SG Morning Highlights | UOB Q4 Profit Rises 21.8% to S$1.4 Billion; Proposes S$0.85 Per Share Final Dividend

Singapore shares opened lower on Thursday. The $FTSE Singapore Straits Time Index (.STI.SG)$ dropped 0.37 percent to 3,212.18 as at 9.05 am.

$UOB (U11.SG)$: UOB's net profit for Q4 2023 rose 21.8% YoY on higher net fee income and other non-interest income to S$1.4 billion, from S$1.2 billion in the year-ago period. The earnings missed a S$1.5 billion consensus forecast for the fourth quarter in a Bloomberg survey of two analysts. Net fee income was up 17.3% YoY to S$569 million, while other non-interest income climbed 53.7% to S$438 million. UOB's board has recommended a final dividend of S$0.85 per share for the half-year period, bringing the full-year dividend to S$1.70 per share, representing a payout ratio of about 50%. For the full year, net profit was up 24.9% to a record high of S$5.7 billion, although it missed a S$6 billion consensus forecast of five analysts surveyed by Bloomberg.

$Wilmar Intl (F34.SG)$: Wilmar International's net profit for H2 2023 fell 21.3% to US$973.9 million compared to US$1.2 billion in the year-ago period, due to lower contributions from its feed and industrial products division and non-operating losses. Revenue declined 7.1% to US$34.6 billion for the half year. The decline was due to lower prices for most commodities, partially offset by increased sales volume across the group's core segments as well as higher sugar prices. Wilmar's total dividend of S$0.17 per share was declared for the full year, unchanged from the year before. The company's net profit for the full year ended December 2023 was down 36.5% to US$1.5 billion, mainly due to weaker performance in the first half of the year. Wilmar's chairman and chief executive, Kuok Khoon Hong, expects tough operating conditions to continue into FY2024.

$IFAST (AIY.SG)$: iFast Corporation's net profit for the fourth quarter surged 917.1% YoY to $13.2 million, on the back of higher revenue, as initial contributions from its ePension division streamed in. A final dividend of 1.4 cents per share was proposed, unchanged from the previous year. Total revenue for the quarter climbed 69.3% YoY to $82.2 million amid an increase in assets under administration (AUA). iFast's AUA rose 13.8% YoY to a record $19.8 billion as at end-2023, driven by net inflows of $2 billion during the year. Net profit for the full year increased by 340% YoY to $28.3 million, on the back of a 22.8% YoY increase in total revenue to $256.5 million. iFast expects 2024 to see robust growth rates in revenues and profitability compared to 2023.