Union Steels’ net profit drops to $6m in H1 FY2025

The group’s gross profit also declined by 3.7% to $15.8m.

Union Steel Holdings Limited’s net profit decreased to $6m in H1 FY2025 from $7m in H1 FY2024.

The group’s gross profit declined by 3.7% to $15.8m due to lower contributions from its scaffolding segment and softer pricing for both new steel and scrap metal within the metals segment amidst intense market competition.

Consequently, the group’s gross profit margin contracted to 26.9% in H1 FY2025 from 30.6% in H1 FY2024.

Revenue for H1 FY2025 increased by 9.5% to $58.6m from $53.5m in H1 FY 2024, driven by a stronger performance in the Metals and Engineering segments, partially offset by a lower contribution from the Scaffolding segment.

Geographically, Singapore continues to be the main contributor to the group’s revenue, accounting for 76% or $44.7m of revenue in H1 FY2025, as compared to 79% or $42.3m in H1 FY2024.

The group’s continuous expansion into overseas markets contributed to this change, with international sales for the Engineering segment increasing by 32.6%, or $3m, to $12.2m in H1 FY2025 from $9.2m in H1 FY2024.

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