.
Frankly , quite disappointed with 10 borad director .
This company just annouced sustainability report 2021 , very surprise their roles, supposedly to ensure verhicle standard
including carbon emission ,Climate friendly mobility,Energy and Fuels & Emissions and Air Quality & l Water & Waste.
But nothing mention of noise polution control, no wonder resident especiually those stayed at HDB estate, sometimes got a rudeshock
in the middle of night from the noise by vehicle that produce loud engine and exhaut pipe noise.
The vehicle noise control standard is lousy.
Why should resident have to suffer from this vehicle owner selfish act.
The main noise poluter
1. Motorbike.
2. SBS busses
3. Luxury car / modified car.
4. Heavy vehicle like lorry.
.
Can VICOM and NEA be more stringent on vcehicle noise testing?
This company just annouced sustainability report 2021 , very surprise their roles, supposedly to ensure verhicle standard
including carbon emission ,Climate friendly mobility,Energy and Fuels & Emissions and Air Quality & l Water & Waste.
But nothing mention of noise polution control, no wonder resident especiually those stayed at HDB estate, sometimes got a rudeshock
in the middle of night from the noise by vehicle that produce loud engine and exhaut pipe noise.
The vehicle noise control standard is lousy.
Why should resident have to suffer from this vehicle owner selfish act.
The main noise poluter
1. Motorbike.
2. SBS busses
3. Luxury car / modified car.
4. Heavy vehicle like lorry.
.
Can VICOM and NEA be more stringent on vcehicle noise testing?
Vicom FY2021 net profit up 1.2% to S$24.8 million
MAINBOARD-LISTED vehicle inspection company Vicom&rsquo s VICOM Ltd: WJP -0.49% net profit rose 1.2 per cent to S$24.8 million for the full-year ended Dec 31, 2021 as demand for the group' s services picked up.
While the economy continues to recover from the impact of the pandemic, Vicom chief executive Sim Wing Yew said in a press statement on Monday (Feb 21) that the group is still not out of the woods given the " fluid and challenging" situation of Covid-19.
Still, demand for the vehicle testing business is expected to remain strong, with the new regulations mandating annual inspection for licensed ride-hail and street-hail service vehicles, Vicom noted in its financial statement.
A record number of 523,639 vehicles were inspected during the year, including 33,202 hybrid and electric vehicles. This is higher than the 493,520 vehicles inspected in 2020.
Revenue was up 16.7 per cent to S$100.9 million versus S$86.5 million the year before. This was largely due to a much improved second quarter compared to the corresponding quarter in 2020 which was marked by a complete lockdown due to pandemic.
The group' s operating profit grew by 5.6 per cent to S$31 million in FY2021 from S$29.3 million the year before.
Earnings per share for the full-year came in at 6.99 Singapore cents versus the 6.91 cents the previous year.
The board has recommended a final dividend of 3.24 cents per share and a special dividend of 2 cents per share to commemorate Vicom' s 40th anniversary. The final and special dividend will be paid on May 25, 2022, subject to shareholders' approval.
Together with the interim tax-exempt one-tier dividend of 3.04 cents paid on Aug 31, 2021, the total dividend for 2021 will be 8.28 cents per share.
VICOM&rsquo S RESULTS FOR THE FULL YEAR ENDED 31 DECEMBER 2021
Full year Group Revenue increased by 16.7% to $100.9 million.
Group operating profit increased by 5.6% to $31.0 million.
Net profit attributable to Shareholders increased by 1.2% to $24.8 million.
Excluding COVID-19 Government reliefs, Group operating profit increased by 35.0% to $29.2 million.
Dividend
A tax-exempt one-tier final dividend of 3.24 cents per ordinary share has been proposed. To commemorate VICOM&rsquo s 40th Anniversary, a tax-exempt one-tier special dividend of 2.0 cents per ordinary share has also been proposed. Together with the interim tax-exempt one-tier dividend of 3.04 cents paid on 31 August 2021, the total dividend for 2021 will be 8.28 cents per ordinary share, representing a payout ratio of 118% if the final dividend is approved by shareholders at the Annual General Meeting on 27 April 2022.
https://links.sgx.com/1.0.0/corporate-announcements/W814YDKX6ENESZJH/702772_VICOM%20Media%20Release%20Results%20for%20the%20Full%20Year%20Ended%2031%20Dec%202021.pdf
Full year Group Revenue increased by 16.7% to $100.9 million.
Group operating profit increased by 5.6% to $31.0 million.
Net profit attributable to Shareholders increased by 1.2% to $24.8 million.
Excluding COVID-19 Government reliefs, Group operating profit increased by 35.0% to $29.2 million.
