CNQC International Holdings Limited (CNQC INT'L) released its unaudited results for the six months ended 30 June 2026.

Revenue and Margins • Group revenue slipped 6.8 % year-on-year to HK$4.10 billion, mainly reflecting lower property-development recognitions. • Gross profit dropped to HK$127.83 million (1H 2025: HK$301.07 million); gross margin narrowed to 3.1 % from 6.8 % as rising construction costs squeezed profitability.

Earnings Rebound • Net profit surged to HK$174.72 million, up 242 % versus HK$51.02 million a year earlier. • The swing was driven by a HK$183.72 million contribution from associates, reversing a HK$23.71 million loss in 1H 2025, and a HK$15.17 million reduction in finance costs. • Profit attributable to shareholders increased 14 % to HK$34.12 million; basic EPS rose to HK$0.021.

Segment Performance • Construction – Singapore & Southeast Asia: revenue HK$2.40 billion (-4.5 % YoY); adjusted segment profit HK$69.51 million. • Foundation & Construction – Hong Kong & Macau: revenue HK$1.69 billion (+13.7 % YoY); adjusted segment loss HK$9.41 million. • Property Development & Investment: revenue HK$15.10 million (1H 2025: HK$406.40 million) after most Singapore projects reached completion in 2025.

Cash Flow and Balance Sheet • Net cash from operations fell to HK$105.30 million (1H 2025: HK$268.27 million). • Group cash and cash equivalents declined to HK$773.19 million at 30 June 2026 from HK$1.08 billion at end-2025, mainly due to HK$660.25 million net outflows in financing activities. • Total borrowings decreased to HK$1.86 billion (31 Dec 2025: HK$2.30 billion); gearing ratio improved to 26.1 % (31 Dec 2025: 28.9 %).

Order Book and Development Pipeline • Construction backlog comprised 54 projects with outstanding contract sums of HK$25.48 billion (Singapore & SEA: HK$15.12 billion; Hong Kong & Macau: HK$9.82 billion). • Seven active property projects (six in Singapore, one in Hong Kong) provided total saleable floor area of around 310,000 sq.m; cumulative contracted sales rates range from 45 % to 100 %.

Dividends • The Board did not declare an interim dividend.

Outlook Management expects steady public-sector construction demand in Singapore and Hong Kong, while focusing on cost control and technology-driven efficiency. In property development, new launches will be selective, with emphasis on core-location projects and accelerated monetisation of biomedical fund investments.