Ever Glory United (ZKX) H1 2026 earnings summary

Executive summary

• H1 revenue rose 200.1% YoY to S$103.23m, mainly from Guthrie’s contribution; net profit attributable to owners increased 177.5% to S$12.67m.

• Adjusted net profit attributable to owners, excluding one-off SEHK listing expenses, rose 208.1% to S$14.1m.

Financial highlights

• Gross profit increased 184.7% YoY to S$21.46m; gross margin declined to 20.8% from 21.9% on a lower-margin project mix.

• Profit before tax was S$13.47m, up 137.0% YoY; income tax expense fell 28.5% to S$0.80m, partly reflecting use of previously unrecognised tax losses and capital allowances.

• Basic and diluted EPS were both 2.61 cents, versus 1.32 cents and 1.31 cents, respectively, in H1 2025.

• Other expenses included S$1.40m of one-off SEHK IPO listing costs; total listing expenses expected to be recognised are ~S$4.34m.

Outlook and guidance

• ~S$400m of new contracts secured since the start of 2026, including ~S$168m announced in July; order book exceeded S$1bn, providing earnings visibility through 2028 and beyond.

• FY2026 is expected to be the first full year of Guthrie contribution; integration is delivering project-management and tendering synergies.

• Two property projects are progressing in line with expectations: a 20-unit Geylang residential development targeting TOP in end-2028 and a 69-unit Mandai food factory targeting end-2027.

• An interim dividend of 0.75 Singapore cents per ordinary share was recommended.