Boustead Singapore Limited reported net profit attributable to shareholders of S$34.9 million for the six months ended 30 September 2025, a 3 per cent decline year-on-year, as lower gross margins offset broadly flat revenue.

Earnings per share slipped to 7.1 Singapore cents from 7.5 cents a year earlier. The board declared an interim cash dividend of 1.5 Singapore cents per share, unchanged from the prior year; payment details were not disclosed.

Group revenue was virtually unchanged at S$294.0 million. By division, Geospatial delivered a record S$118.7 million, up 10 per cent YoY, helped by a higher proportion of multi-year subscription contracts in Australia and Singapore. Real Estate Solutions contributed S$95.6 million, down 9 per cent as major projects remained in early stages. Energy Engineering posted S$74.3 million, marginally lower amid moderated global energy activity, while Healthcare fell 24 per cent to S$5.2 million following the completion of a large one-off turnkey contract last year.

Gross profit fell 5 per cent to S$110.3 million, trimming the margin to 38 per cent from 40 per cent. Operating profit declined 9 per cent to S$43.6 million, though this was partly cushioned by lower other losses and an improvement in associates and joint-venture results after a S$7 million liability reversal. Pre-tax profit slipped 4 per cent to S$50.4 million.

Boustead closed the half with a net liquid position of S$210.3 million and an engineering order backlog of about S$396 million, comprising S$274 million under Real Estate Solutions and S$122 million under Energy Engineering. Since 1 April 2025 the group has secured roughly S$193 million in new contracts, including a single design-and-build project exceeding S$100 million in November.

Management said the diversified business mix and healthy cash reserves support continued dividend payments and capital recycling plans. The company is pursuing the listing of UI Boustead REIT to unlock value from its real-estate portfolio and redeploy proceeds into growth initiatives. It expects to deliver “satisfactory” full-year results, barring unforeseen disruptions, and will maintain focus on balance-sheet optimisation, cost control, project execution and selective bidding amid what it described as a “tapered investment climate”.