Tiong Seng rebounds in FY2024

It was driven by higher revenues.

Tiong Seng Holdings Limited generated a net profit of $2.8m in the financial year 2024, rebounding from a net loss of $13.6m in FY 2023 driven by higher revenues.

The company’s revenue rose to $536.2m in FY2024 from $475m in FY2023, driven by increased revenue from construction and engineering solutions after construction work resumed.

During the period, revenue from sales of development properties totalled $9.4m, primarily due to revenue recognition of two units from the Tranquility Project, and 10 units from the Equinox Project.

Earnings per share stood at $0.0065.

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