GR Engineering Services (GNG) H1 2025 earnings summary

Executive summary

• Revenue for HY25 was $272.1 million, up 45.3% year-over-year from $187.3 million in HY24.

• Net profit after tax rose 52.6% to $21.8 million compared to $14.3 million in HY24.

• EBITDA increased to $34.5 million from $22.6 million in the prior corresponding period.

• Strong operational performance across all business units, with major projects ongoing and a robust pipeline.

• Cash position at 31 December 2024 was $111.8 million, with negligible external bank debt.

Financial highlights

• Revenue up 45.3% year-over-year to $272.1 million.

• Net profit after tax increased 52.6% to $21.8 million.

• EBITDA for HY25 was $34.5 million, up from $22.6 million in HY24.

• Cash and cash equivalents rose to $111.8 million from $58.4 million a year earlier.

• Fully franked interim dividend of 10.0 cents per share declared, matching the prior period.

Outlook and guidance

• Major projects such as Mungari, Kainantu, King of the Hills, and Woodlawn to continue into H2 FY25 and FY26.

• Solid pipeline of near-term work opportunities across a broad range of commodities.

• Ongoing high level of study and consulting work, with 30 studies in progress at period end.