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Nordic Group - Multibagger GEM?
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Joelton
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29-May-2026 10:41
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PhillipCapital' s Hashim raises target price for Nordic Group to 68 cents with more orders in the book Hashim Osman of PhilliPCapital has raised his target price for Nordic Group after the company' s 1QFY2026 earnings which was up by 11% y-o-y to $5 million, with further growth ahead due to a bigger order book. In the quarter, net profit margin increased by 120 basis points to 12%. The ongoing shift towards higher-complexity FPSO, semiconductor, and defence projects supports further margin accretion. Also, the company is set to enjoy some tailwinds from more favourable forex movements, says Hashim. The company has been growing its order book, lifting earnings visibility down the road. Year to date, Nordic won total orders worth $54.5 million with nearly half, or 48% from semiconductor and marine, which account for 15%. There is also a " medium-sized" defence contract of between $6 to 20 million that is expected to be awarded, says Hashim. The latest confirmed orders has grown Nordic' s orderbook by 8% y-o-y to $213.5 million. The company is eyeing a well-diversified pipeline of orders with S$135 million in defence, $142 million in semiconductor and $61 million in the marine sector. The analyst expects Nordic' s revenue to ramp up from 2Q26 onwards, particularly from the Thailand precision engineering battery storage contracts. As of end of 1QFY2026, the company has also built up a stronger net cash position of $10.2 million, an increase of 149%. Nordic had earlier indicated plans to allocate between $3.6 and 3.8 million for capex in its manufacturing operations in Thailand. The company also has plans to make acquisitions, as it had done so numerous times previously. " We believe a special dividend is possible if cash continues to build, with deployment needs taken into account," says Hashim, who has raised his target price for Nordic, which is now trading at just 8.4x FY2026 earnings, from 63 cents to 68 cents. Nordic Group shares, as at 4.06pm, was down 0.87% to trade at 57 cents. It is up 26.67% year to date. |
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Joelton
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02-Apr-2026 07:59
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Nordic expands its niche horizon From security to semiconductor to offshore and marine, Nordic Group gathers multiple tailwinds to power growth When Nordic Group (SGX:MR7) was listed on the Singapore Exchange in November 2010, it was positioned as a provider of automated controls and systems for the marine industry, which was a growing niche. However, when an industry downturn loomed, Chang Yeh Hong, the company&rsquo s executive chairman, realised he had to act quickly to diversify his earnings base before his order book dipped further. In June 2011, less than a year after its $22 million IPO, Nordic announced the $28.9 million acquisition of Multiheight Group, a scaffolding services provider. In an interview with The Edge Singapore, Chang recalls facing a room full of analysts, amused at why he was acquiring such a low-tech business for a relatively large sum. Chang was unfazed by the less-than-positive reception. Multiheight operates mainly on Jurong Island, which has tighter security measures that restrict access to visitors and new businesses alike. The key reason is that it serves the onshore oil and gas industry, specifically companies like Shell and Chevron, which could help Nordic diversify away from its existing offshore customer base. In addition, Nordic could reduce its reliance on project-based earnings, as ongoing maintenance and scaffolding were required. &ldquo Nordic&rsquo s revenue was previously driven by projects and income streams were lumpy. Multiheight gave us recurring income and we could diversify our income stream,&rdquo he reasons. More than a decade on, Chang would later apply the same strategy numerous times. In June 2015, Nordic acquired Austin Energy, a specialist in thermal insulation, fireproofing and fire protection services, for $26 million. In April 2017, Nordic acquired Ensure Engineering, a provider of maintenance services, for $17 million. In November 2019, Nordic made its fourth acquisition in eight years, paying $14.8 million for Envipure, which provides environmental engineering services, including air pollution control and water and waste treatment, to customers such as semiconductor companies like Micron Technology, Intel, GlobalFoundries and Infineon. In 2022, Nordic made two more acquisitions in quick succession. First, it conducted its largest acquisition to date, buying then-listed Starburst Holdings for $59.1 million. This company specialises in building and maintaining firearms training facilities used by law enforcement and the military in Singapore and across the region. Later in the year, it spent $10 million to buy Eratech, a precision metal-machining company. These acquisitions have not only given Nordic a diverse customer base but have also changed the company&rsquo s earnings profile, with a growing proportion of recurring income from maintenance services. The company&rsquo s market cap has grown from $80 million at its IPO to $195.15 million, based on the March 31 closing price of 49 cents. No longer a passive investor With decades of banking experience and