Intraco (I06) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell 15.5% YoY to S$154.6m as plastics trading weakened; net profit after tax was S$1.6m, supported by S$1.9m from trade finance and supply chain solutions.

• Strategic shift toward asset-light financial and digital services advanced through full ownership of Taurus Point, divestment of passive fire protection and January 2026 control of iChange.

Financial highlights

• Revenue was S$154.560m versus S$182.845m in FY2024; gross profit was S$3.962m versus S$4.791m.

• Operating results were S$1.079m versus S$1.199m; profit before tax was S$1.199m versus S$1.818m, with FY2024 benefiting from a S$1.1m impairment reversal.

• Net profit after tax from continuing operations was S$1.600m versus S$2.054m; excluding the FY2024 one-off receivables reversal, FY2025 net profit rose almost 78% from S$0.9m.

• Adjusted PBT, excluding the one-time impact of the prior-year receivables allowance reversal, was S$1.2m versus S$0.7m in FY2024.

Outlook and guidance

• Priorities for FY2026: grow core businesses, strengthen operational resilience, improve efficiency, maintain cost discipline and pursue suitable growth opportunities.

• A private trade fund with a strategic partner and licensed fund manager is planned for launch in the coming months to channel institutional capital into trade and supply chain financing.

• North-East Line telecommunications installation and upgrade contracts worth S$1.8m are expected to run through Q4 FY2026.