Annual Report 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current assets | |||||
| Cash and bank balances$'000 | 24,384 | 18,691 | 8,758 | 6,294 | PDF p. 94 |
| Trade and other receivables$'000 | 10,799 | 9,535 | 279 | 228 | PDF p. 94 |
| Inventories$'000 | 16,479 | 15,729 | – | – | PDF p. 94 |
| Subtotal$'000 | 51,662 | 43,955 | 9,037 | 6,522 | PDF p. 94 |
| Assets of a disposal group classified as held for sale$'000 | 4,750 | – | – | – | PDF p. 94 |
| Total current assets$'000 | 56,412 | 43,955 | 9,037 | 6,522 | PDF p. 94 |
| Non-current assets | |||||
| Other receivables$'000 | – | 260 | – | – | PDF p. 94 |
| Property, plant and equipment$'000 | 17,687 | 22,499 | – | – | PDF p. 94 |
| Right-of-use assets$'000 | 5,423 | 6,687 | – | – | PDF p. 94 |
| Investment in subsidiaries$'000 | – | – | 3,514 | 3,514 | PDF p. 94 |
| Investment in associates$'000 | 416 | 865 | – | – | PDF p. 94 |
| Investments in financial assets$'000 | 5,248 | 5,017 | 3,835 | 3,715 | PDF p. 94 |
| Total non-current assets$'000 | 28,774 | 35,328 | 7,349 | 7,229 | PDF p. 94 |
| Assets | |||||
| Total assets$'000 | 85,186 | 79,283 | 16,386 | 13,751 | PDF p. 94 |
| Current liabilities | |||||
| Trade and other payables$'000 | 14,969 | 10,632 | 200 | 302 | PDF p. 94 |
| Lease liabilities$'000 | 1,010 | 872 | – | – | PDF p. 94 |
| Bank borrowings$'000 | 83 | 1,305 | – | – | PDF p. 94 |
| Income tax payable$'000 | 1,142 | 681 | – | – | PDF p. 94 |
| Derivative financial instruments$'000 | 1 | 9 | – | – | PDF p. 94 |
| Contract liabilities$'000 | 1,553 | 1,539 | – | – | PDF p. 94 |
| Subtotal$'000 | 18,758 | 15,038 | 200 | 302 | PDF p. 94 |
| Liabilities of a disposal group classified as held for sale$'000 | 1,479 | – | – | – | PDF p. 94 |
| Total current liabilities$'000 | 20,237 | 15,038 | 200 | 302 | PDF p. 94 |
| Non-current liabilities | |||||
| Other payables$'000 | 212 | 213 | – | – | PDF p. 94 |
| Lease liabilities$'000 | 4,549 | 6,007 | – | – | PDF p. 94 |
| Bank borrowings$'000 | 714 | 1,078 | – | – | PDF p. 94 |
| Deferred tax liabilities$'000 | 674 | 961 | – | – | PDF p. 94 |
| Total non-current liabilities$'000 | 6,149 | 8,259 | – | – | PDF p. 94 |
| Capital and reserves | |||||
| Share capital$'000 | 11,351 | 11,351 | 11,351 | 11,351 | PDF p. 94 |
| Accumulated profits$'000 | 47,784 | 45,310 | 4,239 | 1,607 | PDF p. 94 |
| Reserves$'000 | 116 | (19) | 596 | 491 | PDF p. 94 |
| Equity attributable to owners of the Company$'000 | 59,251 | 56,642 | 16,186 | 13,449 | PDF p. 94 |
| Non-controlling interests$'000 | (451) | (656) | – | – | PDF p. 94 |
| Total equity$'000 | 58,800 | 55,986 | 16,186 | 13,449 | PDF p. 94 |
| Equity and liabilities | |||||
| Total equity and liabilities$'000 | 85,186 | 79,283 | 16,386 | 13,751 | PDF p. 94 |
Original report: PDF p. 94 ↗
The accompanying notes form an integral part of these financial statements.
