ZICO Hldgs 40W
SGD 0.057
+8.77% +0.01 Updated 30 Oct 2026, 17:16 SGT
Financials
ANNUAL REPORT 2025
Explore the statements
10 tablesConsolidated Statement of Comprehensive Income (Group)
31 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group (Re-presented) | Source |
|---|---|---|---|
| Continuing operations | |||
| RevenueSGD’000 | 14,312 | 14,023 | PDF p. 107 |
| Other item of income | |||
| Other incomeSGD’000 | 1,918 | 2,106 | PDF p. 107 |
| Other losses | |||
| – OthersSGD’000 | (1,333) | (382) | PDF p. 107 |
| – Loss allowance on trade and other receivables and contract assetsSGD’000 | (2,195) | (1,435) | PDF p. 107 |
| Items of expenses | |||
| Amortisation and depreciation expensesSGD’000 | (1,277) | (1,324) | PDF p. 107 |
| Employee benefits expenseSGD’000 | (13,227) | (12,991) | PDF p. 107 |
| Lease expensesSGD’000 | (14) | – | PDF p. 107 |
| Retainer fees and consultancy feesSGD’000 | (1,137) | (1,673) | PDF p. 107 |
| Bad debt written back/(written off)SGD’000 | 1,019 | (799) | PDF p. 107 |
| Other expensesSGD’000 | (2,788) | (2,858) | PDF p. 107 |
| Finance costsSGD’000 | (656) | (662) | PDF p. 107 |
| SubtotalSGD’000 | (5,378) | (5,995) | PDF p. 107 |
| Continuing operations | |||
| Share of results of associated companies, net of taxSGD’000 | 140 | 501 | PDF p. 107 |
| Loss before income tax from continuing operationsSGD’000 | (5,238) | (5,494) | PDF p. 107 |
| Income tax expenseSGD’000 | (813) | (363) | PDF p. 107 |
| Loss after tax from continuing operationsSGD’000 | (6,051) | (5,857) | PDF p. 107 |
| Discontinued operations | |||
| – Profit after tax from discontinued operationsSGD’000 | 168 | 247 | PDF p. 107 |
| – Gain from disposal of subsidiaries and an associated companySGD’000 | 6,814 | – | PDF p. 107 |
| SubtotalSGD’000 | 6,982 | 247 | PDF p. 107 |
| Profit/(Loss) after taxSGD’000 | 931 | (5,610) | PDF p. 107 |
| Items that may be reclassified subsequently to profit or loss | |||
| Foreign currency translation differences arising on consolidationSGD’000 | (2,194) | 489 | PDF p. 107 |
| Items that will not be reclassified subsequently to profit or loss | |||
| Net fair value change on financial assets, at FVOCISGD’000 | 2,361 | (301) | PDF p. 107 |
| Foreign currency translation differences arising on consolidationSGD’000 | 23 | 36 | PDF p. 107 |
| Other comprehensive income | |||
| Other comprehensive income, net of taxSGD’000 | 190 | 224 | PDF p. 107 |
| Total comprehensive income/(loss) for the financial yearSGD’000 | 1,121 | (5,386) | PDF p. 107 |
| Profit/(Loss) attributable to | |||
| Equity holders of the CompanySGD’000 | 1,027 | (5,572) | PDF p. 107 |
| Non-controlling interestsSGD’000 | (96) | (38) | PDF p. 107 |
| Total comprehensive income/(loss) attributable to | |||
| Equity holders of the CompanySGD’000 | 1,194 | (5,384) | PDF p. 107 |
| Non-controlling interestsSGD’000 | (73) | (2) | PDF p. 107 |
| Earnings/(Losses) per share | |||
| – Basic (SGD)SGD per share | 0.0025 | (0.014) | PDF p. 107 |
| – Diluted (SGD)SGD per share | 0.0025 | (0.014) | PDF p. 107 |
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Definitions & sources
Original report: PDF p. 107 ↗
Unit SGD’000 except EPS in SGD. 2024 re-presented for discontinued operations. Note reference column omitted from values.
