Summary:

• HG Metal reported revenue of S$130.3 million for the nine‑month period to 30 September 2025 (FP2025), versus S$157.9 million for FY2024, with the decline mainly due to the shorter reporting period and weaker steel prices​

• Despite lower top line, gross margin edged up to 14.7% from 14.0% on reduced material costs, delivering net profit after tax of S$7.3 million and basic earnings per share of 2.67 cents in FP2025​

• Operating cash flow remained strong at S$15.7 million, lifting cash and cash equivalents to about S$68.5 million as at 30 September 2025, while total bank borrowings fell to S$5.1 million, supporting a low debt‑to‑equity ratio of 0.07 times​

• Total assets stood at S$175.3 million and shareholders’ funds at S$153.5 million at period end, translating to net asset value per share of S$0.56, up from S$0.275 share price at end‑2024​

• The board proposed a final dividend of 1.5 Singapore cents per share for FP2025, representing about 56.2% of net profit after tax, rewarding shareholders after two 2024 share placements and a rights issue that raised roughly S$32.5–33.1 million​

• Majority shareholder Green Esteel Pte. Ltd., which completed a mandatory general offer in February 2025, underpins a broader strategic transformation to make HG Metal leaner and more efficient while expanding higher value‑added services and direct sales to end‑users​

• As part of an upstream push into low‑carbon materials, HG Metal agreed on 10 December 2025 to subscribe RM18 million (about S$5.68 million) of convertible Class B preference shares in Malaysian EAF‑based steelmaker Eden Flame Sdn. Bhd., giving it about a 4.4% stake post‑completion​

• Eden Flame’s Pasir Gudang plant, targeted to start in 3Q 2026 with around 500,000‑tonne annual capacity focused on 10–40mm rebars, is expected to provide HG Metal with competitively priced low‑carbon steel as Singapore’s carbon tax and Green Plan 2030 drive demand for greener construction inputs​

• To relieve capacity constraints at its near‑fully utilised 28 Jalan Buroh site, HG Construction Steel Pte. Ltd. exercised an option to acquire a vacant industrial property at 47 Tuas View Circuit for S$20.8 million, adding c.24,164 square metres of land, multi‑storey production buildings and existing plant and equipment​

• The Tuas site will expand production and storage capacity, enable more downstream customisation and fabrication services, and improve operational efficiency without heavy incremental capex, positioning the Group for larger, more complex construction steel projects​

• Management sees Singapore’s construction sector as a key growth engine, citing BCA’s projected S$39–46 billion annual construction demand for 2026–2029 and a 29% sales volume increase in FP2025, even as global steel oversupply and China property weakness pressure rebar prices and margins​

• To navigate price volatility and competitive pressure, HG Metal plans agile procurement, tighter inventory and pricing management, deeper client engagement and an emphasis on long‑term contracts with end‑users in infrastructure, MRT extensions, housing, industrial and high‑specification projects​

• Independent Non‑Executive Chairman Ong Hwee Li and CEO Xiao Xia highlighted that, barring unforeseen shocks, the Group remains cautiously optimistic for FY ending 30 September 2026, aiming to leverage both Esteel’s regional network and Singapore’s infrastructure pipeline to drive the next phase of growth​