Sanli Env 1E3
Financials
Annual Report 2026
Auditor’s opinion: a true and fair view. Read auditor’s report (PDF p. 90)
Explore the statements
38 tablesGroup statement of financial position / part 1
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group / as at 31 March 2026 | 2025Group / as at 31 March 2025 | Source |
|---|---|---|---|
| Current assets | |||
| Cash and bank balancesSingapore dollars in thousands | 8,794 | 7,391 | PDF p. 95 |
| Trade and other receivablesSingapore dollars in thousands | 16,151 | 19,555 | PDF p. 95 |
| Contract assetsSingapore dollars in thousands | 90,781 | 73,928 | PDF p. 95 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 115,726 | 100,874 | PDF p. 95 |
| Assets classified as held for saleSingapore dollars in thousands | – | 3,826 | PDF p. 95 |
| Total current assetsSingapore dollars in thousands | 115,726 | 104,700 | PDF p. 95 |
| Non-current assets | |||
| Property, plant and equipmentSingapore dollars in thousands | 35,530 | 19,131 | PDF p. 95 |
| Right-of-use assetsSingapore dollars in thousands | 3,114 | 1,886 | PDF p. 95 |
| Investment in subsidiariesSingapore dollars in thousands | – | – | PDF p. 95 |
| Deferred tax assetsSingapore dollars in thousands | – | 57 | PDF p. 95 |
| Total non-current assetsSingapore dollars in thousands | 38,644 | 21,074 | PDF p. 95 |
| Total assetsSingapore dollars in thousands | 154,370 | 125,774 | PDF p. 95 |
| Current liabilities | |||
| BorrowingsSingapore dollars in thousands | 37,684 | 43,528 | PDF p. 95 |
| Trade and other payablesSingapore dollars in thousands | 33,540 | 37,045 | PDF p. 95 |
| Contract liabilitiesSingapore dollars in thousands | 2,132 | 590 | PDF p. 95 |
| Lease liabilitiesSingapore dollars in thousands | 50 | 119 | PDF p. 95 |
| Income tax payableSingapore dollars in thousands | 413 | 248 | PDF p. 95 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 73,819 | 81,530 | PDF p. 95 |
| Liabilities directly associated with assets classified as held for saleSingapore dollars in thousands | – | 676 | PDF p. 95 |
| Total current liabilitiesSingapore dollars in thousands | 73,819 | 82,206 | PDF p. 95 |
| Non-current liabilities | |||
| BorrowingsSingapore dollars in thousands | 11,803 | 8,554 | PDF p. 95 |
| Lease liabilitiesSingapore dollars in thousands | 2,769 | 1,325 | PDF p. 95 |
| ProvisionsSingapore dollars in thousands | 387 | 547 | PDF p. 95 |
| Deferred tax liabilitiesSingapore dollars in thousands | 2,905 | 116 | PDF p. 95 |
| Total non-current liabilitiesSingapore dollars in thousands | 17,864 | 10,542 | PDF p. 95 |
Definitions & sources
Original report: PDF p. 95 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Company statement of financial position / part 1
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Company / as at 31 March 2026 | 2025Company / as at 31 March 2025 | Source |
|---|---|---|---|
| Current assets | |||
| Cash and bank balancesSingapore dollars in thousands | 217 | 80 | PDF p. 95 |
| Trade and other receivablesSingapore dollars in thousands | 25,085 | 4,741 | PDF p. 95 |
| Contract assetsSingapore dollars in thousands | – | – | PDF p. 95 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 25,302 | 4,821 | PDF p. 95 |
| Assets classified as held for saleSingapore dollars in thousands | – | – | PDF p. 95 |
| Total current assetsSingapore dollars in thousands | 25,302 | 4,821 | PDF p. 95 |
| Non-current assets | |||
| Property, plant and equipmentSingapore dollars in thousands | – | – | PDF p. 95 |
| Right-of-use assetsSingapore dollars in thousands | – | – | PDF p. 95 |
| Investment in subsidiariesSingapore dollars in thousands | 21,755 | 21,755 | PDF p. 95 |
| Deferred tax assetsSingapore dollars in thousands | – | – | PDF p. 95 |
| Total non-current assetsSingapore dollars in thousands | 21,755 | 21,755 | PDF p. 95 |
| Total assetsSingapore dollars in thousands | 47,057 | 26,576 | PDF p. 95 |
| Current liabilities | |||
| BorrowingsSingapore dollars in thousands | 10,000 | 3,274 | PDF p. 95 |
| Trade and other payablesSingapore dollars in thousands | 342 | 364 | PDF p. 95 |
| Contract liabilitiesSingapore dollars in thousands | – | – | PDF p. 95 |
| Lease liabilitiesSingapore dollars in thousands | – | – | PDF p. 95 |
| Income tax payableSingapore dollars in thousands | 6 | – | PDF p. 95 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 10,348 | 3,638 | PDF p. 95 |
| Liabilities directly associated with assets classified as held for saleSingapore dollars in thousands | – | – | PDF p. 95 |
| Total current liabilitiesSingapore dollars in thousands | 10,348 | 3,638 | PDF p. 95 |
| Non-current liabilities | |||
| BorrowingsSingapore dollars in thousands | – | – | PDF p. 95 |
| Lease liabilitiesSingapore dollars in thousands | – | – | PDF p. 95 |
| ProvisionsSingapore dollars in thousands | – | – | PDF p. 95 |
| Deferred tax liabilitiesSingapore dollars in thousands | – | – | PDF p. 95 |
| Total non-current liabilitiesSingapore dollars in thousands | – | – | PDF p. 95 |
Definitions & sources
Original report: PDF p. 95 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Group statement of financial position / part 2
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group / as at 31 March 2026 | 2025Group / as at 31 March 2025 | Source |
|---|---|---|---|
| Capital, reserves and non-controlling interests | |||
| Share capitalSingapore dollars in thousands | 34,849 | 21,297 | PDF p. 96 |
| Treasury sharesSingapore dollars in thousands | (6) | (119) | PDF p. 96 |
| Translation reservesSingapore dollars in thousands | (208) | (197) | PDF p. 96 |
| Merger reserveSingapore dollars in thousands | (6,755) | (6,755) | PDF p. 96 |
| Revaluation reservesSingapore dollars in thousands | 13,624 | – | PDF p. 96 |
| Capital reservesSingapore dollars in thousands | 1,110 | 531 | PDF p. 96 |
| Retained earningsSingapore dollars in thousands | 19,587 | 17,956 | PDF p. 96 |
| Equity attributable to owners of the CompanySingapore dollars in thousands | 62,201 | 32,713 | PDF p. 96 |
| Non-controlling interestsSingapore dollars in thousands | 486 | 313 | PDF p. 96 |
| Total equitySingapore dollars in thousands | 62,687 | 33,026 | PDF p. 96 |
| Total liabilities and equitySingapore dollars in thousands | 154,370 | 125,774 | PDF p. 96 |
Definitions & sources
Original report: PDF p. 96 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Company statement of financial position / part 2
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Company / as at 31 March 2026 | 2025Company / as at 31 March 2025 | Source |
|---|---|---|---|
| Capital, reserves and non-controlling interests | |||
| Share capitalSingapore dollars in thousands | 34,849 | 21,297 | PDF p. 96 |
| Treasury sharesSingapore dollars in thousands | (6) | (119) | PDF p. 96 |
| Translation reservesSingapore dollars in thousands | – | – | PDF p. 96 |
| Merger reserveSingapore dollars in thousands | – | – | PDF p. 96 |
| Revaluation reservesSingapore dollars in thousands | – | – | PDF p. 96 |
| Capital reservesSingapore dollars in thousands | 589 | 10 | PDF p. 96 |
| Retained earningsSingapore dollars in thousands | 1,277 | 1,750 | PDF p. 96 |
| Equity attributable to owners of the CompanySingapore dollars in thousands | 36,709 | 22,938 | PDF p. 96 |
| Non-controlling interestsSingapore dollars in thousands | – | – | PDF p. 96 |
| Total equitySingapore dollars in thousands | 36,709 | 22,938 | PDF p. 96 |
| Total liabilities and equitySingapore dollars in thousands | 47,057 | 26,576 | PDF p. 96 |
Definitions & sources
Original report: PDF p. 96 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Group consolidated statement of comprehensive income
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group / year ended 31 March 2026 | 2025Group / year ended 31 March 2025 | Source |
|---|---|---|---|
| Group profit or loss and other comprehensive income | |||
| RevenueSingapore dollars in thousands | 139,642 | 157,572 | PDF p. 97 |
| Cost of contract worksSingapore dollars in thousands | (124,176) | (142,871) | PDF p. 97 |
| Gross profitSingapore dollars in thousands | 15,466 | 14,701 | PDF p. 97 |
| Other incomeSingapore dollars in thousands | 3,099 | 1,533 | PDF p. 97 |
| Administrative expensesSingapore dollars in thousands | (10,766) | (9,391) | PDF p. 97 |
| Other operating expensesSingapore dollars in thousands | (2,470) | (2,475) | PDF p. 97 |
| Finance costsSingapore dollars in thousands | (2,684) | (2,315) | PDF p. 97 |
| Profit before taxSingapore dollars in thousands | 2,645 | 2,053 | PDF p. 97 |
| Income tax expenseSingapore dollars in thousands | (395) | (339) | PDF p. 97 |
| Profit for the yearSingapore dollars in thousands | 2,250 | 1,714 | PDF p. 97 |
| Item that may be reclassified subsequently to profit or loss: | |||
| Exchange differences on translation of foreign operationsSingapore dollars in thousands | 65 | 51 | PDF p. 97 |
| Item that will not be reclassified subsequently to profit or loss: | |||
| Revaluation of property, plant and equipment, net of taxSingapore dollars in thousands | 13,624 | - | PDF p. 97 |
| Other comprehensive incomeSingapore dollars in thousands | 13,689 | 51 | PDF p. 97 |
| Total comprehensive income for the yearSingapore dollars in thousands | 15,939 | 1,765 | PDF p. 97 |
| Profit for the year attributable to: | |||
| Owners of the CompanySingapore dollars in thousands | 2,153 | 1,541 | PDF p. 97 |
| Non-controlling interestsSingapore dollars in thousands | 97 | 173 | PDF p. 97 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 2,250 | 1,714 | PDF p. 97 |
| Total comprehensive income for the year attributable to: | |||
| Owners of the CompanySingapore dollars in thousands | 15,766 | 1,570 | PDF p. 97 |
| Non-controlling interestsSingapore dollars in thousands | 173 | 195 | PDF p. 97 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 15,939 | 1,765 | PDF p. 97 |
| Earnings per share: | |||
| Basic and diluted (cents)Singapore cents per share | 0.71 | 0.58 | PDF p. 97 |
Definitions & sources
Original report: PDF p. 97 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Group changes in equity / 2025
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / Share capital | 2025Group / Treasury shares | 2025Group / Translation reserves | 2025Group / Revaluation reserves | 2025Group / Merger reserve | 2025Group / Capital reserve | 2025Group / Retained earnings | 2025Group / Equity attributable to owners of the Company | 2025Group / Non-controlling interests | 2025Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity / 2025 | |||||||||||
| Balance as at April 1, 2024Singapore dollars in thousands | 21,297 | (165) | (226) | – | (6,755) | 521 | 17,288 | 31,960 | 56 | 32,016 | PDF p. 98 |