Dividend
A tax-exempt one-tier final dividend of 3.24 cents per ordinary share has been proposed. To commemorate VICOM&rsquo s 40th Anniversary, a tax-exempt one-tier special dividend of 2.0 cents per ordinary share has also been proposed. Together with the interim tax-exempt one-tier dividend of 3.04 cents paid on 31 August 2021, the total dividend for 2021 will be 8.28 cents per ordinary share, representing a payout ratio of 118% if the final dividend is approved by shareholders at the Annual General Meeting on 27 April 2022.
https://links.sgx.com/1.0.0/corporate-announcements/W814YDKX6ENESZJH/702772_VICOM%20Media%20Release%20Results%20for%20the%20Full%20Year%20Ended%2031%20Dec%202021.pdf
Vicom H1 net profit up 23.7% to S$12m
Vehicle inspection company Vicom' s first-half net profit rose 23.7 per cent to S$12 million for the six months ended June 2021.Vicom, a subsidiary of transport operator Comfort DelGro, declared an interim dividend of 3.04 cents per share, representing a payout ratio of 90 per cent. The company did not declare an interim dividend for the year-ago period to conserve cash due to pandemic-induced uncertainty.
Group revenue for H1 2021 went up 23.4 per cent to S$49.2 million, backed by a strong second quarter and the absence of a complete lockdown, unlike in the year-ago period, said Vicom, in results released after trading hours on Wednesday.
Cash and cash equivalents for the group stood at S$74.4 million as at June 30, 2021.
Basic earnings per share for the period stood at 3.38 Singapore cents, up from 2.74 cents a year ago.
Demand for the vehicle-testing business is expected to remain strong, given that from April this year, regular inspections became a requirement for licensed ride-hail and street-hail service-provider vehicles, Vicom said.
Demand for its non-vehicle testing business, however, is expected to remain " relatively weak" due to manpower challenges and the high costs of complying with safe-management measures in Singapore.
The group' s performance remains challenged because of the unpredictabilities brought on by the pandemic, it said.
Vicom' s chief executive officer Sim Wing Yew said in a statement released along with the company' s results: " There has been an improvement in the level of economic activity in the last few months, but the Covid-19 situation remains fluid and challenging. We continue to manage costs, all the while ensuring that the safety of our customers and staff is not compromised."
Vicom shares closed flat at S$2.04 on Wednesday.
DBS - Ideas of the Day
Stocks to Watch
VICOM Ltd : HOLD
Last Traded Price: S$2.05 Price Target (12-mth): S$2.13 (Upside 3.9%)
Singapore pilots tightened process to bring in foreign workforce
- The construction, marine, and process (CMP) sectors are piloting a programme that will allow foreign workers to be brought into Singapore to address the shortage of foreign labour
- Beginning this month, workers from India will be brought in via the pilot programme, which has already been trialled on workers from Malaysia
- We believe VICOM' s non-vehicle testing business, SETSCO, has substantial exposure to the CMP industries and a shortage of foreign labour poses as one of the headwinds
- In our view, if the pilot test is successful, it could transition to facilitate a steady inflow of workers
Stocks to Watch
VICOM Ltd : HOLD
Last Traded Price: S$2.05 Price Target (12-mth): S$2.13 (Upside 3.9%)
Singapore pilots tightened process to bring in foreign workforce
- The construction, marine, and process (CMP) sectors are piloting a programme that will allow foreign workers to be brought into Singapore to address the shortage of foreign labour
- Beginning this month, workers from India will be brought in via the pilot programme, which has already been trialled on workers from Malaysia
- We believe VICOM' s non-vehicle testing business, SETSCO, has substantial exposure to the CMP industries and a shortage of foreign labour poses as one of the headwinds
- In our view, if the pilot test is successful, it could transition to facilitate a steady inflow of workers
DBS - Ideas of the Day
Stocks to Watch
Vicom Ltd: HOLD
Last Traded Price: S$2.06 Price Target: S$2.13
(Upside 3.4%)
Hold up for an inspection
- Fairly valued for a stable play
- Stable vehicle inspection business boosted by higher COE renewals
- Recovering non-vehicle testing business and margins
- We initiate coverage with HOLD and TP of S$2.13
Stocks to Watch
Vicom Ltd: HOLD
Last Traded Price: S$2.06 Price Target: S$2.13
(Upside 3.4%)
Hold up for an inspection
- Fairly valued for a stable play
- Stable vehicle inspection business boosted by higher COE renewals
- Recovering non-vehicle testing business and margins
- We initiate coverage with HOLD and TP of S$2.13
Vicom posts 14% fall in FY2020 net profit to S$24.5 million
MAINBOARD-LISTED vehicle inspection company Vicom, a subsidiary of transport operator ComfortDelGro, reported a 13.8 per cent fall in its full-year earnings from the year-ago period to S$24.5 million.
In results released on Monday, Vicom said that it expects profit margins to " continue to be under pressure due to greater competition for contracts and higher manpower and compliance costs to deal with shortages of manpower and Covid-19 restrictions" .
For its financial year ended Dec 31, 2020, revenue for the group slipped 16.6 per cent to S$86.5 million.
Vicom said that its full-year results comes " after the full impact of a global pandemic, the likes of which few of us have ever seen" .
" With economic activity grinding to a halt especially during the circuit-breaker period, Vicom' s operations for the year have been hard hit. This has been especially so for the non-vehicle testing business, which is directly dependent on the level of economic activity in the country," it added.
