Boustead more than doubles H2 profit to S$197.7 million
Full-year earnings are up 145%; the board proposes a final ordinary dividend of S$0.04 a share
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[SINGAPORE] Engineering and technology group Boustead Singapore’s net profit for its second half ended Mar 31 grew 235 per cent to S$197.7 million from the year-ago period.
This came on the back of revenue rising 43 per cent to S$330.4 million, said the group on Monday (May 25).
On a per-share basis, earnings for the half-year came in at S$0.392, up from S$0.12 in the year-ago period.
For the full year, the group’s net profit was up 145 per cent at S$232.6 million, from S$95 million in FY2025.
Boustead attributed the increase primarily to the sale of assets to UI Boustead Reit , as well as to a material improvement in its share of the losses of associates and joint ventures, upon the reversal of a S$7 million liability related to a fee imposed by a landowner.
For a comparative review, after adjusting for other gains/losses and impairments, all net of non-controlling interests, it said that net profit for FY2026 would have been 35 per cent lower year on year.
Wong Fong Fui, chairman and group chief executive officer of Boustead, said that the group “realised the full market value of its portfolio” through the sale of 21 Singapore properties from UI Boustead Reit’s March listing.
Full-year revenue was up 18 per cent at S$624.4 million, from S$527.1 million. The increase was mainly due to “significantly higher revenue” from the group’s real estate solutions division and higher revenue from the energy engineering division.
The group said its engineering order backlog stands at about S$840 million, comprising S$94 million from its energy engineering division and S$746 million from its real estate solutions division.
The backlog refers to unrecognised project revenue as at the end of FY2026, together with the value of new orders secured since then.
The board has proposed a final ordinary dividend of S$0.04 a share and a special dividend of S$0.045 a share, subject to shareholders’ approval. Both dividends may be taken in cash and/or scrip.
Including the interim dividend of S$0.015 a share that has already been paid, total dividends for FY2026 amount to S$0.10 a share, up from S$0.075 for FY2025.
Full-year revenue from Boustead’s real estate solutions segment was 70 per cent higher year on year at S$228.2 million, on the back of “revenue recognition on a healthy order backlog carried forward into FY2026”.
This was attributed to the recovery of Singapore’s industrial sector, with a notable pick up in projects and business development activities.
The energy engineering division’s revenue was 8 per cent higher year on year at S$171.8 million, with higher contributions from project sales and faster progress on various projects.
However, a lower order backlog carried forward at the end of FY2025 meant that revenue for this division was “dampened”, Boustead said.
“With ongoing geopolitical tensions, the division’s clients have slowed down business development activities, resulting in fewer overall orders for this division in FY2026,” it added.
Shares of Boustead ended trading at S$2.57, down S$0.15 or 6.2 per cent, before the news.
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