| Profit for the yearSingapore dollars in thousands | – | – | – | – | – | – | 1,541 | 1,541 | 173 | 1,714 | PDF p. 98 |
| Other comprehensive income for the yearSingapore dollars in thousands | – | – | 29 | – | – | – | – | 29 | 22 | 51 | PDF p. 98 |
| TotalSingapore dollars in thousands | – | – | 29 | – | – | – | 1,541 | 1,570 | 195 | 1,765 | PDF p. 98 |
| Dividends (Note 28)Singapore dollars in thousands | – | – | – | – | – | – | (873) | (873) | – | (873) | PDF p. 98 |
| Performance share awardedSingapore dollars in thousands | – | 46 | – | – | – | (46) | – | – | – | – | PDF p. 98 |
| Share-based paymentsSingapore dollars in thousands | – | – | – | – | – | 56 | – | 56 | – | 56 | PDF p. 98 |
| Effect from the divestment of ownership in subsidiariesSingapore dollars in thousands | – | – | – | – | – | – | * | * | 62 | 62 | PDF p. 98 |
| TotalSingapore dollars in thousands | – | 46 | – | – | – | 10 | (873) | (817) | 62 | (755) | PDF p. 98 |
| Balance as at March 31, 2025Singapore dollars in thousands | 21,297 | (119) | (197) | – | (6,755) | 531 | 17,956 | 32,713 | 313 | 33,026 | PDF p. 98 |
Definitions & sources
Original report: PDF p. 98 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Group changes in equity / 2026
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group / Share capital | 2026Group / Treasury shares | 2026Group / Translation reserves | 2026Group / Revaluation reserves | 2026Group / Merger reserve | 2026Group / Capital reserve | 2026Group / Retained earnings | 2026Group / Equity attributable to owners of the Company | 2026Group / Non-controlling interests | 2026Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity / 2026 | |||||||||||
| Balance as at March 31, 2025Singapore dollars in thousands | 21,297 | (119) | (197) | – | (6,755) | 531 | 17,956 | 32,713 | 313 | 33,026 | PDF p. 98 |
| Profit for the yearSingapore dollars in thousands | – | – | – | – | – | – | 2,153 | 2,153 | 97 | 2,250 | PDF p. 98 |
| Other comprehensive income for the yearSingapore dollars in thousands | – | – | (11) | 13,624 | – | – | – | 13,613 | 76 | 13,689 | PDF p. 98 |
| TotalSingapore dollars in thousands | – | – | (11) | 13,624 | – | – | 2,153 | 15,766 | 173 | 15,939 | PDF p. 98 |
| Dividends (Note 28)Singapore dollars in thousands | – | – | – | – | – | – | (522) | (522) | – | (522) | PDF p. 98 |
| Performance share awardedSingapore dollars in thousands | – | 315 | – | – | – | (315) | – | – | – | – | PDF p. 98 |
| Share-based paymentsSingapore dollars in thousands | – | - | – | – | – | 894 | – | 894 | – | 894 | PDF p. 98 |
| Issuance of share capital (net of transaction costs)Singapore dollars in thousands | 13,552 | – | – | – | – | – | – | 13,552 | – | 13,552 | PDF p. 98 |
| Re-purchase of sharesSingapore dollars in thousands | – | (202) | – | – | – | – | – | (202) | – | (202) | PDF p. 98 |
| TotalSingapore dollars in thousands | 13,552 | 113 | – | – | – | 579 | (522) | 13,722 | – | 13,722 | PDF p. 98 |
| Balance as at March 31, 2026Singapore dollars in thousands | 34,849 | (6) | (208) | 13,624 | (6,755) | 1,110 | 19,587 | 62,201 | 486 | 62,687 | PDF p. 98 |
Definitions & sources
Original report: PDF p. 98 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Company changes in equity / 2025
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company / Share capital | 2025Company / Treasury shares | 2025Company / Capital reserve | 2025Company / Retained earnings | 2025Company / Total equity | Source |
|---|---|---|---|---|---|---|
| Company changes in equity / 2025 | ||||||
| Balance as at April 1, 2024Singapore dollars in thousands | 21,297 | (165) | – | 2,572 | 23,704 | PDF p. 99 |
| Profit for the year representing total comprehensive income for the yearSingapore dollars in thousands | – | – | – | 51 | 51 | PDF p. 99 |
| Dividends (Note 28)Singapore dollars in thousands | – | – | – | (873) | (873) | PDF p. 99 |
| Performance share awardedSingapore dollars in thousands | – | 46 | (46) | – | – | PDF p. 99 |
| Share-based paymentsSingapore dollars in thousands | – | – | 56 | – | 56 | PDF p. 99 |
| Balance as at March 31, 2025Singapore dollars in thousands | 21,297 | (119) | 10 | 1,750 | 22,938 | PDF p. 99 |
Definitions & sources
Original report: PDF p. 99 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Company changes in equity / 2026
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Company / Share capital | 2026Company / Treasury shares | 2026Company / Capital reserve | 2026Company / Retained earnings | 2026Company / Total equity | Source |
|---|---|---|---|---|---|---|
| Company changes in equity / 2026 | ||||||
| Balance as at March 31, 2025Singapore dollars in thousands | 21,297 | (119) | 10 | 1,750 | 22,938 | PDF p. 99 |
| Profit for the year representing total comprehensive income for the yearSingapore dollars in thousands | – | – | – | 49 | 49 | PDF p. 99 |
| Dividends (Note 28)Singapore dollars in thousands | – | – | – | (522) | (522) | PDF p. 99 |
| Performance share awardedSingapore dollars in thousands | – | 315 | (315) | – | – | PDF p. 99 |
| Share-based paymentsSingapore dollars in thousands | – | – | 894 | – | 894 | PDF p. 99 |
| Issuance of share capital (net of transaction costs)Singapore dollars in thousands | 13,552 | – | – | – | 13,552 | PDF p. 99 |
| Re-purchase of sharesSingapore dollars in thousands | – | (202) | – | – | (202) | PDF p. 99 |
| Balance as at March 31, 2026Singapore dollars in thousands | 34,849 | (6) | 589 | 1,277 | 36,709 | PDF p. 99 |
Definitions & sources
Original report: PDF p. 99 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Group consolidated statement of cash flows
38 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group / year ended 31 March 2026 | 2025Group / year ended 31 March 2025 | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before taxSingapore dollars in thousands | 2,645 | 2,053 | PDF p. 100 |
| Adjustments for: | |||
| Depreciation of property, plant and equipmentSingapore dollars in thousands | 2,444 | 2,581 | PDF p. 100 |
| Depreciation of right-of-use assetsSingapore dollars in thousands | 125 | 182 | PDF p. 100 |
| Gain on disposal of property, plant and equipmentSingapore dollars in thousands | (51) | (19) | PDF p. 100 |
| Gain on disposal of assets classified as held for saleSingapore dollars in thousands | (2,133) | (480) | PDF p. 100 |
| Right-of-use assets adjustmentSingapore dollars in thousands | (84) | – | PDF p. 100 |
| Share-based payment expensesSingapore dollars in thousands | 894 | 56 | PDF p. 100 |
| Finance costsSingapore dollars in thousands | 2,684 | 2,315 | PDF p. 100 |
| Interest incomeSingapore dollars in thousands | (31) | (127) | PDF p. 100 |
| Exchange differencesSingapore dollars in thousands | 67 | 64 | PDF p. 100 |
| Operating cash flows before movements in working capitalSingapore dollars in thousands | 6,560 | 6,625 | PDF p. 100 |
| Trade and other receivablesSingapore dollars in thousands | 3,404 | 1,224 | PDF p. 100 |
| Trade and other payablesSingapore dollars in thousands | (4,646) | (4,567) | PDF p. 100 |
| Contract assetsSingapore dollars in thousands | (16,853) | (11,843) | PDF p. 100 |
| Contract liabilitiesSingapore dollars in thousands | 1,542 | 484 | PDF p. 100 |
| Cash used in operationsSingapore dollars in thousands | (9,993) | (8,077) | PDF p. 100 |
| Income tax paidSingapore dollars in thousands | (175) | (721) | PDF p. 100 |
| Net cash used in operating activitiesSingapore dollars in thousands | (10,168) | (8,798) | PDF p. 100 |
| Investing activities | |||
| Purchases of property, plant and equipment (Note B)Singapore dollars in thousands | (2,344) | (3,243) | PDF p. 100 |
| Proceeds from disposal of property, plant and equipmentSingapore dollars in thousands | 106 | 37 | PDF p. 100 |
| Proceeds from disposal of assets classified as held for saleSingapore dollars in thousands | 5,283 | 3,000 | PDF p. 100 |
| Proceeds from partial disposal of interest in subsidiarySingapore dollars in thousands | – | 62 | PDF p. 100 |
| Interest receivedSingapore dollars in thousands | 31 | 127 | PDF p. 100 |
| Net cash from (used in) investing activitiesSingapore dollars in thousands | 3,076 | (17) | PDF p. 100 |
| Financing activities | |||
| Dividends paidSingapore dollars in thousands | (522) | (873) | PDF p. 100 |
| Proceeds on issuance of shares (net of transaction costs)Singapore dollars in thousands | 13,552 | – | PDF p. 100 |
| Proceeds from borrowingsSingapore dollars in thousands | 11,722 | 16,844 | PDF p. 100 |
| Proceeds from unsecured loans from directorsSingapore dollars in thousands | 3,000 | – | PDF p. 100 |
| Repayment of unsecured loans from directorsSingapore dollars in thousands | (2,000) | – | PDF p. 100 |
| Repayment of borrowingsSingapore dollars in thousands | (14,317) | (3,736) | PDF p. 100 |
| Repayment of lease liabilitiesSingapore dollars in thousands | (66) | (145) | PDF p. 100 |
| Purchase of treasury sharesSingapore dollars in thousands | (202) | – | PDF p. 100 |
| Interest paidSingapore dollars in thousands | (2,672) | (2,315) | PDF p. 100 |
| Release of pledged fixed depositsSingapore dollars in thousands | 3,811 | – | PDF p. 100 |
| Net cash from financing activitiesSingapore dollars in thousands | 12,306 | 9,775 | PDF p. 100 |
| Net increase in cash and cash equivalentsSingapore dollars in thousands | 5,214 | 960 | PDF p. 100 |
| Cash and cash equivalents at beginning of financial yearSingapore dollars in thousands | 3,580 | 2,620 | PDF p. 100 |
| Cash and cash equivalents at end of financial year (Note A)Singapore dollars in thousands | 8,794 | 3,580 | PDF p. 100 |
Definitions & sources
Original report: PDF p. 100 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Group cash and pledged deposit reconciliation
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group / cash-flow definition | 2025Group / cash-flow definition | Source |
|---|---|---|---|
| Group cash and pledged deposit reconciliation | |||
| Cash at bank and on handSingapore dollars in thousands | 8,794 | 3,312 | PDF p. 101 |
| Fixed depositsSingapore dollars in thousands | – | 4,079 | PDF p. 101 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 8,794 | 7,391 | PDF p. 101 |
| Less: Pledged fixed depositsSingapore dollars in thousands | – | (3,811) | PDF p. 101 |
| Cash and cash equivalents as per consolidated statement of cash flowsSingapore dollars in thousands | 8,794 | 3,580 | PDF p. 101 |
Definitions & sources
Original report: PDF p. 101 ↗
FY2025 cash at bank plus deposits 7,391 less pledged fixed deposits 3,811 equals cash-flow cash 3,580. FY2026 pledged deposits were released and cash-flow cash equals bank cash 8,794.
