Lum Chang (L19) H2 2025 earnings summary

Executive summary

• FY2025 delivered the strongest financial performance since the pandemic; net profit attributable to shareholders more than doubled to S$15.6m from S$7.4m, supported by project completions and disciplined cost management.

• The July 2025 listing of Lum Chang Creations Limited (LCC) marked a strategic milestone; the retained 71.1% stake means its results remain fully consolidated.

Financial highlights

• Revenue fell 8% YoY to S$462.9m from S$500.4m; gross profit rose to S$53.3m from S$41.1m, and profit before tax increased to S$22.7m from S$12.5m.

• Net profit was S$18.7m versus S$9.3m; net profit attributable to equity holders was S$15.6m versus S$7.4m.

• Operating cash flow was S$77.3m versus an outflow of S$9.8m; cash and cash equivalents were S$80.7m at 30 June 2025 versus S$51.2m a year earlier.

• Total assets declined 8% to S$405.2m; shareholders' equity rose to S$167.3m from S$161.8m, while total borrowings fell to S$40.0m from S$67.6m.

Outlook and guidance

• Construction order book stood at ~S$980m, supporting the revenue outlook; new awards included Robertson Opus, Hotel Indigo Changi Airport and 51 Anson Road.

• Selective bidding, quality tenders, disciplined cost management and strong project execution remain priorities amid competition, manpower cost pressure and geopolitical uncertainty.

• Singapore construction demand is forecast at S$47bn–S$53bn in 2025 and an annual S$39bn–S$46bn from 2026 to 2029, driven primarily by public-sector projects.