Hafary Holdings (5VS) H1 2025 earnings summary

Executive summary

• HY2025 revenue rose 17.6% YoY to $137.2m; profit before tax increased 25.8% to $17.3m and net profit rose 36.0% to $13.8m.

• Growth was led by Manufacturing and supported by the January acquisition of MML Shanghai; operating cash flow recovered to $23.4m from an outflow of $4.5m.

Financial highlights

• Revenue was $137.2m, up 17.6% YoY; cost of sales increased 19.8% to $82.3m, while gross profit margin declined to 40.0% from 41.1%.

• Profit before tax rose 25.8% to $17.3m; excluding associate and joint-venture profits, recurring pretax profit was $16.8m vs $12.7m.

• Net profit was $13.8m, up 36.0%; basic and diluted EPS increased to 3.04 cents from 2.37 cents.

• Other income and gains rose 30.2% to $3.7m, including rental income of $3.4m; employee costs increased 7.0% to $18.1m.

• Total assets were $500.2m at 30 June 2025 vs $512.0m at 31 December 2024; cash was $19.4m and total equity was $139.9m.

Outlook and guidance

• The business intends to monitor supply-chain activity amid elevated market risks; Singapore construction demand is forecast at $47b–$53b for 2025.

• Malaysia’s construction sector is projected to grow 6.1% in 2025, with infrastructure investment and returning private investment supporting activity; cost, labour and compliance pressures remain.