11:58 AM EDT, 09/12/2024 (MT Newswires) -- ADF Group ( ADFJF ) reported Thursday a higher profit in its fiscal second quarter ended July 31.

The engineering company posted a profit of $16 million, or $0.51 per share, rising from $10.5 million, or $0.32, in the year prior quarter.

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 chief executive. "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 were last seen down $2.29 to $10.97 on the Toronto Stock Exchange.

Price: 10.88, Change: -2.38, Percent Change: -17.95