Link: https://links.sgx.com/1.0.0/corporate-announcements/7M85CH8MWLI7NEKK/fa773c08a0be7d043c6b13ef0572e5e087b9969c42e1361796fba71b8b8d4ec7

Summaey:

• 1H 2025 Consolidated Revenue: HK$3,279.6 million (down 2% from HK$3,352.6m in 1H 2024)

  • Construction services revenue down; operation revenue up (mainland China water/industry projects)

• Gross Profit: HK$1,369.2 million (up 8%), with gross margin rising to 42% (from 38%); reflects improved cost structure and efficiency

• EBITDA: HK$1,194m, stable year-on-year

• Profit Attributable to Owners: HK$563.8 million (down 3%)

  • Basic EPS: 19.71 HK cents (down from 20.31 cents)

• Net Assets per Share: HK$4.41 (up 7% from end-2024)

• Gearing Ratio: 61.2% (vs. 61.0% at 2024 year-end)

• Cash and Bank Balances: HK$1.87 billion

• Dividends: Interim dividend declared HK6.09 cents per share (0.99 Singapore cent), equal to 1H 2024

Operational and Strategic Highlights:

• Managed 183 projects (total water treatment/supply capacity: 7.62 million m³/day); presence in 13 China provinces plus overseas

• Secured new asset-light contracts (industrial wastewater, EPC, O&M) worth ~RMB 60m; expansion into Thailand

• Solar facilities installed at 12 sites (20 MWp, 20m kWh annual)

• Recognized for “Top Ten Influential Enterprises in China’s Water Industry” (8th consecutive year)

• Cost, risk, and safety management reinforced; no safety/environmental incidents in 1H 2025

Outlook:

• Resilient industry fundamentals; focused on prudent cost management, expansion, and innovation (including smart/digital upgrades)

• Goal: transform from a traditional operator to a technology/environmental services leader, boost shareholder value, and support China’s sustainability targets.