Latest Financials
Condensed Interim Financial Statements For the 6 Months and 12 Months Ended 31 March 2026
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Statement of Financial Position
Review of the Performance of the Group
Consolidated Statement of Profit or Loss
2HFY26 – for the 6 months ended 31 March 2026
1HFY26 – for the 6 months ended 30 September 2025
2HFY25 – for the 6 months ended 31 March 2025
FY26 – for the 6 months ended 31 March 2026
FY25 – for the 6 months ended 31 March 2025
Review of Results for the 6 Months and 12 Months Ended 31 March 2026
Revenue
In FY26, revenue grew 18.5% to $400.4 million, compared to $337.8 million in FY25, as the Group capitalised on robust construction demand in Singapore to deliver a higher volume of foundation and geotechnical engineering works.
For 2HFY26, revenue amounted to $205.1 million, representing a 11.9% increase compared to the $183.3 million in 2HFY25, and 5.0% increase over $195.3 million in 1HFY26 respectively.
Gross Profit
The Group’s gross profit and gross profit margin for FY26 were $38.6 million and 9.6% respectively (FY25: $35.4 million and 10.5%). Notwithstanding the improved margins achieved in Singapore, the lower gross profit margin in FY26 was mainly due to certain lower-margin projects undertaken in Malaysia. Additionally, the Group also faced rising energy and raw material costs towards the end of FY26, as a result of geopolitical developments.
Gross profit and gross profit margin for 2HFY26 improved to $20.2 million and 9.9%, compared to $17.8 million and 9.7% in 2HFY25, and $18.3 million and 9.4% in 1HFY26. The sequential year-on-year improvements were mainly due to stronger margins achieved in Singapore operations in 2HFY26.
Other Income
The Group recorded lower other income of $1.2 million for FY26 (FY25: $2.3 million) and $0.8 million for 2HFY26 (2HFY25: $1.1 million), mainly due to a lower gain from the disposal of old equipment in FY26 and 2HFY26. The disposal is part of the Group’s ongoing fleet renewal programme to replace older equipment with newer and more efficient models.
Other income for 2HFY26 was higher than the $0.4 million recorded in 1HFY26, taking into account a higher miscellaneous rental income in 2HFY26.
Operating Expenses
Other operating expenses increased by 2.0% to $25.6 million in FY26 (FY25: $25.0 million), and 3.3% to $13.0 million (2HFY25: $12.5 million; 1HFY26: $12.6 million), in line with the increased business activity.
Depreciation of right-of-use assets in FY26 and 2HFY26 largely comprised a depreciation charge of $2.4 million (FY25: $2.4 million) and $1.2 million (2HFY25: $1.2 million; 1HFY26: $1.2 million) on the Group’s headquarters located at No 2, Tanjong Penjuru Crescent (“2TPC”).
In 2HFY26, the Group made a provision of $0.4 million for the outstanding debts due from a customer in its equipment rental division.
The Group recorded a foreign exchange gain of $0.6 million in FY26 (FY25: $1.7 million) due to the strengthening of the Malaysia Ringgit (“MYR”) against its functional currency, Singapore Dollar (“SGD”). In FY26, the MYR appreciated by approximately 5% against the SGD.
Net Finance Expenses
Net interest expenses declined to $4.8 million for FY26 (FY25: $5.4 million) and $2.3 million (2HFY25: $2.5 million; 1HFY26: $2.5 million). The decline reflected lower floating interest rates during the periods and the Group’s ongoing efforts to optimise its debt structure. Since December 2023, the Group has progressively replaced higher-cost loans through its multiseries unsecured commercial paper facility programme (“SDAX CP Facility Programme”), which has contributed to reducing borrowing costs over time.
The Group recognised an interest expense of $1.0 million for FY26 (FY25: $1.1 million) and $0.5 million for 2HFY26 (2HFY25: $0.6 million; 1HFY26: $0.5 million), in respect of the lease liability relating to 2TPC.
Share of Profit of Associates
The Group recorded a share of profit of $1.3 million and $0.7 million from its associates’ business operations in FY26 (FY25: $1.3 million) and 2HFY26 (2HFY25: $0.8 million; 1HFY26: $0.6 million), partially offset by revaluation losses in relation to an investment property held by an associate.
