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Boustead Singapore



Boustead Singapore established in 1828 is a 193 years old specialised engineering and geospatial firm operating in Asia, Australia, Europe, Africa and the Americas. 

Businesses are segmented into: 

  • Energy engineering

  • Real estate - Boustead Projects

  • Geospatial

  • Healthcare

Boustead real estate arm was spin-off as Boustead Projects in 2015.

Business - FY-March

Business generally track real estate industry cycle. Peaked earning was in FYMar21 generating $81M profit. Earning thereafter trended lower and dipped from FY16 onwards. 

The sharp fall was due to lower energy prices, high crude inventory and reduced CAPEX by oil major impacting Energy Engineering. 

Relatively higher operating expense squeezed operating margin and depressed net profit & margin. 

Businesses from all segments staged a strong recovery from FY20 on weaker margin except for Geospatial.

Geospatial revenue notably grew 24% to $170M in FY21 with new enterprise agreements; the highest since FY05.

Boustead Proejcts in 2H21 sold 14 leasehold properties to Boustead Industrial Fund BIF, netting the company $135M gain; hence the substantial profit jump in FY21. 

Healthcare is a relatively new business and is not generating meaningful earning. 

Geographically, Australia, Europe/UK, Malaysia and USA staged strong growth in FY20 & FY21. 

Note: Singapore reported sector was further sub-segmented into Malaysia & Asia-Pacific. Likewise USA revenue was directed from N/S America in FY20. 


A combination of macro-factors could benefit Boustead. 

  • High crude prices and redistribution of global supply due to Russia-Ukraine war

  • Further opening of Singapore borders and Covid-19 is subsiding from pandemic to endemic stage

  • Gradual return of medical tourism

Medium term challenges are supply-chain disruption, higher energy, labour and raw material prices and an increasing interest rate environment. 

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