an economics degree, Chang was probably not a natural fit to run an engineering firm like Nordic Group. Fresh from school, Chang started as a management trainee at Standard Chartered Bank and took on various roles over the years. After two years at Citibank, he rejoined StanChart as its global head of trade and supply chain finance. However, he found the travel schedule hectic, rejected an offer to be redesignated to a local role and left the corporate world, turning his attention to investing his own money in other businesses. Nordic Group was founded as Aciapac Automation in 1998 and Chang first invested in the company in June 2003. As Chang recalls, his initial plan was to be a passive investor. &ldquo However, I realised that the people there siphoned out some of the company funds and I realised maybe it was time for me to roll up my sleeves and join the company,&rdquo he says. Having assumed a more active role, he bought out other shareholders and spent seven years reorganising and restructuring the company. Industry tailwinds were on his side. As the marine industry was in one of its upcycles, Chang was able to double Nordic&rsquo s earnings to $4.86 million between FY2007 and FY2008 and raised it further the following year, even as the global financial crisis was in full swing, when banks had to pull credit lines and governments had to step in as guarantors. In a way, Chang&rsquo s extensive banking experience helped Nordic sail through the market crisis and subsequent market cycles. Unlike some other offshore engineering firms that got caught up in the hype, he was careful not to get too carried away, take on more debt, or spend lavishly on capex to chase bigger order books. Chang maintains his focus on a key business fundamental: cash flow. &ldquo This is something that I feel is very important, not only as a banker when it comes to lending money, but also as a businessman. My philosophy is to manage cash flow tightly and my number one priority is cash flow, followed by profits,&rdquo Chang shares. From his perspective, cash flow should take priority over the bottom line. Chang believes that earnings quality is good only if cash flow &mdash the lifeblood of companies &mdash is decent as well. &ldquo I always make sure I manage my cash flow first before building a sustainable and profitable business in the long term,&rdquo he says. While Chang will not hesitate to take on debt if he finds a compelling acquisition target, he is also focused on paying off the borrowings as soon as possible. After acquiring Starburst and Eratech within a year, Nordic turned from net debt to net cash by the end of FY2025 ended December 2025. Assets acquired in acquisitions are to be put to work to generate cash, not merely to pad the left side of his balance sheet. &ldquo Our philosophy has always been to prevent our balance sheet from being over-geared and end up accumulating unproductive assets. We want to keep an asset-light balance sheet that is flush with cash,&rdquo Chang says. Multiple sector tailwinds The multiple acquisitions have also expanded Nordic&rsquo s customer base and reduced its exposure to industry concentration risks. At the same time, because of the relatively niche nature of its capabilities, Nordic often combines initial installation with follow-up maintenance contracts, ensuring a steady recurring income stream. As of December 2025, Nordic has built up an order book worth $201.9 million, including $119 million recorded in FY2025 alone. What makes the company interesting today is its exposure to industries that are riding their respective tailwinds. First, Nordic&rsquo s original core marine sector has put behind a previous cyclical downturn and is picking up steadily. The company&rsquo s business of supplying automation equipment to vessels is seeing a healthy level of orders. &ldquo Right now, there are almost 2,000 vessels that are floating and moving around out there. What does that mean for us? This means whenever our automation equipment is installed on a vessel, it has to come back to us for replacement,&rdquo Chang explains. Meanwhile, Chang says that bulk carriers typically have lower margins than floating production, storage and offloading (FPSO) vessels. &ldquo You do want FPSOs as the margins can be equal to many bulk carriers out there. In a year, if you do four FPSOs, that is a very good result,&rdquo Chang comments. Chang also shares that he would welcome more FPSO orders, but given their complexity and the broader scope of work, current orders are fewer in volume than those for bulk carriers and containerships. Next, Nordic is riding the semiconductor boom, which, in turn, is largely driven by the massive AI-driven capex cycle. Specifically, Envipure, acquired by Nordic in 2019 for $14.8 million, provides cleanroom, air and water engineering services for the semiconductor and other sectors. US chipmaker Micron Technology, one of the largest foreign investors in Singapore, together with Intel, GlobalFoundries and Infineonwith are Nordic' s longtime customer. On Jan 27, Micron announced plans to invest another $30.5 billion to expand its production facilities here, adding 65,000 sqm of cleanroom space upon operationalisation in the second half of 2028. Presumably, Nordic stands a good chance of securing more installation and maintenance contracts. Meanwhile, over the past year or so, as countries have rearm themselves amid heightened geopolitical tensions, global defence stocks have regained favour with investors. Numerous US, German and