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View All NewsHRnetGroup H2 revenue down as professional recruitment wanes
Singapore-based recruitment firm, HRnetGroup (HRNET:SP), reported revenue yesterday after markets closed for the six month period ended 31 December 2023 of SGD 283.7 million (USD 211.2 million), a fall of 4.7% compared to the same period in the previous year.
| (SGD millions) | H2 2023 | H2 2022 | Change | H2 2023 (USD millions) |
| Revenue | 283.7 | 297.6 | -4.7% | 211.2 |
| Gross Profit | 67.4 | 82.2 | -18.0% | 50.2 |
| Profit Before Income Tax | 42.7 | 41.0 | 4.1% | 31.8 |
| Net Profit After Tax | 36.4 | 34.7 | 4.9% | 27.1 |
Professional Recruitment is the higher-margin cash generating service of permanent placement.
Flexible Staffing providing corporate clients with contract or temporary staffing solutions from talent sourcing, selection, onboarding to payroll funding and employer responsibilities.
Revenue by segment
| (SGD millions) | H2 2023 | H2 2022 | Change | H2 2023 (USD millions) |
| Professional Recruitment | 31.2 | 44.8 | -30.2% | 23.2 |
| Flexible Staffing | 250.3 | 250.3 | 0.0% | 186.3 |
| Others | 2.1 | 2.5 | -14.9% | 1.5 |
North Asia comprises the People’s Republic of China, Taiwan, Hong Kong S.A.R., Japan and South Korea. Rest of Asia comprises Malaysia, Thailand and Indonesia.
Revenue by geography
| (SGD millions) | H2 2023 | H2 2022 | Change | H2 2023 (USD millions) |
| Singapore | 188.9 | 190.6 | -0.8% | 140.6 |
| North Asia | 81.8 | 92.9 | -12.0% | 60.9 |
| Rest of Asia | 12.9 | 14.0 | -7.5% | 9.6 |
The group also published revenue of SGD 578.5 million (USD 430.70 million) for the full year period, down 5.4% compared to the year prior.
HRnetGroup shares last traded at SGD 0.73 (USD 0.54), up 1.38% on the day. The company has a market cap of SGD 738.33 million (USD 549.06 million).