Huationg Global 41B

SGD 0.475 -4.21% -0.02 Updated 6 Nov 2026, 17:16 SGT

Financials

Annual Report 2025

Open annual report

Explore the statements

11 tables

Consolidated Statement of Comprehensive Income (Group)

24 metrics

Units appear below each metric. Scroll to compare years

Consolidated Statement of Comprehensive Income (Group) from Annual Report 2025
Metric / unit	2025Group	2024Group (Reclassified)	Source
Income statement
Revenue$'000	298,843	226,365	PDF p. 85
Cost of sales and services$'000	(249,438)	(185,203)	PDF p. 85
Gross profit$'000	49,405	41,162	PDF p. 85
Other items of income
Other income$'000	3,153	3,394	PDF p. 85
Interest income$'000	2,587	3,915	PDF p. 85
Other items of expense
Administrative expenses$'000	(22,705)	(20,042)	PDF p. 85
Other expenses$'000	(1,669)	(1,041)	PDF p. 85
Loss allowance on trade receivables and contract assets, net$'000	(3,337)	(4,388)	PDF p. 85
Finance costs$'000	(2,748)	(2,998)	PDF p. 85
Share of results of an associated company$'000	(1)	–	PDF p. 85
Income statement
Profit before income tax$'000	24,685	20,002	PDF p. 85
Income tax expense$'000	(4,933)	(3,688)	PDF p. 85
Profit for the financial year$'000	19,752	16,314	PDF p. 85
Other comprehensive (loss)/income
Fair value loss on financial assets at FVOCI$'000	(23)	(23)	PDF p. 85
Gain on revaluation of property, plant and equipment$'000	1,193	342	PDF p. 85
Other comprehensive income, net of tax$'000	1,170	319	PDF p. 85
Total comprehensive income for the financial year$'000	20,922	16,633	PDF p. 85
Profit/(loss) attributable to
Owners of the parent$'000	19,141	16,356	PDF p. 85
Non-controlling interests$'000	611	(42)	PDF p. 85
Subtotal$'000	19,752	16,314	PDF p. 85
Total comprehensive income/(loss) attributable to
Owners of the parent$'000	20,311	16,675	PDF p. 85
Non-controlling interests$'000	611	(42)	PDF p. 85
Subtotal$'000	20,922	16,633	PDF p. 85
Earnings per share attributable to owners of the parent
- Basic and diluted (in cents)cents per share	10.80	9.23	PDF p. 85

Definitions & sources

Original report: PDF p. 85 ↗

(1) FVOCI: fair value through other comprehensive income

2024 column is marked (Reclassified).

Statements of Financial Position (Group)

33 metrics

Units appear below each metric. Scroll to compare years

Statements of Financial Position (Group) from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Non-current assets
Property, plant and equipment$'000	93,206	76,748	PDF p. 86
Right-of-use assets$'000	26,268	39,841	PDF p. 86
Investment in an associated company$'000	48	–	PDF p. 86
Intangible assets$'000	53	97	PDF p. 86
Subtotal$'000	119,575	116,686	PDF p. 86
Current assets
Contract assets$'000	64,640	61,611	PDF p. 86
Financial assets at FVTPL$'000	6,271	6,355	PDF p. 86
Financial assets at FVOCI$'000	–	770	PDF p. 86
Inventories$'000	3,396	3,224	PDF p. 86
Trade and other receivables$'000	32,925	32,055	PDF p. 86
Prepayments$'000	10,480	8,981	PDF p. 86
Cash and cash equivalents$'000	124,614	110,662	PDF p. 86
Subtotal$'000	242,326	223,658	PDF p. 86
Assets
Total assets$'000	361,901	340,344	PDF p. 86
Equity
Share capital$'000	41,157	41,157	PDF p. 86
Accumulated profits$'000	102,537	85,346	PDF p. 86
Other reserves$'000	(13,611)	(14,781)	PDF p. 86
Equity attributable to owners of the parent$'000	130,083	111,722	PDF p. 86
Non-controlling interests$'000	(325)	(1,098)	PDF p. 86
Total equity$'000	129,758	110,624	PDF p. 86
Non-current liabilities
Trade and other payables$'000	200	1,000	PDF p. 86
Lease liabilities$'000	13,417	22,197	PDF p. 86
Bank borrowings$'000	14,824	9,669	PDF p. 86
Deferred tax liabilities$'000	5,861	3,545	PDF p. 86
Subtotal$'000	34,302	36,411	PDF p. 86
Current liabilities
Contract liabilities$'000	50,687	72,395	PDF p. 86
Trade and other payables$'000	78,552	60,612	PDF p. 86
Lease liabilities$'000	9,042	9,783	PDF p. 86
Bank borrowings$'000	56,701	46,767	PDF p. 86
Current income tax payable$'000	2,859	3,752	PDF p. 86
Subtotal$'000	197,841	193,309	PDF p. 86
Liabilities
Total liabilities$'000	232,143	229,720	PDF p. 86
Equity and liabilities
Total equity and liabilities$'000	361,901	340,344	PDF p. 86

