ISDN Holdings Limited (1656.HK) Q4 2024 Earnings Report

ISDN Holdings delivered a resilient Q4 2024 performance with meaningful top-line growth and margin stability against a challenging macro backdrop. Revenue stood at SGD 98.94 million, up 14.63% year-over-year, while gross profit reached SGD 25.51 million, yielding a gross margin of 25.8%. EBITDA was SGD 9.07 million and operating income SGD 6.86 million, translating into an operating margin of 6.94%. Net income rose to SGD 2.37 million, with basic EPS of SGD 0.0053, reflecting a sharp year-over-year improvement (net income up ~1,174%). On the cash-flow front, operating cash flow amounted to SGD 1.42 million, with capital expenditures of SGD 1.50 million and free cash flow of about SGD -0.08 million, indicating ongoing investment to support growth alongside positive near-term cash generation. The balance sheet remains healthy: SGD 56.52 million in cash and equivalents, total assets SGD 415.9 million, and total liabilities SGD 168.7 million, yielding a solid equity base of SGD 206.7 million. Liquidity ratios remained robust (current ratio 2.18, quick ratio 1.58; cash conversion cycle effectively neutral given zero days sales/outstanding data in the set). Net debt stood at SGD 21.39 million on total debt of SGD 77.91 million, implying conservative leverage with a debt-to-capitalization of ~27%. Management commentary on the quarter is not captured in the provided transcript, but the disclosed results point to ongoing demand for motion control, automation, and integrated engineering solutions across Singapore and international markets. Investors should monitor project backlog, order intake velocity, and any cadence in capex to sustain the margin trajectory and earnings quality going into 2025.