At the time, it was seen as a small-cap contractor operating in a highly competitive M&E landscape dominated by long-established names.
Yet, Ever Glory, in its first set of results as a listed company, reported a “significant improvement” in its bottom line of $5.5 million for the 1HFY2023 ended June 30, 2023, up from $634,769 previously. For FY2023, Ever Glory reported earnings of $6.8 million from $1.8 million in FY2022, supported by a 70% y-o-y surge in revenue of $47.5 million.
That said, it wasn’t until the company acquired fire protection services company Fire-Guard Engineering in 2024 and Guthrie Engineering, a well-established local M&E engineering firm with decades of history, in 2025, that investors sat up and took notice. Those acquisitions broadened Ever Glory’s service offerings and diversified its revenue streams, helping capture new market share. “We wanted to expand quickly, and the best way to do so was to be in partnership with companies we have good relationships with and even friendly competitors,” said CEO Xu Ruibing in an August 2025 interview with The Edge Singapore.
Following the acquisition of Guthrie Engineering, brokers began to take notice of the stock, with PhillipCapital’s Yik Ban Chong among the first to initiate a “buy” call on the firm, setting an initial target price of 81 cents for August 2025. Alyssa Tee of KGI Securities followed soon after with an “outperform” call with a target price of $1.20, citing its transformation from a mid-sized M&E contractor into a diversified engineering group.
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In the same August interview, Xu said he was considering a transfer to the Mainboard, as Ever Glory has fulfilled all the necessary listing criteria. The formal application followed in October and approval came a month later — and why not? A homegrown firm that started small and is now ready for the bigger league makes for a good story. In December, the company said it would offer 2 million new shares at 64 cents each to fulfil the minimum requirement of 500 shareholders to list on the Mainboard.
So far, the company’s operational performance has kept pace with market recognition. In 2025, Ever Glory announced that it won a total of $508 million in contracts, bringing its order book to $732.8 million as of December 2025 — not the kind of multi-billion-dollar order book routinely secured by long-established contractors in the current boom, but a decent ticket nonetheless.
The contracts, related to works for projects across different sectors, including public utility works such as street lighting maintenance and upgrades for a bus depot, will be delivered through 2027, providing earnings visibility over the next two to three years.
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At the Mainboard listing ceremony on Dec 29, 2025, Xu noted that the group had fulfilled its goal of listing on the Mainboard within five years of its IPO and had become one of the fastest-growing traditional industry counters. Currently, Ever Glory’s market cap stands at $265.2 million, based on its last closing price of 74 cents as at Feb 9. While it is some distance from its peak share price of 82 cents, Ever Glory has potential to grow.
“We’ve always made our decisions for the benefit of our minority shareholders, ensuring that their interests — regardless of shareholding size — are protected,” said Xu in his opening remarks delivered in Mandarin.
Following the Mainboard transfer, the CEO outlined three strategic priorities: to become a growth company with attractive dividends, to pursue acquisitions, particularly cross-industry and cross-sector opportunities, and to expand beyond Singapore in search of new opportunities and greater value creation. These are ambitious objectives, but if past performance is any guide, Ever Glory appears well-positioned to achieve them.
