Wolf Money(Boustead Singapore 1H FY2024 result)

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(If Cash machine has a name, it is call Boustead Singapore)


Boustead Singapore reported a 19% increase in net profit excluded one off. Revenue for the reported half year was up 49%. Almost all business units experience growth with the exception of healthcare. The company is purposing 1.5c dividend, payable on 1 Dec 2023. I find the result quite impressive given last year there was a $11m currency gain. The result was a 10% improvement if currency was taken into account. Net cash per share had risen to 79.5c per Boustead Singapore share which represents close to 93.5% of the current market capitalisation base on last traded price of 85c. 

The company had purposed an exit offer of $1.18 per share for Boustead Projects shareholders. Congratulations to the minority shareholders of Boustead Projects, your resolve had finally paid off. A resolution on the majority owner to accept the new exit offer needs to be voted by independent shareholders of Boustead Singapore. More detail at the end of the month portfolio update. Thank you. 


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