08:14 AM EDT, 09/12/2024 (MT Newswires) -- ADF Group ( ADFJF ) , a provider of engineering services, reported Thursday a higher net income for its fiscal second quarter ended July 31.

The company posted net income $16 million, or $0.51 per share, rising from $10.5 million, or $0.32 per share.

Revenue slipped to $74.9 million from $80.2 million due to a client's delays in construction site preparation.

Adjusted EBITDA rose to $24.9 million from $12.6 million.

"We closed the periods ended July 31, 2024, with higher net income while increasing our liquidities, even with the decrease in revenues during the quarter closed on July 31, 2024, compared with last fiscal year," said Jean Paschini, ADF's chairman and CEO. "We are therefore maintaining the same objectives that have guided us for the past few quarters, namely the order backlog growth, cash generation and operational excellence, in order to continue to grow our corporation in the coming quarters."

ADF approved a semi-annual dividend of $0.02 per subordinate voting share and per multiple voting share, payable Oct. 17 to shareholders of record as of Sept. 27.

The company's shares jumped 4.8% yesterday to $13.26 on the TSX.