Intraco (I06) H1 2026 earnings summary

Executive summary

• H1 FY2026 revenue rose 38.7% YoY to S$102.3m and net profit increased 56.0% to S$1.4m, driven mainly by trading and distribution.

• Stronger gross profit and operating results were partly offset by higher finance costs and a shift from prior-year tax credit to tax expense.

Financial highlights

• Revenue was S$102.346m, up 38.7% YoY; gross profit increased 103.3% to S$3.957m.

• Operating profit was S$1.888m versus a S$0.106m loss; profit before tax was S$1.562m, up 254.2%, and net profit was S$1.357m, up 56.0%.

• Net finance expense was S$0.326m versus S$0.547m income; H1 FY2025 net profit included a S$0.429m tax credit, versus S$0.205m tax expense in H1 FY2026.

• Cash used in operating activities was S$25.802m, mainly reflecting a S$22.576m increase in trade and other receivables; cash and cash equivalents ended at S$39.606m.

Outlook and guidance

• A private trade fund focused on regional coal and other commodity trading is expected to launch by Q4 2026; definitive key terms and structure have been finalised with a licensed fund manager.

• H2 2026 trading conditions are expected to be more challenging, with softer plastic resin demand and margin compression across core regional markets.

• iChange plans targeted marketing and new offerings; discussions with a strategic investor concern a potential 19.9% stake, with proceeds intended for expansion and working capital.

• North-East MRT Line management contracts mature in December 2026, with renewal discussions ongoing; new telco retrofitting contracts are worth ~S$1.4m.