- SIA Engineering (SGX:S59)’s 1HFY26 reported net profit of S$83.3m (+21.1% y-o-y) was in line with our expectations, at 49% of our full-year forecast.
- Excluding one-off items such as forex losses and a S$4.0m impairment provision for an onerous contract, SIA Engineering’s core net profit would have risen 27.0% y-o-y to S$89.4m in 1HFY26.
1HFY26 results in line; net profit rose 21% y-o-y.
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- Excluding the impairment loss, 2QFY26 core operating profit of S$11.9m represented a strong improvement y-o-y and q-o-q, supported by renewed SIA contracts and productivity gains, though SIA Engineering continued to incur gestation costs from its expansion projects.
Profit from JVs and associates rose 21.7% y-o-y to S$71.3m.
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- The improvement in JV/associate performance was mainly driven by expanded business volume at Eagle Services Asia (ESA) and Singapore Aero Engine Services (SAESL).
Interim dividend increased to 2.5 cents.
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