International Cement Group (KUO) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 47% YoY to S$378.8m; net profit attributable to shareholders reached S$60.0m versus S$0.1m in FY2024.

• Stronger selling prices and volumes, operational efficiency and favorable foreign currency movements supported the results.

Financial highlights

• Gross profit increased 60% YoY to S$146.3m; adjusted EBITDA rose 78% to S$122.3m.

• Profit before tax was S$96.7m versus S$19.9m in FY2024; profit after tax was S$75.2m versus S$2.5m.

• Net operating cash flow increased to S$104.6m from S$64.7m; cash and cash equivalents rose to S$12.3m from S$5.7m at year-end.

• Net foreign exchange gain was S$11.1m in FY2025, compared with a S$25.3m loss in FY2024, mainly reflecting appreciation of the Kazakhstani Tenge against the US Dollar and Chinese Yuan.

Outlook and guidance

• Expanded production capacity and established regional presence position operations to capture continued infrastructure- and urban-development demand in Central Asia.

• In Tajikistan, distributor collaboration and targeted incentives aim to grow sales volumes while maintaining pricing discipline amid intensifying competition.

• Management plans to maintain operational and capital efficiency, agility and financial prudence while pursuing regional growth opportunities.