Korean stocks have made multifold gains and, at home, Singapore Technologies Engineering is making new highs, becoming a top performer on the Straits Times Index (STI). Nordic is not quite near STI component status, but investors are starting to take note of the company&rsquo s defence and security niche. Specifically, Starburst, its subsidiary, builds and maintains firing ranges for militaries and law enforcement customers. It has another unit which builds and maintains oil supply systems for air bases. Starburst was acquired in 2022, with most of its revenue generated in Singapore. It has customers in the Middle East, where current geopolitical conditions are expected to force countries to spend more on defence and security. Besides building and maintaining firing ranges for the military, which require installing ballistic materials as safety features to absorb bullets, Starburst also builds mock-up training facilities such as train stations, ships and even aircraft to better simulate warfare in today&rsquo s environment, says Astro Chang Yeh Fung, Starburst&rsquo s CEO and Chang&rsquo s younger brother. A significant contract may be in the potential pipeline. On Feb 27, Defence Minister Chan Chun Sing announced that the army plans to build an indoor live-firing complex near an upcoming MRT station in Bedok. According to Astro, the Multi-Mission Range Complex 2, as the project is called, will only happen in the next few years, although he points out that Starburst will still have to go through a tendering process, which is typical for all government projects. Nonetheless, Chang and Astro acknowledge that Singapore prefers local companies to undertake various defence-related projects due to sensitivity issues. However, both say that the respective companies&rsquo track records must also be considered during the tendering process. Avon Industries, another Nordic subsidiary, can be seen as another defence contractor of sorts. It provides and maintains fuel hydrant systems and fuel tanks in Singapore&rsquo s air bases. Tengah Air Base is set to expand to accommodate the relocation of Paya Lebar Air Base by 2030. &ldquo We are looking forward to building more fuel tanks on the expanded site,&rdquo says Chang, who expects the tender to be called in another couple of years. Besides its Singapore home market, Nordic is keen to build on previous wins across the region. The fighting between the US, Israel and Iran is stretching on, but Chang does not see a long-term impact on the company. While he expects the markets to be hurt in the short term by developments in the Middle East, he expects eventual improvement. Chang is looking past near-term volatility. For him, the Middle East is a market with long-term growth potential. &ldquo This war-prone area will want to invest more in defence and this is where it is an opportunity for us,&rdquo he says. Chang believes Nordic also benefits from the diversity of its business. Besides serving customers across industries, Chang sees the cross-deployment of his people from one subsidiary to another, depending on project requirements, as a key competitive advantage in productivity and efficiency. This has helped Nordic maintain a net margin between 10% and 13% over the past five years. In addition, to cope with rising costs, specifically for workers&rsquo accommodation, Nordic is investing in its own dormitory. &ldquo Back in the days when rentals were low, we just paid for it, but since they have gone up so much, it does not make sense for us to keep renting,&rdquo he laments. Chang shares that the upcoming dormitory will house at least one third of his workforce and is not built for speculative purposes. &ldquo We do not want to build something so big and rent out the excess capacity to others this upcoming dormitory is strictly for our people. As I have said, our biggest cost component comes from labour and therefore any cost saving initiatives are targeted for this component,&rdquo Chang says. Dividend, liquidity and placement Nordic&rsquo s multi-sector growth ahead has drawn the attention of some analysts. In the past year, Nordic&rsquo s share price has gained 36% to 49 cents on March 31. Troy Cheng of OCBC Group Research observes stronger growth momentum ahead for the company, with its larger order book comprising a higher proportion of recurring contracts. He points out that Nordic&rsquo s book-to-bill ratio has improved to 1.32 times, signalling strong demand visibility and underpinning potential revenue contribution for the next two financial years. &ldquo Coupled with $119 million in contract wins across FY2025 and spanning deliveries through FY2028, the group remains well positioned to sustain steady topline momentum,&rdquo says Cheng in his March 6 note, who has raised his fair value for this counter from 59 cents to 60 cents. Separately, Hashim Osman of PhillipCapital has kept his target price unchanged at 63 cents, which is more bullish than Cheng&rsquo s. He likes how Nordic is riding an upcycle in new projects from defence, batteries, marine, and the semiconductor sector, which is seen to drive earnings growth. Hashim notes that the company&rsquo s total sales pipeline is now around $305 million, with project services accounting for $260 million and maintenance services $46 million. Upon project delivery, Nordic would usually then convert these into maintenance contracts, implying further recurring earnings down the road. Even as Nordic&rsquo s share price reached as low as 28 cents in June 2024 before recovering to current