Singapore-based renewables services and oilfield equipment supplier Annica Holdings has posted its financial results for the three-month period ended June 30, 2026.
Annica recorded a net profit of SG$0.3 million (US$0.23 million) in Q2 2026, reversing a net loss of SG$0.6 million (US$0.47 million) in Q2 2025, amid the group’s ongoing transition towards renewable energy.
Revenue more than tripled to SG$4.9 million (US$3.8 million) in Q2 2026 from SG$1.3 million (US$1 million) in Q2 2025, mainly due to revenue recognised from a one-off project under the integrated engineering solutions (IES) segment. For the six-month period ended June 30, 2026, revenue increased by 39 per cent to SG$5.7 million (US$4.4 million) from S$4.1 million (US$3.2 million) in H1 2025.
Gross profit more than doubled to SG$1.8 million (US$1.4 million) in Q2 2026 from SG$0.8 million (US$0.6 million) a year earlier, supported by the strong increase in revenue. Gross profit margin narrowed to 37 per cent from 63 per cent a year earlier, mainly due to the higher proportion of lower-margin IES projects during the quarter.
For H1 2026, gross profit declined by nine per cent to SG$2 million (US$1.6 million) (H1 2025: SG$2.2 million/US$1.7 million), while gross profit margin narrowed to 36 per cent in H1 2026 from 54 per cent a year earlier. This reflected softer sales in Q1 2026 and a higher proportion of lower-margin IES projects during H1 2026, notwithstanding the stronger performance achieved in Q2 2026.
The group recorded a net loss of SG$1 million (US$0.8 million) for H1 2026 (H1 2025: net loss of SG$0.7 million/US$0.6 million), mainly due to lower gross profit and other income, together with higher finance costs and administrative and general expenses, partially offset by lower foreign exchange losses.
Demand for the group’s integrated engineering solutions, such as maintenance, asset integrity, brownfield modifications and operational support, nonetheless remains resilient, according to Annica.
"'As customers exercise greater capital discipline amid margin pressures and cost optimisation efforts, the group is leveraging its capabilities and customer relationships to deliver added value," the company said in a statement. "It is also selectively pursuing opportunities to move up the value chain and secure higher-value projects."
