Boustead net profit jumps 145% to $232.6m in FY26 on asset sale

Adjusted profit, however, fell 35%, reflecting lower underlying earnings.

Boustead Singapore reported a 145% increase in profit attributable to equity holders to $232.6m for financial year (FY) 2026, supported mainly by one-off gains from the sale of assets to UI Boustead REIT, according to its latest results.

On an adjusted basis, net profit fell 35% to $44.7m, reflecting lower underlying earnings after excluding gains, losses and impairments.

Revenue rose 18% year on year to $624.4m, driven by stronger performance in the Real Estate Solutions and Energy Engineering divisions. Second-half revenue increased 43% to $330.4m.

Gross profit declined 8% to $215.6m, with gross margin narrowing to 35% from 44% a year earlier. Operating profit fell 19% to $62.8m due to margin compression across key divisions.

Profit before tax rose 113% to $262.8m, whilst earnings per share increased 138% to 46.6 cents. Net asset value per share rose 32% to 156.6 cents.

By division, Real Estate Solutions revenue increased 70% to $228.2m, Energy Engineering rose 8% to $171.8m, whilst Geospatial and Healthcare revenues fell 4% each.

The group’s engineering order backlog stood at about $840m, with $461m in new contracts secured since the start of FY2027.

Boustead Singapore and UI Boustead REIT are jointly developing a $104m build-to-suit aerospace facility at Seletar Aerospace Park, fully leased to a global aerospace firm for 22.5 years.

The board proposed a final ordinary dividend of 4.0 cents per share and a special dividend of 4.5 cents per share, bringing total FY2026 dividends to 10.0 cents per share.

Chairman and Group CEO Wong Fong Fui said the group completed the divestment of 21 Singapore properties via UI Boustead REIT, which contributed to the realisation of portfolio value.

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