As at 31 December 2025.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss | |||
| Revenue$'000 | 76,511 | 65,652 | PDF p. 95 |
| Other operating income$'000 | 1,055 | 1,356 | PDF p. 95 |
| Changes in inventories of finished goods and work-in-progress$'000 | 644 | (1,331) | PDF p. 95 |
| Materials and consumables used and other direct costs$'000 | (43,985) | (35,385) | PDF p. 95 |
| Employee benefits expense$'000 | (20,473) | (18,598) | PDF p. 95 |
| Depreciation and amortisation expense$'000 | (3,112) | (2,963) | PDF p. 95 |
| Impairment loss on financial assets$'000 | (12) | (81) | PDF p. 95 |
| Share of results from associates$'000 | (141) | 71 | PDF p. 95 |
| Other operating expenses$'000 | (4,271) | (3,887) | PDF p. 95 |
| Finance costs$'000 | (300) | (387) | PDF p. 95 |
| Profit before tax$'000 | 5,916 | 4,447 | PDF p. 95 |
| Income tax expense$'000 | (759) | (559) | PDF p. 95 |
| Profit for the year$'000 | 5,157 | 3,888 | PDF p. 95 |
| Other comprehensive income - items that will not be reclassified | |||
| Fair value (loss)/gain on investments in equity instruments designated at fair value through other comprehensive income (“FVTOCI”)$'000 | (20) | 363 | PDF p. 95 |
| Other comprehensive income - items that may be reclassified | |||
| Fair value gain on investments in debt instruments measured at FVTOCI$'000 | 105 | 48 | PDF p. 95 |
| Exchange differences on translation of foreign operations$'000 | (143) | (145) | PDF p. 95 |
| Other comprehensive income | |||
| Other comprehensive (loss)/income for the year, net of tax$'000 | (58) | 266 | PDF p. 95 |
| Total comprehensive income | |||
| Total comprehensive income for the year$'000 | 5,099 | 4,154 | PDF p. 95 |
| Profit attributable to | |||
| Owners of the Company$'000 | 4,824 | 3,620 | PDF p. 95 |
| Non-controlling interests$'000 | 333 | 268 | PDF p. 95 |
| Subtotal$'000 | 5,157 | 3,888 | PDF p. 95 |
| Total comprehensive income attributable to | |||
| Owners of the Company$'000 | 4,819 | 3,936 | PDF p. 95 |
| Non-controlling interests$'000 | 280 | 218 | PDF p. 95 |
| Subtotal$'000 | 5,099 | 4,154 | PDF p. 95 |
| Earnings per share | |||
| Basic and diluted earnings per share (cents)cents per share | 2.05 | 1.54 | PDF p. 95 |
Original report: PDF p. 95 ↗
The accompanying notes form an integral part of these financial statements.
For the financial year ended 31 December 2025.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $'000 | 2024Group, $'000 | Source |
|---|---|---|---|
| Profit or loss | |||
| Revenue$'000 | 76,511 | 65,652 | PDF p. 95 |
| Other operating income$'000 | 1,055 | 1,356 | PDF p. 95 |
| Changes in inventories of finished goods and work-in-progress$'000 | 644 | (1,331) | PDF p. 95 |
| Materials and consumables used and other direct costs$'000 | (43,985) | (35,385) | PDF p. 95 |
| Employee benefits expense$'000 | (20,473) | (18,598) | PDF p. 95 |
| Depreciation and amortisation expense$'000 | (3,112) | (2,963) | PDF p. 95 |
| Impairment loss on financial assets$'000 | (12) | (81) | PDF p. 95 |
| Share of results from associates$'000 | (141) | 71 | PDF p. 95 |
| Other operating expenses$'000 | (4,271) | (3,887) | PDF p. 95 |
| Finance costs$'000 | (300) | (387) | PDF p. 95 |
| Profit before tax$'000 | 5,916 | 4,447 | PDF p. 95 |
| Income tax expense$'000 | (759) | (559) | PDF p. 95 |