Statements of Financial Position (Group and Company)
40 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Plant and equipmentSGD’000 | 396 | 564 | 14 | 16 | PDF p. 108 |
| Right-of-use assetsSGD’000 | 1,175 | 1,679 | – | – | PDF p. 108 |
| Intangible assetsSGD’000 | 8,030 | 8,719 | – | – | PDF p. 108 |
| Investments in subsidiariesSGD’000 | – | – | 14,273 | 13,845 | PDF p. 108 |
| Investments in associated companiesSGD’000 | 915 | 850 | – | 1 | PDF p. 108 |
| InvestmentsSGD’000 | 2,747 | 75 | – | – | PDF p. 108 |
| Deferred income tax assetsSGD’000 | 1,979 | 2,516 | – | – | PDF p. 108 |
| Trade and other receivablesSGD’000 | 10,250 | 14,497 | 18,624 | 20,640 | PDF p. 108 |
| SubtotalSGD’000 | 25,492 | 28,900 | 32,911 | 34,502 | PDF p. 108 |
| Current assets | |||||
| Trade and other receivablesSGD’000 | 6,720 | 7,406 | 683 | 11,307 | PDF p. 108 |
| Contract assetsSGD’000 | 714 | 745 | – | – | PDF p. 108 |
| PrepaymentsSGD’000 | 336 | 458 | 7 | 27 | PDF p. 108 |
| Current income tax recoverableSGD’000 | 55 | 57 | 27 | 24 | PDF p. 108 |
| Cash and bank balancesSGD’000 | 8,836 | 3,695 | 5,399 | 400 | PDF p. 108 |
| Other current assetsSGD’000 | 43 | 837 | 2 | 2 | PDF p. 108 |
| SubtotalSGD’000 | 16,704 | 13,198 | 6,118 | 11,760 | PDF p. 108 |
| ASSETS | |||||
| Total assetsSGD’000 | 42,196 | 42,098 | 39,029 | 46,262 | PDF p. 108 |
| Equity | |||||
| Share capitalSGD’000 | 41,762 | 41,734 | 41,762 | 41,734 | PDF p. 108 |
| Share-based reserveSGD’000 | – | 734 | – | 734 | PDF p. 108 |
| Currency translation reserveSGD’000 | (8,644) | (6,450) | 665 | 774 | PDF p. 108 |
| Fair value reserveSGD’000 | 1,440 | (1,607) | – | – | PDF p. 108 |
| Capital reserveSGD’000 | (151) | (151) | – | – | PDF p. 108 |
| Accumulated lossesSGD’000 | (5,319) | (9,659) | (10,146) | (3,758) | PDF p. 108 |
| Equity attributable to equity holders of the CompanySGD’000 | 29,088 | 24,601 | 32,281 | 39,484 | PDF p. 108 |
| Non-controlling interestsSGD’000 | (552) | (75) | – | – | PDF p. 108 |
| Total equitySGD’000 | 28,536 | 24,526 | 32,281 | 39,484 | PDF p. 108 |
| Non-current liabilities | |||||
| Interest-bearing liabilitiesSGD’000 | 300 | 348 | 300 | 344 | PDF p. 108 |
| Lease liabilitiesSGD’000 | 542 | 1,065 | – | – | PDF p. 108 |
| ProvisionsSGD’000 | 47 | 43 | – | – | PDF p. 108 |
| Deferred income tax liabilitiesSGD’000 | 136 | 167 | – | – | PDF p. 108 |
| SubtotalSGD’000 | 1,025 | 1,623 | 300 | 344 | PDF p. 108 |
| Current liabilities | |||||
| Trade and other payablesSGD’000 | 2,504 | 3,444 | 364 | 523 | PDF p. 108 |
| Interest-bearing liabilitiesSGD’000 | 7,163 | 9,187 | 6,092 | 5,918 | PDF p. 108 |
| Lease liabilitiesSGD’000 | 931 | 909 | – | – | PDF p. 108 |
| Contract liabilitiesSGD’000 | 960 | 1,245 | – | – | PDF p. 108 |
| ProvisionsSGD’000 | 34 | 6 | – | – | PDF p. 108 |
| Current income tax payableSGD’000 | 1,043 | 1,158 | (8) | (7) | PDF p. 108 |
| SubtotalSGD’000 | 12,635 | 15,949 | 6,448 | 6,434 | PDF p. 108 |
| EQUITY AND LIABILITIES | |||||
| Total liabilitiesSGD’000 | 13,660 | 17,572 | 6,748 | 6,778 | PDF p. 108 |
| Total equity and liabilitiesSGD’000 | 42,196 | 42,098 | 39,029 | 46,262 | PDF p. 108 |
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Definitions & sources
Original report: PDF p. 108 ↗
Unit SGD’000. Values ordered Group 2025, Group 2024, Company 2025, Company 2024.
Consolidated Statement of Comprehensive Income
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, SGD'000 | 2024Group, SGD'000 (Re-presented) | Source |
|---|---|---|---|
| Continuing operations | |||
| RevenueSGD'000 | 14,312 | 14,023 | PDF p. 107 |
| Other item of income | |||
| Other incomeSGD'000 | 1,918 | 2,106 | PDF p. 107 |
| Other losses | |||
| – OthersSGD'000 | (1,333) | (382) | PDF p. 107 |
| – Loss allowance on trade and other receivables and contract assetsSGD'000 | (2,195) | (1,435) | PDF p. 107 |
| Items of expenses | |||
| Amortisation and depreciation expensesSGD'000 | (1,277) | (1,324) | PDF p. 107 |
| Employee benefits expenseSGD'000 | (13,227) | (12,991) | PDF p. 107 |
| Lease expensesSGD'000 | (14) | – | PDF p. 107 |
| Retainer fees and consultancy feesSGD'000 | (1,137) | (1,673) | PDF p. 107 |
| Bad debt written back/(written off)SGD'000 | 1,019 | (799) | PDF p. 107 |
| Other expensesSGD'000 | (2,788) | (2,858) | PDF p. 107 |
| Finance costsSGD'000 | (656) | (662) | PDF p. 107 |
| Continuing operations | |||
| Share of results of associated companies, net of taxSGD'000 | 140 | 501 | PDF p. 107 |
| Loss before income tax from continuing operationsSGD'000 | (5,238) | (5,494) | PDF p. 107 |
| Income tax expenseSGD'000 | (813) | (363) | PDF p. 107 |
| Loss after tax from continuing operationsSGD'000 | (6,051) | (5,857) | PDF p. 107 |
| Discontinued operations | |||
| – Profit after tax from discontinued operationsSGD'000 | 168 | 247 | PDF p. 107 |
| – Gain from disposal of subsidiaries and an associated companySGD'000 | 6,814 | – | PDF p. 107 |
| Profit/(Loss) after taxSGD'000 | 931 | (5,610) | PDF p. 107 |
