Ever Glory United Holdings Ltd reported net profit attributable to owners of S$12.7 million for the six months ended Jun 30, up 177.5 percent year-on-year, buoyed by the first full-period consolidation of Guthrie Engineering and stronger execution across mechanical-and-electrical (M&E) projects.

Revenue surged 200.1 percent to S$103.2 million, while gross profit climbed 184.7 percent to S$21.5 million, translating to a gross margin of 20.8 percent compared with 21.9 percent a year earlier. No dividend was declared for the period. The group booked S$1.4 million in one-off expenses linked to its proposed dual primary listing on the Hong Kong bourse; excluding this item, adjusted net profit rose 208.1 percent to S$14.1 million.

Turnover was driven primarily by the enlarged M&E segment, where the inclusion of Guthrie Engineering for the full six months, alongside steady progress on healthcare, transport and mixed-use developments, lifted contract revenue. The order book exceeded S$1.0 billion in July 2026, up from S$732.8 million at end-December 2025, giving earnings visibility through 2028.

Profitability faced some pressure from listing-related costs and higher material and manpower prices, trimming the net margin to 12.3 percent from 13.3 percent a year earlier. Management flagged inflationary cost headwinds as an ongoing challenge.

Strategically, the group secured about S$400 million in new work year-to-date, including its first defence-infrastructure subcontract from Singapore’s Defence Science and Technology Agency. Management said the integration of Sunbeam M&E, Fire-Guard Engineering and Guthrie Engineering positions the company to bid for larger, higher-value public-sector projects amid Singapore’s projected S$47 billion–S$53 billion construction demand in 2026.

Chief executive and executive director Xu Ruibing noted that crossing the S$1.0 billion order-book mark and sharply higher earnings underscore the benefits of scale from recent acquisitions. He added that the group aims to leverage its expanded platform to capture mission-critical national contracts while pursuing the planned Hong Kong listing to broaden its capital base and investor reach.