Definitions & sources

Original report: PDF p. 86 ↗

(1) FVTPL: fair value through profit or loss

Statements of Financial Position (Company)

16 metrics

Units appear below each metric. Scroll to compare years

Statements of Financial Position (Company) from Annual Report 2025
Metric / unit	2025Company	2024Company	Source
Non-current assets
Investments in subsidiaries$'000	41,735	41,735	PDF p. 87
Intangible assets$'000	–	3	PDF p. 87
Other receivable$'000	12,710	12,710	PDF p. 87
Subtotal$'000	54,445	54,448	PDF p. 87
Current assets
Other receivables$'000	3,177	2,467	PDF p. 87
Prepayments$'000	8	8	PDF p. 87
Cash and cash equivalents$'000	62	142	PDF p. 87
Subtotal$'000	3,247	2,617	PDF p. 87
Assets
Total assets$'000	57,692	57,065	PDF p. 87
Equity
Share capital$'000	41,157	41,157	PDF p. 87
Accumulated profits$'000	6,070	5,401	PDF p. 87
Total equity$'000	47,227	46,558	PDF p. 87
Non-current liabilities
Other payables$'000	10,282	10,282	PDF p. 87
Current liabilities
Trade and other payables$'000	183	225	PDF p. 87
Liabilities
Total liabilities$'000	10,465	10,507	PDF p. 87
Equity and liabilities
Total equity and liabilities$'000	57,692	57,065	PDF p. 87

Definitions & sources

Original report: PDF p. 87 ↗

Consolidated Statement of Comprehensive Income

22 metrics

Units appear below each metric. Scroll to compare years

Consolidated Statement of Comprehensive Income from Annual Report 2025
Metric / unit	2025Group	2024Group (Reclassified)	Source
Income statement
Revenue$’000	298,843	226,365	PDF p. 85
Cost of sales and services$’000	(249,438)	(185,203)	PDF p. 85
Gross profit$’000	49,405	41,162	PDF p. 85
Other items of income
Other income$’000	3,153	3,394	PDF p. 85
Interest income$’000	2,587	3,915	PDF p. 85
Other items of expense
Administrative expenses$’000	(22,705)	(20,042)	PDF p. 85
Other expenses$’000	(1,669)	(1,041)	PDF p. 85
Loss allowance on trade receivables and contract assets, net$’000	(3,337)	(4,388)	PDF p. 85
Finance costs$’000	(2,748)	(2,998)	PDF p. 85
Share of results of an associated company$’000	(1)	–	PDF p. 85
Income statement
Profit before income tax$’000	24,685	20,002	PDF p. 85
Income tax expense$’000	(4,933)	(3,688)	PDF p. 85
Profit for the financial year$’000	19,752	16,314	PDF p. 85
Other comprehensive (loss)/income - items that are or may be reclassified
Fair value loss on financial assets at FVOCI$’000	(23)	(23)	PDF p. 85
Other comprehensive (loss)/income - items not reclassified
Gain on revaluation of property, plant and equipment$’000	1,193	342	PDF p. 85
Other comprehensive (loss)/income
Other comprehensive income, net of tax$’000	1,170	319	PDF p. 85
Total comprehensive income
Total comprehensive income for the financial year$’000	20,922	16,633	PDF p. 85
Profit/(loss) attributable to
Owners of the parent$’000	19,141	16,356	PDF p. 85
Non-controlling interests$’000	611	(42)	PDF p. 85
Total comprehensive income/(loss) attributable to
Owners of the parent$’000	20,311	16,675	PDF p. 85
Non-controlling interests$’000	611	(42)	PDF p. 85
Earnings per share attributable to owners of the parent
- Basic and diluted (in cents)cents	10.80	9.23	PDF p. 85

