Intraco (I06) H1 2025 earnings summary

Executive summary

• H1 revenue fell 19.3% YoY to S$73.8m; profit after tax rose to S$0.87m from S$0.26m, mainly reflecting a S$0.43m tax credit.

• Continuing operations generated S$0.87m profit; operating activities used S$13.3m, while cash and cash equivalents on the balance sheet were S$49.5m, including restricted cash.

Financial highlights

• Revenue was S$73.79m, down 19.3% YoY; gross profit declined 25.0% to S$1.95m.

• Operating activities reported a S$0.11m loss, versus S$0.20m profit in H1 2024; net finance income rose 146.4% to S$0.55m.

• Profit before tax was S$0.44m; a S$0.43m income tax credit lifted continuing-operations profit to S$0.87m, up from S$0.42m.

• Profit attributable to equity holders was S$0.90m versus S$0.24m; total comprehensive income was negative S$1.50m, including S$2.37m of foreign-currency translation losses.

• Operating cash outflow was S$13.3m; investing activities generated S$5.0m and financing activities generated S$8.6m.

Outlook and guidance

• H1 trade and supply-chain financing arrangements totaled ~US$88m; discussions with a strategic partner and licensed fund manager are underway for a private trade fund.

• Digital commercial-paper tokenisation gained mandates, including an overseas-listed issuer and advice on the first retail-investor offering; further mandates are a focus.

• S$1.8m of North-East Line telecommunications contracts were secured in Q2, with work expected to run through Q4 FY2026.

• Plans include broadening products and customer and supplier bases in Southeast Asia, developing markets beyond the region, and considering suitable partnerships and joint ventures.