Group financing liability reconciliation / 2026
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group / Opening balance | 2026Group / Financing cash flows | 2026Group / New lease liabilities | 2026Group / Other changes | 2026Group / Closing balance | Source |
|---|---|---|---|---|---|---|
| Group | ||||||
| BorrowingsSingapore dollars in thousands | 52,082 | (2,595) | – | – | 49,487 | PDF p. 132 |
| Lease liabilitiesSingapore dollars in thousands | 1,444 | (66) | 1,441 | – | 2,819 | PDF p. 132 |
| Liabilities directly associated with assets classified as held for saleSingapore dollars in thousands | 676 | – | – | (676) | – | PDF p. 132 |
| Loan from directorsSingapore dollars in thousands | – | 1,000 | – | – | 1,000 | PDF p. 132 |
| TotalSingapore dollars in thousands | 54,202 | (1,661) | 1,441 | (676) | 53,306 | PDF p. 132 |
Definitions & sources
Original report: PDF p. 132 ↗
Borrowings, lease liabilities, liabilities attached to assets held for sale and director loans retain their distinct components. Original financing cash movements exclude interest paid.
Group financing liability reconciliation / 2025
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / Opening balance | 2025Group / Financing cash flows | 2025Group / Other changes | 2025Group / Closing balance | Source |
|---|---|---|---|---|---|
| Group | |||||
| BorrowingsSingapore dollars in thousands | 38,974 | 13,108 | - | 52,082 | PDF p. 132 |
| Lease liabilitiesSingapore dollars in thousands | 1,559 | (115) | - | 1,444 | PDF p. 132 |
| Liabilities directly associated with assets classified as held for saleSingapore dollars in thousands | 985 | (30) | (279) | 676 | PDF p. 132 |
| TotalSingapore dollars in thousands | 41,518 | 12,963 | (279) | 54,202 | PDF p. 132 |
Definitions & sources
Original report: PDF p. 132 ↗
Borrowings, lease liabilities, liabilities attached to assets held for sale and director loans retain their distinct components. Original financing cash movements exclude interest paid.
Group earnings per share and whole-share denominator
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group / EPS calculation | 2025Group / EPS calculation | Source |
|---|---|---|---|
| Group earnings per share | |||
| Profit for the year attributable to owners of the Company ($’000)Singapore dollars in thousands | 2,153 | 1,541 | PDF p. 139 |
| Weighted average number of ordinary sharesWhole ordinary shares | 304,990,409 | 266,841,110 | PDF p. 139 |
| EPS - Basic and diluted (cents)Singapore cents per share | 0.71 | 0.58 | PDF p. 139 |
Definitions & sources
Original report: PDF p. 139 ↗
No dilutive equity instruments for either year. Profit in SGD000; denominator in whole shares; EPS in Singapore cents.
Joint operation financial information / financial position
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Joint operation HAE / full underlying amounts, not Group share | 2025Joint operation HAE / full underlying amounts, not Group share | 2026Joint operation CRES / full underlying amounts, not Group share | 2025Joint operation CRES / full underlying amounts, not Group share | 2026Joint operation STECS / full underlying amounts, not Group share | 2025Joint operation STECS / full underlying amounts, not Group share | Source |
|---|---|---|---|---|---|---|---|
| Joint operation financial information | |||||||
| Current assetsSingapore dollars in thousands | 3,457 | 7,429 | 1,059 | – | 3,308 | – | PDF p. 143 |
| Current liabilitiesSingapore dollars in thousands | (2,309) | (6,251) | (996) | – | (3,236) | – | PDF p. 143 |
Definitions & sources
Original report: PDF p. 143 ↗
These are full underlying joint-operation amounts, not the Group share. HAE51%, STECS50%; CRES incorporation unfinished at reporting date but contractual entitlement51% of assets/liabilities/profit or loss.
Joint operation financial information / cash and results
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Joint operation HAE / full underlying amounts, not Group share | 2025Joint operation HAE / full underlying amounts, not Group share | 2026Joint operation CRES / full underlying amounts, not Group share | 2025Joint operation CRES / full underlying amounts, not Group share | 2026Joint operation STECS / full underlying amounts, not Group share | 2025Joint operation STECS / full underlying amounts, not Group share | Source |
|---|---|---|---|---|---|---|---|
| Joint operation financial information | |||||||
| Cash and cash equivalentsSingapore dollars in thousands | 30 | 250 | – | – | – | – | PDF p. 143 |
| RevenueSingapore dollars in thousands | 4,243 | 10,497 | 1,059 | – | 1,317 | – | PDF p. 143 |
| (Loss) Profit for the yearSingapore dollars in thousands | (31) | (891) | 63 | – | 71 | – | PDF p. 143 |
Definitions & sources
Original report: PDF p. 143 ↗
These are full underlying joint-operation amounts, not the Group share. HAE51%, STECS50%; CRES incorporation unfinished at reporting date but contractual entitlement51% of assets/liabilities/profit or loss.
Group statement of financial position / part 1
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / as at 31 March 2024 | Source |
|---|---|---|
| Current assets | ||
| Cash and bank balancesSingapore dollars in thousands | 6,431 | PDF p. 86 |
| Trade and other receivablesSingapore dollars in thousands | 20,779 | PDF p. 86 |
| Contract assetsSingapore dollars in thousands | 62,085 | PDF p. 86 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 89,295 | PDF p. 86 |
| Assets classified as held for saleSingapore dollars in thousands | 6,625 | PDF p. 86 |
| Total current assetsSingapore dollars in thousands | 95,920 | PDF p. 86 |
| Non-current assets | ||
| Property, plant and equipmentSingapore dollars in thousands | 19,637 | PDF p. 86 |
| Right-of-use assetsSingapore dollars in thousands | 2,068 | PDF p. 86 |
| Investment in subsidiariesSingapore dollars in thousands | – | PDF p. 86 |
| Deferred tax assetsSingapore dollars in thousands | 57 | PDF p. 86 |
| Total non-current assetsSingapore dollars in thousands | 21,762 | PDF p. 86 |
| Total assetsSingapore dollars in thousands | 117,682 | PDF p. 86 |
| Current liabilities | ||
| BorrowingsSingapore dollars in thousands | 27,826 | PDF p. 86 |
| Trade and other payablesSingapore dollars in thousands | 42,749 | PDF p. 86 |
| Contract liabilitiesSingapore dollars in thousands | 106 | PDF p. 86 |
| Lease liabilitiesSingapore dollars in thousands | 115 | PDF p. 86 |
| Income tax payableSingapore dollars in thousands | 548 | PDF p. 86 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 71,344 | PDF p. 86 |
| Liabilities directly associated with assets classified as held for saleSingapore dollars in thousands | 985 | PDF p. 86 |
| Total current liabilitiesSingapore dollars in thousands | 72,329 | PDF p. 86 |
| Non-current liabilities | ||
| BorrowingsSingapore dollars in thousands | 11,148 | PDF p. 86 |
| Lease liabilitiesSingapore dollars in thousands | 1,444 | PDF p. 86 |
| ProvisionsSingapore dollars in thousands | 547 | PDF p. 86 |
| Deferred tax liabilitiesSingapore dollars in thousands | 198 | PDF p. 86 |
| Total non-current liabilitiesSingapore dollars in thousands | 13,337 | PDF p. 86 |
Definitions & sources
Original report: PDF p. 86 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Company statement of financial position / part 1
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Company / as at 31 March 2024 | Source |
|---|---|---|
| Current assets | ||
| Cash and bank balancesSingapore dollars in thousands | 17 | PDF p. 86 |
| Trade and other receivablesSingapore dollars in thousands | 2,162 | PDF p. 86 |
| Contract assetsSingapore dollars in thousands | – | PDF p. 86 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 2,179 | PDF p. 86 |
| Assets classified as held for saleSingapore dollars in thousands | – | PDF p. 86 |
| Total current assetsSingapore dollars in thousands | 2,179 | PDF p. 86 |
| Non-current assets | ||
| Property, plant and equipmentSingapore dollars in thousands | – | PDF p. 86 |
| Right-of-use assetsSingapore dollars in thousands | – | PDF p. 86 |
| Investment in subsidiariesSingapore dollars in thousands | 21,755 | PDF p. 86 |
| Deferred tax assetsSingapore dollars in thousands | – | PDF p. 86 |
| Total non-current assetsSingapore dollars in thousands | 21,755 | PDF p. 86 |
| Total assetsSingapore dollars in thousands | 23,934 | PDF p. 86 |
| Current liabilities | ||
| BorrowingsSingapore dollars in thousands | – | PDF p. 86 |
| Trade and other payablesSingapore dollars in thousands | 230 | PDF p. 86 |
| Contract liabilitiesSingapore dollars in thousands | – | PDF p. 86 |
| Lease liabilitiesSingapore dollars in thousands | – | PDF p. 86 |
| Income tax payableSingapore dollars in thousands | – | PDF p. 86 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 230 | PDF p. 86 |
| Liabilities directly associated with assets classified as held for saleSingapore dollars in thousands | – | PDF p. 86 |
| Total current liabilitiesSingapore dollars in thousands | 230 | PDF p. 86 |
| Non-current liabilities | ||
| BorrowingsSingapore dollars in thousands | – | PDF p. 86 |
| Lease liabilitiesSingapore dollars in thousands | – | PDF p. 86 |
| ProvisionsSingapore dollars in thousands | – | PDF p. 86 |
| Deferred tax liabilitiesSingapore dollars in thousands | – | PDF p. 86 |
| Total non-current liabilitiesSingapore dollars in thousands | – | PDF p. 86 |
Definitions & sources
Original report: PDF p. 86 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Group statement of financial position / part 2
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / as at 31 March 2024 | Source |
|---|---|---|
