Annual Report 2026
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, as at 31/3/2026, S$'000 | 2024Group, as at 31/12/2024, S$'000 | Source |
|---|---|---|---|
| Assets | |||
| Property, plant and equipmentS$'000 | 25,980 | 366 | PDF p. 96 |
| Right-of-use assetsS$'000 | 6,838 | 396 | PDF p. 96 |
| Intangible assetsS$'000 | 4,900 | 723 | PDF p. 96 |
| Investments in subsidiariesS$'000 | – | – | PDF p. 96 |
| Deferred tax assetsS$'000 | 89 | – | PDF p. 96 |
| Non-current assetsS$'000 | 37,807 | 1,485 | PDF p. 96 |
| InventoriesS$'000 | 37,581 | 28 | PDF p. 96 |
| Trade and other receivablesS$'000 | 11,240 | 2,494 | PDF p. 96 |
| Amount due from a subsidiaryS$'000 | – | – | PDF p. 96 |
| Cash and cash equivalentsS$'000 | 3,935 | 5,746 | PDF p. 96 |
| Current assetsS$'000 | 52,756 | 8,268 | PDF p. 96 |
| Total assetsS$'000 | 90,563 | 9,753 | PDF p. 96 |
| Equity | |||
| Share capitalS$'000 | 40,578 | 31,416 | PDF p. 96 |
| ReservesS$'000 | – | (8,611) | PDF p. 96 |
| Accumulated lossesS$'000 | (28,694) | (17,390) | PDF p. 96 |
| Total equityS$'000 | 11,884 | 5,415 | PDF p. 96 |
| Non-current liabilities | |||
| Loans and borrowingsS$'000 | 7,790 | 990 | PDF p. 96 |
| Lease liabilitiesS$'000 | 6,401 | 227 | PDF p. 96 |
| Deferred tax liabilitiesS$'000 | 245 | 39 | PDF p. 96 |
| Non-current liabilitiesS$'000 | 14,436 | 1,256 | PDF p. 96 |
| Current liabilities | |||
| Trade and other payablesS$'000 | 17,489 | 1,954 | PDF p. 96 |
| Amount due to a subsidiaryS$'000 | – | – | PDF p. 96 |
| Income tax payablesS$'000 | 31 | – | PDF p. 96 |
| Loans and borrowingsS$'000 | 46,176 | 694 | PDF p. 96 |
| Lease liabilitiesS$'000 | 547 | 434 | PDF p. 96 |
| Current liabilitiesS$'000 | 64,243 | 3,082 | PDF p. 96 |
| Liabilities | |||
| Total liabilitiesS$'000 | 78,679 | 4,338 | PDF p. 96 |
| Total equity and liabilitiesS$'000 | 90,563 | 9,753 | PDF p. 96 |
Original report: PDF p. 96 ↗
Statements of financial position as at 31 March 2026; comparative as at 31/12/2024. Note references omitted from values.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Company, as at 31/3/2026, S$'000 | 2024Company, as at 31/12/2024, S$'000 | Source |
|---|---|---|---|
| Assets | |||
| Property, plant and equipmentS$'000 | 2 | – | PDF p. 96 |
| Right-of-use assetsS$'000 | – | 36 | PDF p. 96 |
| Intangible assetsS$'000 | – | – | PDF p. 96 |
| Investments in subsidiariesS$'000 | 14,236 | 4,384 | PDF p. 96 |
| Deferred tax assetsS$'000 | – | – | PDF p. 96 |
| Non-current assetsS$'000 | 14,238 | 4,420 | PDF p. 96 |
| InventoriesS$'000 | – | – | PDF p. 96 |
| Trade and other receivablesS$'000 | 137 | 2,087 | PDF p. 96 |
| Amount due from a subsidiaryS$'000 | 3 | – | PDF p. 96 |
| Cash and cash equivalentsS$'000 | 2,407 | 5,108 | PDF p. 96 |
| Current assetsS$'000 | 2,547 | 7,195 | PDF p. 96 |
| Total assetsS$'000 | 16,785 | 11,615 | PDF p. 96 |
| Equity | |||
| Share capitalS$'000 | 40,578 | 31,416 | PDF p. 96 |
| ReservesS$'000 | – | – | PDF p. 96 |
| Accumulated lossesS$'000 | (26,359) | (21,275) | PDF p. 96 |
| Total equityS$'000 | 14,219 | 10,141 | PDF p. 96 |
| Non-current liabilities | |||
| Loans and borrowingsS$'000 | – | – | PDF p. 96 |
| Lease liabilitiesS$'000 | – | – | PDF p. 96 |
| Deferred tax liabilitiesS$'000 | – | – | PDF p. 96 |
| Non-current liabilitiesS$'000 | – | – | PDF p. 96 |
| Current liabilities | |||
| Trade and other payablesS$'000 | 2,516 | 517 | PDF p. 96 |
| Amount due to a subsidiaryS$'000 | 50 | 917 | PDF p. 96 |
| Income tax payablesS$'000 | – | – | PDF p. 96 |
| Loans and borrowingsS$'000 | – | – | PDF p. 96 |
| Lease liabilitiesS$'000 | – | 40 | PDF p. 96 |
| Current liabilitiesS$'000 | 2,566 | 1,474 | PDF p. 96 |
| Liabilities | |||
| Total liabilitiesS$'000 | 2,566 | 1,474 | PDF p. 96 |
| Total equity and liabilitiesS$'000 | 16,785 | 11,615 | PDF p. 96 |
Original report: PDF p. 96 ↗
Statements of financial position as at 31 March 2026; comparative as at 31/12/2024.
