Vicom posts 9.2% rise in first-half earnings to $13.1m
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Vicom's revenue grew by 8.5 per cent to $53.3 million.
ST PHOTO: LIM YAOHUI
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SINGAPORE - Testing and vehicle inspection firm Vicom posted a 9.2 per cent rise in net earnings to $13.1 million for the first half ended June 30, 2022.
Revenue grew by 8.5 per cent to $53.3 million on the back of a growing and ageing vehicle population, as well as a recovery in the construction, marine and offshore, oil and gas, and manufacturing sectors.
Earnings per share of the ComfortDelGro subsidiary rose by 9.5 per cent to 3.7 cents.
Vicom chief executive Sim Wing Yew said: "As Singapore emerges from the Covid-19 pandemic, demand for Vicom's services, especially in the non-vehicle testing segment, is improving.
"But growing inflationary pressures and the threat of recession loom near, and we are not out of the woods yet. We will thus continue to keep a tight lid on costs and adopt a cautionary stance in the immediate future."
Directors are recommending an interim dividend of 3.32 cents per share, representing a payout ratio of 90 per cent.
