HPC Holdings Limited reported solid progress during the financial year ended 31 October 2025, demonstrating notable expansion in its Singapore-based construction business. The Group’s revenue reached approximately S$283.17 million, reflecting a substantial rise from S$169.77 million in the prior year. This uptick stemmed from selective tendering, disciplined project choices, and execution of ongoing projects that entered peak construction phases. Gross profit swung from a loss of around S$(5.01) million last year to S$20.58 million, with improved margins supported by higher-value contract completions and an optimized tender strategy. Ultimately, the Group’s profit for the year rose to S$35.33 million, reversing a loss of S$(8.49) million previously and resulting in a net margin of about 12.47%.
During 2025, the Group won seven new contracts spanning public and private projects, including a mega depot warehouse, expansions of industrial cleanroom facilities, pharmaceutical infrastructure, and two substations at 230kV and 66kV levels. By year-end, four projects were delivered, underscoring the Group’s capability in diverse segments. Further, two projects awarded post-31 October 2025—though not recorded in this reporting period—contributed to a robust backlog. The order book stood at approximately S$1,370 million, positioning the Group to navigate evolving market conditions.
Industry-wide, rising building material costs and revised labor regulations continued to challenge margins. Nonetheless, Singapore’s construction demand—projected between S$39 billion and S$46 billion annually from 2026 to 2029—provided an encouraging backdrop, with public infrastructure works and private sector investments supporting sustained activity. In response, the Group employed cost-management measures, prudent financial controls, and stable financing arrangements to safeguard working capital and manage risk.
Beyond its core construction focus, the Group pursued opportunities in specialized industrial projects, premium commercial complexes, and higher-technical-threshold developments. Management notes that these diversified engagements complement systematic improvements in internal processes, cost controls, and bidding strategies, all aimed at securing profitability gains. The Group also continued to explore integrated design-and-build solutions and advanced construction methods to address modern sustainability and digitalization trends.
Corporate governance remained a focal point. The Board comprises Executive Directors, Independent Non-Executive Directors, and dedicated committees such as Audit, Remuneration, and Nomination, which oversee financial reporting and internal controls. During the year, the Board recorded changes in its Independent Non-Executive membership, with one resignation and a new appointment on 31 December 2025. The Audit Committee works alongside independent auditor McMillan Woods (Hong Kong) CPA Limited, supporting transparency and compliance with IFRS standards and Hong Kong disclosure requirements.
From a capital perspective, total assets rose to S$257.20 million from S$158.40 million in the prior year, largely reflecting investment in property, plant, and equipment for project delivery. The Group’s equity attributable to owners climbed to S$111.76 million, while non-controlling interests amounted to S$12.62 million. Borrowings remained stable, with favorable terms from financial institutions ensuring steady funding for contract execution. The Group also reported net operating cash inflows of S$39.46 million, partly driven by effective working capital management and the conversion of receivables and contract assets.
Summarizing its performance, HPC Holdings Limited marked the year with significant revenue growth, margin recovery, diversified project wins, and prudent governance practices. Management indicates a strategic focus on deepening capability in higher-value construction segments, maintaining balanced project coverage, and bolstering operational efficiency to address potential market fluctuations. These measures collectively underpin the Group’s ongoing expansion and readiness to fulfill the Singapore construction sector’s evolving demands.