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| Metric / unit | 2026Group, period from 1/1/2025 to 31/3/2026, S$'000 | 2024Group, year ended 31/12/2024 (Restated*), S$'000 | Source |
|---|---|---|---|
| Income statement | |||
| RevenueS$'000 | 78,706 | – | PDF p. 97 |
| Other incomeS$'000 | 2,739 | 6 | PDF p. 97 |
| Changes in inventoriesS$'000 | (70,101) | – | PDF p. 97 |
| Warehousing and distribution expenseS$'000 | (2,436) | – | PDF p. 97 |
| Marketing expenseS$'000 | (1,459) | – | PDF p. 97 |
| Employee benefits expenseS$'000 | (5,372) | (655) | PDF p. 97 |
| Depreciation and amortisation expenseS$'000 | (1,383) | (20) | PDF p. 97 |
| Other expensesS$'000 | (1,763) | (586) | PDF p. 97 |
| Total expensesS$'000 | (82,514) | (1,261) | PDF p. 97 |
| Finance costsS$'000 | (2,986) | (21) | PDF p. 97 |
| Loss before taxS$'000 | (4,055) | (1,276) | PDF p. 97 |
| Tax expenseS$'000 | (122) | – | PDF p. 97 |
| Loss for the period/year from continuing operationsS$'000 | (4,177) | (1,276) | PDF p. 97 |
| Loss for the period/yearS$'000 | (2,693) | (2,460) | PDF p. 97 |
| Attributable to equity holder of the Company | |||
| – Continuing operationsS$'000 | (4,177) | (1,276) | PDF p. 97 |
| – Discontinued operationsS$'000 | 1,484 | (1,156) | PDF p. 97 |
| Attributable to | |||
| Non-controlling interestsS$'000 | – | (28) | PDF p. 97 |
| Attributable to (total) | |||
| SubtotalS$'000 | (2,693) | (2,460) | PDF p. 97 |
Original report: PDF p. 97 ↗
* See Note 30. Financial period from 1 January 2025 to 31 March 2026 (15 months) vs year ended 31 December 2024. No separate Company income statement was printed.
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| Metric / unit | 2026Group, period from 1/1/2025 to 31/3/2026, S$'000 (EPS in cents per share) | 2024Group, year ended 31/12/2024 (Restated*), S$'000 (EPS in cents per share) | Source |
|---|---|---|---|
| Items that will be reclassified subsequently to profit or loss | |||
| Currency translation differences arising on consolidationS$'000 | – | 26 | PDF p. 98 |
| Other comprehensive income | |||
| Other comprehensive income for the period/year, net of taxS$'000 | – | 20 | PDF p. 98 |
| Total comprehensive loss | |||
| Total comprehensive loss for the period/yearS$'000 | (2,693) | (2,440) | PDF p. 98 |
| Total comprehensive loss attributable to: Equity holders of the Company | |||
| – Continuing operationsS$'000 | (4,177) | (1,276) | PDF p. 98 |
| – Discontinued operationsS$'000 | 1,484 | (1,130) | PDF p. 98 |
| Total comprehensive loss attributable to | |||
| Non-controlling interestsS$'000 | – | (34) | PDF p. 98 |
| Total comprehensive loss attributable to (total) | |||
| SubtotalS$'000 | (2,693) | (2,440) | PDF p. 98 |
| Loss per share – Basic and diluted | |||
| Continuing operationscents per share | (0.42) | (0.34) | PDF p. 98 |
| Discontinued operationscents per share | 0.15 | (0.31) | PDF p. 98 |
| Loss per share – Basic and diluted (total) | |||
| Subtotalcents per share | (0.27) | (0.65) | PDF p. 98 |
Original report: PDF p. 98 ↗
* See Note 30. Discontinued operations profit/(loss) line (1,484 / (1,184)) is on page 97 and not repeated here.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, period from 1/1/2025 to 31/3/2026 (15 months), S$'000 | 2024Group, year ended 31/12/2024 (Restated), S$'000 | Source |
|---|---|---|---|