| Items that may be reclassified subsequently to profit or loss | |||
| Foreign currency translation differences arising on consolidationSGD'000 | (2,194) | 489 | PDF p. 107 |
| Items that will not be reclassified subsequently to profit or loss | |||
| Net fair value change on financial assets, at FVOCISGD'000 | 2,361 | (301) | PDF p. 107 |
| Foreign currency translation differences arising on consolidationSGD'000 | 23 | 36 | PDF p. 107 |
| Other comprehensive income | |||
| Other comprehensive income, net of taxSGD'000 | 190 | 224 | PDF p. 107 |
| Total comprehensive income/(loss) for the financial yearSGD'000 | 1,121 | (5,386) | PDF p. 107 |
| Profit/(Loss) attributable to | |||
| Equity holders of the CompanySGD'000 | 1,027 | (5,572) | PDF p. 107 |
| Non-controlling interestsSGD'000 | (96) | (38) | PDF p. 107 |
| Total comprehensive income/(loss) attributable to | |||
| Equity holders of the CompanySGD'000 | 1,194 | (5,384) | PDF p. 107 |
| Non-controlling interestsSGD'000 | (73) | (2) | PDF p. 107 |
| Earnings/(Losses) per share | |||
| – Basic (SGD)SGD | 0.0025 | (0.014) | PDF p. 107 |
| – Diluted (SGD)SGD | 0.0025 | (0.014) | PDF p. 107 |
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Definitions & sources
Original report: PDF p. 107 ↗
Group only; the continuing operations 2024 comparative is re-presented. The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Changes in Equity – 2025
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital, SGD'000 | 2025Group, Share-based reserve, SGD'000 | 2025Group, Currency translation reserve, SGD'000 | 2025Group, Fair value reserve, SGD'000 | 2025Group, Capital reserve, SGD'000 | 2025Group, (Accumulated losses)/Retained earnings, SGD'000 | 2025Group, Total attributable to equity holders of the Company, SGD'000 | 2025Group, Non-controlling interests, SGD'000 | 2025Group, Total equity, SGD'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | ||||||||||
| Balance as at 1 January 2025SGD'000 | 41,734 | 734 | (6,450) | (1,607) | (151) | (9,659) | 24,601 | (75) | 24,526 | PDF p. 109 |
| Profit/(loss) for the financial yearSGD'000 | – | – | – | – | – | 1,027 | 1,027 | (96) | 931 | PDF p. 109 |
| Other comprehensive (loss)/income for the financial year | ||||||||||
| Net fair value changes on financial assets, at FVOCISGD'000 | – | – | – | 2,361 | – | – | 2,361 | – | 2,361 | PDF p. 109 |
| Foreign currency translation differences arising on consolidationSGD'000 | – | – | (2,194) | – | – | – | (2,194) | 23 | (2,171) | PDF p. 109 |
| 2025 | ||||||||||
| Total comprehensive (loss)/ income for the financial yearSGD'000 | – | – | (2,194) | 2,361 | – | 1,027 | 1,194 | (73) | 1,121 | PDF p. 109 |
| Transfer upon disposal of financial assets, at FVOCISGD'000 | – | – | – | 686 | – | (686) | – | – | – | PDF p. 109 |
| Reclassification between reserveSGD'000 | – | (734) | – | – | – | 734 | – | – | – | PDF p. 109 |
| Contributions by and distributions to equity holders of the Company | ||||||||||
| Issuance of ordinary sharesSGD'000 | – | – | – | – | – | – | – | – | – | PDF p. 109 |
| Grant of share awardsSGD'000 | 28 | – | – | – | – | – | 28 | – | 28 | PDF p. 109 |
| Total transactions with equity holders of the CompanySGD'000 | 28 | – | – | – | – | – | 28 | – | 28 | PDF p. 109 |
| Transactions with non-controlling interests (Changes in ownership interest in subsidiaries that do not result in loss of control) | ||||||||||
| of controlSGD'000 | – | – | – | – | – | – | – | (208) | (208) | PDF p. 109 |
| Transactions with non-controlling interests | ||||||||||
| Disposal of subsidiaries and an associateSGD'000 | – | – | – | – | – | 3,265 | 3,265 | – | 3,265 | PDF p. 109 |
| Dividends paidSGD'000 | – | – | – | – | – | – | – | (196) | (196) | PDF p. 109 |
| Total transactions with non-controlling interestsSGD'000 | – | – | – | – | – | 3,265 | 3,265 | (404) | 2,861 | PDF p. 109 |
| 2025 | ||||||||||
| Balance as at 31 December 2025SGD'000 | 41,762 | – | (8,644) | 1,440 | (151) | (5,319) | 29,088 | (552) | 28,536 | PDF p. 109 |
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Definitions & sources
Original report: PDF p. 109 ↗
Group only. No separate Company statement of changes in equity is presented in the report. The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Changes in Equity – 2024
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Share capital, SGD'000 | 2024Group, Share-based reserve, SGD'000 | 2024Group, Currency translation reserve, SGD'000 | 2024Group, Fair value reserve, SGD'000 | 2024Group, Capital reserve, SGD'000 | 2024Group, (Accumulated losses)/Retained earnings, SGD'000 | 2024Group, Total attributable to equity holders of the Company, SGD'000 | 2024Group, Non-controlling interests, SGD'000 | 2024Group, Total equity, SGD'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | ||||||||||
| Balance as at 1 January 2024SGD'000 | 39,670 | 734 | (6,939) | (1,556) | (151) | (3,837) | 27,921 | 124 | 28,045 | PDF p. 110 |
