Kinergy Corporation (3302) H1 2025 earnings summary

Executive summary

• H1 2025 revenue fell 2.4% YoY to S$50.280m; net loss was S$3.444m versus S$2.894m net profit in H1 2024, which included S$8.5m one-off fund carry income.

• Semiconductor weakness, delayed projects and lower ODM demand pressured results; new WFE contract manufacturing and ODM restructuring are key initiatives.

Financial highlights

• Revenue was S$50.280m, down 2.4% YoY; gross profit fell 6.3% to S$4.515m and gross margin declined to 9.0% from 9.4%.

• Net loss was S$3.444m versus net profit of S$2.894m; loss before tax was S$3.588m versus profit before tax of S$5.047m.

• Other income fell to S$0.638m from S$8.766m, mainly due to the non-recurrence of S$8.5m prior-year carry income; other gains and losses were a S$0.140m loss versus a S$0.567m gain.

• EBITDA was negative S$0.712m versus positive S$7.965m; EBIT was negative S$3.172m versus positive S$5.489m.

• Loss attributable to owners was S$3.748m; basic and diluted loss per share was 0.41 Singapore cents versus 0.03 cents in H1 2024.

Outlook and guidance

• Trade uncertainty and reduced investment delayed projects and new-business efforts; prolonged semiconductor recovery delays increased losses while scarce skilled labour was retained.

• A WFE contract manufacturing agreement for a Singapore supplier was scheduled to begin immediately, producing a substantial portion of equipment for non-China markets under licensed China-developed technology.

• ODM is shifting equipment and prototyping to EMS, right-sizing manpower and targeting OSAT growth markets including Vietnam, India and the Philippines.

• Shanghai GenLight plans to maintain operations for a market recovery; its seven funds had S$141.7m AUM at 30 June 2025.