Definitions & sources

Original report: PDF p. 85 ↗

Note: (1) FVOCI: fair value through other comprehensive income

2024 column labelled (Reclassified). Unit $’000 except EPS in cents.

Consolidated Statement of Changes in Equity - year ended 31 December 2025

9 metrics

Units appear below each metric. Scroll to compare years

Consolidated Statement of Changes in Equity - year ended 31 December 2025 from Annual Report 2025
Metric / unit	2025Group - Share capital	2025Group - Accumulated profits	2025Group - Other reserves	2025Group - Total equity attributable to owners of the parent	2025Group - Non-controlling interests	2025Group - Total equity	Source
Movements
Balance as at 1.1.2025$’000	41,157	85,346	(14,781)	111,722	(1,098)	110,624	PDF p. 88
Profit for the financial year$’000	–	19,141	–	19,141	611	19,752	PDF p. 88
Other comprehensive income/(loss)
Gain on revaluation of property, plant and equipment$’000	–	–	1,193	1,193	–	1,193	PDF p. 88
Fair value loss on financial assets at FVOCI$’000	–	–	(23)	(23)	–	(23)	PDF p. 88
Other comprehensive income/(loss) subtotal$’000	–	–	1,170	1,170	–	1,170	PDF p. 88
Movements
Total comprehensive income for the financial year$’000	–	19,141	1,170	20,311	611	20,922	PDF p. 88
Capital contribution from non-controlling interests$’000	–	–	–	–	162	162	PDF p. 88
Dividend$’000	–	(1,950)	–	(1,950)	–	(1,950)	PDF p. 88
Balance as at 31.12.2025$’000	41,157	102,537	(13,611)	130,083	(325)	129,758	PDF p. 88

Definitions & sources

Original report: PDF p. 88 ↗

All columns $’000. Order of values: Share capital, Accumulated profits, Other reserves, Total equity attributable to owners of the parent, Non-controlling interests, Total equity.

Consolidated Statement of Changes in Equity - year ended 31 December 2024

8 metrics

Units appear below each metric. Scroll to compare years

Consolidated Statement of Changes in Equity - year ended 31 December 2024 from Annual Report 2025
Metric / unit	2024Group - Share capital	2024Group - Accumulated profits	2024Group - Other reserves	2024Group - Total equity attributable to owners of the parent	2024Group - Non-controlling interests	2024Group - Total equity	Source
Movements
Balance as at 1.1.2024$’000	41,157	70,762	(15,100)	96,819	(1,056)	95,763	PDF p. 89
Profit/(loss) for the financial year$’000	–	16,356	–	16,356	(42)	16,314	PDF p. 89
Other comprehensive income/(loss)
Gain on revaluation of property, plant and equipment$’000	–	–	342	342	–	342	PDF p. 89
Fair value loss on financial assets at FVOCI$’000	–	–	(23)	(23)	–	(23)	PDF p. 89
Other comprehensive income/(loss) subtotal$’000	–	–	319	319	–	319	PDF p. 89
Movements
Total comprehensive income/(loss) for the financial year$’000	–	16,356	319	16,675	(42)	16,633	PDF p. 89
Dividend$’000	–	(1,772)	–	(1,772)	–	(1,772)	PDF p. 89
Balance as at 31.12.2024$’000	41,157	85,346	(14,781)	111,722	(1,098)	110,624	PDF p. 89

Definitions & sources

Original report: PDF p. 89 ↗

All columns $’000. Comparative year statement for financial year ended 31 December 2024.

