At a glance
Xu Ruibing, CEO and Executive Director of Singapore-based integrated mechanical and electrical engineering and property development provider, Ever Glory United Holdings Limited
The Group achieved a 200.1% revenue surge to S$103.2 million and a 177.5% net profit jump, driving its multi-year engineering order book past the S$1.0 billion threshold
During the first-half financial period ended 30 June 2026, with the landmark S$1.0 billion order book milestone officially being surpassed immediately following the period in July 2026
In Singapore’s expanding built environment sector, impacting the firm’s Singapore Exchange listing and driving expansion into high-security national defense infrastructure alongside a planned dual primary listing in Hong Kong
Inorganic expansion altered the company's competitive profile. Strategic integrations granted the advanced corporate scale and specialized licensing required to secure mission-critical, high-barrier public and defense infrastructure contracts
The consolidation of Guthrie Engineering accelerated project velocity. Concurrently, the firm secured S$400 million in new contracts while tightly managing inflationary material costs to protect structural installation margins
Ever Glory United Crosses S$1 Billion Order Book Threshold Following 177.5% Net Profit Surge
Ever Glory United Holdings Limited has delivered a landmark first-half performance for the period ended 30 June 2026 (1H FY2026), signaling its successful transition into a high-scale engineering platform. The Group achieved a staggering 200.1% increase in revenue to S103.2 million, while net profit attributable to owners jumped 177.5% to S12.7 million. These results demonstrate the immediate impact of the Group’s enlarged operational footprint and its ability to execute complex, large-scale projects in a buoyant construction market.
The S$1 Billion Milestone: Visibility Through 2028
In a defining moment for the Group, the order book officially surpassed the S1.0 billion mark in July 2026. For investors, the most compelling aspect of this milestone is the sheer velocity of growth: the order book has surged by 36.5% in just seven months, rising from S732.8 million at the end of 2025.
This robust multi-year pipeline provides clear earnings visibility through 2028 and beyond. The momentum is underpinned by approximately S400 million in new contracts secured since the start of 2026, including S168 million in awards secured in July alone.
“Surpassing the S1.0 billion order book threshold, alongside a 177.5% jump in net profit to S12.7 million, reflects the operational strength of our enlarged platform and the synergies now coming through from integration. The acquisition of Guthrie Engineering has delivered immediate scale, positioning us to secure mission-critical national contracts — including our entry into defence infrastructure with DSTA.” — Mr. Xu Ruibing, CEO & Executive Director
The Guthrie Effect: Inorganic Growth Drives a 200% Revenue Surge
The explosion in 1H FY2026 revenue is primarily driven by the first full six-month consolidation of Guthrie Engineering (S) Pte. Ltd. (GE). This acquisition was not merely an additive revenue play; it fundamentally altered the Group’s competitive profile by providing the licenses and institutional scale required to qualify for high-security, mission-critical national contracts.
1H FY2026 vs. 1H FY2025 Performance Highlights
| Metric | 1H FY2026 (S$ ‘000) | 1H FY2025 (S$ ‘000) | Change |
| Revenue | 103,230 | 34,395 | +200.1% |
| Gross Profit | 21,458 | 7,538 | +184.7% |
| Adjusted Net Profit* | 14,063 | 4,565 | +208.1% |
*Adjusted Net Profit excludes one-off SEHK IPO listing expenses of S$1.4 million.
Strategic Diversification via Defense Infrastructure
Ever Glory has successfully expanded its reach into Singapore’s defense infrastructure sector by securing a subcontract for an offshore island project with the Defence Science and Technology Agency (DSTA). This entry into defense work represents a strategic shift toward mission-critical public infrastructure, which typically commands higher barriers to entry and offers stabilized, long-term revenue streams compared to traditional residential or commercial cycles.
Revenue vs Margin: Navigating Inflationary Pressures
While revenue surged by triple digits, the Gross Profit Margin (GPM) experienced a slight dip from 21.9% in 1H FY2025 to 20.8% in 1H FY2026. This contraction is a function of the Group’s current project lifecycle. Following the completion of several higher-margin projects in 1H FY2025, the current mix involves steady installation progress across major mechanical and electrical (M&E) contracts.
In the typical M&E S-curve, early-stage installation phases often carry a different margin profile than the final completion phases. Coupled with persistent inflationary pressures in materials and manpower, the Group is prioritizing tight cost management and disciplined project execution to protect these margins as projects mature.
The Hong Kong Ambition: A Dual Primary Listing on the SEHK
In a move to elevate its corporate profile and capital access, the Group is pursuing a dual primary listing on the Main Board of the Stock Exchange of Hong Kong (SEHK). This strategic initiative aims to broaden the international shareholder base and strengthen brand recognition within the PRC and Hong Kong.
For 1H FY2026, the Group recognized S1.4 million in one-off SEHK IPO listing expenses. Total IPO-related costs are expected to reach approximately S4.34 million, a necessary investment for a move that will provide dual-market liquidity and enhanced fund-raising capabilities.
Dividends and Shareholder Returns
Reflecting high cash flow confidence and a new commitment to shareholder returns, the Board has recommended an interim dividend of 0.75 Singapore cents per ordinary share for 1H FY2026. This marks a significant shift from the corresponding period last year, where no interim dividend was declared. The decision to initiate an interim payout while simultaneously executing a S$1 billion order book highlights the Group’s robust liquidity position.
A Platform Prepared for Scale
The fundamental thesis for Ever Glory United rests on the “M&E Lag” logic. In the construction cycle, M&E installation typically follows structural work. As Singapore’s construction GDP continues to grow—recording 12.9% expansion in Q1 and 6.2% in Q2 2026—the Group is only now entering the most intensive phases of its national contracts.
With BCA projecting annual construction demand between S47 billion and S53 billion for 2026, and mega-projects like Changi Airport Terminal 5, the Marina Bay Sands expansion, and Tengah General Hospital moving toward M&E-heavy stages, Ever Glory United is structurally positioned for sustained growth. The Group has successfully evolved from a niche provider into a mission-critical engineering platform with the scale, licenses, and order book to dominate Singapore’s built environment through 2028.
Related stories: JustCo 1H FY2026 Results Show How Coworking Can Scale