RECTITUDE RECORDS HIGHER REVENUE OF SG$41.35 MLN IN FY2024

KUALA LUMPUR, July 30 (Bernama) -- Rectitude Holdings Ltd (Rectitude), a Singapore-based provider of safety equipment and related industrial-grade hardware products, posted a net income of SG$3.36 million for the fiscal year ended March 31, 2024 (FY2024) compared to SG$3.93 million in the same period last year. (SG$1=RM3.44)

Revenue for the same period rose by 9.86 per cent to SG$41.35 million from SG$37.64 million posted a year ago, which was primarily driven by stronger customer demand for safety equipment given the increased construction activity within the company’s markets.

Basic and diluted earnings per share for the same fiscal year was SG$0.27 compared to SG$0.31 a year ago, according to Rectitude in a statement.

“We are incredibly proud of the hard work and dedication shown from all of our employees that resulted in a year of solid performance and growth, culminating in our successful IPO and listing on Nasdaq.

“The capital we raised through this process will be invested back into the company to cultivate and foster long-term sustainable growth, enhanced operational efficiencies and continued exemplary service to our customers,” said its Chairman, Chief Executive Officer, and Executive Director, Jian Zhang.

Its gross profit margin for the same period improved 35.57 per cent of revenues, up 332 basis points to SG$14.71 million from SG$12.14 million, a year ago mainly due to increased sales volume of safety equipment and related operating leverage, favourable product mix, as well as improved efficiencies.

Meanwhile, adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased to SG$6.37 million from SG$6.15 million in the prior year period, primarily due to exclusion of certain non-recurring items, such as professional fees incurred in relation to the initial public offering (IPO).

Contemplating the company’s outlook for FY2025, Zhang said the company will continue to invest in expanding its branches and developing new product offerings to meet the enhanced demand for worker safety within the Southeast Asian markets it serve.

“We maintain our focus on the core principles that have guided our company for more than 25 years as we drive our performance to new heights,” he concluded.

-- BERNAMA