Both the company' s operating costs and operating profit also fell year-on-year (y-o-y). Its operating costs declined 17.8 per cent y-o-y to S$57.1 million, due to lower operating costs of S$4.7 million and various government reliefs of S$7.7 million.
Operating profit stood at S$29.3 million 14.2 per cent lower than in FY2019. Without the Covid-19 government reliefs of S$7.7 million, Vicom said its operating profit of S$21.6 million for FY2020 was 36.8 per cent lower than the year-ago period.
Following its share split last June, earnings per share for Vicom fell to 6.91 Singapore cents in FY2020 from 8.01 Singapore cents in FY2019.
Despite the impact of the pandemic on its business, Vicom said that the demand for vehicle inspection is " expected to remain strong with the implementation of periodic inspection for all licensed ride-hail and street-hail service providers" .
The demand for non-vehicle testing is also expected to improve under Phase 3, it said, though it remains to be seen whether the demand will " recover to pre-Covid-19 levels or to a new normal" .
Vicom added that the outlook for the vehicle inspection and non-vehicle testing businesses assumes that the pandemic situation in Singapore " remains under control" .
The board has recommended a final dividend of 6.22 Singapore cents a share. It had paid out 6.07 Singapore cents per share the previous year. The books closure date is May 6, and the final dividend will be paid on May 18.
Vicom posts 5% fall in Patmi for Q3
VICOM posted a 5 per cent slip in its profit after tax and minority interest (Patmi) for the third quarter ended Sept 30, from S$7.15 million a year ago to S$6.82 million.
Revenue for the vehicle-inspection firm, a subsidiary of transport operator ComfortDelGro Corp, fell by 16 per cent year-on-year (y-o-y), from S$26.4 million to S$22.2 million for the quarter.
The company attributed this mainly to the lower business volumes as a result of the Covid-19 pandemic.
Its operating costs also decreased from S$17.9 million a year ago to S$13.9 million.
Part of the lower operating costs was attributed to the Covid-19 government reliefs of S$2.1 million in the Jobs Support Scheme, and waivers and rebates on the foreign worker levy the remaining S$1.9 million from lower operating costs came as a result of lower staff costs and other variable costs in tandem with the lower revenue.
However, due to the decline in revenue - which offset the government reliefs and lower operating costs, Vicom' s operating profit in Q3 fell 3 per cent y-o-y from S$8.53 million to S$8.26 million.
In a bourse filing on Monday, Vicom said that its vehicle-inspection business is back to normal as inspection for private cars, including those that were deferred in Q2, resumed on June 8.
Inspection and emissions testing for new-car registrations resumed with the reopening of the COE bidding on July 6.
As for its non-vehicle testing business, improvement during the quarter was " uneven" for the different sectors Vicom serves, particularly in the construction industry, where work progress was hampered by several start-stops as a result of resurgence of Covid-19 in the dormitories around August and September.
This was on top of having to fulfil additional requirements for workers in the construction, process and marine industries, such as having to put them through routine rostered testing every fortnight, staggering their days off, arranging for dedicated and safe transport arrangement between work sites and dormitories, and having split teams at sites.
" All these have significant impact on both costs as well as productivity," said Vicom, which said that it thus expects its non-vehicle testing business to " continue to face challenges ahead" .
Nonetheless, the company returned to profitability in Q3, a turnaround from its loss in Q2 before the government reliefs. It has a cash balance of S$89.2 million.
Q3 update for those who might miss it
https://links.sgx.com/1.0.0/corporate-announcements/FXFUQFERT2E0IGOI/638357_3Q2020%20Business%20Update.pdf
https://links.sgx.com/1.0.0/corporate-announcements/FXFUQFERT2E0IGOI/638357_3Q2020%20Business%20Update.pdf
No interim dividend for 2nd quarter. Let's see how will market reacts tomorrow
any advice on this counter? good to vest?
just curious why july leh ?
Kai189 ( Date: 22-Jun-2020 19:37) Posted:
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This is a slow cooker type of stock....slow and steady while cooking...
it may be 2,4 by july2020...
solid stock...
it may be 2,4 by july2020...
solid stock...
go to your Apps and see.
It hit 2.50 on the very first day of the Split Shares.
2.5 was the 52WK high
It hit 2.50 on the very first day of the Split Shares.
2.5 was the 52WK high
wtsfication ( Date: 16-Jun-2020 17:19) Posted:
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this counter doesnt seems like interest retailers?
yea it didnt hit 2.5
sncm3425 ( Date: 16-Jun-2020 15:22) Posted:
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Old holders of vicom, maybe will look to mass sell off this maybe ?
At current prices will drop further abit ? what you all think ?
This is a very under the rader type of stock.
At current prices will drop further abit ? what you all think ?
This is a very under the rader type of stock.
can you please go to your APPS and look at its 52W HIGH?
sncm3425 ( Date: 16-Jun-2020 15:22) Posted:
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Are you on the right track? It was never near 2.5!
Laurenpanna ( Date: 16-Jun-2020 14:13) Posted:
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