| Profit for the year$'000 | 5,157 | 3,888 | PDF p. 95 |
| Other comprehensive income - items not reclassified: Fair value (loss)/gain on investments in equity instruments designated at fair value through other comprehensive income | |||
| (“FVTOCI”)$'000 | (20) | 363 | PDF p. 95 |
| Other comprehensive income - items that may be reclassified | |||
| – Fair value gain on investments in debt instruments measured at$'000 | 105 | 48 | PDF p. 95 |
| – Exchange differences on translation of foreign operations$'000 | (143) | (145) | PDF p. 95 |
| Other comprehensive income | |||
| Other comprehensive (loss)/income for the year, net of tax$'000 | (58) | 266 | PDF p. 95 |
| Total comprehensive income | |||
| Total comprehensive income for the year$'000 | 5,099 | 4,154 | PDF p. 95 |
| Profit attributable to | |||
| Owners of the Company$'000 | 4,824 | 3,620 | PDF p. 95 |
| Non-controlling interests$'000 | 333 | 268 | PDF p. 95 |
| Total comprehensive income attributable to | |||
| Owners of the Company$'000 | 4,819 | 3,936 | PDF p. 95 |
| Non-controlling interests$'000 | 280 | 218 | PDF p. 95 |
| Earnings per share | |||
| Basic and diluted earnings per share (cents)cents | 2.05 | 1.54 | PDF p. 95 |
Original report: PDF p. 95 ↗
No Company-level statement of comprehensive income is printed; Company profit and OCI appear in the Company statement of changes in equity.
Basic and diluted EPS is in cents.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital $'000 | 2025Group, Accumulated profits $'000 | 2025Group, Reserves $'000 | 2025Group, Equity attributable to owners of the Company $'000 | 2025Group, Non-controlling interests $'000 | 2025Group, Total $'000 | Source |
|---|---|---|---|---|---|---|---|
| Group | |||||||
| Balance as at 1 January 2025$'000 | 11,351 | 45,310 | (19) | 56,642 | (656) | 55,986 | PDF p. 96 |
| Transactions with owners, recognised directly in equity | |||||||
| Dividends paid to owners of the Company$'000 | – | (2,350) | – | (2,350) | – | (2,350) | PDF p. 96 |
| Dividends paid to non-controlling interest$'000 | – | – | – | – | (75) | (75) | PDF p. 96 |
| Share-based payment$'000 | – | – | 140 | 140 | – | 140 | PDF p. 96 |
| Transactions with owners | |||||||
| Total$'000 | – | (2,350) | 140 | (2,210) | (75) | (2,285) | PDF p. 96 |
| Total comprehensive income for the year | |||||||
| Profit for the year$'000 | – | 4,824 | – | 4,824 | 333 | 5,157 | PDF p. 96 |
| Change in fair value of equity investment at fair value through other comprehensive income$'000 | – | – | (20) | (20) | – | (20) | PDF p. 96 |
| Other comprehensive income for the year$'000 | – | – | 15 | 15 | (53) | (38) | PDF p. 96 |
| Total$'000 | – | 4,824 | (5) | 4,819 | 280 | 5,099 | PDF p. 96 |
| Group | |||||||
| Balance as at 31 December 2025$'000 | 11,351 | 47,784 | 116 | 59,251 | (451) | 58,800 | PDF p. 96 |
Original report: PDF p. 96 ↗
Dividends note reference 28. Rows labelled Total appear twice per year (after transactions with owners; after total comprehensive income).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Share capital $'000 | 2024Group, Accumulated profits $'000 | 2024Group, Reserves $'000 | 2024Group, Equity attributable to owners of the Company $'000 | 2024Group, Non-controlling interests $'000 | 2024Group, Total $'000 | Source |
|---|---|---|---|---|---|---|---|
