Link: https://links.sgx.com/1.0.0/corporate-announcements/PNT4V0VRXPKQSB85/70acb6cde5a3e522509e0dc28482f02d020c5049cb5561070234e77be0038126

Summary:

• Total revenue for 1H 2025 was $103.3 million, up 3.5% from the previous year, mainly contributed by the Civil Engineering segment, which rose to $90.1 million.

• Gross profit fell sharply by 63% to $7.8 million due to higher cost pressures in ongoing projects and reduced sales activity in property development.

• Net profit after tax stood at $8.7 million, down 58% from 1H 2024.

• Lower gross profit and other income (including less rental, government grant, and interest income) led to reduced profit before tax.

• Net asset value per share was 55.5 cents as of 30 June 2025.

• Shareholders’ equity slightly decreased to $283.3 million after paying a final dividend and purchasing treasury shares.

• No interim dividend was declared for 1H 2025; the company continues to recommend dividends only with full-year results.

• The order book for civil engineering stands at about $335 million, with industrial property Shine@TuasSouth having sold 59.2% and leased 39% of units.

• The company highlights a challenging outlook for the construction industry due to competition, labour shortages, and rising costs, but aims to tender for more projects and seek new business opportunities.