Ever Glory United Holdings Limited (FY2025): Financial Results and Analysis
Ever Glory United Holdings Limited (“Ever Glory” or “the Group”) released its unaudited condensed interim consolidated financial statements for the six months and full year ended 31 December 2025. The company operates primarily in Singapore, focusing on mechanical and electrical (M&E) engineering and property development.
Key Financial Metrics and Performance Overview
| Metric |
2H 2025 |
1H 2025 |
2H 2024 |
YoY Change (2H) |
QoQ Change (2H v 1H 2025) |
| Revenue (S\$’000) |
78,183 |
28,555 |
42,564 |
+83.7% |
+173.9% |
| Gross Profit (S\$’000) |
14,585 |
5,334 |
4,450 |
>100% |
+173.5% |
| Net Profit After Tax (S\$’000) |
11,927 |
4,658 |
3,231 |
>100% |
+156.1% |
| EPS (Basic, cents) |
3.24 |
1.40 |
0.95 |
+241% |
+131% |
| Proposed Final Dividend (cents/share) |
1.00 |
– |
0.25 |
+300% |
n.a. |
Full-Year Highlights (FY2025 vs FY2024)
| Metric |
FY2025 |
FY2024 |
YoY Change |
| Revenue (S\$’000) |
106,738 |
74,672 |
+42.9% |
| Net Profit After Tax (S\$’000) |
16,585 |
8,955 |
+85.2% |
| EPS (Basic, cents) |
4.64 |
2.62 |
+77.1% |
| NAV per Share (cents) |
14.33 |
7.30 |
+96.3% |
| Total Dividend (S\$’000) |
3,815 (proposed) |
1,952 |
+95.5% |
Historical Performance Trends
Ever Glory delivered a standout year in FY2025, with a significant jump in revenue and profit. Growth was especially pronounced in 2H2025, with revenue nearly doubling from the previous half and more than 80% higher than the same period last year. The strong uptick in topline and bottom-line performance was mainly driven by the consolidation of Guthrie Engineering (S) Pte Ltd (“GE”) post-acquisition, which contributed meaningfully from the second half of the year.
Exceptional Items and Unusual Fund Flows
- Bargain Purchase Gain: The Group recognized a S\$5.5 million bargain purchase gain related to the acquisition of GE, boosting other income substantially.
- One-off Expenses: Other expenses increased by S\$2.1 million in FY2025 due to non-recurring share placement, transfer to Mainboard, and acquisition costs.
Corporate Actions: Share Capital, Fundraising, and Dilution
- The company completed a major placement (31 million shares at S\$0.55), a public offer (2 million shares at S\$0.64), and a bonus issue, significantly increasing its share base.
- An 8% convertible bond worth S\$5 million was issued, potentially convertible into 17.2 million shares (4.52% dilution if fully converted, but not convertible until April 2026).
- Share buybacks continued, with treasury shares used for performance share plan awards and sign-on bonuses.
Dividend Policy and Payout
- Proposed Final Dividend for FY2025: 1.0 cent per share (up from 0.25 cents final dividend in FY2024 and 0.75 cents total payout in FY2024).
- Total Proposed Dividend: S\$3.815 million, subject to shareholder approval.
- Dividends remain tax-exempt.
Order Book and Forward Outlook
The group secured new project wins totaling S\$508 million in 2025, pushing its order book to S\$732.8 million as of year-end. This strong backlog provides multi-year revenue visibility, with progressive earnings contributions expected through 2027. The company is well-positioned to capture Singapore’s robust infrastructure pipeline, including major public and private sector projects, and expansion in healthcare and education infrastructure.
Management and Chairman’s Statement
“2025 has been a defining year for Ever Glory. Crossing the half-billion-dollar mark in new contract wins is more than just a financial milestone, it is a powerful endorsement of our technical prowess and our clients’ unwavering confidence in our ability to deliver mission-critical infrastructure. From hospitals to high-end hospitality, we are building the backbone of Singapore. As we move into 2026 with a S\$732.8 million order book, our focus remains on disciplined execution and leveraging our integrated capabilities to drive superior value for our stakeholders and partners.”
— Xu Ruibing, CEO & Executive Director
The tone is strongly positive, highlighting record achievements and a focus on execution and value creation.
Related Party Transactions and Other Notable Items
- Some related-party transactions above S\$100,000 were disclosed, including tenancy agreements and M&E projects awarded by Chan Rong Fen Building Construction Pte Ltd, a company controlled by a non-executive director and controlling shareholder.
- No adverse opinions, qualified audit opinions, or material uncertainties were reported.
Conclusion and Investment Recommendations
Overall Assessment: Ever Glory United Holdings delivered an exceptionally strong FY2025, driven by transformative acquisition-led growth, robust order inflow, and record profit. Margins improved, cash flows strengthened, and the balance sheet was fortified by successful placements and fundraising. The outlook is positive, with a substantial order book supporting multi-year revenue and profit visibility. Management’s tone is upbeat, underpinned by sector tailwinds and expanded technical capabilities.
For Existing Investors: The strong fundamentals, enlarged order book, and sharply higher dividend support holding the stock for continued upside. However, monitor for successful integration of acquisitions and delivery on the expanded project pipeline.
For Prospective Investors (Not Currently Holding): The company’s improved scale, market positioning, and forward visibility make this a compelling entry point for investors seeking exposure to Singapore’s infrastructure and construction upcycle. Entry after confirmation of dividend payment and further contract wins could reduce risk.
Disclaimer: This analysis is based strictly on the company’s published financial statements and does not constitute investment advice. All investments carry risk; please conduct further due diligence or consult a financial adviser before making any investment decision.
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