| Group | |||||||
| Balance as at 1 January 2024$'000 | 11,351 | 44,195 | (342) | 55,204 | (1,043) | 54,161 | PDF p. 96 |
| Transactions with owners, recognised directly in equity | |||||||
| Dividends paid to owners of the Company$'000 | – | (2,350) | – | (2,350) | – | (2,350) | PDF p. 96 |
| Dividends paid to non-controlling interest$'000 | – | – | – | – | (51) | (51) | PDF p. 96 |
| Effect of dilution of interest on a subsidiary$'000 | – | (155) | (63) | (218) | 219 | 1 | PDF p. 96 |
| Share-based payment$'000 | – | – | 71 | 71 | – | 71 | PDF p. 96 |
| Transactions with owners | |||||||
| Total$'000 | – | (2,505) | 8 | (2,497) | 168 | (2,329) | PDF p. 96 |
| Total comprehensive income for the year | |||||||
| Profit for the year$'000 | – | 3,620 | – | 3,620 | 268 | 3,888 | PDF p. 96 |
| Change in fair value of equity investment at fair value through other comprehensive income$'000 | – | – | 363 | 363 | – | 363 | PDF p. 96 |
| Other comprehensive income for the year$'000 | – | – | (48) | (48) | (49) | (97) | PDF p. 96 |
| Total$'000 | – | 3,620 | 315 | 3,935 | 219 | 4,154 | PDF p. 96 |
| Group | |||||||
| Balance as at 31 December 2024$'000 | 11,351 | 45,310 | (19) | 56,642 | (656) | 55,986 | PDF p. 96 |
Original report: PDF p. 96 ↗
Comparative year block of the Group statement of changes in equity.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company, Share capital $'000 | 2025Company, Accumulated profits $'000 | 2025Company, Reserves $'000 | 2025Company, Total $'000 | Source |
|---|---|---|---|---|---|
| Company | |||||
| Balance as at 1 January 2025$'000 | 11,351 | 1,607 | 491 | 13,449 | PDF p. 97 |
| Transaction with owners, recognised directly in equity | |||||
| Dividends paid$'000 | – | (2,350) | – | (2,350) | PDF p. 97 |
| Total comprehensive income for the year | |||||
| Profit for the year$'000 | – | 4,982 | – | 4,982 | PDF p. 97 |
| Other comprehensive income for the year$'000 | – | – | 105 | 105 | PDF p. 97 |
| Total$'000 | – | 4,982 | 105 | 5,087 | PDF p. 97 |
Original report: PDF p. 97 ↗
Closing share capital is printed as 11,531 for 31 December 2025 (balance sheet shows 11,351); preserved as printed.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Company, Share capital $'000 | 2024Company, Accumulated profits $'000 | 2024Company, Reserves $'000 | 2024Company, Total $'000 | Source |
|---|---|---|---|---|---|
| Company | |||||
| Balance as at 1 January 2024$'000 | 11,351 | 2,424 | 493 | 14,268 | PDF p. 97 |
| Transaction with owners, recognised directly in equity | |||||
| Dividends paid$'000 | – | (2,350) | – | (2,350) | PDF p. 97 |
| Effect of dilution of interest on a subsidiary$'000 | – | – | (50) | (50) | PDF p. 97 |
| Total comprehensive income for the year | |||||
| Profit for the year$'000 | – | 1,533 | – | 1,533 | PDF p. 97 |
| Other comprehensive income for the year$'000 | – | – | 48 | 48 | PDF p. 97 |
| Total$'000 | – | 1,533 | 48 | 1,581 | PDF p. 97 |
| Company | |||||
| Balance as at 31 December 2024$'000 | 11,351 | 1,607 | 491 | 13,449 | PDF p. 97 |
Original report: PDF p. 97 ↗
Comparative year block of the Company statement of changes in equity.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $'000 | 2024Group, $'000 | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before tax$'000 | 5,916 | 4,447 | PDF p. 98 |
