MECOM Power and Construction Limited (MECOM) reported FY2025 revenue of MOP 1.85 billion, up 22.8% year-on-year, driven by strong performances in both intelligent manufacturing and traditional construction segments.
Gross profit rose 55.2% to MOP 183.76 million, pushing the gross margin to 9.9% (FY2024: 7.9%). Net profit advanced to MOP 20.69 million, a four-fold increase from the prior year, with net margin improving to 1.1% (FY2024: 0.3%). Basic EPS turned positive at MOP 0.37 cents.
Segment performance • Intelligent manufacturing (new construction materials and intelligent equipment) generated revenue of MOP 1.26 billion, up 13.1%, contributing 68.0% of group turnover. Segment gross margin widened to 10.5% (FY2024: 8.1%) on higher-margin orders from Hong Kong and Singapore. • Construction activities delivered revenue of MOP 590.68 million, up 50.9%, equal to 31.9% of turnover. Major contributors included the Macau Barra Substation project and a Macau government data-centre contract. Segment gross margin improved to 8.8%. • EV-related business remained small, recording revenue of MOP 0.87 million and a modest gross profit of MOP 0.06 million.
Geographical mix Macau remained the largest market with revenue of MOP 1.11 billion (+3.9%). Hong Kong surged 90.4% to MOP 357.24 million, while Singapore climbed 159.4% to MOP 83.63 million, reflecting the group’s regional diversification strategy.
Order book At 31 December 2025, outstanding contracts yet to complete totalled MOP 1.14 billion, comprising MOP 601.9 million in intelligent manufacturing and MOP 539.0 million in construction.
Financial position • Cash and cash equivalents: MOP 122.49 million (31 Dec 2024: MOP 61.32 million). • Net current assets: MOP 240.14 million; current ratio: 1.3. • Total bank borrowings: MOP 254.26 million; gearing ratio: 49.7% (31 Dec 2024: 53.5%). • Capital expenditure commitment: MOP 16.48 million for land in Jiangmen, Guangdong, to expand Phase II manufacturing capacity after securing land-use rights for RMB 18.07 million.
Dividend The board did not recommend a final dividend for FY2025.
Share repurchase During January 2025, MECOM repurchased and cancelled 0.68 million shares for HK$0.13 million.
Outlook Management plans to leverage infrastructure demand in Macau, Hong Kong and Singapore, advance Phase II factory development in Guangdong, and expand intelligent equipment sales to the Middle East and Southeast Asia while maintaining a prudent liquidity stance.
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