Industry News

Delfi Limited, a chocolate confectionery company listed on the SGX Mainboard, has announced its financial results for the first half of 2025, revealing a net sales figure of $259.6 million. This marks a 0.5% decrease compared to the same period in 2024, primarily due to a weaker performance in Indonesia, which was partially offset by growth in regional markets.

The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell by 26% year-on-year to $24.3 million. Delfi attributed this decline to the depreciation of the Indonesian Rupiah, increased promotional spending, and reduced margins from agency brands. Despite these challenges, the company reported a rise in net cash generated from operations, reaching $57.6 million, an increase of $20 million from the previous year.

Delfi’s board has declared an interim dividend of 1.00 US cents (1.28 Singapore cents) per share, representing a 50% payout of the profit after tax and minority interest (PATMI) reported in the first half of 2025. The dividend is set to be paid on 12 September 2025.

Looking ahead, Delfi anticipates a challenging operating environment for the remainder of 2025 and into 2026, citing geopolitical tensions, macroeconomic headwinds, and persistent inflationary pressures. The company also highlighted the impact of high cocoa bean prices on industry earnings. Despite these hurdles, Delfi remains committed to its strategic priorities, including brand growth and product innovation, supported by its strong brand equity and robust balance sheet.
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CapitaLand Investment Limited (CLI), a global real asset manager, has signed a Memorandum of Understanding (MoU) with the Maharashtra Government to invest over $2.3 billion (INR19,200 crores) by 2030. This significant investment aims to bolster CLI’s growth in Mumbai and Pune, focusing on business parks, data centres, logistics, and industrial sectors.

The announcement coincided with the launch of CLI’s first data centre in India, located in Navi Mumbai. The event was attended by Singapore’s Deputy Prime Minister, Gan Kim Yong, and Maharashtra’s Chief Minister, Devendra Fadnavis. CLI’s presence in Maharashtra began in 2013 with the International Tech Park Pune, Hinjawadi, developed in partnership with the Maharashtra Industrial Development Corporation.

Over the past decade, CLI has invested over $340 million (INR6,800 crores) in Mumbai and Pune across 10 assets. The new investment is part of CLI’s broader strategy to increase its funds under management in India from over $5.7 billion (S$8 billion) to $10.7 billion (S$15 billion) by 2028. Sanjeev Dasgupta, CEO of CLI India, emphasised Maharashtra’s strong economic fundamentals and its role as a key partner in CLI’s growth journey.

CLI currently operates five business parks in Maharashtra, with plans to expand by an additional 4.5 million sq ft. Its data centre strategy includes four centres across major Indian cities, with a total power capacity of 244 megawatts. Additionally, CLI’s logistics and industrial portfolio in Mumbai and Pune spans 5.3 million sq ft, with further developments planned to meet the growing demand from e-commerce and manufacturing sectors.

With over three decades of experience in India, CLI continues to leverage its global expertise and local partnerships to deliver sustainable projects, reinforcing Maharashtra’s position as a hub for innovation and infrastructure development.
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Sea Ltd has reported impressive second-quarter results, with revenue reaching $5.3 billion, surpassing market expectations. The company’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at $829 million, whilst net income soared to $414 million from $79.9 million in the same period last year.

The standout performer was Shopee, Sea’s e-commerce platform, which continued to benefit from its effective monetisation strategy, particularly in advertising. Gross merchandise value (GMV) increased to $29.8 billion, achieved without the heavy subsidies that characterised previous years.

Meanwhile, Sea’s fintech arm, Monee, demonstrated aggressive yet controlled expansion by doubling its loan book to $6.9 billion whilst maintaining a low level of bad loans. This balance between growth and prudence is rare in the fintech sector and is likely to enhance the company’s valuation.

Garena, Sea’s digital entertainment division, also showed a strong performance, largely due to the enduring popularity of its mobile game, Free Fire. This success has led to an upgrade in Sea’s full-year outlook.

Market Analyst Zavier Wong from eToro commented, “For investors, this quarter proves Sea is learning how to compound without overreaching.” He noted that whilst the tariff delay between the US and China may not directly impact Sea’s core markets, it provides a stable backdrop for the company’s strong execution.

Looking ahead, if Sea Ltd continues on this trajectory, the focus will shift from its ability to deliver profits to the potential scale of those profits.
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Winking Studios, a leading global AAA game art outsourcing studio, has announced a significant 27.3% rise in revenue for the first half of 2025, reaching $19.4 million. This growth is largely attributed to the company’s strategic mergers and acquisitions (M&A), including its largest acquisition to date of Shanghai Mineloader Digital Technology Co., Ltd. in April 2025. The acquisition has expanded Winking Studios’ capabilities in AAA console game art production and strengthened its presence in Western markets.