| Operating activities - Adjustments for | |||
| Depreciation of property, plant and equipment$'000 | 2,004 | 2,085 | PDF p. 98 |
| Depreciation of right-of-use assets$'000 | 1,108 | 878 | PDF p. 98 |
| Fair value changes on derivative financial instruments$'000 | (9) | 15 | PDF p. 98 |
| (Reversal)/Additions of allowance for doubtful debts, net$'000 | (42) | 56 | PDF p. 98 |
| Bad debts written off$'000 | 54 | 25 | PDF p. 98 |
| Interest expense$'000 | 254 | 341 | PDF p. 98 |
| Interest income$'000 | (230) | (255) | PDF p. 98 |
| Gain on disposal of property, plant and equipment$'000 | (49) | – | PDF p. 98 |
| Impairment loss on investment in associate$'000 | 308 | – | PDF p. 98 |
| Net gain arising on financial assets measured at FVTPL$'000 | (17) | (168) | PDF p. 98 |
| Property, plant and equipment written off$'000 | 32 | 16 | PDF p. 98 |
| Allowance for inventories and inventories written off$'000 | 135 | 19 | PDF p. 98 |
| Share of results of associates$'000 | 141 | (71) | PDF p. 98 |
| Share-based payment$'000 | 140 | 71 | PDF p. 98 |
| Operating activities | |||
| Operating cash flows before movements in working capital$'000 | 9,745 | 7,459 | PDF p. 98 |
| Operating activities - working capital | |||
| Inventories$'000 | (919) | 1,461 | PDF p. 98 |
| Trade and other receivables$'000 | (834) | 1,417 | PDF p. 98 |
| Trade and other payables$'000 | 3,959 | (115) | PDF p. 98 |
| Operating activities | |||
| Cash generated from operations$'000 | 11,951 | 10,222 | PDF p. 98 |
| Income tax paid$'000 | (585) | (538) | PDF p. 98 |
| Net cash from operating activities$'000 | 11,366 | 9,684 | PDF p. 98 |
| Investing activities | |||
| Dividend received$'000 | – | 460 | PDF p. 98 |
| Interest received$'000 | 224 | 250 | PDF p. 98 |
| Investment in financial assets measured at FVTPL$'000 | (192) | (989) | PDF p. 98 |
| Deposits paid for software purchases$'000 | (481) | – | PDF p. 98 |
| Proceeds from disposal of property, plant and equipment$'000 | 100 | – | PDF p. 98 |
| Proceeds from partial disposal on investment in associate$'000 | 300 | 1,600 | PDF p. 98 |
| Purchase of property, plant and equipment$'000 | (394) | (1,472) | PDF p. 98 |
| Net cash used in investing activities$'000 | (443) | (151) | PDF p. 98 |
| Financing activities | |||
| Dividends paid$'000 | (2,350) | (2,350) | PDF p. 99 |
| Dividends paid to NCI$'000 | (75) | (50) | PDF p. 99 |
| Interest paid$'000 | (254) | (341) | PDF p. 99 |
| Repayment of bank borrowings$'000 | (1,587) | (4,503) | PDF p. 99 |
| Repayment of lease liabilities$'000 | (1,026) | (798) | PDF p. 99 |
| Net cash used in financing activities$'000 | (5,292) | (8,042) | PDF p. 99 |
| Cash and cash equivalents | |||
| Net increase in cash and cash equivalents$'000 | 5,631 | 1,491 | PDF p. 99 |
| Cash and cash equivalents at beginning of the year$'000 | 18,478 | 17,014 | PDF p. 99 |
| Effect of foreign exchange rate changes$'000 | 62 | (27) | PDF p. 99 |
| Cash and cash equivalents at end of the year (Note 6)$'000 | 24,171 | 18,478 | PDF p. 99 |
Original report: PDF p. 98 ↗ PDF p. 99 ↗
No Company cash flow statement is printed.
Note A: Additions of property, plant and equipment (Note 11) 606 (2024: 1,171); Add: Payment for additions in prior year 10 (310); Less: Unpaid and recorded as other payables (222) (9); total 394 (1,472), $'000.