| Income statement result | |||
| Loss for the period/yearS$'000 | (2,693) | (2,460) | PDF p. 97 |
| Items that will be reclassified subsequently to profit or loss | |||
| Currency translation differences arising on consolidationS$'000 | – | 26 | PDF p. 98 |
| Items that will not be reclassified subsequently to profit or loss | |||
| Currency translation differences arising on consolidation attributed to non-controlling interestsS$'000 | – | (6) | PDF p. 98 |
| Other comprehensive income | |||
| Other comprehensive income for the period/year, net of taxS$'000 | – | 20 | PDF p. 98 |
| Total comprehensive loss | |||
| Total comprehensive loss for the period/yearS$'000 | (2,693) | (2,440) | PDF p. 98 |
| Total comprehensive loss attributable to: Equity holders of the Company | |||
| – Continuing operationsS$'000 | (4,177) | (1,276) | PDF p. 98 |
| – Discontinued operationsS$'000 | 1,484 | (1,130) | PDF p. 98 |
| Total comprehensive loss attributable to | |||
| Non-controlling interestsS$'000 | – | (34) | PDF p. 98 |
| Loss per share (cents per share) - Basic and diluted | |||
| Continuing operationscents per share | (0.42) | (0.34) | PDF p. 98 |
| Discontinued operationscents per share | 0.15 | (0.31) | PDF p. 98 |
Original report: PDF p. 97 ↗ PDF p. 98 ↗
* See Note 30. 2024 comparative is Restated. Period 2026 covers 15 months (1 Jan 2025 to 31 Mar 2026) vs 12 months comparative. No separate Company-level comprehensive income statement is presented in the report pages read.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Share capital, S$'000 | 2024Group, Currency translation reserve, S$'000 | 2024Group, Merger reserve, S$'000 | 2024Group, Asset revaluation reserve, S$'000 | 2024Group, Accumulated losses, S$'000 | 2024Group, Total equity attributable to equity holders of the Company, S$'000 | 2024Group, Non-controlling interests, S$'000 | 2024Group, Total equity, S$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||
| As at 1 January 2024S$'000 | 21,488 | (26) | (8,611) | 2,919 | (17,877) | (2,107) | (1,469) | (3,576) | PDF p. 99 |
| Loss for the yearS$'000 | – | – | – | – | (2,432) | (2,432) | (28) | (2,460) | PDF p. 99 |
| Other comprehensive loss | |||||||||
| Currency translation differences arising on consolidationS$'000 | – | (18) | – | – | – | (18) | (6) | (24) | PDF p. 99 |
| Effect of liquidation of subsidiary (Note 23(b))S$'000 | – | 44 | – | – | – | 44 | – | 44 | PDF p. 99 |
| Group | |||||||||
| Total comprehensive loss for the yearS$'000 | – | 26 | – | – | (2,432) | (2,406) | (34) | (2,440) | PDF p. 99 |
| Transactions with equity owners | |||||||||
| Issuance of ordinary sharesS$'000 | 9,928 | – | – | – | – | 9,928 | – | 9,928 | PDF p. 99 |
| Effect of liquidation of subsidiary (Note 23(b))S$'000 | – | – | – | – | – | – | 1,529 | 1,529 | PDF p. 99 |
| Effect of strike off of subsidiariesS$'000 | – | – | – | – | – | – | (26) | (26) | PDF p. 99 |
| Transfer upon derecognition of investment propertyS$'000 | – | – | – | (2,919) | 2,919 | – | – | – | PDF p. 99 |
| Group | |||||||||
| As at 31 December 2024S$'000 | 31,416 | – | (8,611) | – | (17,390) | 5,415 | – | 5,415 | PDF p. 99 |
Original report: PDF p. 99 ↗
Non-controlling interests column is the NCI schedule for 2024. Currency translation differences row for NCI is (6) and total comprehensive loss attributable to NCI (34).