| Loss for the financial yearSGD'000 | – | – | – | – | – | (5,572) | (5,572) | (38) | (5,610) | PDF p. 110 |
| Other comprehensive (loss)/income for the financial year | ||||||||||
| Net fair value changes on financial assets, at FVOCISGD'000 | – | – | – | (301) | – | – | (301) | – | (301) | PDF p. 110 |
| Foreign currency translation differences arising on consolidationSGD'000 | – | – | 489 | – | – | – | 489 | 36 | 525 | PDF p. 110 |
| 2024 | ||||||||||
| Total comprehensive (loss)/ income for the financial yearSGD'000 | – | – | 489 | (301) | – | (5,572) | (5,384) | (2) | (5,386) | PDF p. 110 |
| Transfer upon disposal of financial assets, at FVOCISGD'000 | – | – | – | 250 | – | (250) | – | – | – | PDF p. 110 |
| Contributions by and distributions to equity holders of the Company | ||||||||||
| Issuance of ordinary sharesSGD'000 | 2,037 | – | – | – | – | – | 2,037 | – | 2,037 | PDF p. 110 |
| Grant of share awardsSGD'000 | 27 | – | – | – | – | – | 27 | – | 27 | PDF p. 110 |
| Total transactions with equity holders of the CompanySGD'000 | 2,064 | – | – | – | – | – | 2,064 | – | 2,064 | PDF p. 110 |
| Transactions with non-controlling interests (Changes in ownership interest in subsidiaries that do not result in loss of control) | ||||||||||
| of controlSGD'000 | – | – | – | – | – | – | – | (1) | (1) | PDF p. 110 |
| Transactions with non-controlling interests | ||||||||||
| Dividends paidSGD'000 | – | – | – | – | – | – | – | (196) | (196) | PDF p. 110 |
| Total transactions with non- controlling interestsSGD'000 | – | – | – | – | – | – | – | (197) | (197) | PDF p. 110 |
| 2024 | ||||||||||
| Balance as at 31 December 2024SGD'000 | 41,734 | 734 | (6,450) | (1,607) | (151) | (9,659) | 24,601 | (75) | 24,526 | PDF p. 110 |
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Definitions & sources
Original report: PDF p. 110 ↗
Group only. The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Cash Flows (operating and investing activities)
34 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, SGD'000 | 2024Group, SGD'000 | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Loss before tax from continuing operationsSGD'000 | (5,238) | (5,494) | PDF p. 111 |
| Profit before tax from discontinued operationsSGD'000 | 7,003 | 336 | PDF p. 111 |
| Adjustments for | |||
| Loss of allowance on trade and other receivables and contract assetsSGD'000 | 2,189 | 1,468 | PDF p. 111 |
| Bad debts (written back)/written offSGD'000 | (969) | 815 | PDF p. 111 |
| Amortisation and depreciation expensesSGD'000 | 1,317 | 1,390 | PDF p. 111 |
| Interest incomeSGD'000 | (487) | (564) | PDF p. 111 |
| Interest expenseSGD'000 | 683 | 715 | PDF p. 111 |
| Plant and equipment written offSGD'000 | 1 | – | PDF p. 111 |
| Gain on disposal of plant and equipmentSGD'000 | – | (20) | PDF p. 111 |
| Gain on disposal of an associated companySGD'000 | (472) | – | PDF p. 111 |
| Gain on disposal of investment in subsidiariesSGD'000 | (6,342) | (131) | PDF p. 111 |
| ProvisionsSGD'000 | 32 | 14 | PDF p. 111 |
| Disbursements written offSGD'000 | – | 225 | PDF p. 111 |
| Share of results of associated companies, net of taxSGD'000 | (140) | (501) | PDF p. 111 |
| Unrealised gain on foreign exchange loss, netSGD'000 | 955 | 559 | PDF p. 111 |
| Share-based payment expenseSGD'000 | 28 | 27 | PDF p. 111 |
| Cash flows from operating activities | |||
| Operating cash flows before working capital changesSGD'000 | (1,440) | (1,161) | PDF p. 111 |
| Working capital changes | |||
| Trade and other receivablesSGD'000 | 1,661 | (1,668) | PDF p. 111 |
| PrepaymentsSGD'000 | 123 | 132 | PDF p. 111 |
| Trade and other payablesSGD'000 | (378) | 486 | PDF p. 111 |
| Cash flows from operating activities | |||
| Cash used in operationsSGD'000 | (34) | (2,211) | PDF p. 111 |
| Income tax paidSGD'000 | (438) | (238) | PDF p. 111 |
| Net cash used in operating activitiesSGD'000 | (472) | (2,449) | PDF p. 111 |
| Investing activities | |||
| Repayment from/(advances to) associated companiesSGD'000 | 137 | (37) | PDF p. 111 |
| Withdrawal of fixed depositsSGD'000 | – | 200 | PDF p. 111 |
| Dividend receivedSGD'000 | 47 | 229 | PDF p. 111 |
| Interest receivedSGD'000 | 487 | 564 | PDF p. 111 |
| Proceeds from disposal of financial assets, FVOCISGD'000 | 327 | 307 | PDF p. 111 |
| Proceeds from disposal of an associated companySGD'000 | 16 | – | PDF p. 111 |
| Proceeds from disposal of plant and equipmentSGD'000 | – | 21 | PDF p. 111 |
| Proceeds from disposal of investment in subsidiariesSGD'000 | 8,761 | 130 | PDF p. 111 |
| Purchase of plant and equipmentSGD'000 | (32) | (39) | PDF p. 111 |
| Purchase of intangible assetsSGD'000 | – | (1) | PDF p. 111 |
| Net cash generated from investing activitiesSGD'000 | 9,743 | 1,374 | PDF p. 111 |
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Definitions & sources
Original report: PDF p. 111 ↗
Group only; no Company cash flow statement presented. Continues on page 112.