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| Metric / unit | 2025Group FY2025, S$'000 | 2024Group FY2024, S$'000 | 2025Change (%), FY2025 vs FY2024 | Source |
|---|---|---|---|---|
| Review of income statement | ||||
| RevenueS$'000; change in % | 76,511 | 65,652 | 16.5 | PDF p. 10 |
| Other operating incomeS$'000; change in % | 1,055 | 1,356 | (22.2) | PDF p. 10 |
| Employee benefits expenseS$'000; change in % | (20,473) | (18,598) | 10.1 | PDF p. 10 |
| Depreciation and amortisation expenseS$'000; change in % | (3,112) | (2,963) | 5.0 | PDF p. 10 |
| Impairment losses on financial assetsS$'000; change in % | (12) | (81) | (85.2) | PDF p. 10 |
| Share of result from associate companiesS$'000; change in % | (141) | 71 | NM | PDF p. 10 |
| Other operating expensesS$'000; change in % | (4,271) | (3,887) | 9.9 | PDF p. 10 |
| Finance costsS$'000; change in % | (300) | (387) | (22.5) | PDF p. 10 |
| Profit before taxS$'000; change in % | 5,916 | 4,447 | 33.0 | PDF p. 10 |
| Income tax expenseS$'000; change in % | (759) | (559) | 35.8 | PDF p. 10 |
| Profit for the yearS$'000; change in % | 5,158 | 3,888 | 32.7 | PDF p. 10 |
| Profit attributable to owners of the CompanyS$'000; change in % | 4,824 | 3,620 | 33.3 | PDF p. 10 |
Original report: PDF p. 10 ↗
The row 'Changes in inventories of finished goods and work-in-progress, materials and consumables used and other direct costs' wraps over two lines: (43,341) (36,716) 18.0; not included as a row because label wraps.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group as at 31 Dec 2025, S$'000 | 2024Group as at 31 Dec 2024, S$'000 | Source |
|---|---|---|---|
| Review of financial position | |||
| Current assetsS$'000 | 56,412 | 43,955 | PDF p. 11 |
| Non-current assetsS$'000 | 28,774 | 35,328 | PDF p. 11 |
| Total assetsS$'000 | 85,186 | 79,283 | PDF p. 11 |
| Current liabilitiesS$'000 | 20,237 | 15,038 | PDF p. 11 |
| Non-current liabilitiesS$'000 | 6,149 | 8,259 | PDF p. 11 |
| Total liabilitiesS$'000 | 26,386 | 23,297 | PDF p. 11 |
| Share capitalS$'000 | 11,351 | 11,351 | PDF p. 11 |
| Retained earningsS$'000 | 47,784 | 45,310 | PDF p. 11 |
| ReservesS$'000 | 116 | (19) | PDF p. 11 |
| Non-controlling interestsS$'000 | (451) | (656) | PDF p. 11 |
| Total equityS$'000 | 58,800 | 55,986 | PDF p. 11 |
Original report: PDF p. 11 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY2025, S$'000 | 2024Group FY2024, S$'000 | Source |
|---|---|---|---|
| Review of cash flow | |||
| Net cash generated from operating activitiesS$'000 | 11,366 | 9,684 | PDF p. 12 |
| Net cash used in investing activitiesS$'000 | (443) | (151) | PDF p. 12 |
| Net cash used in financing activitiesS$'000 | (5,292) | (8,042) | PDF p. 12 |
| Cash and cash equivalents at beginning of the yearS$'000 | 18,478 | 17,014 | PDF p. 12 |
| Net increase in cash and cash equivalentsS$'000 | 5,631 | 1,491 | PDF p. 12 |
| Effect of foreign exchange rate changesS$'000 | 62 | (27) | PDF p. 12 |
| Cash and cash equivalents at end of the yearS$'000 | 24,171 | 18,478 | PDF p. 12 |
Original report: PDF p. 12 ↗
(1) Excludes pledged fixed deposits of S$0.2 million (FY2024: S$0.2 million)
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group 2025 | 2024Group 2024 | Source |
|---|---|---|---|
| Earnings per ordinary share (EPS) | |||
| Profit for the year attributable to owners of the Company ($’000)$'000 | 4,824 | 3,620 | PDF p. 150 |
| Weighted average number of ordinary shares for the purpose of earnings per sharenumber of shares | 235,000,000 | 235,000,000 | PDF p. 150 |
| EPS – Basic and diluted (cents)cents | 2.05 | 1.54 | PDF p. 150 |
Original report: PDF p. 150 ↗
There were no dilutive equity instruments for FY2025 and FY2024.
Weighted average row label wraps: 'Weighted average number of ordinary shares for the purpose of' / 'earnings per share'.