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| Metric / unit | 2026Group, Share capital, S$'000 | 2026Group, Currency translation reserve, S$'000 | 2026Group, Merger reserve, S$'000 | 2026Group, Asset revaluation reserve, S$'000 | 2026Group, Accumulated losses, S$'000 | 2026Group, Total equity attributable to equity holders of the Company, S$'000 | 2026Group, Non-controlling interests, S$'000 | 2026Group, Total equity, S$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||
| As at 1 January 2025S$'000 | 31,416 | – | (8,611) | – | (17,390) | 5,415 | – | 5,415 | PDF p. 99 |
| Loss for the periodS$'000 | – | – | – | – | (2,693) | (2,693) | – | (2,693) | PDF p. 99 |
| Other comprehensive loss | |||||||||
| Currency translation differences arising on consolidationS$'000 | – | – | – | – | – | – | – | – | PDF p. 99 |
| Group | |||||||||
| Total comprehensive loss for the periodS$'000 | – | – | – | – | (2,693) | (2,693) | – | (2,693) | PDF p. 99 |
| Transactions with equity owners | |||||||||
| Issuance of ordinary shares (Note 13)S$'000 | 9,162 | – | – | – | – | 9,162 | – | 9,162 | PDF p. 99 |
| Transfer upon disposal of subsidiaries (Note 14)S$'000 | – | – | 8,611 | – | (8,611) | – | – | – | PDF p. 99 |
| Group | |||||||||
| As at 31 March 2026S$'000 | 40,578 | – | – | – | (28,694) | 11,884 | – | 11,884 | PDF p. 99 |
Original report: PDF p. 99 ↗
* Amount is less than S$1,000.
Period covers 15 months 1 Jan 2025 to 31 Mar 2026.
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| Metric / unit | 2026Group, period from 1/1/2025 to 31/3/2026 (15 months), S$'000 | 2024Group, year ended 31/12/2024, S$'000 | Source |
|---|---|---|---|
| Cash flows from operating activities - Loss before income tax from | |||
| – continuing operationsS$'000 | (4,055) | (1,276) | PDF p. 100 |
| – discontinued operationsS$'000 | 1,481 | (1,187) | PDF p. 100 |
| Cash flows from operating activities | |||
| Loss before income tax (total, unlabelled subtotal)S$'000 | (2,574) | (2,463) | PDF p. 100 |
| Adjustments for | |||
| Depreciation of property, plant and equipmentS$'000 | 957 | 295 | PDF p. 100 |
| Depreciation of right-of-use assetsS$'000 | 1,009 | 939 | PDF p. 100 |
| Amortisation of intangible assetsS$'000 | 150 | 24 | PDF p. 100 |
| Interest expenseS$'000 | 3,170 | 199 | PDF p. 100 |
| Introducer and sponsor fee paid via issuance of ordinary sharesS$'000 | 384 | 45 | PDF p. 100 |
| Retention bonus paid via issuance of ordinary sharesS$'000 | 3 | – | PDF p. 100 |
| Gain on disposal of subsidiariesS$'000 | (1,591) | – | PDF p. 100 |
| Bad debts written offS$'000 | 173 | – | PDF p. 100 |
| Impairment loss on property, plant and equipmentS$'000 | – | 108 | PDF p. 100 |
| Fair value loss on investment propertyS$'000 | – | 480 | PDF p. 100 |
| Fixed assets written offS$'000 | – | 29 | PDF p. 100 |
| Right-of-use assets written-offS$'000 | – | 182 | PDF p. 100 |
| Loss arising from liquidation of subsidiaryS$'000 | – | 801 | PDF p. 100 |
| Gain arising from striking off subsidiariesS$'000 | – | (25) | PDF p. 100 |
| Adjustments subtotal (unlabelled)S$'000 | 1,681 | 614 | PDF p. 100 |
| Changes in | |||
| – InventoriesS$'000 | 1,371 | 55 | PDF p. 100 |
| – Trade and other receivablesS$'000 | 11,564 | 15 | PDF p. 100 |
| – Trade and other payablesS$'000 | (2,868) | (904) | PDF p. 100 |
| – Currency translation adjustmentsS$'000 | – | (27) | PDF p. 100 |
| Cash flows from operating activities | |||
| Cash from/(used in) operationsS$'000 | 11,748 | (247) | PDF p. 100 |
| Taxes paidS$'000 | (421) | – | PDF p. 100 |
| Net cash from/(used in) operating activitiesS$'000 | 11,327 | (247) | PDF p. 100 |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipmentS$'000 | (25) | (231) | PDF p. 100 |
| Amount due from related party (non-trade)S$'000 | (52) | – | PDF p. 100 |
| Purchase of intangible assetsS$'000 | (30) | – | PDF p. 100 |
