The lower revenue was due to significantly lower revenue from the Real Estate Solutions Division and lower revenue from the Energy Engineering Division.
The Real Estate Solutions Division (Boustead Projects)’s revenue was 64% lower y-o-y at $134.3 million, severely affected by the significantly lower order backlog carried forward at the end of FY2024 and hampered by challenging and severe business conditions and business development activities.
The Energy Engineering Division’s revenue was 9% lower y-o-y at $158.9 million, impacted by lower revenue recognition from the lower order backlog carried forward at the end of FY2024.
Net profit however was higher due to lower income tax expenses and a one-off $29.0 million gain on the non-cash transfer of the Boustead Projectsfund management business to UIB, in exchange for shareholding in UIB1.
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For a comparative review, after adjusting for other gains/losses and impairments, all net of non-controlling interests, net profit for FY2025 would have been 8% higher y-o-y.
The group’s engineering order backlog currently stands at approximately $349 million, of which $126 million is under the Energy Engineering Division and $223 million is under the Real Estate Solutions Division.
For the full year, earnings per share came in 46% y-o-y higher at 19.6 cents.
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The board has proposed a final ordinary dividend of 4.0 cents per share as well as a special dividend of 2.0 cents per share with the option for the dividends to be taken in cash and/or scrip, for shareholders’ approval.
The group’s net liquid position decreased to $198.6 million at the end of FY2025.
The group says that barring unforeseen circumstances and disruptions, it expects to deliver satisfactory results in FY2026.
Shares in Boustead Singaporeclosed 1 cent lower or 0.95% down at $1.04 on May 26.
