Global Resource Construction (S3N) H1 2026 earnings summary

Executive summary

• H1 2026 revenue was S$425.6m and profit after tax S$16.3m; 12M revenue was S$804.3m and profit after tax S$32.2m, with results driven mainly by the full-period contribution from the acquired construction business. Comparatives are not directly comparable because it contributed only two months in the prior-year periods.

• The financial year-end changed from 30 June to 31 December; the current financial period is an 18-month period ending 31 December 2026, with this announcement covering the six and 12 months ended 30 June 2026.

Financial highlights

• H1 revenue S$425.6m vs S$132.4m; gross profit S$37.3m vs S$14.4m; profit after tax S$16.3m vs S$5.8m. Comparisons reflect the acquisition-driven change in consolidation scope.

• 12M revenue S$804.3m vs S$138.1m; gross profit S$78.5m vs S$18.9m; profit after tax S$32.2m vs S$7.3m. Acquired operations contributed S$795.3m revenue and S$71.7m gross profit in 12M 2026.

• 12M administrative expenses rose to S$43.3m from S$11.1m, mainly from full-period consolidation and higher operating and employee costs; income tax expense was S$6.5m vs S$0.4m.

• 12M other gains and other income totaled S$5.8m vs S$2.7m, mainly reflecting subsidiary liquidation gains and higher interest income.

Outlook and guidance

• Cautiously optimistic that the construction order book and property portfolio will support performance over the next reporting period and 12 months, barring unforeseen circumstances.

• Construction order book reached S$3.2bn at 30 June 2026, up from S$2.9bn at 31 December 2025 and S$2.3bn at 30 June 2025; new wins were partly offset by revenue recognized on ongoing projects.

• Priorities include prudent project execution, cost control and disciplined tendering to protect margins and sustain the order book.