Ley Choon Group (Q0X) H2 2025 earnings summary

Executive summary

• FY2025 revenue reached S$130.5m, up marginally YoY; gross profit rose 28.0% to S$27.0m and net profit after tax increased 32.8% to S$14.5m.

• Improved project mix, tapering losses on legacy pipe-laying work and lower finance costs supported profitability; management cautioned that margin gains were largely project-specific.

• New contracts of S$177m lifted the unfulfilled order book to S$342.5m, with projects extending through 2027.

Financial highlights

• Revenue was S$130.500m versus S$129.140m; gross profit was S$27.001m versus S$21.097m.

• Profit before tax rose to S$15.613m from S$11.270m; net profit was S$14.493m versus S$10.914m.

• Operating cash flow was S$14.5m versus S$27.4m; cash and cash equivalents increased S$5.8m, compared with S$2.2m in FY2024.

• Total assets were S$97.6m and total equity S$70.7m at 31 March 2025, versus S$89.8m and S$60.2m a year earlier.

Outlook and guidance

• Management plans disciplined project execution, cost optimisation and selective bidding, prioritising timely, within-budget delivery and healthy cash flow.

• Strong order book, experienced management and execution track record are cited as support for navigating near-term headwinds and pursuing sustainable opportunities.

• A final one-tier tax-exempt dividend of 0.3 Singapore cents per share was recommended for FY2025, an 11% increase YoY.