Soilbuild Construction Group (ZQM) H2 2023 earnings summary

Executive summary

• FY2023 returned to profitability, with net profit after tax of S$7.3 million versus a net loss of S$31.7 million in FY2022, reflecting operational recovery and benefits from digital transformation initiatives.

• 2HFY2023 net profit after tax rose to S$6.0 million from S$1.4 million in 1HFY2023, as projects secured post-COVID began contributing.

Financial highlights

• FY2023 net profit after tax was S$7.3 million; FY2022 recorded a net loss after tax of S$31.7 million.

• 2HFY2023 net profit after tax was S$6.0 million, compared with S$1.4 million in 1HFY2023.

Outlook and guidance

• Order book stood at approximately S$600 million as of end-December 2023, including new orders secured since then.

• Contributions from projects newly secured post-COVID were beginning to anchor in during 2HFY2023.