Outlook

Demand for construction services is expected to be fuelled by sustained government investments in infrastructure and housing projects, as well as rising momentum in the private sector. Mega projects in the pipeline, including the upcoming Changi Airport Terminal 5 development and new expansion developments at Singapore&rsquo s two integrated resorts, will drive activity. Steady foreign direct investment into Singapore in growth areas such as advanced manufacturing for the semiconductor and pharmaceutical industries is also expected to support industrial infrastructure demand.

Despite ongoing challenges, including regulations limiting foreign manpower that will intensify competition for skilled labour, as well as potentially rising raw material costs, the Group is wellprepared to capture opportunities from the stronger construction demand. Leveraging its robust track record and solid capabilities, the Group continues to tender actively for projects while maintaining disciplined cost management and optimised resource deployment to boost productivity and margins.

As at 31 October 2024, the Group&rsquo s order book stood at $310 million (30 April 2024: $250 million), with the bulk of projects to be delivered in the next 12 months.

In 1HFY25, the Group bought back 7.8 million ordinary shares for a purchase consideration of $0.06 million. Following this, 84.7 million shares with carrying values of $3.2 million were held as treasury shares as at 30 September 2024 (31 March 2024: 76.9 million shares with $3.1 million). As at 30 September 2024, the Group&rsquo s equity stood at $106.9 million (31 March 2024: $105.3 million), while net asset value per ordinary share was 3.0 cents (31 March 2024: 3.0 cents).