Pan-United Q4 net profit soars 167%, raises dividend

Pan-United made a net profit of S$20.5 million in 2019, up 238 per cent from S$6.1 million in 2018, despite an 11 per cent fall in revenue.

A final dividend of 1.1 cents per share has been proposed. The final dividend will be paid on May 29. Combined with the interim dividend of 0.5 cent, total dividend for 2019 is 1.6 cents, up from 0.8 cent in 2018. Pan-United said that ready-mix concrete demand is forecasted by the Building and Construction Authority to increase from an estimated 12.5 million cubic metres in 2019 to between 14 million and 15 million cubic metres in 2020.

"However, the expected staggered return of foreign construction workers arising from the Covid-19 outbreak may affect local construction activities in the next few months," it added.Pan-United shares rose half a cent or 1.35 per cent to S$0.375 on Tuesday.

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