In the heart of Singapore’s ever-evolving skyline, a company has been quietly shaping the city’s infrastructure for over two decades. Alpina Holdings Limited, founded in 2003 as a small mechanical and electrical (M&E) engineering firm, has grown into a multifaceted building services specialist. From humble beginnings with Digo Corporation’s first project for a Singapore statutory board, Alpina has been working quietly behind the background, ensuring that buildings don’t just rise—they thrive.

With three key segments—Integrated Building Services (IBS), M&E Engineering, Alteration and Addition (A&A) Works, the company keeps its clients’ buildings in Singapore humming. IBS, its revenue powerhouse, maintains building systems, while M&E tackles installations and upgrades. A&A handles renovations and civil works, and the recent dormitory investment adds a clever twist to its portfolio.

A Tough Industry, Masterfully Navigated

Singapore’s construction scene is a dynamic beast, driven by the city-state’s ambition to remain a global hub. The Building and Construction Authority forecasts demand between $25-32 billion annually through 2027, fueled by massive projects and a push for sustainability. Yet, it’s a challenging arena—labor shortages, inflationary pressures, and fierce competition test every player. Alpina has faced these head-on, turning obstacles into opportunities.

In March 2024, it acquired Wan Dormitory Pte. Ltd. to secure housing for its workforce at 180 Woodlands Industrial Park E5. This wasn’t just a fix— Challenges became cash flow, generating $3.6 million in rental and related income in FY2024, showcasing Alpina’s strategic flair.

Powering Up with Solar and Smarts

Alpina isn’t just reacting—it’s evolving. As Singapore races toward its Green Plan 2030, targeting 2 gigawatts of solar power by decade’s end, Alpina has staked its claim. In 2022, its subsidiary Digo Corporation partnered with Terrenus Energy to win a $117 million SolarNova contract, to install solar panels across 1,198 HDB blocks and 57 government sites. This isn’t a side gig; it’s a bold step into renewable energy, aligning with national priorities and diversifying revenue streams.

A Financial Comeback Worth Watching

After a tough FY2023, with a $0.2 million loss, Alpina roared back in FY2024. Revenue jumped 37.3% to $88.1 million, gross profit soared 130.4% to $10.4 million, and net profit hit $2.4 million. Gross margins expanded to 11.9%, signaling the end of pre-COVID margin pressures.

With the return back to profitability, the Company has also announced dividends for shareholders for FY2024.

Why Investors Should Care

In a city that never stops building, Alpina Holdings is more than a survivor—it’s a pacesetter. Its blend of experience, adaptability, and innovation taps into Singapore’s growth story. From dormitories to solar panels, it’s rewriting the playbook for building services. For investors eyeing stability and upside, Alpina’s resurgence—backed by a bulging order book through 2030—makes it a stock to watch.

Disclosure: The information contained in this article has not been independently verified and it is not the intention for this document to be a complete or comprehensive analysis of the Company’s business, financial position or results of operations. Not investment advice.