BREAKING:

The Group navigated a challenging year marked by softer market conditions and increased competition. While revenue and gross profit saw a decline from the previous year, this was primarily due to reduced contributions from the Engineering and Scaffolding segments. In response, the Group undertook significant strategic investments, including acquiring an associated company and expanding its property portfolio, which impacted its cash flow and borrowing levels. Despite these pressures, the company maintained profitability and has proposed a final dividend for shareholders.

• Navigating Market Headwinds: Discover how shifts in segmental performance and intense competition impacted the Group's top-line figures
• Strategic Growth Initiatives: Learn about the significant investments made in new assets and an associated company aimed at long-term growth
• Financial Position Shifts: See how major acquisitions and new financing activities have reshaped the company's balance sheet and gearing ratio

BREAKING: 

In this episode, we delve into Union Steel Holdings Limited's half-year financial statement, unraveling the complexities of their diverse business segments. Based in Singapore and listed on SGX-ST, Union Steel faces a mix of challenges and opportunities across its metals, scaffolding, engineering, and rental segments.

The episode highlights Union Steel's 9.5% revenue growth, driven by thriving demand in their engineering segment, particularly in oil and gas projects. However, the company confronts struggles in its scaffolding segment due to fierce competition and a decline in project acquisitions.

Despite revenue increases, profit margins are squeezed, attributed to softer steel prices and increased operational costs. The discussion further explores Union's strategic investments in Ineco Energy Limited, signaling a diversification into transportation and logistics.

Listeners will gain insights into Union Steel's efforts to balance growth with emerging market demands, leveraging leasing agreements, and managing their financial obligations while remaining cautiously optimistic about future prospects, particularly in engineering and metals.

There will be an AGM on

Event dates:

For more information, click here: UNION STEEL HOLDINGS LIMITED 2023 AGM