Consolidated Statement of Cash Flows (financing activities and closing cash)
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, SGD'000 | 2024Group, SGD'000 | Source |
|---|---|---|---|
| Financing activities | |||
| Dividends paid to non-controlling interestsSGD'000 | (196) | (196) | PDF p. 112 |
| Issuance of ordinary shareSGD'000 | – | 2,037 | PDF p. 112 |
| Interest paidSGD'000 | (683) | (715) | PDF p. 112 |
| Repayments of revolving credit facilitiesSGD'000 | (950) | (958) | PDF p. 112 |
| Proceeds from revolving credit facilitiesSGD'000 | 50 | 1,000 | PDF p. 112 |
| Repayment of term loan facilitySGD'000 | (970) | (1,042) | PDF p. 112 |
| Repayment of hire purchaseSGD'000 | (19) | (17) | PDF p. 112 |
| Proceeds from convertible loanSGD'000 | 2,000 | – | PDF p. 112 |
| Repayment of lease liabilitiesSGD'000 | (1,202) | (1,109) | PDF p. 112 |
| Acquisition of non-controlling interestsSGD'000 | (409) | – | PDF p. 112 |
| Net cash used in financing activitiesSGD'000 | (2,379) | (1,000) | PDF p. 112 |
| Closing cash | |||
| Net change in cash and cash equivalentsSGD'000 | 6,892 | (2,075) | PDF p. 112 |
| Cash and cash equivalents at beginning of financial yearSGD'000 | 868 | 2,906 | PDF p. 112 |
| Effect of exchange rate changes on cash and cash equivalentsSGD'000 | 10 | 37 | PDF p. 112 |
| Cash and cash equivalents at end of financial yearSGD'000 | 7,770 | 868 | PDF p. 112 |
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Definitions & sources
Original report: PDF p. 112 ↗
Group only; continuation of the statement on page 111.
Financial Highlights five-year table
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group FY2021 | 2022Group FY2022 | 2023Group FY2023 | 2024Group FY2024 (Re-presented – Continuing Operation) | 2025Group FY2025 (Continuing Operation) | Source |
|---|---|---|---|---|---|---|
| Revenue and profitability | ||||||
| Revenue (SGD millions)SGD millions | 22.4 | 20.3 | 17.2 | 14.0 | 14.3 | PDF p. 11 |
| Profit/(Loss) after income tax (SGD millions)SGD millions | 0.6 | 0.2 | (7.2) | (5.9) | (6.1) | PDF p. 11 |
| Financial position | ||||||
| Current ratiotimes (as printed, no unit) | 1.1 | 1.4 | 1.1 | 0.8 | 1.3 | PDF p. 11 |
| Total assets (SGD millions)SGD millions | 57.3 | 59.6 | 45.9 | 42.1 | 42.2 | PDF p. 11 |
| Total equity (SGD millions)SGD millions | 34.4 | 35.2 | 28.0 | 24.5 | 28.5 | PDF p. 11 |
| Key financial ratios | ||||||
| Debt to equitytimes (as printed, no unit) | 0.5 | 0.4 | 0.4 | 0.5 | 0.3 | PDF p. 11 |
| Revenue by geographical | ||||||
| Singapore% | 49 | 53 | 56 | 63 | 53 | PDF p. 11 |
| Malaysia% | 23 | 11 | 19 | 11 | 21 | PDF p. 11 |
| Others% | 28 | 36 | 25 | 26 | 26 | PDF p. 11 |
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Definitions & sources
Original report: PDF p. 11 ↗
No definitions of ratios printed on this page. FY2024 column labelled '(Re-presented – Continuing Operation)'; FY2025 '(Continuing Operation)'. Note: printed ROA/ROE for FY2025 are positive (2.2%, 3.5%) while continuing-operations loss is shown; as printed.
Note 13 Earnings/(losses) per share – total (Group)
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group 2025 | 2024Group 2024 | Source |
|---|---|---|---|
| Earnings per share | |||
| Profit/(loss) attributable to equity holders of the Company (SGD’000)SGD'000 | 1,027 | (5,572) | PDF p. 144 |
| Weighted average number of ordinary shares outstanding for basic earnings per share (’000)'000 shares | 410,029 | 395,369 | PDF p. 144 |
| Basic earnings/(losses) per share (SGD per share)SGD per share | 0.0025 | (0.014) | PDF p. 144 |
| Weighted average number of ordinary shares outstanding for basic earnings per share on a fully diluted basis (’000)'000 shares | 410,029 | 397,321 | PDF p. 144 |
| Diluted earnings/(losses) per share (SGD per share)SGD per share | 0.0025 | (0.014) | PDF p. 144 |
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Definitions & sources
Original report: PDF p. 144 ↗
Basic earnings/(losses) per share is calculated by dividing the net profit/(loss) attributable to holder of the Company by the weighted average number of ordinary shares outstanding during the financial year.
Basic earnings/(losses) per share and diluted earnings/(losses) per share are SGD0.0025 for the financial years ended 31 December 2025 and (SGD0.014) for financial year ended 31 December 2024.
