VEEM Ltd (ASX:VEE) Reports Half Year Profit and Announces Interim Dividend
Financial Performance
VEEM Ltd reported a 10% decrease in revenue to $33.6 million for the half-year ended 31 December 2024. Net profit after tax fell by 71% to $1,018,192.
Dividends
On 18 February 2025, VEEM Ltd declared an unfranked interim dividend of $312,270, equivalent to $0.0023 per share, representing approximately 30% of the net profit after tax for the half-year.
Management Changes
The company announced the promotion of Trevor Raman to Chief Executive Officer and Tino Kapfumo to Chief Financial Officer and Company Secretary, as part of its management succession plan.
Outlook
VEEM Ltd expects continued strong order book and margin improvement in the second half of FY25, supported by cost reduction measures and increased sales efforts.
Editor’s Correction
This article was incorrectly published reporting a loss in the headline, and has been corrected. Please refer to the company’s preliminary final report linked below for full details of the announcement.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Veem. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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