levels, its payout ratio has remained pretty consistent at around 40% &mdash not too shabby, but not too enticing either. Asked whether there was any possibility of raising the payout ratio, Chang prefers a more conservative stance. Given that a key growth strategy is to acquire new businesses, he believes it is always preferable to keep more cash on hand so he can move more quickly when opportunities arise. &ldquo Of course, we can rely on bank borrowings to do everything which we don&rsquo t have a problem with because we have an excellent track record with the banks. But I will prefer building up our reserves so that we can have the flexibility in terms of financing any potential acquisitions,&rdquo says Chang, who adds that he is not opposed to paying out a one-off special dividend to shareholders as and when appropriate. Meanwhile, Chang recognises that the low trading liquidity for Nordic shares is an issue. &ldquo Given that our counter is very tightly held by the management team and our loyal shareholders, I would say that it is almost like quite illiquid,&rdquo says Chang, who personally controls a total interest of more than half the company. Together with a group of other insiders, including executive directors Dorcas Teo and Eric Lin, they hold more than 75% of the shares. According to Chang, a loyal group of shareholders who bought at about eight cents between 2012 and 2013 have been holding on to their shares all this time. At the most recent FY2025 dividend payout of 1.902 cents, these shareholders are enjoying a yield on cost of more than 23%. &ldquo With them holding at such a low price and the double-digit dividend yield on cost, they will continue to hold onto our shares and will not sell,&rdquo Chang explains. Perhaps another way to improve liquidity is to place out shares. Chang acknowledges that having sufficient liquidity is a requisite for some fund managers. Still, he maintains that for now, there is no need for additional funds from a placement, which would otherwise dilute existing shareholders. Chang says he could easily borrow from banks if the sole reason were to obtain more funding. Following a string of acquisitions over the years, Nordic has built up a whole range of services and competencies. Could there be opportunities for a spin-off or even divestments to unlock value. Chang is not averse to the idea. &ldquo If we can create value for our shareholders and if the buyers can meet my price, we have no objection to these. Ultimately, we want to enhance shareholder value. It is the same logic as that used in conducting a placement. Whatever we do, it must be beneficial to all of our shareholders,&rdquo Chang says. |
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Joelton
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14-Mar-2026 11:30
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Nordic Group emerges as an alternative defence and security play to ST Engineering As violence escalated in the Middle East, most investors quickly took profits and ran. The smarter move, however, might be to hold firm and trust the long game. &ldquo Fundamentals will eventually reassert themselves, barring a significant broadening out or worsening of the conflict,&rdquo say OCBC Group Research analysts Ada Lim and Chu Peng in their March 10 note. While other stocks faced a sell-off, rightly or wrongly, those with a defence or security focus stood apart. Among local listed companies, Singapore Technologies Engineering (SGX:S63) is the clear choice to capitalise on this trend. However, a smaller counter, Nordic Group (SGX:MR7) , is gaining attention for its security angle, and is also expected to benefit from the upcycle given its exposure to mission-critical infrastructure, note the OCBC analysts. The company, better known for providing maintenance services for heavy industries, is also the owner of Starburst, a previously listed company that specialises in building and maintaining shooting ranges for public sector organisations across the region. Nordic has been generating a bigger proportion of revenue from customers in law enforcement, security agencies and civil authorities. From 17% of FY2022&rsquo s total revenue, this proportion gradually increased to 19% in FY2024 and in the most recent FY2025, 21%, which makes this the second largest segment after 25% from the semiconductor industry. The company&rsquo s specific potential upside from the security theme is unknown, but, in the meantime, analysts are already liking this counter for its growing order book tied to other industries that it serves. Troy Cheng of OCBC Group Research sees a bigger growth momentum for Nordic ahead, noting its bigger order book of $201.9 million as at the end of FY2025, boosted by more maintenance contracts, which can increase its recurring income stream. In FY2025, Nordic&rsquo s book-to-bill ratio improved to 1.32 times, signalling strong demand visibility and underpinning potential revenue contribution for the next two financial years. &ldquo Coupled with $119 million in contract wins across FY2025 and spanning deliveries through 2028, the group remains well positioned to sustain steady topline momentum,&rdquo says Cheng in his March 6 note. At the same time, Cheng flags Nordic&rsquo s more than four decades of relationship with leading memory and semiconductor manufacturers will help provide a strong foundation for future growth, given the ongoing semiconductor tailwinds. Envipure, which is Nordic&rsquo s clean room solutions subsidiary, will benefit from