| Capital, reserves and non-controlling interests | ||
| Share capitalSingapore dollars in thousands | 21,297 | PDF p. 87 |
| Treasury sharesSingapore dollars in thousands | (165) | PDF p. 87 |
| Translation reservesSingapore dollars in thousands | (226) | PDF p. 87 |
| Merger reserveSingapore dollars in thousands | (6,755) | PDF p. 87 |
| Capital reserveSingapore dollars in thousands | 521 | PDF p. 87 |
| Retained earningsSingapore dollars in thousands | 17,288 | PDF p. 87 |
| Equity attributable to owners of the CompanySingapore dollars in thousands | 31,960 | PDF p. 87 |
| Non-controlling interestsSingapore dollars in thousands | 56 | PDF p. 87 |
| Total equitySingapore dollars in thousands | 32,016 | PDF p. 87 |
| Total liabilities and equitySingapore dollars in thousands | 117,682 | PDF p. 87 |
Definitions & sources
Original report: PDF p. 87 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Company statement of financial position / part 2
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Company / as at 31 March 2024 | Source |
|---|---|---|
| Capital, reserves and non-controlling interests | ||
| Share capitalSingapore dollars in thousands | 21,297 | PDF p. 87 |
| Treasury sharesSingapore dollars in thousands | (165) | PDF p. 87 |
| Translation reservesSingapore dollars in thousands | – | PDF p. 87 |
| Merger reserveSingapore dollars in thousands | – | PDF p. 87 |
| Capital reserveSingapore dollars in thousands | – | PDF p. 87 |
| Retained earningsSingapore dollars in thousands | 2,572 | PDF p. 87 |
| Equity attributable to owners of the CompanySingapore dollars in thousands | 23,704 | PDF p. 87 |
| Non-controlling interestsSingapore dollars in thousands | – | PDF p. 87 |
| Total equitySingapore dollars in thousands | 23,704 | PDF p. 87 |
| Total liabilities and equitySingapore dollars in thousands | 23,934 | PDF p. 87 |
Definitions & sources
Original report: PDF p. 87 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Group consolidated statement of comprehensive income
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / year ended 31 March 2024 | Source |
|---|---|---|
| Group profit or loss and other comprehensive income | ||
| RevenueSingapore dollars in thousands | 130,551 | PDF p. 88 |
| Cost of contract worksSingapore dollars in thousands | (114,312) | PDF p. 88 |
| Gross profitSingapore dollars in thousands | 16,239 | PDF p. 88 |
| Other incomeSingapore dollars in thousands | 547 | PDF p. 88 |
| Administrative expensesSingapore dollars in thousands | (9,209) | PDF p. 88 |
| Other operating expensesSingapore dollars in thousands | (1,898) | PDF p. 88 |
| Finance costsSingapore dollars in thousands | (1,668) | PDF p. 88 |
| Profit before taxSingapore dollars in thousands | 4,011 | PDF p. 88 |
| Income tax expenseSingapore dollars in thousands | (1,057) | PDF p. 88 |
| Profit for the yearSingapore dollars in thousands | 2,954 | PDF p. 88 |
| Item that may be reclassified subsequently to profit or loss: | ||
| Exchange differences on translation of foreign operationsSingapore dollars in thousands | (19) | PDF p. 88 |
| Total comprehensive income for the yearSingapore dollars in thousands | 2,935 | PDF p. 88 |
| Profit for the year attributable to: | ||
| Owners of the CompanySingapore dollars in thousands | 2,922 | PDF p. 88 |
| Non-controlling interestsSingapore dollars in thousands | 32 | PDF p. 88 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 2,954 | PDF p. 88 |
| Total comprehensive income for the year attributable to: | ||
| Owners of the CompanySingapore dollars in thousands | 2,898 | PDF p. 88 |
| Non-controlling interestsSingapore dollars in thousands | 37 | PDF p. 88 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 2,935 | PDF p. 88 |
| Earnings per share: | ||
| Basic and diluted (cents)Singapore cents per share | 1.09 | PDF p. 88 |
Definitions & sources
Original report: PDF p. 88 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Group changes in equity / 2024
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / Share capital | 2024Group / Treasury shares | 2024Group / Translation reserves | 2024Group / Merger reserve | 2024Group / Capital reserve | 2024Group / Retained earnings | 2024Group / Equity attributable to owners of the Company | 2024Group / Non-controlling interests | 2024Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity / 2024 | ||||||||||
| Balance as at April 1, 2023Singapore dollars in thousands | 21,297 | (165) | (202) | (6,755) | 521 | 16,412 | 31,108 | 19 | 31,127 | PDF p. 89 |
| Profit for the yearSingapore dollars in thousands | – | – | – | – | – | 2,922 | 2,922 | 32 | 2,954 | PDF p. 89 |
| Other comprehensive loss for the yearSingapore dollars in thousands | – | – | (24) | – | – | – | (24) | 5 | (19) | PDF p. 89 |
| TotalSingapore dollars in thousands | – | – | (24) | – | – | 2,922 | 2,898 | 37 | 2,935 | PDF p. 89 |
| Dividends (Note 28)Singapore dollars in thousands | – | – | – | – | – | (2,046) | (2,046) | – | (2,046) | PDF p. 89 |
| Balance as at March 31, 2024Singapore dollars in thousands | 21,297 | (165) | (226) | (6,755) | 521 | 17,288 | 31,960 | 56 | 32,016 | PDF p. 89 |
Definitions & sources
Original report: PDF p. 89 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Company changes in equity / 2024
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Company / Share capital | 2024Company / Treasury shares | 2024Company / Capital reserve | 2024Company / Retained earnings | 2024Company / Total equity | Source |
|---|---|---|---|---|---|---|
| Company changes in equity / 2024 | ||||||
| Balance as at April 1, 2023Singapore dollars in thousands | 21,297 | (165) | – | 603 | 21,735 | PDF p. 90 |
| Profit for the year representing total comprehensive income for the yearSingapore dollars in thousands | – | – | – | 4,015 | 4,015 | PDF p. 90 |
| Dividends (Note 28)Singapore dollars in thousands | – | – | – | (2,046) | (2,046) | PDF p. 90 |
| Balance as at March 31, 2024Singapore dollars in thousands | 21,297 | (165) | – | 2,572 | 23,704 | PDF p. 90 |
Definitions & sources
Original report: PDF p. 90 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Group consolidated statement of cash flows
33 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / year ended 31 March 2024 | Source |
|---|---|---|
| Operating activities | ||
| Profit before taxSingapore dollars in thousands | 4,011 | PDF p. 91 |
| Adjustments for: | ||
| Depreciation of property, plant and equipmentSingapore dollars in thousands | 1,606 | PDF p. 91 |
| Depreciation of right-of-use assetsSingapore dollars in thousands | 268 | PDF p. 91 |
| Gain on disposal of property, plant and equipmentSingapore dollars in thousands | – | PDF p. 91 |
| Gain on disposal of assets classified as held for saleSingapore dollars in thousands | – | PDF p. 91 |
| Property, plant and equipment written offSingapore dollars in thousands | 32 | PDF p. 91 |
| Share-based payment expensesSingapore dollars in thousands | – | PDF p. 91 |
| Finance costsSingapore dollars in thousands | 1,668 | PDF p. 91 |
| Interest incomeSingapore dollars in thousands | (156) | PDF p. 91 |
| Exchange differencesSingapore dollars in thousands | (20) | PDF p. 91 |
| Operating cash flows before movements in working capitalSingapore dollars in thousands | 7,409 | PDF p. 91 |
| Trade and other receivablesSingapore dollars in thousands | (1,758) | PDF p. 91 |
| Trade and other payablesSingapore dollars in thousands | (272) | PDF p. 91 |
| Contract assetsSingapore dollars in thousands | (15,586) | PDF p. 91 |
| Contract liabilitiesSingapore dollars in thousands | (5,541) | PDF p. 91 |
| Cash used in operationsSingapore dollars in thousands | (15,748) | PDF p. 91 |
| Income tax paidSingapore dollars in thousands | (1,053) | PDF p. 91 |
| Net cash used in operating activitiesSingapore dollars in thousands | (16,801) | PDF p. 91 |
| Investing activities | ||
| Purchases of property, plant and equipment (Note B)Singapore dollars in thousands | (17,561) | PDF p. 91 |
| Proceeds from disposal of property, plant and equipmentSingapore dollars in thousands | – | PDF p. 91 |
| Proceeds from disposal of assets classified as held for saleSingapore dollars in thousands | – | PDF p. 91 |
| Proceeds from partial disposal of interest in subsidiarySingapore dollars in thousands | – | PDF p. 91 |
| Interest receivedSingapore dollars in thousands | 156 | PDF p. 91 |
| Net cash used in investing activitiesSingapore dollars in thousands | (17,405) | PDF p. 91 |
| Financing activities | ||
| Dividends paidSingapore dollars in thousands | (2,046) | PDF p. 91 |
| Proceeds from borrowingsSingapore dollars in thousands | 26,307 | PDF p. 91 |
| Repayment of borrowingsSingapore dollars in thousands | (1,549) | PDF p. 91 |
| Repayment of lease liabilitiesSingapore dollars in thousands | (209) | PDF p. 91 |
| Interest paidSingapore dollars in thousands | (1,668) | PDF p. 91 |
| Net cash from financing activitiesSingapore dollars in thousands | 20,835 | PDF p. 91 |
| Net increase (decrease) in cash and cash equivalentsSingapore dollars in thousands | (13,371) | PDF p. 91 |
| Cash and cash equivalents at beginning of financial yearSingapore dollars in thousands | 15,991 | PDF p. 91 |
| Cash and cash equivalents at end of financial year (Note A)Singapore dollars in thousands | 2,620 | PDF p. 91 |
Definitions & sources
Original report: PDF p. 91 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Group statement of financial position / part 1
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / as at 31 March 2023 | Source |
|---|---|---|
| Current assets | ||
| Cash and cash equivalentsSingapore dollars in thousands | 19,802 | PDF p. 78 |
