Link: https://links.sgx.com/1.0.0/corporate-announcements/M7EMFWGELQYCZGPJ/c4be42dc78b78ffd0649bfff176a7739d2ea481f2f450bfb6f4b117abf0332fa

Summary:

• Financials:

  • Revenue fell 9% to S$86.8 million (FY2024: S$95.5 million) mainly due to reduced construction activity.

  • Net profit attributable to owners was S$3.4 million, down from S$12.4 million last year, largely on lower share of profits from associates and joint ventures.

  • Gross profit margin improved sharply to 8.1% (FY2024: 1.4%).

  • Net assets stood at S$69.2 million with cash of S$10.5 million.

• Core operations:

  • Mechanical & Electrical (M&E) engineering remained the largest contributor, generating S$82.6 million or 95% of turnover.

  • The order book grew to S$152.3 million (up from S$134.1 million), with 88.3% of projects achieving BCA Green Mark GoldPLUS, Platinum or Super Low Energy certification.

• Other businesses:

  • Portable lavatories rental earned S$3.9 million.

  • Investments include workers’ dormitories, vessel chartering, and property projects in China and Thailand.

  • Share of profit from the Tuas dormitory fell to S$4.2 million (FY2024: S$19.6 million due to one-off fair value gains).

• Outlook:

  • Strong Singapore construction pipeline expected, with BCA forecasting S$47–S$53 billion in contracts for 2025.

  • No dividend proposed for FY2025, reflecting caution amid a planned property acquisition at Joo Koon Way.