Seatrium 1H25 - UOB Kay Hian 2025-08-01: Robust Revenue Growth With Continued Gross Margin Expansion

• A robust 1H25 performance – Seatrium reported a 34% y-o-y increase in revenue to S$5.4b, driven by strong operational execution including the delivery of banner projects such as ExxonMobil’s FPSO as well as material progress on its S$21.3b orderbook.
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• Operating profit more than doubled to S$239m while NPAT nearly tripled y-o-y to S$142m.

Net margin compression not meaningful, with balance sheet improvement notable.

• Seatrium’s underlying net profit margin saw a slight decline of 0.2ppt to 2.7% due to higher non-operating income recorded in 1H24, which we thus deem immaterial.
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Continuing to build on its orderbook.

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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Previous report by UOB:
2025-07-07 Seatrium - Anchors Market Leadership With Timely Deliveries & Expanding Orderbook.

Price targets by 2 other brokers at Seatrium Target Prices.

Listing of research reports at Seatrium Analyst Reports.

Relevant links:
Seatrium Share Price History,
Seatrium Announcements,
Seatrium Dividend Payout Dates & Corporate Actions,
Seatrium News