EnGro Corporation, one of Asia’s largest producers of eco-friendly specialty cement known as Ground Granulated Blastfurnace Slag (GGBS), thanks to demand for ready-mix concrete from construction companies riding the boom of major public and private sector project in Singapore.

Group revenue for FY08 registered $137.8 million, an increase of 8.9% over last year. The revenue growth stemmed mainly from improved performance in the cement and ready-mix business in Singapore. However, revenue from its specialty polymer business dropped as a result of low demand amid a worsening electronics and manufacturing sectors. 

The group’s gross profit for FY08 rose 33.5% to $29.8 million. Gross profit margin rose to 21.6% in FY08 from 17.6% in FY07. The group’s earnings were also boosted by the specialty cement business in China which continues to gain strength from China’s 11th five-year plan plus the economic stimulus package rolled out by the government.

In China, the group’s share of profits from associates hit $8.6 million for FY08, representing a 60.1% increase over the previous year, with much of the increase coming from GGBS joint ventures with major steel groups in China despite the disruptions to plant operations during the 2008 Beijing Olympics.

Overall, the group’s net profit decreased 25.4% to $6.2 million for the full year 2008. Net profit margin also fell to 4.5% in FY08 from 6.6% in FY07.