Ever Glory United (ZKX) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 43% to S$106.7 million and net profit attributable to owners increased 85% to S$16.6 million, the strongest financial performance to date.

• Record order book of S$732.8 million at 31 December 2025 provides earnings visibility through 2027 and beyond.

• The 1 July 2025 acquisition of Guthrie Engineering (S) Pte. Ltd. and 29 December transfer to the SGX Mainboard marked key expansion milestones.

Financial highlights

• Revenue was S$106.738 million versus S$74.672 million in FY2024, up 43%.

• Gross profit increased 78% to S$19.919 million from S$11.161 million; gross margin rose to 18.7% from 14.9%.

• Net profit attributable to owners grew 85% to S$16.585 million from S$8.955 million.

Outlook and guidance

• Order book of S$732.8 million supports earnings visibility through 2027; management expects more tender opportunities as major projects reach M&E installation phases.

• BCA forecasts Singapore construction demand of S$47 billion–S$53 billion in 2026 and S$39 billion–S$46 billion annually from 2027 to 2030.

• Six to seven Integrated General Hospital construction contracts are expected over the next two to three years.