the expansion cycle, as it wins more orders to supply hydraulic and water treatment systems essential in semiconductor facilities. Specifically, Micron, a long-term customer, has announced a US$24 billion ($30 billion) expansion of its Singapore facilities. &ldquo This creates potential for new project awards as well as recurring maintenance work. Even as Micron&rsquo s new facility is expected to begin operations only in 2HFY2028, suggesting a medium-term earnings impact, the strengthening demand environment already enhances Nordic&rsquo s visibility and strategic positioning within the semiconductor ecosystem, in our view,&rdquo Cheng adds. He is reiterating his &ldquo buy&rdquo call with a higher fair value estimate of 60 cents for Nordic Group, up from 59 cents previously, which is based on 11.3 times FY2026 earnings. The fair value is supported by an attractive upside potential of around 30%, with the counter offering a decent FY2026 dividend yield of 4.6%. Hashim Osman of PhillipCapital has also kept his target price, which is already at a more bullish 63 cents. &ldquo The company is riding an upcycle in new projects from defence, batteries, marine, and the semiconductor sector, which we expect to drive earnings growth,&rdquo he says in his March 6 note. Hashim notes that the company&rsquo s total sales pipeline is now around $305 million, with project services making up the majority at $260 million, while maintenance services make up $46 million. Among the different industry segments, defence contracts lead the pipeline of projects. Upon project delivery, Nordic would usually then convert these into maintenance contracts, implying further recurring earnings down the road. While Hashim warns that Nordic&rsquo s operations in the Middle East via its subsidiary Starburst may see an impact from supply chain disruption if the ongoing war becomes prolonged, the impact should not be &ldquo substantial.&rdquo This is because Singapore remains Nordic&rsquo s primary market, with upcoming sizeable tenders such as the Multi-Mission Range Complex 2 contract to be built in Bedok Camp and Paya Lebar Air Base relocation opportunities providing pipeline visibility, he adds. |
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SmallSmall
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20-Jan-2026 13:10
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&bull For years, Nordic Group has been a " quiet achiever" that lacked trading liquidity and investor hype. Quietly, managment entertained thoughts of delisting.  Chang Yeh Hong, Executive Chairman, Nordic Group&bull However, with a broadening of investor interest in Singapore small-midcaps since last year -- and now an initiation report by OCBC Group Research -- Nordic is likely to attract greater traction in the market.&bull OCBC issued a BUY rating with a fair value of SGD 0.59 &mdash representing a massive 37% upside from its current price. &bull What makes Nordic a compelling story to OCBC? Read on ..... |
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Solubl
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19-Jan-2026 10:06
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This stock finally attracts analyst coverage -- first time in umpteen years
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Timer78
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01-Jan-2026 10:01
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Nordic getting more attention from fund managers in 2026? Keep it in watchlist and monitor! Happy New Year! | |||||||||||||||||||||||||||||||||||||||||||||||||||
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SmallSmall
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10-Dec-2025 15:05
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Buying-in by SGX today 370K | |||||||||||||||||||||||||||||||||||||||||||||||||||
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longterminvestor
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09-Dec-2025 14:45
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Marine OSV in plays | |||||||||||||||||||||||||||||||||||||||||||||||||||
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Nippon72
Veteran |
09-Dec-2025 10:31
Yells: "Dude, is ALWAYS Time in the market than Timing the market! " |
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Hopefully this price level acts as springboard for greater things to come. Like the mgt has skin the game. With mgt - shareholder aligned, things should look brighter henceforth. Vested | |||||||||||||||||||||||||||||||||||||||||||||||||||
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SmallSmall
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09-Dec-2025 09:24
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$0.46 +$0.02 Nice........first break to the uncharted is always the best
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SmallSmall
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08-Dec-2025 12:00
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From Nextinsight. This will be the stock to watch. Once you have management who are prepared to engage sharefolders and analysts, the upswing will come because there will be no shortage of analysts and funds who are prepared write/invest
 Data: FY2024 annual reportIf you&rsquo re looking for stability and cash generation, Nordic Group just delivered some reassuring nine-month results. Since its 2010 listing, Nordic has never had a loss-making year, nor has it needed to raise fresh capital from the market.
