Boustead more than doubles H2 profit to S$197.7 million

[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 its revenue rising 43 per cent to S$330.4 million over the same time frame, said the group on Monday (May 25).

On a per-share basis, earnings for the half were S$0.392 Singapore cents, up from S$0.12 in the year-ago period.

For the 2026 financial 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 rise primarily to the sale of the group’s 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 net profit for FY2026 would have been 35 per cent lower year on year.

Its revenue was up 18 per cent at S$624.4 million from S$527.1 million in FY2025. 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, Boustead said.

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 already paid, total dividends for FY2026 amount to S$0.10 a share, up from S$0.075 in FY2025.

The rise was attributed to the group delivering “reasonable profitability from core businesses” and maintaining a healthy net cash position.

Commenting on the results, Wong Fong Fui, chairman and group chief executive officer of Boustead, said: “Amid heightened geopolitical tensions, the group has remained resolute in strengthening value and delivering a respectable set of results for FY2026.”

He said that in the year under review, the group realised the full market value of its portfolio through the sale of 21 Singapore properties from the successful listing of the UI Boustead Reit in March.

Wong added: “Our diversity is our strength, and the four varied business pillars will continue to provide us the growth engines and the flexibility and agility to mitigate risks and weather the storms that come from industry-specific downturns.”

The group said that its real estate solutions segment revenue was 70 per cent higher year on year at S$228.2 million, due to “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 revenue contributions coming from project sales and faster progress on various projects.

However, due to a lower order backlog carried forward at the end of FY2025, Boustead said revenue for this division was dampened.

“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 the counter ended trading at S$2.57, down S$0.15 or 6.2 per cent, before the update.