GRP (BLU) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell 56.8% YoY to $7.76m; net loss widened to $8.79m from $0.83m, largely due to property-project cost increases, delays and revenue reversals.

• The affordable housing development in Perak is proceeding under a replacement contractor, with Phase 1 and 2 targeted for completion by March 2026 and Phase 3 by December 2026.

• Strategic expansion areas include renewable energy, battery energy storage and food resilience, alongside completion of the Perak project.

Financial highlights

• Revenue was $7.761m in FY2025 versus $17.965m in FY2024; gross loss was $2.658m versus gross profit of $3.444m.

• Loss before tax from continuing operations was $8.586m versus $0.058m; net loss for the year was $8.788m versus $0.833m.

• FY2024 included a non-recurring $4.747m gain on derecognition of the PRC authority advance; net impairment losses on financial assets fell to $0.016m from $2.130m.

• Total assets were $43.826m and total liabilities $19.472m at 30 June 2025; cash and bank balances were $19.517m, including $2.011m of restricted balances.

Outlook and guidance

• Completion targets for the affordable housing project are March 2026 for Phases 1 and 2 and December 2026 for Phase 3; arbitration and settlement efforts with the former contractor continue.

• Strategic exploration is focused on renewable energy, battery energy storage systems and food resilience, with diversification to remain prudent.

• No FY2025 dividend was proposed, reflecting weak market conditions and continued funding needs for the Malaysian housing project.