Boustead Singapore (F9D) H1 2025 earnings summary

Executive summary

• 1H FY2025 revenue fell 20% YoY to S$295.2m, while total profit rose 27% to S$38.7m and profit attributable to equity holders increased 34% to S$36.0m.

• Higher gross profit, interest income and an impairment reversal supported profit growth; currency losses and higher overheads partly offset gains.

• Adjusted net profit, excluding other gains/losses and impairments net of non-controlling interests, rose 48% YoY to S$38.3m.

Financial highlights

• Gross profit increased 11% YoY to S$116.6m; gross margin rose to 40% from 29%.

• PBT rose 20% YoY to S$52.8m, supported by higher gross profit, interest income and an impairment reversal.

• Interest income increased 18% YoY to S$10.2m; other losses were S$3.2m versus gains of S$1.1m a year earlier.

• Overhead expenses rose 2% to S$65.0m and finance expenses increased 23% to S$0.9m; basic and diluted EPS was 7.5 cents versus 5.6 cents.

Outlook and guidance

• FY2025 results are expected to be satisfactory, barring unforeseen circumstances and business disruptions.

• Since FY2025 began, S$96m of new engineering contracts and major variations were secured; management is pursuing opportunities with a risk-managed approach and seeking to rebuild the lower backlog.

• Engineering order backlog was S$157m, comprising S$107m in Energy Engineering and S$50m in Real Estate Solutions; Geospatial deferred services backlog was S$149m, reported separately.