Soilbuild Construction Group (ZQM) H2 2025 earnings summary

Executive summary

• Record FY2025 revenue rose 50.8% to S$590.7m and net profit rose 139.4% to S$63.6m.

• Operating cash flow reached S$157.0m; the order book was S$1.07b at 31 Dec 2025, including subsequent orders.

• Proposed FY2025 final dividend of 2.5 cents per share.

Financial highlights

• Gross profit rose 100.3% to S$93.2m from S$46.5m; gross margin improved to 15.8% from 11.9%.

• Administrative expenses rose 35.5% to S$16.5m, slower than revenue growth; finance expenses fell 35.2% to S$2.3m.

• Total assets were S$408.8m and total equity S$140.4m at 31 Dec 2025.

• Cash and cash equivalents were S$153.3m at 31 Dec 2025, versus S$30.6m a year earlier.

Outlook and guidance

• Order book of S$1.07b, including subsequent orders, supports revenue visibility; contract revenue is recognised progressively as projects advance.

• Priorities include long-term commitments and larger-scale projects, alongside safety, cost discipline, efficiency and innovation.

• Singapore construction demand is forecast at S$39b–S$46b annually from 2027 to 2030, supported by large public-sector developments.