The group's revenue also decreased by 2.1% on a constant currency basis.

HRnetGroup reported a 22.8% decline in net profit on a constant currency basis to $21.7m for the first half of 2024, down from $28.3m in the same period last year.

The group's revenue also decreased by 2.1% on a constant currency basis, totaling S$285.9 million compared to S$294.8 million in the previous year, citing an "extremely tough market."

Moreover, HRnetGroup declared an interim dividend of 1.87 cents per share, with a record-high payout of 80.0%, to be distributed in September 2024.

The company said its balance sheet remains robust, with $302.2m cash, Credit Linked Notes, and Treasury Bills, and no bank borrowings.