GRC Limited posted a net profit of S$7.30 million for the year ended Jun 30, 2025, up 101.6 % year-on-year, as the first-time consolidation of newly acquired CES Construction lifted revenue and gross margins.

The builder-turned-industrial landlord reported earnings per share of 0.49 Singapore cents, compared with 0.32 cents a year earlier. The board proposed a first-and-final cash dividend of 0.13 Singapore cents per ordinary share, its first payout since listing; if approved at the Nov 28 annual meeting, the dividend will be paid on or about Dec 26, 2025 to shareholders on record as of Dec 12.

Group revenue surged 1,167.8 % to S$138.08 million, with CES Construction—acquired on Apr 30—contributing roughly S$127 million for two months. By segment, the largest pre-tax profits came from property investment (S$6.0 million) and building construction (S$3.9 million). Civil infrastructure earned S$0.9 million, while environmental & sustainability generated S$1.0 million. Losses were recorded in prefabrication technology (-S$0.8 million), procurement (-S$0.2 million) and corporate/others (-S$3.2 million).

Administrative expenses widened to S$11.11 million, reflecting additional staff and depreciation costs from CES Construction. Fair-value gains on investment properties and assets held for sale fell to S$0.6 million from S$2.5 million in FY2024. Finance costs eased 27.1 % to S$2.39 million on lower borrowings and interest rates.

The balance sheet strengthened, swinging to a net cash position after acquiring S$81.4 million of cash with CES Construction. Net current assets stood at S$46.6 million versus a net current liability of S$9.9 million a year earlier. Total equity rose to S$146.6 million, helped by S$118.5 million of new shares issued as purchase consideration.

Looking ahead, GRC said its construction order book was S$2.3 billion as at Jun 30, excluding S$273.2 million of contracts secured from Jul 1 to Sep 5. Management intends to grow the book further amid sustained public- and private-sector demand. In property investment, all three industrial assets remain fully occupied, with a weighted average lease expiry of 1.5–2.0 years, limiting near-term exposure to softer rental reversions expected from new supply entering the market.

No financial targets were disclosed, but the group highlighted refinancing completed in December 2027 that shifted borrowings to longer tenors, supporting liquidity for expansion initiatives.