Boustead Singapore Limited reported a 145% year-on-year surge in net profit to S$232.6 million for the 12 months ended 31 March 2026, bolstered chiefly by the divestment of 21 Singapore properties to the newly listed UI Boustead REIT and a reversal of a S$7.0 million associate-related liability.
Earnings per share climbed to 46.6 Singapore cents from 19.6 cents a year earlier. The board proposed a final ordinary dividend of 4.0 cents and a special dividend of 4.5 cents per share, both with a cash-or-scrip option, lifting the full-year payout to 10.0 cents versus 7.5 cents in FY2025. An interim dividend of 1.5 cents was paid earlier in the year.
Full-year revenue expanded 18% YoY to S$624.4 million. Pre-tax earnings more than doubled to S$262.8 million, aided by the REIT transaction. Divisional revenue trends were mixed: • Real Estate Solutions Division rose 70% YoY to S$228.2 million on robust project progress in Singapore’s industrial sector. • Geospatial Division eased 4% to S$212.3 million, reflecting changes in revenue-recognition estimates and lower pass-through income from Esri global agreements. • Energy Engineering Division advanced 8% to S$171.8 million, helped by faster project execution, although order intake was muted amid geopolitical uncertainties. • Healthcare Division declined 4% to S$11.7 million after a high base year that included a large one-off turnkey contract.
Group gross profit slipped 8% to S$215.6 million as gross margin narrowed to 35% from 44%, pressured by thinner margins in real estate and energy contracts. Operating profit (before other gains, FX and investment income) fell 19% to S$62.8 million, with all divisions except Healthcare posting lower underlying earnings. The Healthcare unit remained loss-making due to a wider share of loss at 50%-owned Beijing Pukang, which is restructuring its business model to mitigate China’s import restrictions on foreign medical devices.
During FY2026 Boustead completed the S$905 million 1 divestment of 21 properties into UI Boustead REIT, realising their full market value and retaining a strategic stake for future collaboration. The group secured about S$360 million in new engineering contracts during the year, lifting the engineering order backlog to roughly S$840 million at fiscal year-end, comprising S$746 million in real estate solutions and S$94 million in energy engineering work. Since April 2026, an additional S$461 million in contracts—including the group’s largest ever single deal of more than S$400 million for a public-sector client—has been clinched.
Chairman and Group Chief Executive Officer Wong Fong Fui said the company navigated a “tough business environment” by leveraging its diversified portfolio and by unlocking value through the REIT listing, which he described as a milestone supported strongly by shareholders. He noted that diversity across four business pillars provides flexibility to manage industry-specific downturns and underlined the intent to use the REIT platform for future co-investment and divestment opportunities.
Looking ahead, Boustead expects to deliver “satisfactory” results in FY2027, supported by its enlarged order book and ongoing strategic initiatives, while continuing to monitor geopolitical tensions and regulatory developments that could affect project flow and the healthcare segment’s China operations.