| Trade and other receivablesSingapore dollars in thousands | 19,021 | PDF p. 78 |
| Contract assetsSingapore dollars in thousands | 46,499 | PDF p. 78 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 85,322 | PDF p. 78 |
| Assets classified as held for saleSingapore dollars in thousands | – | PDF p. 78 |
| Total current assetsSingapore dollars in thousands | 85,322 | PDF p. 78 |
| Non-current assets | ||
| Property, plant and equipmentSingapore dollars in thousands | 8,270 | PDF p. 78 |
| Right-of-use assetsSingapore dollars in thousands | 1,310 | PDF p. 78 |
| Investment in subsidiariesSingapore dollars in thousands | – | PDF p. 78 |
| Deferred tax assetsSingapore dollars in thousands | 56 | PDF p. 78 |
| Total non-current assetsSingapore dollars in thousands | 9,636 | PDF p. 78 |
| Total assetsSingapore dollars in thousands | 94,958 | PDF p. 78 |
| Current liabilities | ||
| BorrowingsSingapore dollars in thousands | 11,414 | PDF p. 78 |
| Trade and other payablesSingapore dollars in thousands | 41,882 | PDF p. 78 |
| Contract liabilitiesSingapore dollars in thousands | 5,647 | PDF p. 78 |
| Lease liabilitiesSingapore dollars in thousands | 288 | PDF p. 78 |
| Income tax payableSingapore dollars in thousands | 691 | PDF p. 78 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 59,922 | PDF p. 78 |
| Liabilities directly associated with assets classified as held for saleSingapore dollars in thousands | – | PDF p. 78 |
| Total current liabilitiesSingapore dollars in thousands | 59,922 | PDF p. 78 |
| Non-current liabilities | ||
| BorrowingsSingapore dollars in thousands | 2,802 | PDF p. 78 |
| Lease liabilitiesSingapore dollars in thousands | 1,057 | PDF p. 78 |
| ProvisionsSingapore dollars in thousands | – | PDF p. 78 |
| Deferred tax liabilitiesSingapore dollars in thousands | 50 | PDF p. 78 |
| Total non-current liabilitiesSingapore dollars in thousands | 3,909 | PDF p. 78 |
Definitions & sources
Original report: PDF p. 78 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Company statement of financial position / part 1
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Company / as at 31 March 2023 | Source |
|---|---|---|
| Current assets | ||
| Cash and cash equivalentsSingapore dollars in thousands | 81 | PDF p. 78 |
| Trade and other receivablesSingapore dollars in thousands | 128 | PDF p. 78 |
| Contract assetsSingapore dollars in thousands | – | PDF p. 78 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 209 | PDF p. 78 |
| Assets classified as held for saleSingapore dollars in thousands | – | PDF p. 78 |
| Total current assetsSingapore dollars in thousands | 209 | PDF p. 78 |
| Non-current assets | ||
| Property, plant and equipmentSingapore dollars in thousands | – | PDF p. 78 |
| Right-of-use assetsSingapore dollars in thousands | – | PDF p. 78 |
| Investment in subsidiariesSingapore dollars in thousands | 21,755 | PDF p. 78 |
| Deferred tax assetsSingapore dollars in thousands | – | PDF p. 78 |
| Total non-current assetsSingapore dollars in thousands | 21,755 | PDF p. 78 |
| Total assetsSingapore dollars in thousands | 21,964 | PDF p. 78 |
| Current liabilities | ||
| BorrowingsSingapore dollars in thousands | – | PDF p. 78 |
| Trade and other payablesSingapore dollars in thousands | 229 | PDF p. 78 |
| Contract liabilitiesSingapore dollars in thousands | – | PDF p. 78 |
| Lease liabilitiesSingapore dollars in thousands | – | PDF p. 78 |
| Income tax payableSingapore dollars in thousands | – | PDF p. 78 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 229 | PDF p. 78 |
| Liabilities directly associated with assets classified as held for saleSingapore dollars in thousands | – | PDF p. 78 |
| Total current liabilitiesSingapore dollars in thousands | 229 | PDF p. 78 |
| Non-current liabilities | ||
| BorrowingsSingapore dollars in thousands | – | PDF p. 78 |
| Lease liabilitiesSingapore dollars in thousands | – | PDF p. 78 |
| ProvisionsSingapore dollars in thousands | – | PDF p. 78 |
| Deferred tax liabilitiesSingapore dollars in thousands | – | PDF p. 78 |
| Total non-current liabilitiesSingapore dollars in thousands | – | PDF p. 78 |
Definitions & sources
Original report: PDF p. 78 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Group statement of financial position / part 2
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / as at 31 March 2023 | Source |
|---|---|---|
| Capital, reserves and non-controlling interests | ||
| Share capitalSingapore dollars in thousands | 21,297 | PDF p. 79 |
| Treasury sharesSingapore dollars in thousands | (165) | PDF p. 79 |
| Translation reservesSingapore dollars in thousands | (202) | PDF p. 79 |
| Merger reserveSingapore dollars in thousands | (6,755) | PDF p. 79 |
| Capital reserveSingapore dollars in thousands | 521 | PDF p. 79 |
| Retained earningsSingapore dollars in thousands | 16,412 | PDF p. 79 |
| Equity attributable to owners of the CompanySingapore dollars in thousands | 31,108 | PDF p. 79 |
| Non-controlling interestsSingapore dollars in thousands | 19 | PDF p. 79 |
| Total equitySingapore dollars in thousands | 31,127 | PDF p. 79 |
| Total liabilities and equitySingapore dollars in thousands | 94,958 | PDF p. 79 |
Definitions & sources
Original report: PDF p. 79 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Company statement of financial position / part 2
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Company / as at 31 March 2023 | Source |
|---|---|---|
| Capital, reserves and non-controlling interests | ||
| Share capitalSingapore dollars in thousands | 21,297 | PDF p. 79 |
| Treasury sharesSingapore dollars in thousands | (165) | PDF p. 79 |
| Translation reservesSingapore dollars in thousands | – | PDF p. 79 |
| Merger reserveSingapore dollars in thousands | – | PDF p. 79 |
| Capital reserveSingapore dollars in thousands | – | PDF p. 79 |
| Retained earningsSingapore dollars in thousands | 603 | PDF p. 79 |
| Equity attributable to owners of the CompanySingapore dollars in thousands | 21,735 | PDF p. 79 |
| Non-controlling interestsSingapore dollars in thousands | – | PDF p. 79 |
| Total equitySingapore dollars in thousands | 21,735 | PDF p. 79 |
| Total liabilities and equitySingapore dollars in thousands | 21,964 | PDF p. 79 |
Definitions & sources
Original report: PDF p. 79 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Group consolidated statement of comprehensive income
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended 31 March 2023 | Source |
|---|---|---|
| Group profit or loss and other comprehensive income | ||
| RevenueSingapore dollars in thousands | 106,428 | PDF p. 80 |
| Cost of contract worksSingapore dollars in thousands | (92,187) | PDF p. 80 |
| Gross profitSingapore dollars in thousands | 14,241 | PDF p. 80 |
| Other incomeSingapore dollars in thousands | 790 | PDF p. 80 |
| Administrative expensesSingapore dollars in thousands | (7,807) | PDF p. 80 |
| Other operating expensesSingapore dollars in thousands | (1,786) | PDF p. 80 |
| Finance costsSingapore dollars in thousands | (427) | PDF p. 80 |
| Profit before taxSingapore dollars in thousands | 5,011 | PDF p. 80 |
| Income tax expenseSingapore dollars in thousands | (835) | PDF p. 80 |
| Profit for the yearSingapore dollars in thousands | 4,176 | PDF p. 80 |
| Item that may be reclassified subsequently to profit or loss: | ||
| Exchange differences on translation of foreign operationsSingapore dollars in thousands | (85) | PDF p. 80 |
| Total comprehensive income for the yearSingapore dollars in thousands | 4,091 | PDF p. 80 |
| Profit for the year attributable to: | ||
| Owners of the CompanySingapore dollars in thousands | 4,349 | PDF p. 80 |
| Non-controlling interestsSingapore dollars in thousands | (173) | PDF p. 80 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 4,176 | PDF p. 80 |
| Total comprehensive income for the year attributable to: | ||
| Owners of the CompanySingapore dollars in thousands | 4,288 | PDF p. 80 |
| Non-controlling interestsSingapore dollars in thousands | (197) | PDF p. 80 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 4,091 | PDF p. 80 |
| Earnings per share: | ||
| Basic and diluted (cents)Singapore cents per share | 1.62 | PDF p. 80 |
Definitions & sources
Original report: PDF p. 80 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Group changes in equity / 2023
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / Share capital | 2023Group / Treasury shares | 2023Group / Translation reserves | 2023Group / Merger reserve | 2023Group / Capital reserve | 2023Group / Retained earnings | 2023Group / Equity attributable to owners of the Company | 2023Group / Non-controlling interests | 2023Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity / 2023 | ||||||||||
| Balance as at April 1, 2022Singapore dollars in thousands | 21,297 | (165) | (141) | (6,755) | 521 | 13,062 | 27,819 | 216 | 28,035 | PDF p. 81 |
| Total comprehensive income for the year Profit for the yearSingapore dollars in thousands | – | – | – | – | – | 4,349 | 4,349 | (173) | 4,176 | PDF p. 81 |
| for the yearSingapore dollars in thousands | – | – | (61) | – | – | – | (61) | (24) | (85) | PDF p. 81 |
| TotalSingapore dollars in thousands | – | – | (61) | – | – | 4,349 | 4,288 | (197) | 4,091 | PDF p. 81 |
| Dividends (Note 28)Singapore dollars in thousands | – | – | – | – | – | (999) | (999) | – | (999) | PDF p. 81 |
| Balance as at March 31, 2023Singapore dollars in thousands | 21,297 | (165) | (202) | (6,755) | 521 | 16,412 | 31,108 | 19 | 31,127 | PDF p. 81 |
Definitions & sources
Original report: PDF p. 81 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Company changes in equity / 2023