Note 13 Earnings/(losses) per share – continuing operations (Group)
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group 2025 continuing operations | 2024Group 2024 continuing operations | Source |
|---|---|---|---|
| From continuing operations | |||
| Loss attributable to equity holders of the Company (SGD’000)SGD'000 | (5,955) | (5,819) | PDF p. 145 |
| Weighted average number of ordinary shares outstanding for basic earnings per share (’000)'000 shares | 410,029 | 395,369 | PDF p. 145 |
| Basic losses per share (SGD per share)SGD per share | (0.015) | (0.015) | PDF p. 145 |
| Weighted average number of ordinary shares outstanding for basic earnings per share on a fully diluted basis (’000)'000 shares | 410,029 | 397,321 | PDF p. 145 |
| Diluted losses per share (SGD per share)SGD per share | (0.015) | (0.015) | PDF p. 145 |
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Definitions & sources
Original report: PDF p. 145 ↗
Where the money comes from
Segment information
By business
Business segment – Continuing operations 2025 (revenue and results) 5 lines
| Item / unit | 2025Advisory and transactional services, SGD'000 | 2025Management, support services and licensing services, SGD'000 | 2025Elimination, SGD'000 | 2025Total, SGD'000 | Source |
|---|---|---|---|---|---|
| Revenue | |||||
| External revenueSGD'000 | 14,312 | – | – | 14,312 | PDF p. 182 |
| Inter-segment revenueSGD'000 | 1,282 | 1,788 | (3,070) | – | PDF p. 182 |
| Results | |||||
| Segment lossSGD'000 | (1,045) | (2,861) | – | (3,906) | PDF p. 182 |
| Interest incomeSGD'000 | (63) | 422 | – | 359 | PDF p. 182 |
| Finance costsSGD'000 | (110) | (162) | – | (272) | PDF p. 182 |
Notes
Segment performance evaluated on operating profit or loss; expenses of investment holding entities not allocated to segments.
Business segment – Discontinued operations 2025 (revenue and results) 5 lines
| Item / unit | 2025Advisory and transactional services, SGD'000 | 2025Management, support services and licensing services, SGD'000 | 2025Elimination, SGD'000 | 2025Total, SGD'000 | Source |
|---|---|---|---|---|---|
| Revenue | |||||
| External revenueSGD'000 | 1,964 | – | – | 1,964 | PDF p. 183 |
| Inter-segment revenueSGD'000 | – | – | – | – | PDF p. 183 |
| Results | |||||
| Segment incomeSGD'000 | 653 | – | – | 653 | PDF p. 183 |
| Interest incomeSGD'000 | 30 | – | – | 30 | PDF p. 183 |
| Finance costsSGD'000 | 28 | – | – | 28 | PDF p. 183 |
Business segment 2025 – non-cash items, capital expenditure, assets and liabilities 14 lines
| Item / unit | 2025Advisory and transactional services, SGD'000 | 2025Management, support services and licensing services, SGD'000 | 2025Total, SGD'000 | Source |
|---|---|---|---|---|
| Non-cash items | ||||
| Bad debts written offSGD'000 | 608 | – | 608 | PDF p. 184 |
| Amortisation of intangible assetsSGD'000 | 6 | 183 | 189 | PDF p. 184 |
| Depreciation of plant and equipmentSGD'000 | 113 | 15 | 128 | PDF p. 184 |
| Depreciation of right-of-use assetsSGD'000 | 551 | 431 | 982 | PDF p. 184 |
| Plant and equipment written offSGD'000 | 1 | – | 1 | PDF p. 184 |
| Disbursement written offSGD'000 | 54 | – | 54 | PDF p. 184 |
| Share-based payment expensesSGD'000 | 28 | – | 28 | PDF p. 184 |
| Capital expenditure | ||||
| Plant and equipmentSGD'000 | 24 | 8 | 32 | PDF p. 184 |
| Assets and liabilities | ||||
| Segment assetsSGD'000 | 28,585 | (3,792) | 24,793 | PDF p. 184 |
| – Current income tax recoverableSGD'000 | 55 | – | 55 | PDF p. 184 |
| – Deferred income tax assetsSGD'000 | 1,735 | 244 | 1,979 | PDF p. 184 |
| Segment liabilitiesSGD'000 | 3,580 | 2,385 | 5,965 | PDF p. 184 |
| – Current income tax payableSGD'000 | 428 | 615 | 1,043 | PDF p. 184 |
| – Deferred tax liabilitiesSGD'000 | 136 | – | 136 | PDF p. 184 |
Notes
Segment assets comprise primarily plant and equipment, intangible assets, trade and other receivables, cash and bank balances. Segment liabilities comprise operating liabilities. Segment capital expenditure is total cost incurred during the year to acquire segment assets expected to be used for more than one year.
