Hong Kong – Sundart Holdings Limited (01568) reported full-year results for the 12 months ended 31 December 2025, showing softer top- and bottom-line performance amid weaker project flow in Hong Kong and Singapore.
Revenue and margins • Revenue declined 14.4% year-on-year to HK$5.14 billion, driven mainly by a HK$1.18 billion fall in fitting-out income from Hong Kong and Singapore. • Gross profit fell 14.4% to HK$684.70 million, while the gross profit margin was stable at 13.3%.
Earnings • Profit attributable to shareholders decreased 16.7% to HK$267.30 million. • Basic and diluted EPS came in at HK12.38 cents, down from HK14.86 cents a year earlier.
Segment performance • Fitting-out works remained the core business, contributing 97.5% of group revenue. Segment revenue dropped 16.4% to HK$5.01 billion; gross margin slipped to 12.8% from 13.5%. • Revenue from manufacturing, sourcing and distribution of interior decorative materials surged to HK$122.11 million (FY2024: HK$1.98 million) on a new order from the Philippines, lifting segment gross profit to HK$45.23 million and margin to 37.0%. • Alteration & addition and construction revenue edged up to HK$4.98 million; the division recorded a HK$1.39 million gross loss due to rectification costs on earlier projects.
Geographical mix Revenue distribution for the year: Hong Kong 37.4%, mainland China 47.1%, Macau 10.1%, Singapore 5.4%.
Balance sheet and cash flow • Net current assets stood at HK$2.62 billion (FY2024: HK$3.15 billion). • Cash and bank balances totalled HK$1.99 billion, down HK$655.81 million, mainly reflecting dividend payments and capex. • Bank borrowings rose to HK$40.64 million; gearing (debt/total equity) increased to 1.1% from 0.3%. • Current ratio remained healthy at 1.8×.
Dividend The Board proposes a final dividend of HK$0.05 per share (FY2024: HK$0.06 regular plus HK$0.14 special). The payout represents 40.4% of distributable profit and is subject to approval at the AGM on 1 June 2026.
Projects on hand As of 31 December 2025, Sundart had 167 projects in progress or awarded but not yet commenced, carrying a total contract value of HK$13.12 billion and outstanding work worth HK$6.78 billion.
Corporate actions • In April 2025, a joint venture formed by Sundart completed the HK$240.00 million acquisition of Quarella Group Limited, adding engineered stone capability to the group’s materials platform. • No other material acquisitions, disposals or treasury-share transactions were recorded during the period.
Outlook Management remains focused on consolidating its leading fitting-out position in Hong Kong, Macau and Singapore, while selectively pursuing high-quality opportunities in mainland China under prudent risk controls. Planned initiatives include deepening client relationships, maintaining disciplined execution and diversifying revenue streams to stabilise earnings.
Key figures (FY2025 vs FY2024) • Revenue: HK$5.14 billion (-14.4%) • Gross profit: HK$684.70 million (-14.4%) • Net profit: HK$267.30 million (-16.7%) • EPS: HK12.38 cents (-16.7%) • Final dividend: HK$0.05 per share (payout HK$107.91 million)
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