Where the money comes from
| Item / unit | 2025Group Revenue | 2024Group Revenue | 2025Group Net profit | 2024Group Net profit | Source |
|---|---|---|---|---|---|
| Segment revenue and results | |||||
| Engineering$’000 | 63,708 | 54,792 | 3,478 | 2,180 | PDF p. 148 |
| Training$’000 | 12,803 | 10,860 | 2,507 | 2,399 | PDF p. 148 |
| Total segments$’000 | 76,511 | 65,652 | 5,985 | 4,579 | PDF p. 148 |
Revenue reported above represents revenue generated from external customers.
Segment profit represents the profit earned by each segment without allocation of research and development related expenses, share of results of associate, interest income, finance costs, and income tax expense.
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Segment assets | |||
| Engineering$’000 | 62,676 | 60,480 | PDF p. 149 |
| Training$’000 | 7,940 | 6,778 | PDF p. 149 |
| Total segment assets$’000 | 70,616 | 67,258 | PDF p. 149 |
| Unallocated assets$’000 | 14,570 | 12,025 | PDF p. 149 |
| Consolidated total assets$’000 | 85,186 | 79,283 | PDF p. 149 |
All assets are allocated to reportable segments with the exception of assets of group entities that are investment holding in nature (Note 13), investment in associates (Note 14) and investments in financial assets (Note 15). Assets used jointly by reportable segments are allocated on the basis of the revenue earned.
Liabilities are not allocated as they are not monitored by the chief operating decision makers.
| Item / unit | 2025Group Depreciation and amortisation | 2024Group Depreciation and amortisation | 2025Group Additions to non-current assets | 2024Group Additions to non-current assets | Source |
|---|---|---|---|---|---|
| Other segment information | |||||
| Engineering$’000 | 2,054 | 1,966 | 637 | 1,047 | PDF p. 149 |
| Training$’000 | 1,058 | 996 | 959 | 1,093 | PDF p. 149 |
| Unallocated$’000 | – | 1 | – | – | PDF p. 149 |
| Total$’000 | 3,112 | 2,963 | 1,596 | 2,140 | PDF p. 149 |
| Item / unit | 2025Group Revenue from external customers | 2024Group Revenue from external customers | 2025Group Non-current assets | 2024Group Non-current assets | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| Singapore$’000 | 70,691 | 60,419 | 21,269 | 27,831 | PDF p. 150 |
| Others$’000 | 5,820 | 5,233 | 1,841 | 1,615 | PDF p. 150 |
| Total$’000 | 76,511 | 65,652 | 23,110 | 29,446 | PDF p. 150 |
The Group operates predominantly in Singapore (country of domicile), except for two (2024: two) subsidiaries operating in Malaysia and Myanmar.
Non-current assets exclude investment in associate and financial instruments.
No single customer accounted for more than 10% of the Group’s total revenue in FY2025 and FY2024.
Debt
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Maturity analysis | |||
| Year 1$'000 | 1,147 | 1,053 | PDF p. 140 |
| Year 2$'000 | 1,234 | 825 | PDF p. 140 |
| Year 3$'000 | 861 | 609 | PDF p. 140 |
| Year 4$'000 | 251 | 389 | PDF p. 140 |
| Year 5$'000 | 170 | 372 | PDF p. 140 |
| Year 6 onwards$'000 | 2,729 | 5,535 | PDF p. 140 |
| Less: Unearned interest$'000 | (833) | (1,904) | PDF p. 140 |
| Analysed as | |||
| Current$'000 | 1,010 | 872 | PDF p. 140 |
| Non-current$'000 | 4,549 | 6,007 | PDF p. 140 |
Subtotal 6,392 (2025) and 8,783 (2024) undiscounted; net total 5,559 and 6,879 are printed as unlabelled subtotal rows.
| Item / unit | 2025weighted average effective interest rate % | 2025On demand or within 1 year $'000 | 20252 to 5 years $'000 | 2025After 5 years $'000 | 2025Adjustments $'000 | 2025Total $'000 | Source |
|---|---|---|---|---|---|---|---|
| Group 2025 | |||||||
| Lease liabilities (fixed rate)% / $'000 | 3.52 | 1,147 | 2,516 | 2,729 | (833) | 5,559 | PDF p. 122 |
| Variable interest rate instruments% / $'000 | 3.88 | 118 | 379 | 480 | (180) | 797 | PDF p. 122 |
Undiscounted cash flows including interest and principal. Non-interest bearing 2025: 13,927 total; Total row 15,192 / 2,895 / 3,209 / (1,013) / 20,283.