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Company / Share capital | 2023Company / Treasury shares | 2023Company / Retained earnings | 2023Company / Total equity | Source |
|---|---|---|---|---|---|
| Company changes in equity / 2023 | |||||
| Balance as at April 1, 2022Singapore dollars in thousands | 21,297 | (165) | 619 | 21,751 | PDF p. 82 |
| Profit for the year representing total comprehensive income for the yearSingapore dollars in thousands | – | – | 983 | 983 | PDF p. 82 |
| Dividends (Note 28)Singapore dollars in thousands | – | – | (999) | (999) | PDF p. 82 |
| Balance as at March 31, 2023Singapore dollars in thousands | 21,297 | (165) | 603 | 21,735 | PDF p. 82 |
Definitions & sources
Original report: PDF p. 82 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Group consolidated statement of cash flows
27 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended 31 March 2023 | Source |
|---|---|---|
| Operating activities | ||
| Profit before taxSingapore dollars in thousands | 5,011 | PDF p. 83 |
| Adjustments for: | ||
| Depreciation of property, plant and equipmentSingapore dollars in thousands | 1,340 | PDF p. 83 |
| Depreciation of right-of-use assetsSingapore dollars in thousands | 357 | PDF p. 83 |
| Property, plant and equipment written offSingapore dollars in thousands | – | PDF p. 83 |
| Finance costsSingapore dollars in thousands | 427 | PDF p. 83 |
| Interest incomeSingapore dollars in thousands | (74) | PDF p. 83 |
| Exchange differencesSingapore dollars in thousands | (56) | PDF p. 83 |
| Operating cash flows before movements in working capitalSingapore dollars in thousands | 7,005 | PDF p. 83 |
| Trade and other receivablesSingapore dollars in thousands | (11,116) | PDF p. 83 |
| Trade and other payablesSingapore dollars in thousands | 28,965 | PDF p. 83 |
| Contract assetsSingapore dollars in thousands | (22,022) | PDF p. 83 |
| Contract liabilitiesSingapore dollars in thousands | (1,186) | PDF p. 83 |
| Cash (used in) generated from operationsSingapore dollars in thousands | 1,646 | PDF p. 83 |
| Income tax paidSingapore dollars in thousands | (300) | PDF p. 83 |
| Net cash (used in) from operating activitiesSingapore dollars in thousands | 1,346 | PDF p. 83 |
| Investing activities | ||
| Purchases of property, plant and equipment (Note A)Singapore dollars in thousands | (1,198) | PDF p. 83 |
| Interest receivedSingapore dollars in thousands | 74 | PDF p. 83 |
| Net cash used in investing activitiesSingapore dollars in thousands | (1,124) | PDF p. 83 |
| Financing activities | ||
| Dividends paidSingapore dollars in thousands | (999) | PDF p. 83 |
| Proceeds from borrowingsSingapore dollars in thousands | 17,853 | PDF p. 83 |
| Repayment of borrowingsSingapore dollars in thousands | (8,039) | PDF p. 83 |
| Repayment of lease liabilitiesSingapore dollars in thousands | (335) | PDF p. 83 |
| Interest paidSingapore dollars in thousands | (427) | PDF p. 83 |
| Net cash from financing activitiesSingapore dollars in thousands | 8,053 | PDF p. 83 |
| Net (decrease) increase in cash and cash equivalentsSingapore dollars in thousands | 8,275 | PDF p. 83 |
| Cash and cash equivalents at beginning of financial yearSingapore dollars in thousands | 11,527 | PDF p. 83 |
| Cash and cash equivalents at end of financial yearSingapore dollars in thousands | 19,802 | PDF p. 83 |
Definitions & sources
Original report: PDF p. 83 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Group statement of financial position / part 1
30 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / as at 31 March 2022 | Source |
|---|---|---|
| Current assets | ||
| Cash and cash equivalentsSingapore dollars in thousands | 11,527 | PDF p. 74 |
| Trade and other receivablesSingapore dollars in thousands | 7,905 | PDF p. 74 |
| Contract assetsSingapore dollars in thousands | 24,477 | PDF p. 74 |
| Total current assetsSingapore dollars in thousands | 43,909 | PDF p. 74 |
| Non-current assets | ||
| Property, plant and equipmentSingapore dollars in thousands | 8,424 | PDF p. 74 |
| Right-of-use assetsSingapore dollars in thousands | 1,190 | PDF p. 74 |
| Investment in subsidiariesSingapore dollars in thousands | - | PDF p. 74 |
| Deferred tax assetsSingapore dollars in thousands | 68 | PDF p. 74 |
| Total non-current assetsSingapore dollars in thousands | 9,682 | PDF p. 74 |
| Total assetsSingapore dollars in thousands | 53,591 | PDF p. 74 |
| Current liabilities | ||
| BorrowingsSingapore dollars in thousands | 789 | PDF p. 74 |
| Trade and other payablesSingapore dollars in thousands | 12,917 | PDF p. 74 |
| Contract liabilitiesSingapore dollars in thousands | 6,833 | PDF p. 74 |
| Lease liabilitiesSingapore dollars in thousands | 173 | PDF p. 74 |
| Income tax payableSingapore dollars in thousands | 155 | PDF p. 74 |
| Total current liabilitiesSingapore dollars in thousands | 20,867 | PDF p. 74 |
| Non-current liabilities | ||
| BorrowingsSingapore dollars in thousands | 3,613 | PDF p. 74 |
| Lease liabilitiesSingapore dollars in thousands | 1,027 | PDF p. 74 |
| Deferred tax liabilitiesSingapore dollars in thousands | 49 | PDF p. 74 |
| Total non-current liabilitiesSingapore dollars in thousands | 4,689 | PDF p. 74 |
| Capital, reserves and non-controlling interests | ||
| Share capitalSingapore dollars in thousands | 21,297 | PDF p. 74 |
| Treasury sharesSingapore dollars in thousands | (165) | PDF p. 74 |
| Translation reservesSingapore dollars in thousands | (141) | PDF p. 74 |
| Merger reserveSingapore dollars in thousands | (6,755) | PDF p. 74 |
| Capital reserveSingapore dollars in thousands | 521 | PDF p. 74 |
| Retained earningsSingapore dollars in thousands | 13,062 | PDF p. 74 |
| Equity attributable to owners of the CompanySingapore dollars in thousands | 27,819 | PDF p. 74 |
| Non-controlling interestsSingapore dollars in thousands | 216 | PDF p. 74 |
| Total equitySingapore dollars in thousands | 28,035 | PDF p. 74 |
| Total liabilities and equitySingapore dollars in thousands | 53,591 | PDF p. 74 |
Definitions & sources
Original report: PDF p. 74 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Company statement of financial position / part 1
30 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Company / as at 31 March 2022 | Source |
|---|---|---|
| Current assets | ||
| Cash and cash equivalentsSingapore dollars in thousands | 68 | PDF p. 74 |
| Trade and other receivablesSingapore dollars in thousands | 129 | PDF p. 74 |
| Contract assetsSingapore dollars in thousands | – | PDF p. 74 |
| Total current assetsSingapore dollars in thousands | 197 | PDF p. 74 |
| Non-current assets | ||
| Property, plant and equipmentSingapore dollars in thousands | – | PDF p. 74 |
| Right-of-use assetsSingapore dollars in thousands | – | PDF p. 74 |
| Investment in subsidiariesSingapore dollars in thousands | 21,755 | PDF p. 74 |
| Deferred tax assetsSingapore dollars in thousands | - | PDF p. 74 |
| Total non-current assetsSingapore dollars in thousands | 21,755 | PDF p. 74 |
| Total assetsSingapore dollars in thousands | 21,952 | PDF p. 74 |
| Current liabilities | ||
| BorrowingsSingapore dollars in thousands | – | PDF p. 74 |
| Trade and other payablesSingapore dollars in thousands | 201 | PDF p. 74 |
| Contract liabilitiesSingapore dollars in thousands | – | PDF p. 74 |
| Lease liabilitiesSingapore dollars in thousands | – | PDF p. 74 |
| Income tax payableSingapore dollars in thousands | – | PDF p. 74 |
| Total current liabilitiesSingapore dollars in thousands | 201 | PDF p. 74 |
| Non-current liabilities | ||
| BorrowingsSingapore dollars in thousands | – | PDF p. 74 |
| Lease liabilitiesSingapore dollars in thousands | – | PDF p. 74 |
| Deferred tax liabilitiesSingapore dollars in thousands | – | PDF p. 74 |
| Total non-current liabilitiesSingapore dollars in thousands | – | PDF p. 74 |
| Capital, reserves and non-controlling interests | ||
| Share capitalSingapore dollars in thousands | 21,297 | PDF p. 74 |
| Treasury sharesSingapore dollars in thousands | (165) | PDF p. 74 |
| Translation reservesSingapore dollars in thousands | – | PDF p. 74 |
| Merger reserveSingapore dollars in thousands | – | PDF p. 74 |
| Capital reserveSingapore dollars in thousands | – | PDF p. 74 |
| Retained earningsSingapore dollars in thousands | 619 | PDF p. 74 |
| Equity attributable to owners of the CompanySingapore dollars in thousands | 21,751 | PDF p. 74 |
| Non-controlling interestsSingapore dollars in thousands | – | PDF p. 74 |
| Total equitySingapore dollars in thousands | 21,751 | PDF p. 74 |
| Total liabilities and equitySingapore dollars in thousands | 21,952 | PDF p. 74 |
Definitions & sources
Original report: PDF p. 74 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Group consolidated statement of comprehensive income
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended 31 March 2022 | Source |
|---|---|---|
| Group profit or loss and other comprehensive income | ||
| RevenueSingapore dollars in thousands | 64,666 | PDF p. 75 |
| Cost of contract worksSingapore dollars in thousands | (56,901) | PDF p. 75 |
| Gross profitSingapore dollars in thousands | 7,765 | PDF p. 75 |
| Other incomeSingapore dollars in thousands | 2,159 | PDF p. 75 |
| Administrative expensesSingapore dollars in thousands | (6,153) | PDF p. 75 |
| Other operating expensesSingapore dollars in thousands | (1,671) | PDF p. 75 |
| Finance costsSingapore dollars in thousands | (103) | PDF p. 75 |
| Profit before taxSingapore dollars in thousands | 1,997 | PDF p. 75 |
| Income taxSingapore dollars in thousands | (243) | PDF p. 75 |
| Profit for the yearSingapore dollars in thousands | 1,754 | PDF p. 75 |
