Pengo Holdings posts 31.1% revenue growth in FY2026; net loss narrows to S$5.76 million

Bulletin Express06-30

Pengo Holdings Group Limited reported audited results for the year ended 31 March 2026 (FY2026). Revenue climbed 31.1% to S$77.42 million, driven by stronger contributions from gas pipeline contracts and PRC construction & engineering projects.

Gross profit slipped 9.7% to S$8.49 million as the gross margin contracted to 11.0% from 15.9%, reflecting a higher revenue mix from lower-margin construction and engineering services in China. Administrative expenses were cut by 34.7% to S$15.31 million, while finance costs declined 19.2% to S$0.93 million.

Loss from continuing operations narrowed to S$5.76 million versus a S$13.14 million loss a year earlier. Basic and diluted loss per share improved to 0.73 Singapore cents from 3.04 Singapore cents.

Segment performance: • Construction contracts and engineering services delivered S$77.42 million in revenue, up from S$59.07 million.  – Gas pipeline revenue rose to S$27.67 million (FY2025: S$19.94 million).  – Water pipeline revenue fell to S$11.39 million (FY2025: S$30.22 million).  – Construction and engineering services in the PRC surged to S$33.17 million (FY2025: S$8.88 million).  – New revenue streams included underground service detection (S$4.66 million) and a cable project (S$0.53 million).

Balance sheet highlights: • Cash and cash equivalents increased to S$27.44 million (31 Mar 2025: S$4.40 million). • Net current assets rose to S$73.62 million (31 Mar 2025: S$59.97 million). • Total borrowings declined to S$11.95 million from S$19.61 million, cutting the gearing ratio to 15% (31 Mar 2025: 27%). • Equity attributable to owners stood at S$80.50 million, up from S$75.73 million.

Capital actions: • A HK$100.20 million rights issue completed in October 2024 was fully utilised, mainly for the PRC industrial park project and loan repayments. • In December 2025 the company issued HK$120.00 million of 5% convertible bonds; HK$71.25 million was converted into 326.83 million shares before year-end. Net proceeds of approximately HK$118.40 million were earmarked for a pumped-storage power station project (HK$100.00 million unutilised as at 31 March 2026).

Dividend: The board recommended no final dividend for FY2026 (FY2025: Nil).

Outlook: Management will monitor geopolitical and supply-chain risks, pursue cost controls, and continue to expand its construction footprint in the PRC while exploring new geographic opportunities.

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