VICOM LTD 1st Quarter 2024 Business Update
10 May 2024
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Contents
- Operational Update for 1Q 2024
- Financial Update for 1Q 2024
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OPERATIONAL UPDATE FOR 1ST QUARTER 2024
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Operational Update for 1st Quarter 2024
Vehicle Inspection Business
- Installation of On Board Units (OBU) under the Electronic Road Pricing (ERP) 2.0 exercise has commenced but full roll out is only expected later this year.
Non-Vehicle Testing Business
- The demand for non-vehicle testing has been affected by the weak manufacturing sector. As a result, competition for the reduced demand has become very keen.
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FINANCIAL UPDATE
FOR 1ST QUARTER 2024
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Income Statement - 1st Quarter 2024
1Q 2024 | 1Q 2023 | Fav/(Adv) | ||
$'000 | $'000 | $'000 | % | |
Revenue | 28,045 | 27,758 | 287 | 1.0 |
Operating Costs | (19,756) | (19,600) | (156) | (0.8) |
Operating Profit | 8,289 | 8,158 | 131 | 1.6 |
Profit After Tax | 7,001 | 6,977 | 24 | 0.3 |
Profit after Tax and Minority Interest (PATMI) | 6,945 | 6,853 | 92 | 1.3 |
EBITDA | 10,391 | 10,009 | 382 | 3.8 |
There were no significant changes in Revenue, Cost and Profits compared to 1st Quarter 2023.
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Balance Sheet
Mar 24 | Dec 23 | Fav/(Adv) | ||
$'000 | $'000 | $'000 | % | |
Cash & Cash Equivalents | 60,653 | 55,066 | 5,587 | 10.1 |
Other Current Assets | 17,121 | 16,721 | 400 | 2.4 |
Non-Current Assets | 124,100 | 124,584 | (484) | (0.4) |
Total Assets | 201,874 | 196,371 | 5,503 | 2.8 |
Current Liabilities | 29,019 | 31,319 | (2,300) | (7.3) |
Non-Current Liabilities | 33,413 | 32,750 | 663 | 2.0 |
Total Liabilities | 62,432 | 64,069 | (1,637) | (2.6) |
Total Equity | 139,442 | 132,302 | 7,140 | 5.4 |
- Balance sheet remains strong with cash & cash equivalents of $60.7m.
- Total liabilities decreased by $2.3m due to lower trade and other payables.
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Cashflow
1Q 2024
$'000
Cash from Operating Activities | 7,440 |
Utilisation of Cash: | |
CAPEX | (1,757) |
Payments under lease liability | (376) |
Total Utilisation of Cash | (2,133) |
Others | 280 |
Net Cash Generated | 5,587 |
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Financial Summary
Financial
Performance
- Group PATMI at $6.9m rose by $0.1m or 1.3% against 1Q 2023.
Financial Position
- Strong balance sheet with cash balance of $60.7m to sustain and support business growth.
Cash Flow
• Net | cash | of |
$5.6m generated during 1Q 2024.
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Disclaimer
VICOM Ltd. published this content on 10 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2024 09:39:10 UTC.