Company Statement of Changes in Equity

8 metrics

Units appear below each metric. Scroll to compare years

Company Statement of Changes in Equity from Annual Report 2025
Metric / unit	2025Company - Share capital	2025Company - Accumulated profits	2025Company - Total equity	Source
FY2025
Balance at 1.1.2025$’000	41,157	5,401	46,558	PDF p. 90
Profit and total comprehensive income for the financial year$’000	–	2,619	2,619	PDF p. 90
Dividend$’000	–	(1,950)	(1,950)	PDF p. 90
Balance at 31.12.2025$’000	41,157	6,070	47,227	PDF p. 90
FY2024
Balance at 1.1.2024$’000	41,157	4,544	45,701	PDF p. 90
Profit and total comprehensive income for the financial year$’000	–	2,629	2,629	PDF p. 90
Dividend$’000	–	(1,772)	(1,772)	PDF p. 90
Balance at 31.12.2024$’000	41,157	5,401	46,558	PDF p. 90

Definitions & sources

Original report: PDF p. 90 ↗

All columns $’000. Rows for both 2025 and 2024 movements are included; 2024 rows are labelled with their own balance dates (1.1.2024 to 31.12.2024) and values apply to the 2024 financial year.

Consolidated Statement of Cash Flows (operating and investing activities)

31 metrics

Units appear below each metric. Scroll to compare years

Consolidated Statement of Cash Flows (operating and investing activities) from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Cash flows from operating activities
Profit before income tax$’000	24,685	20,002	PDF p. 91
Adjustments for
Reversal of accumulated impairment losses on financial assets at FVOCI upon redemption$’000	(996)	(11)	PDF p. 91
Loss allowance on trade receivables and contract assets, net$’000	3,337	4,388	PDF p. 91
Amortisation of intangible assets$’000	44	34	PDF p. 91
Depreciation of property, plant and equipment$’000	15,479	12,144	PDF p. 91
Depreciation of right-of-use assets$’000	7,099	6,842	PDF p. 91
Property, plant and equipment written off$’000	26	191	PDF p. 91
Gain on disposal of property, plant and equipment$’000	(42)	(73)	PDF p. 91
Interest expenses$’000	2,488	2,729	PDF p. 91
Interest income$’000	(2,587)	(3,915)	PDF p. 91
Share of results of an associated company$’000	1	–	PDF p. 91
Fair value gain of financial assets at FVTPL$’000	(278)	(212)	PDF p. 91
Provision for onerous contracts, net$’000	376	3,703	PDF p. 91
Unrealised exchange differences, net$’000	(662)	(457)	PDF p. 91
Cash flows from operating activities
Operating cash flows before working capital changes$’000	48,970	45,365	PDF p. 91
Working capital changes
Trade and other receivables$’000	(515)	13,662	PDF p. 91
Prepayments$’000	(1,499)	(4,639)	PDF p. 91
Contract assets and contract liabilities, net$’000	(27,373)	29,008	PDF p. 91
Inventories$’000	(172)	(984)	PDF p. 91
Trade and other payables$’000	16,375	(6,634)	PDF p. 91
Cash flows from operating activities
Cash from operations$’000	35,786	75,778	PDF p. 91
Interest received$’000	2,548	3,862	PDF p. 91
Income tax paid$’000	(3,754)	(2,810)	PDF p. 91
Net cash from operating activities$’000	34,580	76,830	PDF p. 91
Cash flows from investing activities
Purchase of property, plant and equipment$’000	(24,700)	(34,427)	PDF p. 91
Purchase of intangible assets$’000	–	(84)	PDF p. 91
Interest received$’000	52	52	PDF p. 91
Investment in an associated company$’000	(49)	–	PDF p. 91
Proceeds from disposal of property, plant and equipment$’000	475	473	PDF p. 91
Proceeds from redemption of financial assets at FVOCI$’000	1,730	20	PDF p. 91
Net cash used in investing activities$’000	(22,492)	(33,966)	PDF p. 91

Definitions & sources

Original report: PDF p. 91 ↗

Continues on next page (financing activities and closing cash). The Company has no cash flow statement in the report.

