Federal International (2000) (BDU) H1 2025 earnings summary

Executive summary

• H1 revenue rose 121.4% YoY to S$53.9m, led by vessel charter income and Trading business in Vietnam and Thailand; net profit after tax fell 8.2% to S$3.1m.

• Orders secured are expected to contribute in 2H2025; oil and gas activity in Vietnam and Thailand is expected to remain resilient over the next 12 months.

Financial highlights

• Revenue increased 121.4% to S$53.941m; gross profit rose 84.5% to S$11.705m, while gross margin declined to 21.7% from 26.0% due to sales mix.

• Profit before tax decreased 2.4% to S$3.648m; net profit after tax fell 8.2% to S$3.075m, with S$2.481m attributable to owners, down 23.6%.

• Basic and diluted EPS were 1.76 cents, down from 2.31 cents; income tax expense increased to S$573k from S$389k.

• Other income was S$1.14m versus S$5.49m; 1H2024 included S$4.52m disposal gains and S$365k FX gain, while 1H2025 other operating expenses included S$2.475m FX loss.

• Net impairment loss on financial assets decreased to S$70k from S$1.116m; finance costs were S$290k versus S$305k.

Outlook and guidance

• Secured orders are expected to support 2H2025 performance; oil and gas activity, particularly in Vietnam and Thailand, is expected to remain resilient over the next 12 months.

• Suitable opportunities will continue to be pursued while maintaining vigilance amid uncertain conditions.