ISOTeam’s order book hits new high
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Around 70 per cent of its business comes from government agencies such as the Housing Board, Land Transport Authority and National Parks Board.
ST PHOTO: DESMOND WEE
SINGAPORE – Estate upgrading specialist ISOTeam has clinched eight new public housing improvement projects worth around $43 million, boosting its order book to a record $226 million.
The Catalist-listed company said on Thursday that the projects – for addition and alteration, repairs and paintwork – would be completed over the next three years.
ISOTeam, which was set up 25 years ago by partners Anthony Koh, David Ng and Danny Foo and listed on the Catalist board in July 2013, is a leading player in Singapore’s building maintenance and estate upgrading industry.
Around 70 per cent of its business comes from government agencies such as the Housing Board, Land Transport Authority and National Parks Board.
Mr Koh said the company controls about a third of the HDB market for repairs, painting and upgrading work.
The strong rebound in demand for repairs and upgrading of public infrastructure over the past year has more than doubled the company’s order book.
It posted a net profit of $1.51 million for the six months to June 30, bringing its full-year attributable earnings to $1.41 million. This was a turnaround from a second-half loss of $9.26 million and a full-year loss of $13.24 million for the 2022 financial year.
Earlier in October, ISOTeam said it intends to raise annual dividend payouts in the coming years from 20 per cent of net profit now, to at least 25 per cent for 2024 and at least 30 per cent for 2025, excluding non-recurring, one-off and exceptional items.
ISOTeam shares closed down 2.4 per cent at 4.1 cents on Thursday.