Rows are 2025 only in this table; see next table for 2024.
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Secured borrowings at amortised cost | |||
| Bank loans$'000 | 797 | 2,383 | PDF p. 141 |
| Less: Amount due for settlement within 12 months (shown under current liabilities)$'000 | (83) | (1,305) | PDF p. 141 |
| Amount due for settlement after 12 months$'000 | 714 | 1,078 | PDF p. 141 |
The bank borrowings are secured by the Group’s land and buildings (Note 11) and corporate guarantees given by the Company and certain directors.
(a) Secured term loan carrying amount $774,000 (2024: $794,000), repayable over 20 years from October 2014; 2.30% per annum below the bank’s base financing rate, floating rate; effective interest rate 4.23% (2024: 4.35%) per annum.
(b) Secured term loan principal $5,184,000 repayable monthly over 10 years from January 2022; fixed 1.4% for first and second year, thereafter floating 1.2% over SORA; effective interest rate 3.52% (2024: 4.88%) per annum. Final instalment of $23,000 fully repaid in January 2026.
(c) 5-year Temporary Bridging Loan principal $5,000,000, fixed 2% per annum, effective rate 2%; fully repaid during the year.
All borrowings are in Singapore dollars as presented ($); no other currency breakdown printed.
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current liabilities | |||||
| Lease liabilities (current)$'000 | 1,010 | 872 | – | – | PDF p. 94 |
| Bank borrowings (current)$'000 | 83 | 1,305 | – | – | PDF p. 94 |
| Non-current liabilities | |||||
| Lease liabilities (non-current)$'000 | 4,549 | 6,007 | – | – | PDF p. 94 |
| Bank borrowings (non-current)$'000 | 714 | 1,078 | – | – | PDF p. 94 |
Row labels are identical in current and non-current sections; section distinguishes them.
| Item / unit | 2024weighted average effective interest rate % | 2024On demand or within 1 year $'000 | 20242 to 5 years $'000 | 2024After 5 years $'000 | 2024Adjustments $'000 | 2024Total $'000 | Source |
|---|---|---|---|---|---|---|---|
| Group 2024 | |||||||
| Lease liabilities (fixed rate)% / $'000 | 3.65 | 1,053 | 2,196 | 5,534 | (1,904) | 6,879 | PDF p. 122 |
| Variable interest rate instruments% / $'000 | 4.62 | 646 | 794 | 494 | (275) | 1,659 | PDF p. 122 |
| Fixed interest rate instruments% / $'000 | 2.00 | 729 | – | – | (5) | 724 | PDF p. 122 |
Total 2024: 12,421 / 2,990 / 6,028 / (2,184) / 19,255. Non-interest bearing 9,993.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Group currently does not have a fixed dividend policy. | Group | PDF p. 80 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| final tax exempt (one-tier) dividend | 1.00 Singapore cent per ordinary share | FY2025 proposed, subject to shareholder approval at AGM | PDF p. 80 |
| special tax exempt (one-tier) dividend | 0.20 Singapore cents per ordinary share | FY2025 proposed, subject to shareholder approval at AGM | PDF p. 80 |
| final dividend | S$0.0060 | FY2024 final dividend, declared and paid in 2025 | PDF p. 147 |
| special dividend | S$0.0040 | FY2024 special dividend, declared and paid in 2025 | PDF p. 147 |
| The dividend was paid on | 30 May 2025 | FY2024 dividends | PDF p. 147 |
| final dividend | S$0.0060 | FY2023 final dividend, declared and paid in 2024 (comparative) | PDF p. 147 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| BDO LLP | BDO LLP | Group and Company, FY2025 | PDF p. 93 |
| Engagement partner | Adrian Lee Yu-Min | Group and Company, FY2025 | PDF p. 93 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.