BRC Asia (BEC) H1 2025 earnings summary

Executive summary

• H1 FY2025 revenue fell 6% YoY to S$715.6m as lower steel prices offset stable delivery tonnage; net profit rose 9% to S$42.1m.

• Delivery tonnage remained stable amid intense pricing competition, reflecting sustained demand and maintained market share.

Financial highlights

• Gross profit declined 10% to S$67.4m; gross margin was 9.4% versus 9.9%, including a S$7.7m onerous-contract provision.

• Profit before tax rose 8% to S$51.0m; income tax expense was S$8.9m.

• Other income increased to S$7.1m from S$2.2m, including S$2.5m net FX gain and S$2.4m derivative fair-value gain.

• Operating expenses fell 16% to S$23.8m, mainly on lower finance costs and other operating expenses; finance costs declined 42% to S$3.8m.

• Distribution expenses rose 18% to S$4.2m; administrative expenses increased 11% to S$13.3m.

Outlook and guidance

• Sales order book stood at S$1.5bn as at 31 March 2025.

• BCA forecast construction demand of S$47–53bn in 2025 and S$39–46bn annually in 2026–2029.

• H1 results were in line with commentary in the FY2024 results announcement.