| Item that may be reclassified subsequently to profit or loss: | ||
| Exchange differences on translation of foreign operationsSingapore dollars in thousands | (150) | PDF p. 75 |
| Total comprehensive income for the yearSingapore dollars in thousands | 1,604 | PDF p. 75 |
| Profit for the year attributable to: | ||
| Owners of the CompanySingapore dollars in thousands | 1,774 | PDF p. 75 |
| Non-controlling interestsSingapore dollars in thousands | (20) | PDF p. 75 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 1,754 | PDF p. 75 |
| Total comprehensive income for the year attributable to: | ||
| Owners of the CompanySingapore dollars in thousands | 1,683 | PDF p. 75 |
| Non-controlling interestsSingapore dollars in thousands | (79) | PDF p. 75 |
| Subtotal (unlabelled in original)Singapore dollars in thousands | 1,604 | PDF p. 75 |
| Earnings per share: | ||
| Basic and diluted (cents)Singapore cents per share | 0.66 | PDF p. 75 |
Definitions & sources
Original report: PDF p. 75 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Group changes in equity / 2022
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / Share capital | 2022Group / Treasury shares | 2022Group / Translation reserves | 2022Group / Merger reserve | 2022Group / Capital reserve | 2022Group / Retained earnings | 2022Group / Equity attributable to owners of the Company | 2022Group / Non-controlling interests | 2022Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity / 2022 | ||||||||||
| Balance as at April 1, 2021Singapore dollars in thousands | 21,297 | – | (50) | (6,755) | 521 | 11,475 | 26,488 | 295 | 26,783 | PDF p. 76 |
| Profit for the yearSingapore dollars in thousands | – | – | – | – | – | 1,774 | 1,774 | (20) | 1,754 | PDF p. 76 |
| Other comprehensive loss for the yearSingapore dollars in thousands | – | – | (91) | – | – | – | (91) | (59) | (150) | PDF p. 76 |
| TotalSingapore dollars in thousands | – | – | (91) | – | – | 1,774 | 1,683 | (79) | 1,604 | PDF p. 76 |
| directly in equity Re-purchase of shares (Note 18)Singapore dollars in thousands | – | (165) | – | – | – | – | (165) | – | (165) | PDF p. 76 |
| Dividends (Note 26)Singapore dollars in thousands | – | – | – | – | – | (187) | (187) | – | (187) | PDF p. 76 |
| Balance as at March 31, 2022Singapore dollars in thousands | 21,297 | (165) | (141) | (6,755) | 521 | 13,062 | 27,819 | 216 | 28,035 | PDF p. 76 |
Definitions & sources
Original report: PDF p. 76 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Company changes in equity / 2022
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Company / Share capital | 2022Company / Treasury shares | 2022Company / Retained earnings | 2022Company / Total equity | Source |
|---|---|---|---|---|---|
| Company changes in equity / 2022 | |||||
| Balance as at April 1, 2021Singapore dollars in thousands | 21,297 | – | 794 | 22,091 | PDF p. 77 |
| Profit for the year representing total comprehensive income for the yearSingapore dollars in thousands | – | – | 12 | 12 | PDF p. 77 |
| Re-purchase of shares (Note 18)Singapore dollars in thousands | – | (165) | – | (165) | PDF p. 77 |
| Dividends (Note 26)Singapore dollars in thousands | – | – | (187) | (187) | PDF p. 77 |
| Balance as at March 31, 2022Singapore dollars in thousands | 21,297 | (165) | 619 | 21,751 | PDF p. 77 |
Definitions & sources
Original report: PDF p. 77 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Group consolidated statement of cash flows
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended 31 March 2022 | Source |
|---|---|---|
| Operating activities | ||
| Profit before taxSingapore dollars in thousands | 1,997 | PDF p. 78 |
| Adjustments for: | ||
| Depreciation of property, plant and equipmentSingapore dollars in thousands | 1,126 | PDF p. 78 |
| Depreciation of right-of-use assetsSingapore dollars in thousands | 423 | PDF p. 78 |
| Gain on disposal of property, plant and equipmentSingapore dollars in thousands | (5) | PDF p. 78 |
| Finance costsSingapore dollars in thousands | 103 | PDF p. 78 |
| Interest incomeSingapore dollars in thousands | (39) | PDF p. 78 |
| Exchange differencesSingapore dollars in thousands | (144) | PDF p. 78 |
| Operating cash flows before movements in working capitalSingapore dollars in thousands | 3,461 | PDF p. 78 |
| Trade and other receivablesSingapore dollars in thousands | 1,477 | PDF p. 78 |
| Trade and other payablesSingapore dollars in thousands | (2,440) | PDF p. 78 |
| Contract assetsSingapore dollars in thousands | (11,962) | PDF p. 78 |
| Contract liabilitiesSingapore dollars in thousands | 1,040 | PDF p. 78 |
| Cash from (used in) operationsSingapore dollars in thousands | (8,424) | PDF p. 78 |
| Income tax paidSingapore dollars in thousands | (292) | PDF p. 78 |
| Net cash from (used in) operating activitiesSingapore dollars in thousands | (8,716) | PDF p. 78 |
| Investing activities | ||
| Purchases of property, plant and equipmentSingapore dollars in thousands | (680) | PDF p. 78 |
| Proceeds from disposal of property, plant and equipmentSingapore dollars in thousands | 22 | PDF p. 78 |
| Interest receivedSingapore dollars in thousands | 39 | PDF p. 78 |
| Net cash used in investing activitiesSingapore dollars in thousands | (619) | PDF p. 78 |
| Financing activities | ||
| Dividends paidSingapore dollars in thousands | (187) | PDF p. 78 |
| Proceeds from borrowingsSingapore dollars in thousands | 3,000 | PDF p. 78 |
| Repayment of borrowingsSingapore dollars in thousands | (365) | PDF p. 78 |
| Repayment of lease liabilitiesSingapore dollars in thousands | (388) | PDF p. 78 |
| Purchase of treasury sharesSingapore dollars in thousands | (165) | PDF p. 78 |
| Interest paidSingapore dollars in thousands | (103) | PDF p. 78 |
| Net cash from financing activitiesSingapore dollars in thousands | 1,792 | PDF p. 78 |
| Net increase (decrease) in cash and cash equivalentsSingapore dollars in thousands | (7,543) | PDF p. 78 |
| Cash and cash equivalents at beginning of financial yearSingapore dollars in thousands | 19,070 | PDF p. 78 |
| Cash and cash equivalents at end of financial yearSingapore dollars in thousands | 11,527 | PDF p. 78 |
Definitions & sources
Original report: PDF p. 78 ↗
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
Where the money comes from
Segment information
By business
Segment revenue and results (Note 30) 15 lines
| Item / unit | 2026$'000 | 2025$'000 | Source |
|---|---|---|---|
| Segment revenue | |||
| Revenue - EPC & Others$'000 | 95,291 | 111,162 | PDF p. 141 |
| Revenue - O&M$'000 | 42,320 | 44,251 | PDF p. 141 |
| Revenue - EBS$'000 | 2,031 | 2,159 | PDF p. 141 |
| Total revenue$'000 | 139,642 | 157,572 | PDF p. 141 |
| Segment results | |||
| Gross profit - EPC & Others$'000 | 9,305 | 6,060 | PDF p. 141 |
| Gross profit - O&M$'000 | 6,761 | 9,063 | PDF p. 141 |
| Gross profit - EBS$'000 | (600) | (422) | PDF p. 141 |
| Total gross profit$'000 | 15,466 | 14,701 | PDF p. 141 |
| Reconciliation | |||
| Unallocated administrative expenses$'000 | (7,599) | (7,697) | PDF p. 141 |
| Depreciation$'000 | (2,569) | (2,763) | PDF p. 141 |
| Interest income$'000 | 31 | 127 | PDF p. 141 |
| Finance costs$'000 | (2,684) | (2,315) | PDF p. 141 |
| Profit before tax$'000 | 2,645 | 2,053 | PDF p. 141 |
| Income tax expense$'000 | (395) | (339) | PDF p. 141 |
| Profit for the year$'000 | 2,250 | 1,714 | PDF p. 141 |
Notes
Revenue reported above represents revenue generated from external customers.
Segment profit represents the profit earned by each segment without allocation of central administration costs, depreciation, interest income, finance costs and income tax expenses.
Information about major customers (Note 30) 2 lines
| Item / unit | 2026$'000 | 2025$'000 | Source |
|---|---|---|---|
| Major customers | |||
| Customer A (EPC and O&M)$'000 | 85,605 | 88,718 | PDF p. 142 |
| Customer B (EPC)$'000 | 28,837 | 30,202 | PDF p. 142 |
Notes
Revenue derived from customers who individually account for 10% or more of the Group's revenue.
By geography
Geographical information (Note 30) 5 lines
| Item / unit | 2026Revenue from external customers, $'000 | 2025Revenue from external customers, $'000 | 2026Non-current assets, $'000 | 2025Non-current assets, $'000 | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| Singapore$'000 | 133,812 | 155,035 | 36,916 | 19,682 | PDF p. 142 |
| Myanmar$'000 | 5,126 | 2,470 | 78 | 99 | PDF p. 142 |
| Malaysia$'000 | 626 | 37 | 42 | 52 | PDF p. 142 |
| Thailand$'000 | 78 | 30 | 1,608 | 1,241 | PDF p. 142 |
| Total (unlabelled)$'000 | 139,642 | 157,572 | 38,644 | 21,074 | PDF p. 142 |
Notes
The Group's activities are located primarily in Singapore and Myanmar. The geographical locations of the Group's customers and non-current assets are primarily in Singapore and Thailand.
Total row has no printed label.
Debt
Borrowings
Lease liabilities maturity analysis and current/non-current split
| Item / unit | 2026$'000 | 2025$'000 | Source |
|---|---|---|---|
| Maturity analysis | |||
| Year 1$'000 | 162 | 162 | PDF p. 133 |
| Year 2$'000 | 162 | 162 | PDF p. 133 |
| Year 3$'000 | 162 | 162 | PDF p. 133 |
| Year 4$'000 | 162 | 162 | PDF p. 133 |
| Year 5$'000 | 162 | 162 | PDF p. 133 |
| Year 6 onwards$'000 | 4,008 | 882 | PDF p. 133 |
| Less: Unearned interest$'000 | (1,999) | (248) | PDF p. 133 |
| Analysed as | |||
| Current$'000 | 50 | 119 | PDF p. 133 |
| Non-current$'000 | 2,769 | 1,325 | PDF p. 133 |
Notes
Undiscounted totals 4,818 (2026) and 1,692 (2025); lease liabilities total 2,819 (2026) and 1,444 (2025). Lease liabilities are secured by lessors' title to the leasehold land (page 129).