Business segment – Continuing operations 2024 (revenue and results) 5 lines
| Item / unit | 2024Advisory and transactional services, SGD'000 | 2024Management, support services and licensing services, SGD'000 | 2024Elimination, SGD'000 | 2024Total, SGD'000 | Source |
|---|---|---|---|---|---|
| Revenue | |||||
| External revenueSGD'000 | 14,023 | – | – | 14,023 | PDF p. 185 |
| Inter-segment revenueSGD'000 | 991 | 1,994 | (2,985) | – | PDF p. 185 |
| Results | |||||
| Segment lossSGD'000 | (822) | (2,910) | – | (3,732) | PDF p. 185 |
| Interest incomeSGD'000 | 21 | 473 | – | 494 | PDF p. 185 |
| Finance costsSGD'000 | (183) | (127) | – | (310) | PDF p. 185 |
Business segment – Discontinued operations 2024 (revenue and results) 4 lines
| Item / unit | 2024Advisory and transactional services, SGD'000 | 2024Management, support services and licensing services, SGD'000 | 2024Elimination, SGD'000 | 2024Total, SGD'000 | Source |
|---|---|---|---|---|---|
| Revenue | |||||
| External revenueSGD'000 | 3,226 | – | – | 3,226 | PDF p. 186 |
| Results | |||||
| Segment incomeSGD'000 | 441 | – | – | 441 | PDF p. 186 |
| Interest incomeSGD'000 | (57) | – | – | (57) | PDF p. 186 |
| Finance costsSGD'000 | 53 | – | – | 53 | PDF p. 186 |
Business segment 2024 – non-cash items, capital expenditure, assets and liabilities 17 lines
| Item / unit | 2024Advisory and transactional services, SGD'000 | 2024Management, support services and licensing services, SGD'000 | 2024Total, SGD'000 | Source |
|---|---|---|---|---|
| Non-cash items | ||||
| Loss of allowance on trade and other receivablesSGD'000 | 98 | – | 98 | PDF p. 187 |
| Loss of allowance on contract assetSGD'000 | 1,370 | – | 1,370 | PDF p. 187 |
| Bad debts written offSGD'000 | 840 | (25) | 815 | PDF p. 187 |
| Amortisation of intangible assetsSGD'000 | 9 | 192 | 201 | PDF p. 187 |
| Depreciation of plant and equipmentSGD'000 | 121 | 62 | 183 | PDF p. 187 |
| Depreciation of right-of-use assetsSGD'000 | 514 | 468 | 982 | PDF p. 187 |
| Disbursement written offSGD'000 | 225 | – | 225 | PDF p. 187 |
| Share-based payment expensesSGD'000 | – | 27 | 27 | PDF p. 187 |
| Unrealised foreign exchange loss, netSGD'000 | 76 | 233 | 309 | PDF p. 187 |
| Capital expenditure | ||||
| Plant and equipmentSGD'000 | 38 | 1 | 39 | PDF p. 187 |
| Intangible assetsSGD'000 | 1 | – | 1 | PDF p. 187 |
| Assets and liabilities | ||||
| Segment assetsSGD'000 | 9,035 | 13,150 | 22,185 | PDF p. 187 |
| – Current income tax recoverableSGD'000 | – | 57 | 57 | PDF p. 187 |
| – Deferred income tax assetsSGD'000 | 809 | 1,707 | 2,516 | PDF p. 187 |
| Segment liabilitiesSGD'000 | 6,985 | 3,330 | 10,315 | PDF p. 187 |
| – Current income tax payableSGD'000 | 218 | 940 | 1,158 | PDF p. 187 |
| – Deferred tax liabilitiesSGD'000 | 22 | 145 | 167 | PDF p. 187 |
Notes
The assets and liabilities sub-heading on this page is printed as 'As at 31 December 2025' although the block follows the 2024 heading; treated as 2024 comparatives per page structure.
By geography
Geographical information 2025 (revenue by customer country; non-current assets by location) 4 lines
| Item / unit | 2025Singapore, SGD'000 | 2025Malaysia, SGD'000 | 2025Thailand, SGD'000 | 2025Indonesia, SGD'000 | 2025China, SGD'000 | 2025Hong Kong, SGD'000 | 2025United States of America, SGD'000 | 2025Others, SGD'000 | 2025Total, SGD'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| External revenue | ||||||||||
| Continuing operationsSGD'000 | 7,637 | 3,025 | 76 | 1,900 | 289 | 301 | 97 | 987 | 14,312 | PDF p. 188 |
| Discontinued operationsSGD'000 | 683 | 880 | 4 | 12 | 38 | 40 | 103 | 204 | 1,964 | PDF p. 188 |
| External revenue (total)SGD'000 | 8,320 | 3,905 | 80 | 1,912 | 327 | 341 | 200 | 1,191 | 16,276 | PDF p. 188 |
| Non-current assets | ||||||||||
| Non-current assetsSGD'000 | 10,231 | 2,970 | 49 | 4 | – | – | – | 9 | 13,263 | PDF p. 188 |
Notes
Revenue is based on the country in which the customer is located. Non-current assets comprise primarily plant and equipment, right-of-use assets, intangible assets, associated companies and joint venture, shown by location of assets.
No single customer accounted for 10% or more of Group total revenue.
Geographical information 2024 (revenue by customer country; non-current assets by location) 4 lines
| Item / unit | 2024Singapore, SGD'000 | 2024Malaysia, SGD'000 | 2024Thailand, SGD'000 | 2024Indonesia, SGD'000 | 2024China, SGD'000 | 2024Hong Kong, SGD'000 | 2024United States of America, SGD'000 | 2024Others, SGD'000 | 2024Total, SGD'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| External revenue | ||||||||||
| Continuing operationsSGD'000 | 8,847 | 1,571 | 115 | 1,547 | 307 | 354 | 111 | 1,171 | 14,023 | PDF p. 188 |
| Discontinued operationsSGD'000 | 1,295 | 1,487 | 14 | 17 | 43 | 86 | 125 | 159 | 3,226 | PDF p. 188 |
| External revenue (total)SGD'000 | 10,142 | 3,058 | 129 | 1,564 | 350 | 440 | 236 | 1,330 | 17,249 | PDF p. 188 |
| Non-current assets | ||||||||||
| Non-current assetsSGD'000 | 8,062 | 3,732 | 49 | 28 | – | – | – | 16 | 11,887 | PDF p. 188 |
Notes
Same basis as 2025 geographical table.
Debt
Borrowings
Contractual undiscounted maturity analysis - Group, at 31 December
| Item / unit | 2025Less than 1 year | 2025Between 1 and 2 years | 2025Between 2 and 5 years | 2025More than 5 years | 2025Total | 2024Less than 1 year | 2024Between 1 and 2 years | 2024Between 2 and 5 years | 2024More than 5 years | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| At 31 December | |||||||||||
| TL loanSGD'000 | 56 | – | – | – | 56 | 982 | 44 | – | – | 1,026 | PDF p. 201 |
| RCF loanSGD'000 | 4,268 | 316 | – | – | 4,584 | PDF p. 201 | |||||
| Bank overdraftsSGD'000 | 1,066 | – | – | – | 1,066 | 2,571 | – | – | – | 2,571 | PDF p. 201 |
| Hire purchaseSGD'000 | 5 | – | – | – | 5 | 18 | 5 | – | – | 23 | PDF p. 201 |
| Lease liabilitiesSGD'000 | 1,142 | 330 | – | – | 1,472 | 997 | 1,089 | – | – | 2,086 | PDF p. 201 |
Notes
Contractual undiscounted cash flows. Balances due within 12 months equal their carrying amounts as the impact of discounting is not significant. Convertible loan not listed separately in this table.
