BBR Holdings (S) (KJ5) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell 15.8% YoY to S$243.9m as major projects, including The LINQ, reached completion; profit attributable to shareholders was S$4.5m.

• Gross profit rose 13.5% to S$44.5m, supported by stronger construction and accommodation contributions; FY2024 included S$26.9m in non-recurring disposal and bargain-purchase gains.

• The construction order book was ~S$441m at year-end, with project timelines extending into 2029, supporting medium- to long-term revenue visibility.

Financial highlights

• Revenue was S$243.914m versus S$289.533m in FY2024; gross profit increased to S$44.491m from S$39.188m.

• Profit before tax was S$7.633m versus S$22.681m; profit after tax was S$4.387m versus S$19.932m.

• Profit attributable to equity holders was S$4.468m versus S$21.128m; basic and diluted EPS were 1.39 cents versus 6.55 cents.

• Other income fell to S$0.383m from S$27.515m; FY2024 included a S$19.8m bargain-purchase gain and S$7.1m disposal gain.

• Net cash from operating activities was S$31.0m versus S$53.1m; cash and cash equivalents ended FY2025 at S$52.8m versus S$76.4m.

Outlook and guidance

• Construction order book stood at ~S$441m at 31 Dec 2025; unsatisfied performance obligations totalled S$436.5m, expected to be recognised through FY2029.

• Singapore construction demand is forecast at S$47bn–S$53bn in 2026; industry conditions remain competitive.

• Priorities include disciplined tendering, cost and risk control, productivity improvements, strategic partnerships, and recurring income growth from accommodation and green technology.

• Proposed expansion includes senior living and investment management, subject to shareholder approval; a student accommodation acquisition is also proposed.