Lower revenue and a lower gross profit were also reported, as gross profit contracted most severely in Singapore and mainland China.

Recruitment firm HRnetGroup reported earnings of $44.5 million for the FY2024 ended Dec 31, 2024, down 30% y-o-y. For 2HFY2024, the group saw a 35.3% y-o-y decrease in earnings to $22.8 million. 

Earnings per share for FY2024 came in at 4.53 cents per share. 

The group reported a lower revenue for FY2024 of $567 million, down 2% y-o-y. For the 2HFY2024, it saw a 0.9% y-o-y lower earnings of $281.1 million. 

The group’s gross profit declined 12.1% y-o-y in FY2024 to $122.2 million, and net profit after tax for the period declined 29.9% y-o-y to $46.3 million. 

Across the group’s two business segments, flexible staffing (FS) and professional recruitment (PR), FS revenue held steady while PR revenue declined 16.2% y-o-y. 

Across the group’s 17 operating cities, Hong Kong, Jakarta, Taipei and Shanghai registered growth. Gross profit contracted most severely in Singapore and mainland China. 

As Singapore is the largest revenue contributor at 66.3% to the group, weak economic growth impacted both FS and PR segments. Taipei, the group’s second largest contributor, held revenues and gross profit steady. 

Mainland China’s economic uncertainties saw PR experiencing declines in revenue and profit. 

Other income for the group dropped 45% y-o-y due to the increase in interest income by $1.1 million despite falling interest rates, net fair value loss on revaluation of equity instruments in the HR-related space, balance of trade-related accruals, and reduction of Singapore government grants and subsidies. 

The group has proposed a final dividend of 2.13 cents per share. With the interim dividend of 1.87 cents, the group has a total dividend of 4 cents per share. 

Shares in HRnetGroup closed 0.5 cents higher or 0.735% up at 68.5 cents on Feb 26.