Boustead Singapore (F9D) H2 2026 earnings summary

Executive summary

• FY2026 net profit rose 145% YoY to S$232.6m, mainly from the asset sale to UI Boustead REIT and an improved share of results from associates and joint ventures.

• Excluding other gains/losses and impairments, net of non-controlling interests, adjusted net profit fell 35% YoY to S$44.7m.

• Revenue rose 18% YoY to S$624.4m, led by Real Estate Solutions and Energy Engineering.

Financial highlights

• FY2026 gross profit fell 8% YoY to S$215.6m; PBT rose 113% to S$262.8m and total profit after tax before non-controlling interests rose 136% to S$236.3m.

• Operating profit fell 19% YoY to S$62.8m, with all divisions recording lower operating profit.

• EPS was 46.6 cents, up 138% YoY; net profit attributable to equity holders was S$232.6m, up 145%.

Outlook and guidance

• Barring unforeseen circumstances and disruptions, satisfactory results are expected in FY2027.

• Engineering order backlog stood at ~S$840m; since FY2027 began, an additional S$461m of new engineering contracts and major variations was secured.