EnGro Corporation (S44) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 33.5% to S$247.6m; net profit was S$17.9m versus S$0.2m in FY2024, supported by construction demand and investment fair-value gains.

• Net profit followed an expected credit loss on China JV receivables; reported net change in fair value of financial assets was S$16.0m.

• ICR revenue reached a record high, while port congestion and logistics constraints disrupted cement and concrete sales in 4Q.

Financial highlights

• Revenue was S$247.6m versus S$185.4m; profit for the year was S$17.9m versus S$0.2m.

• Profit before tax reached S$19.0m versus S$1.2m; net finance costs were S$0.4m versus net finance income of S$0.6m.

• Gross profit was S$74.2m and operating profit was S$14.9m in FY2025, as presented in the financial highlights.

• Net cash from operating activities was S$21.1m versus S$1.9m; year-end cash and cash equivalents were S$68.3m versus S$66.1m.

• Total assets were S$354.9m versus S$323.9m; equity attributable to owners was S$268.5m versus S$259.2m.

Outlook and guidance

• Singapore construction demand is forecast at S$47bn–S$53bn in 2026, with civil engineering and infrastructure expected to drive activity.

• Malaysia’s JS-SEZ, RTS Link and other infrastructure projects are expected to underpin medium-term ICR growth; new plants were established in strategic locations.

• China GGBS faces a subdued near-term construction outlook; policy focus on urban renewal, infrastructure and low-carbon building materials may support longer-term demand.

• R&P plans to expand production capacity by ~150% in 2026; validated automotive and home-appliance projects are expected to enter mass production in 2027.

• Further venture-investment exits and capital returns may strengthen in FY2026 if improving IPO and M&A momentum continues.