MACAU E&M Holding Limited (01408) reported a turnaround for the year ended 31 December 2025, posting net profit of MOP2.18 million versus a MOP2.49 million loss in FY2024. Basic earnings per share rebounded to MOP0.44 cent from a loss per share of MOP0.50 cent.

\n\nRevenue and Margins • Revenue fell 16.6% year on year to MOP76.80 million, reflecting the wind-down of several large-scale contracts and slower project awards. • Gross profit surged 70.7% to MOP12.32 million, lifting gross margin to 16.0% (FY2024: 7.8%) on tighter cost control and improved project execution. • Segment mix: E&M engineering works contributed 93.0% of revenue (MOP71.42 million), while maintenance and repair services accounted for 7.0% (MOP5.38 million).

\n\nProfit Drivers and Costs • Other income slipped to MOP4.41 million (FY2024: MOP5.09 million) amid lower deposit interest. • Administrative expenses edged up 4.5% to MOP14.67 million, partly due to higher travel costs. • Net reversal of expected-credit-loss provisions totalled MOP0.38 million, compared with a MOP0.55 million charge the previous year. • Finance costs were modest at MOP0.22 million.

\n\nBalance-Sheet Highlights • Cash, cash equivalents and deposits rose to MOP173.08 million (FY2024: MOP141.60 million). • Net current assets increased to MOP183.30 million; the current ratio strengthened to 11.2 times (FY2024: 8.5 times). • Total bank borrowings expanded to MOP16.47 million, producing a gearing ratio of 8.0% (FY2024: 6.1%). • Contract backlog stood at MOP40.21 million, down from MOP63.02 million a year earlier.

\n\nDividend The Board proposed a final dividend of HK0.21 cent (approximately MOP0.22 cent) per share, amounting to about MOP1.08 million, subject to approval at the 13 May 2026 AGM. The dividend is expected to be paid on or around 12 June 2026 to shareholders on the register as of 21 May 2026.

\n\nOperational Developments During the year, 45 projects were under management (34 private-sector, 11 public-sector). A CCTV installation for a casino in Sri Lanka, valued at MOP24.8 million, marked the company’s first overseas contract. MACAU E&M also established a wholly owned subsidiary in Hengqin to capture cross-border infrastructure opportunities.

\n\nOutlook Management anticipates continued economic recovery in Macau and rising demand from infrastructure and urban-enhancement projects. Twelve projects have already been secured for revenue contribution in 2026. The company intends to pursue public infrastructure, Hengqin integration initiatives and selective overseas contracts while maintaining disciplined cost and risk management.