Profit for the period/year
Net profit before tax rose 23.5% to $3.3 million in FY26 (FY25: $2.6 million) and $2.4 million in 2HFY26 (2HFY25: $0.2 million; 1HFY26: $0.9 million).
Earnings before interest, tax, depreciation and amortisation (EBITDA) improved to $32.3 million in FY26 (FY25: $31.4 million) and $17.0 million in 2HFY26 (2HFY25: $14.0 million; 1HFY26: $15.3 million).
Earnings per share was 0.08 cent for FY26 (FY25: 0.05 cent) and 0.05 cent for 2HFY26 (2HFY25: loss per share of 0.01 cent; 1HFY26: 0.03 cent).
Statement Of Financial Position
Non-Current Assets
Property, Plant and Equipment
Net book value of property, plant and equipment (“PPE”) stood at $117.8 million as at 31 March 2026 (31 March 2025: $115.8 million).
In FY26, the Group invested $17.1 million in new PPE as part of its ongoing fleet renewal programme. In addition, the Group reclassified $2.4 million of inventories as PPE following a reassessment of their economic use and $0.2 million of PPE as inventories.
Plant and equipment with carrying values of $0.7 million were disposed of in FY26, resulting in a $0.4 million gain. Depreciation charge for FY26 amounted to $17.6 million (FY25: $17.0 million).
Right-of-use Assets
As at 31 March 2026, right-of-use asset and lease liability relating to 2TPC amounted to $29.4 million (31 March 2025: $31.8 million) and $32.9 million (31 March 2025: $34.8 million) respectively.
Net Current Liabilities
As at 31 March 2026, net current liabilities stood at $6.8 million (31 March 2025: $2.2 million), with a Current ratio of 0.97 (31 March 2025: 0.99).
Notwithstanding the Group’s net current liability position as at 31 March 2026, the Group has assessed the sources of liquidity and funding available to the Group, believes that the Group will be able to meet its obligations due within the next 12 months. These include committed unutilised credit facilities (which also contains overdraft facilities) of $54 million as at 31 March 2026 (31 March 2025: $29 million), projected net operating cash inflows for the next 12 months and available cash reserves as at 31 March 2026 to finance the Group’s working capital and day-to-day operation requirements.
The Group held lower inventories of $23.3 million as at 31 March 2026 (31 March 2025: $24.0 million) following the sale of spare parts in FY26.
Trade and other receivables and contract assets decreased by $1.2 million to $175.7 million (31 March 2025: $176.9 million), notwithstanding the higher level of business activity in FY26. The decrease was mainly due to improved collections, amid the Group’s active engagement with clients to recover receivables and overdue payments. The Group continues to closely engage with clients on receivables management and prioritise working capital efficiency.
Trade and other payables and contract liabilities increased by $12.2 million to $136.9 million (31 March 2025: $124.7 million), reflecting the higher business activity in FY26. The increase was also attributable to payables from the acquisition of new PPE and the advance payment received for a project in progress as at 31 March 2026.
As at 31 March 2026, assets held for sale stood at $3.0 million (31 March 2025: $3.5 million), following the disposal of PPE in FY26.
Loans and Borrowings
The Group’s loans and borrowings stood at $94.8 million as at 31 March 2026 (31 March 2025: $101.7 million). Of these, $49.0 million or 52%, comprised floating interest rate loans (31 March 2025: $67.8 million, 67%), following the net repayment of such loans in FY26. As part of the Group’s effort to restructure its borrowings to longer tenure loans, the Group drew down more on finance lease loans to fund the acquisition of equipment and refinancing of encumbered equipment in FY26. Nevertheless, the Group’s loans and borrowings declined following the net repayment of bank borrowings in FY26.
In FY26, the Group issued $47.9 million in unsecured commercial papers under the SDAX CP Facility Programme, of which $43.1 million matured and were fully redeemed by external parties. As at 31 March 2026, outstanding commercial papers amounted to $17.5 million (31 March 2025: $12.7 million), bearing interests rates ranging from 4.1% to 4.6% per annum (31 March 2025: 5.2% to 5.6%) and maturities between 18 June 2026 and 16 September 2026.
The Group’s debt-to-equity ratio was 0.87 as at 31 March 2026 (31 March 2025: 0.95).
