Hafary Holdings (5VS) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 9.1% YoY to $287.0m; profit after tax increased 8.2% to $31.1m, with stronger gross margin and growth across all three operating segments.

• Manufacturing was the fastest-growing segment, up 35.6% for FY2025; 2H revenue rose 2.3% to $149.8m, while 2H profit before tax declined to $21.5m from $23.2m.

Financial highlights

• FY2025 revenue was $287.0m versus $263.1m; profit before tax was $38.8m versus $36.9m, and net profit was $31.1m versus $28.7m.

• 2H2025 revenue was $149.8m versus $146.5m in 2H2024; profit before tax was $21.5m versus $23.2m.

• FY2025 gross margin improved to 41.1% from 40.3%; EBITDA was $70.9m with a 24.7% margin, versus $65.4m and 24.9% in FY2024.

• Operating cash flow increased to $57.9m from $22.6m; net cash from operations before tax was $66.0m versus $31.4m.

Outlook and guidance

• Singapore 2026 construction demand is forecast at $47bn–$53bn, similar to 2025, supported by infrastructure, housing, healthcare and major development projects.

• Malaysia’s 2026 GDP growth is projected at 4.0%–4.5%, with construction growth forecast at 6.1%; priorities include production reliability, cost competitiveness and export distribution reach.

• Short-term volatility remains a concern; operations are monitoring Middle East escalation and uncertainty while pursuing export growth where product competitiveness and reliable delivery support it.