Liquidity risk - Group 2026 contractual maturity (undiscounted, borrowings and leases)
| Item / unit | 2026weighted average effective interest rate % | 2026on demand or within 1 year $'000 | 2026within 2 to 5 years $'000 | 2026after 5 years $'000 | 2026adjustment $'000 | 2026total $'000 | Source |
|---|---|---|---|---|---|---|---|
| 2026 | |||||||
| Variable interest rate instruments% / $'000 | 3.4 | 24,763 | 10,398 | 1,300 | (2,144) | 34,317 | PDF p. 120 |
| Fixed interest rate instruments% / $'000 | 3.1 | 14,170 | 1,325 | 355 | (680) | 15,170 | PDF p. 120 |
| Lease liabilities (fixed rate)% / $'000 | 4.1 | 162 | 648 | 4,008 | (1,999) | 2,819 | PDF p. 120 |
Notes
Based on undiscounted cash flows including interest and principal, earliest date Group can be required to pay.
Liquidity risk - Group 2025 contractual maturity (undiscounted, borrowings and leases)
| Item / unit | 2025weighted average effective interest rate % | 2025on demand or within 1 year $'000 | 2025within 2 to 5 years $'000 | 2025after 5 years $'000 | 2025adjustment $'000 | 2025total $'000 | Source |
|---|---|---|---|---|---|---|---|
| 2025 | |||||||
| Variable interest rate instruments% / $'000 | 2.0 | 34,383 | 7,927 | 951 | (2,203) | 41,058 | PDF p. 120 |
| Fixed interest rate instruments% / $'000 | 4.9 | 10,457 | 841 | – | (274) | 11,024 | PDF p. 120 |
| Lease liabilities (fixed rate)% / $'000 | 3.2 | 162 | 648 | 882 | (248) | 1,444 | PDF p. 120 |
Notes
Same basis as the 2026 table.
Liquidity risk - Company contractual maturity (fixed rate instruments)
| Item / unit | 2026weighted average effective interest rate % | 2026on demand or within 1 year $'000 | 2026within 2 to 5 years $'000 | 2026after 5 years $'000 | 2026adjustment $'000 | 2026total $'000 | Source |
|---|---|---|---|---|---|---|---|
| 2026 | |||||||
| Fixed interest rate instruments% / $'000 | 5.75 | 10,310 | – | – | (310) | 10,000 | PDF p. 121 |
Notes
2025 Company comparative: Fixed interest rate instruments 5.45%, 3,452 within 1 year, nil thereafter, adjustment (178), total 3,274 (page 121).
Liquidity risk - Company 2025 contractual maturity (fixed rate instruments)
| Item / unit | 2025weighted average effective interest rate % | 2025on demand or within 1 year $'000 | 2025within 2 to 5 years $'000 | 2025after 5 years $'000 | 2025adjustment $'000 | 2025total $'000 | Source |
|---|---|---|---|---|---|---|---|
| 2025 | |||||||
| Fixed interest rate instruments% / $'000 | 5.45 | 3,452 | – | – | (178) | 3,274 | PDF p. 121 |
Notes
Company 2025 comparative.
Borrowing notes 3 tables
Borrowings (bank loans)
| Item / unit | 2026Group, $'000 | 2025Group, $'000 | 2026Company, $'000 | 2025Company, $'000 | Source |
|---|---|---|---|---|---|
| Borrowings | |||||
| Bank loans$'000 | 49,487 | 52,082 | 10,000 | 3,274 | PDF p. 131 |
| Borrowings - current | |||||
| Less: Amount due for settlement within 12 months$'000 | (37,684) | (43,528) | (10,000) | (3,274) | PDF p. 131 |
| Borrowings - non-current | |||||
| Amount due for settlement after 12 months$'000 | 11,803 | 8,554 | – | – | PDF p. 131 |
Notes
The bank loans include hire purchase liabilities relating to motor vehicles amounting to $1,131,000 (2025: $385,000). The bank loans are secured by certain bank deposits, legal mortgages over a leasehold building and motor vehicles (Notes 7 and 11), corporate guarantees provided by the Company, and assignments of securities. These loans have maturity dates ranging from April 2026 to October 2032 (2025: February 2026 to August 2030) and are based on variable and fixed interest rates (2025: variable and fixed interest rates) accordingly.
Undrawn borrowing facilities
| Item / unit | 2026$'000 | 2025$'000 | Source |
|---|---|---|---|
| Undrawn facilities | |||
| Undrawn committed borrowing facilities$'000 | 16,465 | 2,445 | PDF p. 131 |
| Undrawn uncommitted borrowing facilities$'000 | 13,966 | 3,059 | PDF p. 131 |
Notes
The Group has undrawn committed borrowing facilities, which are secured by corporate guarantee from the Company. Uncommitted borrowing facilities are reaffirmed by the banks annually, although these can be withdrawn at any time. Total undrawn: 30,431 (2026), 5,504 (2025).
Reconciliation of liabilities from financing activities - Group, year ended 31 March
| Item / unit | 2026April 1, 2025 $'000 | 2026Financing cash flows $'000 | 2026New lease liabilities $'000 | 2026Other changes $'000 | 2026March 31, 2026 $'000 | 2025April 1, 2024 $'000 | 2025Financing cash flows $'000 | 2025Other changes $'000 | 2025March 31, 2025 $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Reconciliation | ||||||||||
| Borrowings$'000 | 52,082 | (2,595) | – | – | 49,487 | 38,974 | 13,108 | - | 52,082 | PDF p. 132 |
| Lease liabilities$'000 | 1,444 | (66) | 1,441 | – | 2,819 | 1,559 | (115) | - | 1,444 | PDF p. 132 |
| Loan from directors$'000 | – | 1,000 | – | – | 1,000 | PDF p. 132 | ||||
Notes
(i) The cash flows make up the net amount of proceeds from borrowings and loan from directors, and repayment of borrowings and lease liabilities in the statement of cash flows. (ii) Other changes include adjustments arising from the re-measurement of lease liabilities and reductions resulting from the disposal of assets previously classified as held for sale.
See footnotes (i) and (ii) on the same page.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a fixed dividend policy. The form, frequency and amount of dividend will depend on the Company’s earnings, general financial condition, results of operations, capital requirements, cash flow, general business condition, development plans and other factors as the Board may deem appropriate. | Company | PDF p. 83 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| one and final dividend | 0.00189 S$ per share | FY2026 (year ended 31 March 2026), proposed, one and final | PDF p. 83 |
| Proposed final 1-tier tax exempt dividend | $643,356 | FY2026 proposed, total amount | PDF p. 140 |
| final 1-tier tax exempt dividend | $0.00173 | Paid during FY ended 31 March 2026, in respect of FY ended 31 March 2025 | PDF p. 140 |
| final 1-tier tax exempt dividend | $0.00327 | Paid during FY ended 31 March 2025, in respect of FY ended 31 March 2024 | PDF p. 140 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| payout ratio | approximately 30% of net profit attributable to owners of the Company | FY2026 proposed final dividend | PDF p. 5 |
Extracted from Annual Report 2026 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | Deloitte & Touche LLP | Group and Company, year ended March 31, 2026 | PDF p. 94 |
| Engagement partner | Hoe Chi-Hsien | Group and Company | PDF p. 94 |
| Opinion | true and fair view | Group consolidated and Company statements, as at March 31, 2026 · As at 2026-03-31 | PDF p. 90 |
Extracted from Annual Report 2026 and checked against the cited pages; see the original report for full context.
How to read these figures
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 2026, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Five full financial years end on 31 March 2022–2026. Original Singapore-dollar thousands, EPS in Singapore cents and EPS denominators in whole ordinary shares remain separate. Group and Company financial position/equity are separate; Company income and cash-flow statements are not disclosed.
Deloitte & Touche LLP gives a true-and-fair opinion dated 30 June 2026, engagement partner Hoe Chi-Hsien. EPC revenue recognition and leasehold-building valuation are key audit matters; no modified opinion is inferred.
FY2026 changed the leasehold building from cost to revaluation model. Gross revaluation gain 16,415 less deferred tax charged to OCI 2,791 gives net revaluation reserve 13,624 (SGD000). Revalued building 28,500 differs from historical-cost carrying amount 11,867; do not treat these as two assets or infer retrospective restatement.
The FY2025 annual presents FY2024 comparative cash-flow opening/closing cash as 15,991/2,620, whereas the original FY2024 statement reports 19,802/6,431. Both shift by 3,811 pledged deposits; net cash movement is unchanged. Selected FY2023 closing cash retains the older definition, so the displayed FY2024 opening must not silently be forced to match it.
FY2025 bank cash and deposits 7,391 less pledged deposits 3,811 equals cash-flow cash 3,580. FY2026 release of pledged deposits 3,811 is a financing cash-flow item and closing cash 8,794 equals bank cash. This is a pledged-deposit bridge, not an overdraft deduction.
Original FY2025 equity movement shows two asterisk cells for divestment effects; each means less than S$1,000, not exact zero. Thailand51*% and Link Control86*% ownership asterisks instead indicate shares held under contractual arrangements. Those footnotes have different meanings.
Borrowing/lease and director-loan cash-flow movements retain original financing-liability reconciliation components. In FY2025 lease principal cash flows combine continuing lease liabilities (115) and held-for-sale liabilities (30), totaling (145) (SGD000). FY2026 new lease liabilities 1,441 are a non-cash addition.
FY2026 EPS 0.71 cents uses profit attributable to owners 2,153 (SGD000) and 304,990,409 weighted-average whole ordinary shares; FY2025 0.58 uses 1,541 and 266,841,110. There were no dilutive equity instruments. These denominators differ from the 24 June 2026 register base 340,400,000.
HAE51%, STECS50% and CRES contractual51% are joint operations. CRES incorporation was incomplete at the reporting date. Note31 financial information is full underlying amounts, not Group proportionate share.
A proposed FY2026 final dividend S$0.00189 per share totaling S$643,356 is subject to shareholder approval and excluded from annual-report liabilities. FY2025 dividend paid during FY2026 was S$0.00173 per share totaling S$522,300; source whole dollars are distinct from cash-flow rounded thousands. Separately dated 31 July 2026 AGM poll results report all proposed resolutions duly passed, including the 0.189-cent final dividend; this does not change the March 31 annual-report liability position.
Note32 liquidated-damages exposure remained under assessment, with no provision because outflow was not considered probable. The separately dated 31 July 2026 AGM minutes say no LD had been imposed or quantified and no insurance covered that exposure; this is not an assertion of zero future exposure.
The annual report has seven directors including Lai appointed 1 April 2026, seven other key managers and a secretary. A later 31 July 2026 announcement confirms Chan Hock Leong retired on conclusion of the AGM; six directors remained and Lai became Audit Committee chairman. Do not present the annual-report roster as unchanged current offices.
The 24 June 2026 registered top twenty sum 272,663,531 shares (printed80.10%), excluding treasury83,550 from the340,400,000-share base. Public float56.86% and overlapping founder/Typha deemed interests are separate scopes. Earlier director interests as at31 March2026 and unchanged21 April2026 retain their own dates.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.