Link: https://links.sgx.com/1.0.0/corporate-announcements/2V5FEIXX4PL8QDKD/9e078faf2a6f0bab583ca0bff49cd55c0678f3fb6116c64b80bef26cf9e30c4b

Summary:

• Group turnover rose by 33% to S$163.1 million for 1H 2025, driven by higher revenue in the Precast division, offsetting declines in the PBU (Finland) and Environmental Services divisions.

• Adjusted Group Profit before Tax nearly doubled to S$17.0 million, mainly due to better pre-tax earnings from Precast before impairment losses.

• Net profit attributable to equity holders jumped to S$15.9 million (up from S$2.3 million in 1H 2024), despite continued impairment losses on goodwill (S$4.0 million) related to the PBU division.

• For the 18-month period ended 30 June 2025, Group turnover surged 56% year-on-year to S$465.9 million, reflecting robust Precast sales, with adjusted profit before tax at S$51.1 million.

• Overall Group net profit for the 18-month period was S$37.2 million, reversing a net loss of S$18.7 million in 2023.

• Gross profit margin improved to 21% in 1H 2025 (from 20% a year ago); for the 18 months, margin was 22%, up from 18% previously, thanks to strong Malaysian Precast performance.

• The Group realized S$5.4 million in gains from the divestment of Tropical Resorts Limited and Donvale Limited and investment in FVOCI.

• Cash and bank balances increased to S$150.4 million as at 30 June 2025, with net cash inflow of S$27.8 million over the 18-month period.

• Net asset value per share rose to S$0.79 as at 30 June 2025 (up from S$0.73 at end 2023).

• Weakness in the PBU (Finland/Norway) and Environmental Services (industrial wastewater) continues, but Precast (Malaysia) and Dubai are operating at high capacity and are expected to drive performance.