Link: https://links.sgx.com/1.0.0/corporate-announcements/GJKUSS6F4RDVQCX0/b87fd05b71d1af380748a3ccb7a40fd6a77ec11f93e5a50f0e2a2cfd1a25c5eb

Summary:

• Revenue dropped 3.3% year-on-year to S$72.1 million, mainly due to the tail-end of two major EPC projects (Pulau Tekong polder & Johor River Waterworks).

• Gross profit rose 16.7% to S$9.3 million, gross margin improved to 13.0% (from 10.7%), driven by higher margin EPC projects and cost discipline.

• Net profit surged 84.1% to S$3.2 million; EBITDA grew 32.1% to S$6.4 million.

• O&M business segment contributed revenue of S$25.4 million (+16.6%) as recurring contract wins accelerate.

• Chemical manufacturing segment delivered first major vessel order; recurring revenues now ramping up from magnesium hydroxide slurry production.

• Solar energy revenue streams commenced from long-term Thai projects (Mercure Koh Chang Hideaway, plus two more under construction).

• Administrative costs reflect one-time special employee bonus, otherwise steady; financing costs, operating costs broadly stable.

• Cash at S$5.2 million, total assets at S$140.6 million, total equity at S$53.4 million; order book jumps to S$781.5 million (largest ever), boosting visibility for next five years.

• Secured S$281 million contract for Cross Island Line Phase 1 (LTA), marking the largest single deal in group history.

• Strategic focus: expand recurring revenue base (O&M, solar, magnesium slurry), leverage core engineering and municipal infrastructure strengths, target new water, transport, and industrial opportunities in Singapore, Malaysia, and region.

• Management highlights normalization of margins and steady ramp-up in new business lines, positioning the group for sustained growth.