Boustead Projects 1H FY2022 Financial Results Announcement

Corporate Profile

Established in 1996 and listed on the SGX Mainboard, Boustead Projects Limited (SGX:AVM) is a leading provider of innovative eco-sustainable real estate solutions with a regional presence across Singapore, China, Malaysia and Vietnam. Our core businesses are uniquely integrated to support the business park and industrial real estate ecosystem, comprising:

• Turnkey engineering, full-fledged integrated digital delivery ("IDD"), and project and construction management encompassing design-and-build;
• Real estate development, asset and leasing management; and
• Real estate fund management including being the sponsor and manager of Boustead Industrial Fund, a scalable private real estate trust platform for business park, logistics and industrial properties, and joint owner of Echo Base-BP Capital Pte Ltd, an Asia-centric fund management and services platform focused on smart buildings and integrated developments.

To date, we have constructed and/or developed more than 3,000,000 square metres of real estate for clients including Fortune 500, S&P 500 and Euronext 100 corporations, across diverse sectors like aerospace, business park, food, healthcare and pharmaceutical, high-tech manufacturing, logistics, research & development, technology and waste management, among others. Under the Boustead Development Partnership with a reputable Middle East sovereign wealth fund, we have developed or redeveloped more than half a million square metres of real estate in Singapore including landmark developments like ALICE@Mediapolis and GSK Asia House.

Our in-house capabilities are backed by core engineering expertise, the progressive adoption of transformative methodologies including full-fledged IDD and Industry 4.0 technologies and augmented by strategic partnerships which enable the co-creation of smart, eco-sustainable and future-ready developments. Our wholly-owned Engineering & Construction subsidiary in Singapore, Boustead Projects E&C Pte Ltd ("BP E&C") is the eco-sustainability leader in pioneering Green Mark Platinum-rated new private sector industrial developments under the Building & Construction Authority ("BCA") Green Mark Certification Scheme and a national champion of best practices for quality, environmental and workplace safety and health ("WSH") management. BP E&C's related achievements include being the quality leader on the BCA CONQUAS all-time top 100 industrial projects list, one of only eight bizSAFE Mentors and also bizSAFE Star, receiving numerous awards for exemplary WSH performance.

We were also awarded the Singapore Corporate Governance Award in the Newly Listed Category at the Securities Investors Association (Singapore) Investors' Choice Awards 2017 and are one of only 92 SGX-listed corporations on the SGX Fast Track Programme - which aims to affirm listed issuers that have been publicly recognised for high corporate governance standards and for maintaining a good compliance track record - with prioritised clearance for their corporate action submissions. We are also listed on the MSCI World Micro Cap Index and FTSE ST Fledgling Index.

Boustead Projects is a 53%-owned subsidiary of Boustead Singapore Limited (SGX:F9D), a progressive global infrastructure-related engineering and technology group which is separately listed on the SGX Mainboard.

Visit us atwww.bousteadprojects.com.

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BOUSTEAD PROJECTS LIMITED

(Incorporated in Singapore)

AND ITS SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

For the six months financial period ended 30 September 2021

Contents

		Page
A	Condensed Interim Consolidated Income Statement	3
B	Condensed Interim Consolidated Statement of Comprehensive Income	4
C	Condensed Interim Statements of Financial Position - Group and Company	5
D	Condensed Interim Statements of Changes in Equity - Group and Company	6
E	Condensed Interim Consolidated Statement of Cash Flows	10
F	Notes to the Condensed Interim Financial Statements	12
G	Other Information Required by Listing Rule Appendix 7.2	24

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BOUSTEAD PROJECTS LIMITED

1. CONDENSED INTERIM CONSOLIDATED INCOME STATEMENT For the six months financial period ended 30 September 2021

			6 months ended
		Note	30 Sep 2021	30 Sep 2020	Inc/(Dcr)
			$'000	$'000	%
Revenue	4.1	179,126	87,713	104%
Cost of sales		(167,586)	(81,365)	106%
Gross profit		11,540	6,348	82%
Other income	5	3,659	1,627	125%
Other gains/(losses) - net	6	2,485	(7)	NM
Expenses
-	Selling and distribution		(1,748)	(975)	79%
-	Administrative		(8,053)	(6,763)	19%
-	Finance	8	(626)	(1,741)	-64%
Share of profit/(loss) of associates and joint ventures		1,096	(640)	NM
Profit/(Loss) before income tax	7	8,353	(2,151)	NM
Income tax expense	9	(2,453)	(113)	NM
Total profit/(loss)		5,900	(2,264)	NM
Total profit/(loss) attributable to:
Equity holders of the Company		5,902	(2,246)	NM
Non-controlling interests		(2)	(18)	-89%
			5,900	(2,264)	NM
Earnings per share for profit attributable to equity
holders of the Company (cents per share)
•	Basic		1.9	(0.7)	NM
•	Diluted		1.9	(0.7)	NM

NM - not meaningful

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BOUSTEAD PROJECTS LIMITED

1. CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six months financial period ended 30 September 2021

		6 months ended
		30 Sep 2021	30 Sep 2020	Inc/(Dcr)
		$'000	$'000	%
Total profit/(loss)	5,900	(2,264)	NM
Other comprehensive income/(loss):
Items that may be reclassified subsequently to profit or loss
Share of other comprehensive loss of associates	(12)	-	NM
Currency translation differences arising from consolidation	431	(345)	NM
Other comprehensive income/(loss), net of tax	419	(345)	NM
Total comprehensive income/(loss)	6,319	(2,609)	NM
Total comprehensive income/(loss) attributable to:
Equity holders of the Company	6,321	(2,591)	NM
Non-controlling interests	(2)	(18)	-89%
		6,319	(2,609)	NM

NM - not meaningful

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