Consolidated Statement of Cash Flows (financing activities and closing cash)

13 metrics

Units appear below each metric. Scroll to compare years

Consolidated Statement of Cash Flows (financing activities and closing cash) from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Cash flows from financing activities
Proceeds from trust receipts$’000	108,513	106,020	PDF p. 92
Repayments of trust receipts$’000	(98,380)	(91,536)	PDF p. 92
Proceeds from bank loans$’000	24,327	15,838	PDF p. 92
Repayments of bank loans$’000	(18,348)	(12,928)	PDF p. 92
Interest paid$’000	(2,488)	(2,729)	PDF p. 92
Repayments of lease liabilities$’000	(9,972)	(12,646)	PDF p. 92
Dividend paid$’000	(1,950)	(1,772)	PDF p. 92
Capital contribution from non-controlling interests$’000	162	–	PDF p. 92
Pre-acquisition dividends paid to former shareholders of subsidiaries$’000	–	(3,140)	PDF p. 92
Net cash from/(used in) financing activities$’000	1,864	(2,893)	PDF p. 92
Net change in cash
Net changes in cash and cash equivalents$’000	13,952	39,971	PDF p. 92
Cash and cash equivalents as at the beginning of the financial year$’000	110,662	70,691	PDF p. 92
Cash and cash equivalents as at the end of the financial year$’000	124,614	110,662	PDF p. 92

Definitions & sources

Original report: PDF p. 92 ↗

Continuation of cash flow statement from page 91.

Note 27 Earnings per share (Group)

3 metrics

Units appear below each metric. Scroll to compare years

Note 27 Earnings per share (Group) from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Earnings per share
Profit attributable to owners of the parent ($’000)$’000	19,141	16,356	PDF p. 133
Weighted average number of ordinary shares outstandingnumber of shares	177,239,600	177,239,600	PDF p. 133
Basic and diluted earnings per share (in cents)cents	10.80	9.23	PDF p. 133

Definitions & sources

Original report: PDF p. 133 ↗

Diluted EPS is the same as basic EPS as the Group does not have any dilutive potential ordinary shares for the relevant periods.

Note 26 Dividend (Group and Company)

3 metrics

Units appear below each metric. Scroll to compare years

Note 26 Dividend (Group and Company) from Annual Report 2025
Metric / unit	2025Group and Company	2024Group and Company	Source
Ordinary dividend paid
Interim tax-exempt dividend of $0.005 (2024: $0.005) per share paid in respect of the current financial year$’000	886	886	PDF p. 132
Final tax-exempt dividend of $0.006 (2024: $0.005) per share paid in respect of the previous financial year ended 31 December 2024 (2024: 31 December 2023)$’000	1,064	886	PDF p. 132
Total ordinary dividend paid$’000	1,950	1,772	PDF p. 132

Definitions & sources

Original report: PDF p. 132 ↗

The directors have proposed a final tax-exempt dividend for the financial year ended 31 December 2025 of $0.010 per share amounting to $1,890,000. These financial statements do not reflect this dividend payable, which will be accounted for in the shareholders’ equity as an appropriation of accumulated profits in the financial year ending 31 December 2026.

Chairman's Statement (p.7): interim one-tier tax exempt dividend S$0.005 per ordinary share paid September 2025; proposed final S$0.010; total FY2025 S$0.015 per ordinary share, dividend pay-out ratio approximately 14.5%.

