ELL ENV released its audited results for the year ended 31 December 2025, reporting a solid turnaround in profitability on the back of stronger construction activity and full-year contribution from its Indonesian biomass project.

Revenue rose 37.1% year-on-year to HK$166.70 million, driven mainly by (i) construction services related to the expansion of Rugao Hengfa Water Treatment’s capacity to 50,000 tonnes per day and (ii) the first full-year operation of the Bangka biomass power plant in Indonesia.

Gross profit increased 24.2% to HK$77.00 million, while the gross margin narrowed to 46.2% from 51.0% amid higher construction and operating costs. Administrative expenses fell 8.0% to HK$31.37 million, and finance costs decreased 4.7% to HK$11.54 million following net loan repayments.

Profit before tax surged to HK$33.46 million (FY2024: HK$1.16 million), and the Group recorded net profit of HK$22.11 million versus a loss of HK$9.32 million in the prior year. Basic and diluted EPS were HK1.92 cents (FY2024: loss per share HK0.79 cent).

By geography, the PRC segment contributed HK$73.63 million in revenue, while Indonesia delivered HK$93.07 million. No revenue was recorded in Hong Kong.

The balance sheet showed cash and cash equivalents of HK$49.03 million, up 39.7% year-on-year. Total borrowings declined to HK$79.15 million from HK$100.22 million, cutting the gearing ratio to 67.6% (31 December 2024: 80.0%). Net current assets improved to HK$56.41 million (31 December 2024: HK$16.45 million).

No final dividend was declared, with the Board citing the need to preserve funds for future strategic initiatives.

Management highlighted stable operations at the Bangka biomass plant, ongoing efforts to secure biomass feedstock, and the completed Rugao expansion as key contributors to future earnings. The Group will continue to monitor cost pressures, regulatory developments and financing requirements to support sustainable growth.