Link: https://links.sgx.com/1.0.0/corporate-announcements/WKCMM5X8XI356OJQ/f99c56a460df533cec2f462692af562d9e681932cedd57db8068da04c17d99c6

Summary:

• Revenue: S$126.5 million (up 14.4% from S$110.6m), with growth across all segments:

  • Warehousing and Logistics: S$94.7m (+6%)

  • Infrastructural Materials & Services (China): S$24.3m (+20.9%)

  • Retail & Distribution (new JV): S$6.3m

  • Agriculture: S$1.25m (+13%)

• Profitability:

  • Gross profit: S$36.4 million (up 12.1%), margin 28.8% (slight decline due to lower-margin retail/distribution; offset by stronger core and China ops)

  • EBITDA: S$24.8 million

  • Profit before tax: S$12.4 million (up 83.7%)

  • Net profit after tax (owners): S$8.85 million (up 105.6%)

  • EPS (basic): 1.15 cents (up from 0.56 cents)

• Dividends:

  • Special interim: 0.05 cent (paid 21 Feb 2025)

  • Proposed final: 0.35 cent (pending AGM, 25 Sep)

  • Total FY25 dividend: 0.40 cent/share (34.8% payout ratio)

• Balance Sheet:

  • Net assets: S$100.1 million (NAV/share: 13.0 cents)

  • Net cash: S$30.4m; Bank borrowings down to S$38.5m

  • Debt/equity: 38.4%

• Cash Flow:

  • Net cash from operations: S$22.5m (up 3.3%)

  • Investing outflow: S$4.9m (capex, partly offset by gain from mining rights disposal)

  • Financing outflow: S$13.3m (debt repayments/dividends)

• Operational/Strategic Highlights:

  • Expanded logistics capacity, converted 30,000 sqft to higher-margin dangerous goods warehousing (from FY26).

  • In China, higher sales for ready-mix concrete and gains from mining rights divestment.

  • New Singapore retail JV distributing Singtel products; Dubai logistics entity established.

  • Cost and risk control delivered stronger earnings, despite macro headwinds.

• Outlook & Strategy:

  • Ongoing cost, efficiency, and asset utilisation focus, and new business development in specialised warehousing/logistics.

  • Positive impact expected from China’s rural infrastructure plans and new verticals; further growth initiatives underway in Dubai and via retail JV.

TL;DR:
FY2025 was a major step up for GKE, with record revenue, earnings doubling, and execution across logistics, China materials, and strategic new ventures. The group remains well capitalised, has proposed its largest-ever total dividend, and is actively building new growth platforms alongside its core strengths.