Where the money comes from

Segment information

By business

Segment information 2025 - operating segments ($'000) 13 lines

Segment information 2025 - operating segments ($'000)
Item / unit	2025Civil engineering contract works	2025Inland logistics support	2025Sales of construction materials	2025Dormitory operation	2025Unallocated	2025Elimination	2025Consolidated	Source
Revenue
External revenue$'000	279,309	16,103	3,431	–	–	–	298,843	PDF p. 136
Inter-segment revenue$'000	24,675	21,251	14,977	–	–	(60,903)	–	PDF p. 136
Total revenue$'000	303,984	37,354	18,408	–	–	(60,903)	298,843	PDF p. 136
Results
Segment results$'000	21,317	1,966	411	–	893	–	24,587	PDF p. 136
Non-cash items
Gain on disposal of property, plant and equipment$'000	37	4	1	–	–	–	42	PDF p. 136
Depreciation of property, plant and equipment$'000	(14,526)	(860)	(93)	–	–	–	(15,479)	PDF p. 136
Depreciation of right-of-use assets$'000	(6,747)	(348)	(4)	–	–	–	(7,099)	PDF p. 136
Amortisation of intangible assets$'000	(40)	(1)	–	–	(3)	–	(44)	PDF p. 136
Property, plant and equipment written off$'000	(19)	(7)	–	–	–	–	(26)	PDF p. 136
Fair value gain of financial assets at FVTPL$'000	–	–	–	–	278	–	278	PDF p. 136
Reversal of accumulated impairment losses on financial assets at FVOCI upon redemption$'000	–	–	–	–	996	–	996	PDF p. 136
Provision for onerous contracts, net$'000	(376)	–	–	–	–	–	(376)	PDF p. 136
(Loss allowance)/reversal of loss allowance on trade receivables and contract assets, net$'000	(3,479)	(3)	145	–	–	–	(3,337)	PDF p. 136

Notes

Due to the nature of the Group's operations, no segment assets and liabilities are presented to the chief operating decision maker. Chief operating decision maker manages the assets, liabilities, interest income, finance costs and income taxes on a Group basis.

Segment performance is evaluated based on operating profit or loss which is similar to the accounting profit or loss. Unallocated items comprise other corporate expenses which are not directly attributable to a particular reporting segment.

Dormitory operation column shows no amounts for 2025. Blank values mean the cell is not printed.

Segment information 2024 - operating segments ($'000) 13 lines

Segment information 2024 - operating segments ($'000)
Item / unit	2024Civil engineering contract works	2024Inland logistics support	2024Sales of construction materials	2024Dormitory operation	2024Unallocated	2024Elimination	2024Consolidated	Source
Revenue
External revenue$'000	167,625	15,978	9,168	33,594	–	–	226,365	PDF p. 137
Inter-segment revenue$'000	11,834	14,236	7,815	–	–	(33,885)	–	PDF p. 137
Total revenue$'000	179,459	30,214	16,983	33,594	–	(33,885)	226,365	PDF p. 137
Results
Segment results$'000	9,506	2,212	1,106	6,124	(132)	–	18,816	PDF p. 137
Non-cash items
Gain on disposal of property, plant and equipment$'000	51	9	4	9	–	–	73	PDF p. 137
Depreciation of property, plant and equipment$'000	(10,077)	(1,988)	(23)	(56)	–	–	(12,144)	PDF p. 137
Depreciation of right-of-use assets$'000	(3,958)	(2,843)	(12)	(29)	–	–	(6,842)	PDF p. 137
Amortisation of intangible assets$'000	(27)	(2)	–	(2)	(3)	–	(34)	PDF p. 137
Property, plant and equipment written off$'000	(2)	(26)	(163)	–	–	–	(191)	PDF p. 137
Fair value gain of financial assets at FVTPL$'000	–	–	–	–	212	–	212	PDF p. 137
Reversal of accumulated impairment losses on financial assets at FVOCI upon redemption$'000	–	–	–	–	11	–	11	PDF p. 137
Provision for onerous contracts, net$'000	(3,703)	–	–	–	–	–	(3,703)	PDF p. 137
Loss allowance on trade receivables and contract assets, net$'000	(4,087)	(92)	–	(209)	–	–	(4,388)	PDF p. 137

Notes

No segment assets and liabilities are presented (see note on page 133). Blank values mean the cell is not printed.

Major customers (civil engineering contract works revenue) 2 lines

Major customers (civil engineering contract works revenue)
Item / unit	2025Group	2024Group	Source
Major customers
Customer 1$'000	144,922	74,639	PDF p. 138
Customer 2$'000	19,394	18,368	PDF p. 138

Notes

Revenue from 2 (2024: 2) major customers of the Group amounted to approximately $164,316,000 (2024: $93,007,000) of the total revenue from civil engineering contract works. Total row: 164,316 and 93,007.

