SINGAPORE: Consider these three companies if you’re looking for Singapore stocks. They have recently raised their dividends, offering you more income potential, according to The Smart Investor.
1. Tiong Woon Corporation
Tiong Woon, a key player in heavy lifting and service for sectors like oil and gas, saw strong results for the fiscal year 2024 (FY2024) ending June 30, 2024. Tiong Woon’s revenue grew 5% year-on-year (YoY) in revenue to S$143.1 million, while gross profit grew by 9% to S$59 million.
Due to lower expense growth compared to the rise in gross profit, net profit surged 16% YoY to S$18.2 million, and free cash flow was S$11.5 million.
The company declared a total dividend of S$0.015 for FY2024, which includes a final dividend of S$0.006 and a special dividend of S$0.009. This is a 50% rise from the S$0.01 paid in FY2023.
Despite facing geopolitical concerns and cost pressures, Tiong Woon remains optimistic about future demand, particularly in regional markets such as India, Thailand, and Saudi Arabia.
2. Civmec Limited
Australian firm Civmec, which provides construction and engineering services to sectors in energy, resources, infrastructure, and marine & defence, reported impressive results for FY2024.
The company’s revenue climbed 24.4% YoY to A$1 billion. Net profit also grew by 11.6% YoY to A$64.4 million, with free cash flow of A$46.1 million.
Civmec raised its final dividend by 16.7% YoY to A$0.035. For FY2024, the total dividend is A$0.06, up 20% from A$0.05 in FY2023.
Civmec has completed and started using its new maintenance facility in Port Hedland, which will boost its local maintenance services and strengthen its operations in the Pilbara region. The company also acquired an adjoining workshop in Gladstone, Central Queensland, to speed up the establishment of a permanent base and expand its services in the area.
With an order book of A$853 million, Civmec is confident about replenishing it and achieving medium-term growth. The company’s work pipeline is at near-record levels, with significant opportunities in its sectors.
3. StarHub Ltd
As one of Singapore’s major telecommunications companies, StarHub offers a wide range of mobile, broadband, and pay-TV services.
The telecom company reported solid results for the first half of 2024 (1H 2024). Revenue, excluding D’Crypt, rose by 1% YoY to S$1.1 billion, with service revenue up 2.4% YoY to S$939.2 million. Net profit, excluding D’Crypt, increased 8.7% YoY to S$83.3 million. Free cash flow was S$101.6 million.
The company declared an interim dividend of S$0.03, up from S$0.025 a year ago. StarHub has committed to paying out at least S$0.06 in dividends per share for 2024.
The company’s plans include cross-product bundling for consumers and regional growth for its enterprise division. The company aims to benefit from new growth opportunities starting in 2025. /TISG
Read also: 6 Singapore REITs defying market odds and continuing to boost distributions!
Disclaimer: This article is for educational purposes only. It should not be considered Financial or Legal Advice. Investors should conduct their own due diligence before making major financial decisions
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