Revenue for the year decreased 2.6% y-o-y, but group attributes its bottomline improvement to effective cost control measures that resulted in higher earnings.

Union Gas has reported earnings of $12.5 million for FY2024 ended Dec 31, 2024, up 2.3% y-o-y. The group reported earnings of $7.3 million, up 13.6% y-o-y for 2HFY2024.

Earnings per share for FY2024 came in at 3.93 cents per share. 

For FY2024, revenue for the period decreased 2.6% y-o-y to $125.5 million. Gross profit for the full year came in 2.9% y-o-y lower at $47.4 million, and gross profit margin decreased by 0.1 percentage points (ppts) to 37.8. 

The group says that revenue from its liquefied petroleum gas (LPG) segment decreased by 1.3% y-o-y, and revenue from natural gas (NG) decreased 22.5% y-o-y as a result of lower sales volumes recorded by both segments. 

The group’s diesel business also declined, as a result of lower selling prices. 

The group attributes its bottomline improvement to effective cost control measures that resulted in higher earnings despite a dip in revenue. 

The group’s gross profit margin held steady at 37.8%. 

Cash and cash equivalents stood at $12.6 million as at Dec 31, 2024.

Net asset value as at Dec 31, 2024 rose 13.1% y-o-y to 24.41 cents per share. 

The board of directors has proposed a final dividend of 1 cent per ordinary share. Together with the interim dividend of 0.60 cents per ordinary share, total dividend per share in FY2024 is 1.60 cents. 

Shares in Union Gas closed 1 cent lower or 3.077% down at 31.5 cents on Feb 27.