Soilbuild Construction Group (ZQM) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 58.4% to S$391.8m and net profit surged 263.3% to S$26.6m; proposed final and special dividends total 2 cents/share, bringing FY2024 dividends to 3 cents/share including the interim dividend.

• Order book stood at S$1.26b as at 31 Dec 2024, including new orders secured since.

Financial highlights

• Gross profit rose 110.3% to S$46.5m from S$22.1m; net profit increased to S$26.6m from S$7.3m.

• Total assets increased to S$333.0m from S$252.5m and total equity to S$82.7m from S$45.1m at 31 Dec 2023.

• Operating cash flow was S$35.9m; cash and cash equivalents rose to S$30.6m from S$14.2m.

• Administrative expenses rose 29.2% to S$12.2m, mainly due to higher employee remuneration; other income was S$6.4m and finance expenses S$5.7m.

Outlook and guidance

• Priorities include improving cost efficiencies by leveraging scale and strengthening the order book; the project pipeline supports revenue visibility.

• BCA projected construction demand of S$31b–S$38b annually from 2025 to 2028, led by the public sector.