The group’s integrated building services and mechanical and electrical services segment recorded revenue growth of 21% and 149.4% y-o-y.

Alpina Holdings reverses into earnings of $2.4 million for FY2024 ended Dec 31, 2024, as compared to a loss of $225,000 reported in FY2023. 

Earnings for 2HFY2024 came in at $1.64 million.

Earnings per share for FY2024 stood at 1.31 cents per share. 

Revenue for FY2024 grew 37.3% y-o-y to $88.1 million, and revenue for 2HFY2024 grew 14% y-o-y to $44.0 million.

Revenue from the group comes from construction contracts and investment property. Under construction contracts, the group has three segments — integrated building services (IBS), mechanical and electrical (M&E), and alteration and addition (A&A).

The group says that its IBS segment continued to be its main revenue contributor with revenue growth of 21% in FY2024, while the M&E business delivered strong revenue growth of 149.4% y-o-y in FY2024. 

During 2HFY2024 and FY2024, the group also generated rental and related income from investment property following the completion of the acquisition of the entire issued and paid-up capital of Wan Dormitory, which owns a property situated at 180 Woodlands Industrial Park E5 on March 19, 2024.

For the group’s A&A segment, the group recorded losses due to increased subcontracting costs and requirement for additional manpower to meet project deadlines, particularly those projects secured prior to Covid-19 pandemic which were completed in FY2024. 

Alpina’s other income decreased 80% y-o-y in 2HFY2024 and FY2024 due to decrease in interest income from fixed deposits, a decrease in gain on disposal of property, plant and equipment and absence of the administrative charge to a subcontractor compared to the same period a year ago. 

The group’s net asset value attributable to owners of the company increased to $30.0 million as at Dec 31, 2024 mainly due to an increase in accumulated profits. 

Cash and cash equivalents grew to $7.3 million as at Dec 31, 2024. 

The group has a proposed a final dividend of 0.1899 cents per share. 

Shares in Alpina Holdings Zxy closed 0.1 cent higher or 0.518% up at 19.4 cents.