Footnote marker (1) on RCF loan 2024 less-than-1-year figure; footnote text not seen on the inspected page.
Borrowing notes 2 tables
Interest-bearing liabilities
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| TL facilities (a)SGD'000 | – | 44 | – | 44 | PDF p. 176 |
| Hire PurchaseSGD'000 | – | 4 | – | – | PDF p. 176 |
| RCF loan (b)SGD'000 | 300 | 300 | 300 | 300 | PDF p. 176 |
| Non-current liabilities totalSGD'000 | 300 | 348 | 300 | 344 | PDF p. 176 |
| Current liabilities | |||||
| TL facilities (a)SGD'000 | 44 | 970 | 44 | 970 | PDF p. 176 |
| RCF loan (c)SGD'000 | 4,048 | 5,628 | 4,048 | 4,948 | PDF p. 176 |
| Bank overdrafts (d)SGD'000 | 1,066 | 2,571 | – | – | PDF p. 176 |
| Hire purchaseSGD'000 | 5 | 18 | – | – | PDF p. 176 |
| Convertible loanSGD'000 | 2,000 | – | 2,000 | – | PDF p. 176 |
| Current liabilities totalSGD'000 | 7,163 | 9,187 | 6,092 | 5,918 | PDF p. 176 |
| Total | |||||
| TotalSGD'000 | 7,463 | 9,535 | 6,392 | 6,262 | PDF p. 176 |
Notes
Banking facilities: As at 31 December 2025, the Group and the Company have banking facilities amounting to SGD7,018,000 (2024: SGD9,828,000) and SGD5,191,000 (2024: SGD6,562,000), respectively, of which approximately SGD5,458,000 (2024: SGD9,513,000) and SGD4,392,000 (2024: SGD6,262,000), respectively, have been utilised as at financial position date.
a) TL facilities bear interest at fixed rate of 2.5% (2024: 2.50%) per annum and repayable within 5 years. Secured by corporate guarantee of certain subsidiary companies and mature between year 2025 to 2026.
b) RCF loan non-current: repayable over 5-years instalments; floating rates; effective interest rate 5.90% (2024: 5.90%) per annum; secured by corporate guarantee of certain subsidiary companies.
c) RCF loan current: repayable on demand; floating rates; effective interest rate 3.23% – 5.05% (2024: 4.83% – 7.99%) per annum; secured by corporate guarantee of certain subsidiary companies.
d) Bank overdrafts bear interest rate of 6.93% – 8.64% (2024: 7.45% – 8.15%) per annum and secured by corporate guarantee of subsidiary company.
e) Convertible loan bears fixed interest 8% (2024: Nil) per annum, maturity 2 years from subscription date; convertible into 49,261,083 ordinary shares; SGD1,850,000 repaid on 4 February 2026 to 3 of 4 investors, remaining SGD150,000 to be repaid later.
Variable-rate borrowings are denominated mainly in SGD (Note 34.2).
Note 15(b) Lease liability
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Lease liability | |||||
| – CurrentSGD'000 | 931 | 909 | – | – | PDF p. 148 |
| – Non-currentSGD'000 | 542 | 1,065 | – | – | PDF p. 148 |
| Total lease liabilitySGD'000 | 1,473 | 1,974 | – | – | PDF p. 148 |
Notes
Total row has no printed label.
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 dividends that the Directors may recommend or declare in respect of any particular financial year or period will be subject to, inter alia, the Group’s level of cash and retained earnings, actual and projected financial performance, projected levels of capital expenditure and expansion plans, working capital requirements and general financing condition, and any restrictions on payment of dividends imposed by the Group’s financing arrangements. | Group | PDF p. 84 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Board dividend statement FY2025 | The Board has not declared or recommended any dividend for FY2025 in view of the current phase of growth and the need to consolidate cash resources for business purposes. | Company, FY2025 | PDF p. 84 |
| 31. DIVIDENDS | The directors of the Company did not recommend any final dividend in respect of the financial years ended 31 December 2024 and 31 December 2025. | Company, FY2025 and comparative FY2024 | PDF p. 180 |
Extracted from ANNUAL REPORT 2025 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 | PKF-CAP LLP | Group | PDF p. 106 |
| Engagement partner | Chew Wei Jim | Group | PDF p. 106 |
| Opinion | properly drawn up in accordance with International Financial Reporting Standards (IFRSs) so as to give a true and fair view | Group and Company | PDF p. 101 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Recoverability of trade and other receivables and contract assets | The assessment of recoverability of trade and other receivables and contract assets is considered a key audit matter as it requires the application of significant estimates and judgements by management | Group | PDF p. 102 |
| Impairment assessment of goodwill | Impairment assessment of goodwill is considered a key audit matter due to the significance of this intangible asset to the Group’s consolidated financial statements | Group | PDF p. 103 |
| Impairment of investment in subsidiaries | The impairment assessment of investment in subsidiaries is considered a key audit matter as it requires management to exercise judgement on the assessment of various key assumptions | Company | PDF p. 104 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern assumption | Based on the above factors, the financial statements have been prepared on a going concern basis. | Group | PDF p. 134 |
Extracted from ANNUAL REPORT 2025 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 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.