Debt

Borrowings

Note 31(b) Liquidity risk contractual maturity - Group 2025 (undiscounted)

Note 31(b) Liquidity risk contractual maturity - Group 2025 (undiscounted)
Item / unit	2025Effective interest rate %	2025Within one financial year, $'000	2025After one financial year but within five financial years, $'000	2025More than five financial years, $'000	2025Total, $'000	Source
Group 2025 Financial liabilities
Trade and other payables$'000	–	70,855	200	–	71,055	PDF p. 146
Group 2025 Bank loans, floating interest rates
- Revolving loans$'000	1.25	14,356	–	–	14,356	PDF p. 146
- Term loans$'000	1.57	4,867	15,218	–	20,085	PDF p. 146
Group 2025 Financial liabilities
Trust receipts$'000	1.09	38,038	–	–	38,038	PDF p. 146

Notes

Undiscounted cash flows including expected interest and principal. Bank loans are floating interest rates.

Note 31(b) Liquidity risk contractual maturity - Group 2024 (undiscounted)

Note 31(b) Liquidity risk contractual maturity - Group 2024 (undiscounted)
Item / unit	2024Effective interest rate %	2024Within one financial year, $'000	2024After one financial year but within five financial years, $'000	2024More than five financial years, $'000	2024Total, $'000	Source
Group 2024 Financial liabilities
Trade and other payables$'000	–	55,914	1,000	–	56,914	PDF p. 147
Group 2024 Bank loans, floating interest rates
- Revolving loans$'000	3.10	15,770	–	–	15,770	PDF p. 147
- Term loans$'000	3.08	3,256	9,594	792	13,642	PDF p. 147
Group 2024 Bank loans, fixed interest rates
- Temporary bridging loans$'000	2.10	659	–	–	659	PDF p. 147
Group 2024 Financial liabilities
Trust receipts$'000	1.38	27,935	–	–	27,935	PDF p. 147

Notes

Undiscounted cash flows including expected interest and principal.

Borrowing notes 4 tables

Bank borrowings

Bank borrowings — Group
Item / unit	2025$'000	2024$'000	Source
Current - Secured
Revolving loan I$'000	–	6,000	PDF p. 129
Revolving loan II$'000	2,417	2,562	PDF p. 129
Revolving loan III$'000	2,621	2,778	PDF p. 129
Revolving loan IV$'000	6,119	–	PDF p. 129
Term loan I$'000	–	660	PDF p. 129
Term loan II$'000	–	711	PDF p. 129
Term loan III$'000	1,546	1,638	PDF p. 129
Term loan IV$'000	780	–	PDF p. 129
Term loan V$'000	2,271	–	PDF p. 129
Trust receipts*$'000	7,359	5,071	PDF p. 129
Current - Unsecured
Trust receipts*$'000	30,566	22,736	PDF p. 129
Revolving loan V$'000	–	2,956	PDF p. 129
Revolving loan VI$'000	1,000	1,000	PDF p. 129
Revolving loan VII$'000	2,022	–	PDF p. 129
Temporary bridging loans$'000	–	655	PDF p. 129
Current
Total current bank borrowings$'000	56,701	46,767	PDF p. 129
Non-current - Secured
Term loan I$'000	–	4,070	PDF p. 129
Term loan III$'000	3,737	5,599	PDF p. 129
Term loan IV$'000	3,370	–	PDF p. 129
Term loan V$'000	7,717	–	PDF p. 129
Non-current
Total non-current bank borrowings$'000	14,824	9,669	PDF p. 129
Total
Total bank borrowings$'000	71,525	56,436	PDF p. 129

Notes

Trust receipts* footnote: trust receipts of $37,925,000 (2024: $27,807,000) are under supplier finance arrangements with extended payment terms of 120 days (2024: 120 days) vs original 30 to 60 days.