Equity and Net Asset Value
In FY26, the Group repurchased 16.2 million ordinary shares for a total consideration of $0.2 million. Following this, 110.3 million shares with carrying values of $3.5 million were held as treasury shares as at 31 March 2026 (31 March 2025: 94.1 million shares with $3.2 million).
As at 31 March 2026, the Group’s total equity stood at $109.0 million (31 March 2025: $107.4 million), while net asset value per ordinary share was 3.1 cents (31 March 2025: 3.1 cents).
Cash Flow
Cash Flow from Operating Activities
Cash flow generation from operating activities improved significantly year-on-year with a net cash inflow of $43.9 million for FY26 (FY25: $12.0 million) and $25.2 million for 2HFY26 (2HFY25: $6.7 million; 1HFY26: $18.8 million). This was a result of focused working capital management and efforts to expedite the collections of trade receivables.
Cash Flow from Investing Activities
Net cash outflow from investing activities was higher at $10.9 million for FY26 (FY25: $3.7 million) and $5.9 million for 2HFY26 (2HFY25: $2.9 million; 1HFY26: $5.0 million), mainly due to higher capital expenditure incurred as part of the Group’s fleet renewal programme in FY26 and 2HFY26. In addition, the Group invested $0.3 million in three joint venture companies in 2HFY26.
Cash Flow from Financing Activities
Net cash outflow from financing activities was $29.6 million for FY26 (FY25: $7.9 million) and $25.3 million for 2HFY26 (1HFY26: $4.3 million), mainly due to higher net repayment of bank borrowings. In FY26, the Group raised $4.8 million from the issuance of commercial papers under the SDAX CP Facility Programme (FY25: $6.8 million). The Group also paid dividends of $1.2 million to the shareholders in FY26 in respect of the financial year ended 31 March 2025.
In 2HFY25, the Group recorded a net cash inflow of $1.6 million, taking into account the higher utilisation of trade facilities and proceeds from the issuance of commercial papers to support the business operations.
Cash and Cash Equivalents
As at 31 March 2026, the Group’s cash and cash equivalents stood at $19.2 million (31 March 2025: $16.3 million; 30 September 2025: $25.5 million).
Outlook
In Singapore, construction demand remains robust, with the Building and Construction Authority forecasting total construction demand in Singapore to reach about $47 billion to $53 billion, underpinned by institutional, civil infrastructure and public housing pipeline. The Group’s established track record and capabilities in foundation and geotechnical engineering position it well to participate in the upcoming public sector projects, including those from the Housing & Development Board and the Land Transport Authority, which are expected to be progressively put up for tender in FY27. The Group is also actively participating in the private sector, with a focus on the higher-specification semiconductor and aerospace projects supported by continued foreign investments.
The healthy construction demand in Singapore is expected to sustain the demand for foundation equipment distributed by the Group. Leveraging its strong market presence in the foundation and geotechnical engineering sector, as well as its ability to offer a comprehensive range of equipment and accessories, the Group made strategic investments in FY26 to establish a service centre operation to strengthen its trading division’s capabilities in the repair, servicing, and parts supply for the major components of foundation equipment. Having commenced operations in March 2026, the division is expected to progressively ramp up its service centre operations in FY27.
The Group remains mindful of cost pressures across the construction industry, including tight labour market conditions, and the volatility in diesel and construction material prices arising from the current geopolitical tensions in Middle East and the global uncertainties ahead. In this regard, the Group notes the Singapore government’s announcement in April 2026 on costsharing arrangements for critical public projects, under which it will co-share 50% of the additional diesel and bitumen costs incurred from March 2026 to May 2026. This is expected to provide some near-term relief on input costs for a portion of the Group’s existing order book.
Additionally, with an average project turnaround period of 3 to 6 months for most foundation projects, one of the shortest cycles compared to other construction stages, the Group has the flexibility to incorporate prevailing cost increases into new project tenders in a timely manner.
Against the current volatile operating environment, the Group will continue to exercise discipline in cost management and operational efficiency, while prioritising projects that meet its margin expectations rather than pursuing volume-driven growth.
As at 30 April 2026, the Group’s order book stood at approximately $220 million (31 October 2025: $270 million), reflecting the completion of several projects during FY26. The Group shall remain cautious in replenishing its order book from the upcoming foundation work opportunities and active tender pipelines to support its performance in FY27.