EnGro Corporation (S44) H1 2026 earnings summary

Executive summary

• H1 revenue rose 70.3% YoY to $177.9m and net profit increased to $35.2m from $8.7m; results included a $22.8m unrealised, non-cash fair value gain on investments.

• Higher ICR sales volumes supported core operating performance, while Specialty Polymer and China GGBS faced weaker demand and pricing pressure.

Financial highlights

• Revenue was $177.933m, up 70.3% YoY; other income increased to $4.132m from $2.169m.

• Profit before tax rose to $36.674m from $8.804m; net profit was $35.194m versus $8.652m.

• Net fair value gains on financial assets were $22.806m versus $6.086m; the 1H2026 gain was unrealised and non-cash.

• Raw materials and consumables used rose to $107.043m from $65.826m; staff costs increased 40.2% YoY to $10.446m.

• Operating cash flow was $10.3m; investing and financing cash outflows were $7.9m and $8.4m, respectively.

Outlook and guidance

• Singapore construction demand is supported by the BCA’s 2026 forecast of $47bn–$53bn; Malaysia’s outlook benefits from data centres, infrastructure and JS-SEZ development.

• ICR profit is expected to be lower in 2H2026, mainly due to anticipated higher logistics costs and demurrage charges amid possible weather-related shipment disruption.

• Specialty Polymer demand is not expected to recover in 2H2026, with several Tier 1 and OEM projects deferred to 2027.

• China GGBS conditions remain challenging as property-sector weakness, subdued cement demand, oversupply and pricing pressure are expected to persist.