Soilbuild Construction Group (ZQM) H1 2025 earnings summary

Executive summary

• 1HFY2025 net profit was S$28.3 million, exceeding FY2024 net profit of S$26.6 million; a 2-cent-per-share interim dividend was proposed.

• Revenue rose 77.3% YoY to S$272.8 million from S$153.9 million, while operating cash flow reached S$47.1 million.

• Order book stood at S$1.19 billion as at 30 June 2025, including subsequent orders; more than S$360 million of new projects had been secured since 1 January 2025.

Financial highlights

• Gross profit rose 193.5% to S$43.6 million from S$14.8 million; net profit increased 282.9% to S$28.3 million from S$7.4 million.

• Profit before tax was S$33.8 million versus S$7.5 million; administrative expenses rose S$2.5 million YoY, while finance expenses fell S$0.5 million.

• Cash and cash equivalents were S$58.4 million at 30 June 2025; total assets were S$337.2 million and total equity was S$107.3 million.

• Basic EPS was 17.1 cents versus restated 5.0 cents; prior-year EPS reflects the 10-for-1 share consolidation completed in December 2024.

Outlook and guidance

• Revenue from the strengthened order book will be recognised progressively as contracts advance; priorities include strengthening the order book, enhancing margins and optimising cash flow.

• Continued tendering for public- and private-sector projects is planned, with project costing and bidding adjusted to market conditions.

• BCA forecasts annual construction demand of S$39 billion–S$46 billion from 2026 to 2029, led by the public sector.

• BCA’s target is for at least 80% of Singapore buildings to be green by 2030; sustainability criteria can account for up to 5% of tender evaluation points for qualifying projects.