BRC Asia (BEC) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 5% YoY to S$1.553B; net profit attributable to shareholders reached S$94.3M, up 1% YoY, on stronger project deliveries.

• A S$1.9B order book, including major project wins such as Changi Airport Terminal 5 substructure, supported earnings and provides visibility for up to five years.

Financial highlights

• FY2025 gross profit increased 4% YoY to S$159.7M; 2H rose 17% to S$92.3M as higher tonnage was delivered.

• 2H FY2025 revenue advanced 16% YoY to S$837.4M; full-year gross margin was 10.3% versus 10.4% in FY2024.

• FY2025 operating profit was S$112.6M, up 1% YoY; operating expenses fell 11% to S$56.6M.

• 2H net profit attributable to shareholders was S$52.2M versus S$55.0M YoY; FY2025 EPS was 34.37 cents versus 34.10 cents.

Outlook and guidance

• Management expects stronger construction offtake to continue into 2026, supporting conversion of the order book into deliveries and earnings.

• Singapore construction demand is projected at S$39B–S$46B in 2026, with public projects and private developments supporting activity.

• Overseas growth, including expanded Malaysian operations, is expected to complement domestic performance and contribute to long-term shareholder value.