Boustead Singapore (F9D) H2 2025 earnings summary

Executive summary

• FY2025 net profit rose 48% YoY to S$95.0m, including a one-off S$29.0m non-cash gain; adjusted net profit increased 8% to S$68.6m.

• Revenue fell 31% YoY to S$527.1m as lower Real Estate Solutions and Energy Engineering revenue outweighed growth in Geospatial.

• New engineering contracts and major variations reached S$377m, rebuilding the order backlog to S$349m.

Financial highlights

• Gross profit increased 3% YoY to S$233.3m; gross margin rose to 44% from 30%, mainly reflecting cost management on executed projects.

• Operating profit rose 30% YoY to S$106.6m; PBT increased 23% to S$123.3m, including the one-off UIB transaction gain.

• Total profit after tax and before non-controlling interests grew 39% YoY to S$100.1m; EPS rose 46% to 19.6 cents.

• Adjusted net profit, after excluding other gains/losses and impairments net of non-controlling interests, increased 8% YoY to S$68.6m.

Outlook and guidance

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

• Engineering backlog stood at S$349m, comprising S$126m in Energy Engineering and S$223m in Real Estate Solutions; this exceeded the S$247m reported with FY2024 results.