Grand Venture posts 2024 profit jump on rising AI adoption

The growing adoption of advanced technologies such as artificial intelligence (AI) helped drive up full-year earnings at precision engineering firm Grand Venture Technology (GVT).

- Ovais Subhani

The firm posted a 29 per cent rise in net profit - calculated on the basis of earnings before interest, tax, depreciation and amortisation for the 12 months to Dec 31, 2024, on record revenue of $159.5 million, up 43 per cent.

Much of that was propelled by strong demand for semiconductors amid increasing adoption of AI and high-performance computing (HPC), which refers to clusters of powerful computers processing massive data sets and solving complex problems at high speeds.

Earnings before interest, tax, depreciation and amortisation came to $28.8 million, up from $22.3 million in 2023, it noted on Feb 26.