Revolving loan I refinanced to Revolving loan IV; Term loan I refinanced to Term loan IV (5 years, monthly instalments till September 2030). Term loans III and V repayable over 5 years till October 2029 and September 2030. Secured trust receipts of $7,359,000 (2024: $5,071,000).

All the bank borrowings are supported by a corporate guarantee from the Company (Note 31(b)).

Weighted average effective interest rates per annum of borrowings

Weighted average effective interest rates per annum of borrowings — Group
Item / unit	2025%	2024%	Source
Interest rates
Revolving loans%	1.25	3.10	PDF p. 130
Term loans%	1.57	3.08	PDF p. 130
Temporary bridging loans%	–	2.10	PDF p. 130
Trust receipts%	1.09	1.38	PDF p. 130

Notes

Unit % per annum.

Bank borrowings by currency

Bank borrowings by currency — Group
Item / unit	2025$'000	2024$'000	Source
Currency
Singapore dollar$'000	5,242	16,882	PDF p. 130
Japanese Yen$'000	17,052	39,554	PDF p. 130
Swiss Franc$'000	49,231	–	PDF p. 130
Total bank borrowings by currency$'000	71,525	56,436	PDF p. 130

Lease liabilities (current / non-current)

Lease liabilities (current / non-current) — Group
Item / unit	2025$'000	2024$'000	Source
Lease liabilities
Non-current$'000	13,417	22,197	PDF p. 128
Current$'000	9,042	9,783	PDF p. 128
Total lease liabilities$'000	22,459	31,980	PDF p. 128

Notes

Lease liabilities of $14,959,000 (2024: $22,490,000) are secured by certain machineries, trucks and vehicles, and worksite equipment, and a corporate guarantee by the Company (Note 23, page 129).

Payout

Dividends & distributions

Dividend policy

Item	Value	Period / scope	Source
Dividend Policy	The Company does not have a fixed dividend policy at present. The Company is committed to enhancing value for its shareholders and strives to achieve an efficient capital structure that balances the returns to shareholders with the Company’s capital needs for investment and growth. The declaration and payment of dividends by the Group is subject to many factors, including but not limited to, the level of the Group’s cash and retained earnings, the Group’s actual and projected performance, the projected levels of capital requirements and general financing conditions and restrictions on payment of dividends imposed on the Group by the financing arrangement (if any).	Company/Group	PDF p. 73

Dividends declared and proposed

Item	Value	Period / scope	Source
Interim tax-exempt dividend	S$0.005	FY2025 interim, one-tier tax-exempt, declared and paid; announced 13 August 2025, paid September 2025	PDF p. 73
final (one-tier) tax-exempt dividend	S$0.010	FY2025 final, proposed, subject to shareholders' approval at forthcoming AGM	PDF p. 73
In total, our dividend for FY2025	S$0.015	FY2025 total (interim S$0.005 + proposed final S$0.010)	PDF p. 7
Final tax-exempt dividend of $0.006 (2024: $0.005) per	$0.006	Final tax-exempt dividend paid in 2025 in respect of FY2024 (comparative 2024: $0.005 in respect of FY2023); Group and Company	PDF p. 132

Payout

Item	Value	Period / scope	Source
dividend pay-out ratio	approximately 14.5%	FY2025	PDF p. 7

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
Baker Tilly TFW LLP	Baker Tilly TFW LLP	Group	PDF p. 84
Engagement partner	Heng Bao Sheng	Group	PDF p. 84
Opinion	In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967	Group and Company	PDF p. 81

Key audit matters

Item	Value	Period / scope	Source
Revenue from civil engineering contract works	We consider this area to be a key audit matter because significant assumptions are used in the estimation of the total contract revenue (including variation of claims) and total contract costs (including estimated costs to complete), and the determination of the stage of completion as disclosed in Note 3 to the financial statements.	Group	PDF p. 81
Expected credit loss for trade receivables (including retention sums) and contract assets	We consider this area to be a key audit matter because it requires the application of significant estimates and judgements by management and trade receivables (including retention sums) and contract assets are significant to the Group’s total assets.	Group	PDF p. 82

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. 100

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.