The company’s financial health remains strong, with cash and cash equivalents totalling $27.1 million and no debt as of 30 June 2025. This financial stability supports Winking Studios’ ongoing M&A strategy, which includes plans for further expansion in Western markets and establishing a UK office for long-term growth.

Johnny Jan, Executive Director and CEO of Winking Studios, stated, “We are pleased to report healthy revenue growth in the first half of 2025, reflecting robust demand and the successful execution of our core M&A strategy.”

Looking ahead, Winking Studios aims to scale up in Southeast Asia and launch Vertic Studios, a new high-end art production brand, in the second half of 2025. The company has also reported a growing project pipeline with leading game developers, with indicative artist bookings of at least $49.4 million over the next 24 months.

With a focus on operational excellence and a strong balance sheet, Winking Studios is well-positioned for continued growth in FY2025, aiming to create long-term value for its stakeholders.
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The Singapore Governance and Transparency Index (SGTI) 2025 has crowned SATS as the top performer in the General Category, whilst CapitaLand Ascott Trust leads the Real Estate Investment Trust (REIT) and Business Trust Category. The annual index, conducted by CPA Australia, the Centre for Governance and Sustainability at the National University of Singapore Business School, and the Singapore Institute of Directors, evaluates Singapore Exchange-listed companies on corporate governance and disclosure practices.

The SGTI 2025 assessed 467 companies and 42 REITs and business trusts, using a “BREAD” framework focusing on Board Responsibilities, Rights of Shareholders, ESG and Stakeholders, Accountability and Audit, and Disclosure and Transparency. SATS topped the General Category, followed by Keppel and Singapore Telecommunications. In the REIT and Business Trust Category, CapitaLand Ascott Trust was followed by CapitaLand Ascendas REIT and CapitaLand Integrated Commercial Trust.

Greg Unsworth, Singapore Divisional President of CPA Australia, highlighted the index’s role in promoting transparency and accountability, stating, “The SGTI continues to set the benchmark for governance excellence.” The index plans to evolve by incorporating financial indicators into its assessment framework, aiming to provide a more comprehensive view of corporate performance.

Professor Lawrence Loh from the National University of Singapore Business School noted, “Corporate governance is the cornerstone of trust and sustainable value creation.” The SGTI’s future enhancements will include broader measures to ensure organisations remain accountable and aligned with stakeholder expectations.
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Soilbuild Construction has reported a remarkable net profit of S$28.3 million for the first half of the financial year 2025, surpassing the full-year profit of S$26.6 million achieved in 2024. This impressive performance is attributed to robust revenue growth in its Construction and Precast & Prefabrication divisions, which saw increases of 76.7% and 77.3% respectively compared to the same period last year.

The company’s gross profit soared by 193.5% to S$43.6 million, supported by a higher gross profit margin. Additionally, Soilbuild Construction generated a strong positive cash flow from operating activities, amounting to S$47.1 million during the period. The company’s balance sheet was further strengthened with total assets reaching S$337.2 million and cash and cash equivalents of S$58.4 million as of 30 June 2025.

Executive Director and Group CEO Lim Han Ren expressed satisfaction with the results, stating, “We are pleased to begin the first half of the year on a strong footing, where our team’s focus on operational excellence, cost optimisation, and timely project delivery has translated into robust revenue growth and enhanced profitability.”

The company also announced a proposed interim dividend of 2 pence per share for 1H 2025, double the payout of 1 pence per share in 1H 2024, reflecting its commitment to rewarding shareholders. With an order book of approximately S$1.19 billion, Soilbuild Construction is poised for continued growth, reinforcing its position as a sustainable and resilient builder.
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UMS Integration Limited, listed on the SGX Mainboard, has announced a 5% increase in net attributable profit, reaching S$20.1 million for the first half of FY2025. This growth is attributed to a 14% rise in revenue, totalling S$125 million, despite challenges such as US trade tariffs and geopolitical tensions.

The company’s semiconductor segment was a significant contributor, with sales surging by 17% to S$107.4 million. This increase offset declines in other areas, such as a 14% drop in aerospace sales due to delivery delays. UMS’s CEO, Andy Luong, highlighted the company’s resilience and strategic focus, stating, “We continue to do better every quarter—delivering improved results in the second quarter compared to the first quarter of FY2025 despite unprecedented challenges.”

