Boustead Singapore (F9D) H1 2026 earnings summary

Executive summary

• 1H FY2026 revenue was S$294.0m, marginally lower YoY; net profit attributable to shareholders fell 3% to S$34.9m. Adjusted net profit declined 27% to S$28.1m from S$38.3m.

• Geospatial growth offset weaker Real Estate Solutions and Healthcare revenue; engineering backlog stood at S$396m at period-end.

Financial highlights

• Revenue was S$294.0m versus S$295.2m; gross profit fell 5% to S$110.3m, gross margin narrowed to 38% from 40%, and PBT declined 4% to S$50.4m.

• Total profit after tax was S$37.3m, down 4%; operating profit, including associate/JV results and excluding currency gains/losses and dividend income, fell 9% to S$43.6m.

• Interest income declined 5% to S$9.7m as interest rates eased; other losses narrowed 84% to S$0.5m, reflecting narrower currency losses and a JV disposal gain.

• Operating cash outflow was S$19.8m, investing cash outflow S$9.1m and financing cash inflow S$11.9m; cash and cash equivalents ended at S$313.9m, down S$17.1m after currency effects.

Outlook and guidance

• FY2026 results are expected to be satisfactory, barring unforeseen circumstances and disruptions.

• S$193m of new engineering contracts and major variations were secured since the start of 1H FY2026; engineering backlog was S$396m, comprising S$122m Energy Engineering and S$274m Real Estate Solutions.

• A design-and-build project worth over S$100m was secured in November 2025; project-oriented revenue means half-year results may not reflect full-year performance.