The big takeaway from Nordic&rsquo s 9M results isn' t just steady profit&mdash it&rsquo s the inflexion point where it moves into net cash after paying down $$75 million for three acquisitions made in 2022 and 2023.
For 9M2025, revenue ticked up 8%, while net profit held firm at $12.7 million, matching the prior year' s period. The net profit margin is keeping pace at roughly 10%, supported by a constant cost base. The real achievement, however, is net debt (S$4 million) is just weeks or at most a few months away from being wiped out.  Nordic has always been a cash generation machine, churning out average EBITDA of $29 million annually in the past 3 years. Backed by a healthy total order book sitting at $209.2 million ($137 million of which is steady maintenance work), the business continues to stand on solid foundations.
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Management recognises the elephant in the room: a flat share price flat despite the positive fundamentals. The primary challenge is stock illiquidity, largely because of concentrated shareholding.
Nordic&rsquo s management stressed that it focuses on stability, disciplined capital management, and consistent dividend payments&mdash a strategy designed to attract long-term value investors. However, recognizing the need to unlock value, management is exploring corporate actions and enhancing investor relations. In essence, Nordic is a well-diversified, financially healthy company that generates consistent cash and is tapping growth opportunities in buoyant sectors like marine. All this, while maintaining a strong, stable base of recurring revenue from maintenance contracts. The market just has to catch up to its fundamental value. |
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Master
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Veteran
Yells: "Dude, is ALWAYS Time in the market than Timing the market! "
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Brand themselves, collaborate with likeminded companies, industries to become bigger or have economy of scale? Road show?
Issue bonus shares, increase divvy etc?
Master
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Then came the government' s announcement that it would inject $5 billion to rejuvenate small-mid cap companies in particular.
Now, Nordic&rsquo s attitude has shifted to plans on getting the stock re-rated. They will " spend more time engaging analysts and investors, shareholders" to explain the business.
Furthermore, they are prepared to consider corporate actions, such as " issue some placement shares or whatever corporate action that actually benefits the shareholders in general" to stimulate liquidity.
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bernardc ( Date: 04-Dec-2025 13:24) Posted:
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Elite
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bernardc ( Date: 04-Dec-2025 13:06) Posted:
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Elite
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Joelton ( Date: 15-Sep-2025 14:11) Posted:
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Nordic Group
On Sep 3, Nordic Group executive chairman Chang Yeh Hong purchased 354,700 shares at an average price of S$0.405 per share. This increased his direct interest in the company from 54.78 per cent to 54.87 per cent.
His preceding acquisition was in August 2022, with 173,000 shares bought at S$0.489 per share.
A veteran banker, Chang is responsible for the group&rsquo s strategic directions and expansion plans, and for the management of its overall business development.
Between 1984 and 2002, Chang held various banking roles, including regional managing director of Asia-Pacific with Citibank, and global head of a product group with Standard Chartered Bank.
He has also held directorships in Technics Oil & Gas, Union Steel Holdings, Jackspeed Corporation and System Access, which was subsequently acquired by SunGard.
Nordic provides integrated engineering and maintenance solutions across marine and offshore energy, petrochemical, pharmaceutical, semiconductor, infrastructure and security sectors.
Headquartered in Singapore, Nordic operates a Suzhou production facility, operations in Malaysia, and a regional sales network spanning Singapore, China and global agents to stay close to customers.
As at Jun 30, 2025, the group held a strong S$184.9 million order book &ndash S$62.5 million from project services and S$122.4 million from maintenance services, including S$48.7 million in new contracts &ndash mainly expected to be deliverable over the next 36 months.
On Aug 8, Nordic Group posted H1 FY25 (ended Jun 30) revenue of S$84.8 million, up 11 per cent from H1 FY24, driven by a 24 per cent rise in project services to S$44.6 million, while maintenance services held steady at S$40.2 million.
Operating profit rose 14 per cent to S$10.3 million, but net profit slipped 3 per cent to S$8.3 million on a foreign exchange loss, with margins narrowing to 15.3 per cent.
The group maintains that with the current order wins, prudent cost and risk management measures, and its continued efforts to explore merger and acquisition opportunities, it is poised to deliver sustainable value to shareholders over the long run.
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