Global Resource Construction (S3N) H2 2025 earnings summary

Executive summary

• Acquisition of a construction business, completed 30 April 2025, transformed the business mix and expanded operations to seven reportable segments; FY2025 includes its results from May.

• FY2025 revenue rose to $138.1 million from $10.9 million, while net profit after tax reached $7.3 million from $3.6 million.

• Net current liabilities of $9.9 million at FY2024 year-end reversed to net current assets of $46.6 million; the balance sheet ended FY2025 in a net cash position.

Financial highlights

• Revenue was $138.080 million versus $10.891 million in FY2024; the acquired construction operations contributed 92.1% of FY2025 revenue during their two-month consolidation period.

• Gross profit rose to $18.896 million from $8.675 million; the stated increase was 117.8%.

• Profit before tax was $7.689 million versus $4.163 million; net profit was $7.296 million versus $3.620 million, and EPS was 0.49 cents versus 0.32 cents.

• Administrative expenses increased to $11.1 million from $3.9 million, mainly on acquired-business payroll and depreciation; finance costs fell to $2.4 million from $3.3 million.

Outlook and guidance

• Construction order book was $2.3 billion at 30 June 2025, excluding five contracts worth $787.0 million awarded through 10 October; this supports medium-term revenue visibility.

• Singapore construction demand is forecast at $47–53 billion in 2025 and $39–46 billion annually in 2026–2029; activity is expected to peak in 2025 before a modest downshift.

• Priorities include expanding the order book, investing in digitalisation and sustainability, capital recycling and joint ventures, and growing recurring rental income; Singapore growth is expected to moderate in 2026.

• Annual dividend policy targets approximately 30% of consolidated net profit after tax attributable to shareholders, subject to financial and capital needs; a 0.13 Singapore-cent FY2025 dividend was proposed.