UMS also declared a second interim dividend of 1 cent per share, bringing total dividends to 2 cents per share for the first half of the financial year. The company remains optimistic about future growth, particularly in the semiconductor sector, which is expected to benefit from AI-driven demand and global supply chain shifts.

Looking ahead, UMS is poised to capitalise on the global semiconductor industry’s recovery and the ongoing aviation boom. The company has also successfully completed a secondary listing on Bursa Malaysia, which is expected to enhance shareholder value and improve share liquidity.
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OKP Holdings Limited, a Singapore-based infrastructure and civil engineering company, announced a significant 60.7% increase in net profit attributable to equity holders, reaching S$19.1 million for the first half of 2025. This growth was primarily fuelled by a 41.2% rise in revenue to S$104.3 million, largely due to ongoing and newly awarded construction and maintenance projects.

The company’s robust order book, valued at S$648.3 million, extends until 2031, reflecting its strategic focus on civil engineering and infrastructure projects, particularly in the public sector. The Group’s Managing Director, Or Toh Wat, highlighted the company’s commitment to efficient project delivery and innovation to maintain a competitive edge. “We are pleased to report a strong financial performance, boosted by higher revenue recognised for our various ongoing and newly awarded construction projects,” he stated.

The construction segment saw a 57.4% increase in revenue, whilst the maintenance segment grew by 21.1%. However, rental income declined by 39.8% due to renovations and tenant transitions at a property in Perth, Australia. Despite these challenges, OKP’s gross profit rose by 54.2% to S$32.1 million, with improved margins from select projects.

Looking ahead, OKP remains focused on expanding its order book and diversifying its income streams. The company recently secured a S$258.3 million contract from the Land Transport Authority for new cycling paths in Singapore, marking its largest contract win to date. With a strong balance sheet and strategic investments, OKP is well-positioned to navigate economic uncertainties and sustain growth.
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SGX-listed Stoneweg Europe Stapled Trust (SERT) has announced robust financial results for the first half of 2025, ending 30 June. The trust reported a 4.9% increase in like-for-like net property income (NPI) and an 11.9% rent reversion, leading to a 3.5% uplift in net asset value (NAV) to €2.05 per stapled security. This performance is attributed to major leasing activities and strategic investments.

SERT’s financial position remains strong, with no debt maturing until the end of 2026, following a successful €500 million green bond issuance in January 2025. The trust’s interest coverage ratio stands at 3.2 times, reflecting its robust financial health. Additionally, SERT has made a €50 million early investment into AiOnX, a data centre development initiative, securing 1.45GW of power across five strategic locations.

Despite a 7% year-on-year decrease in distribution per stapled security (DPS) to 6.553 Euro cents, the decline aligns with market expectations and is primarily due to increased interest expenses. The trust’s CEO, Simon Garing, expressed confidence in SERT’s portfolio, stating, “SERT’s portfolio performance and valuation momentum reinforce our confidence in the strength and resilience of our assets.”

The trust’s portfolio, valued at €2.25 billion, comprises 104 properties across key European cities, with a focus on logistics, light industrial, and data centre sectors. SERT aims to enhance its portfolio through asset management and strategic investments, ensuring sustainable returns amidst geopolitical and economic uncertainties.
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SGX-listed United Hampshire US Real Estate Investment Trust (UHREIT) has reported a 4% increase in its distribution per unit (DPU) for the first half of 2025, reaching 2.09 US cents. This marks the second consecutive period of growth, driven by strategic portfolio management and capital recycling efforts. Despite a 3% year-on-year decrease in gross revenue to $35.7 million and a 5.6% drop in net property income to $24 million, UHREIT’s proactive measures have bolstered its financial performance.

The decline in revenue was primarily due to the divestment of three properties, including the Albany Supermarket. However, excluding these divestments, UHREIT’s gross revenue and net property income saw a year-on-year increase of 2.6% and 2.4%, respectively. The rise was attributed to new leases and rental escalations.

Gerard Yuen, CEO of the Manager, highlighted the resilience of the Grocery & Necessity and Self-Storage sectors, stating, “An improved tenant mix, higher occupancy, and lower financing cost have contributed to a second consecutive increase in DPU.”

UHREIT’s acquisition of Dover Marketplace in Pennsylvania for $16.4 million is expected to further enhance its DPU by 2%. The property, anchored by GIANT supermarket, boasts a committed occupancy rate of 96.1% and a long weighted average lease expiry of 9.7 years.

Looking ahead, UHREIT plans to continue strengthening its portfolio through asset enhancement, development initiatives, and strategic acquisitions, ensuring robust income streams amidst evolving economic conditions.
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