| Acquisition of subsidiaries, net of cash acquiredS$'000 | (1,572) | – | PDF p. 100 |
| Proceeds from disposal of subsidiaries, net of cash disposedS$'000 | 311 | – | PDF p. 100 |
| Acquisition of businessS$'000 | (750) | – | PDF p. 100 |
| Refundable deposit paid to vendor for proposed acquisition of subsidiariesS$'000 | – | (2,000) | PDF p. 100 |
| Net cash outflows from liquidation of subsidiaryS$'000 | – | (31) | PDF p. 100 |
| Net cash used in investing activitiesS$'000 | (2,118) | (2,262) | PDF p. 100 |
| Cash flows from financing activities | |||
| Interest paidS$'000 | (3,170) | (129) | PDF p. 101 |
| Issue costs paidS$'000 | (26) | – | PDF p. 101 |
| Proceeds from bank loansS$'000 | 66,259 | 700 | PDF p. 101 |
| Repayment of bank loansS$'000 | (73,527) | (885) | PDF p. 101 |
| Payment of lease liabilitiesS$'000 | (1,039) | (1,259) | PDF p. 101 |
| Increase in restricted bank balancesS$'000 | (699) | – | PDF p. 101 |
| Amount due to related party (non-trade)S$'000 | 300 | – | PDF p. 101 |
| Net proceeds from issuance of ordinary sharesS$'000 | – | 9,235 | PDF p. 101 |
| Net cash (used in)/from financing activitiesS$'000 | (11,902) | 7,662 | PDF p. 101 |
| Net change in cash | |||
| Net (decrease)/increase in cash and cash equivalentsS$'000 | (2,693) | 5,153 | PDF p. 101 |
| Cash and cash equivalents at beginning of period/yearS$'000 | 5,746 | 593 | PDF p. 101 |
| Cash and cash equivalents at end of period/yearS$'000 | 3,053 | 5,746 | PDF p. 101 |
Original report: PDF p. 100 ↗ PDF p. 101 ↗
Significant non-cash transactions: i) The Group acquired business from LHA Food & Beverages Pte. Ltd. for a sum of S$1,550,000 (see note 26(c)). As at 31 March 2026, remaining consideration of S$800,000 has not been paid.
ii) During the financial period, issued and fully paid ordinary shares amounting to S$8,736,000 was issued as part of the purchase consideration in the acquisition of subsidiaries.
Period 2026 covers 15 months; comparative covers 12 months.
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| Metric / unit | 2026Group, period from 1/1/2025 to 31/3/2026 (15 months) | 2024Group, year ended 31/12/2024 (Restated*) | Source |
|---|---|---|---|
| Weighted average number of shares | |||
| Issued ordinary shares at beginning of the period/yearnumber of shares | 856,333,062 | 188,993,260 | PDF p. 154 |
| Effect of shares issued through private placementnumber of shares | – | 19,972,518 | PDF p. 154 |
| Effect of conversion of convertible loannumber of shares | – | 22,954,688 | PDF p. 154 |
| Effect of shares issued through rights issuenumber of shares | – | 138,822,664 | PDF p. 154 |
| Effect of shares issued related to a business combinationnumber of shares | 131,256,298 | – | PDF p. 154 |
| Weighted average number of ordinary shares for purposes of basic earnings per sharenumber of shares | 987,589,360 | 370,743,130 | PDF p. 154 |
| Attributable to the equity holders of the Company | |||
| Loss for the period/year from continuing operationsS$'000 | (4,177) | (1,276) | PDF p. 154 |
| Profit/(loss) for the period/year from discontinued operationsS$'000 | 1,484 | (1,156) | PDF p. 154 |
| Total loss for the yearS$'000 | (2,693) | (2,432) | PDF p. 154 |
| Basic and diluted loss per share (Singapore cents) | |||
| – Continuing operationsSingapore cents | (0.42) | (0.34) | PDF p. 154 |
| – Discontinued operationsSingapore cents | 0.15 | (0.31) | PDF p. 154 |
| (0.27)Singapore cents | (0.27) | (0.65) | PDF p. 154 |
Original report: PDF p. 154 ↗
* See Note 30.
For the purpose of calculating diluted loss per share, loss attributable to equity holders of the Company and the weighted average number of ordinary shares outstanding are adjusted for the effects of all dilutive potential ordinary shares. As at 31 March 2026 and 31 December 2024, diluted loss per share was the same as basic loss per share as there were no dilutive potential ordinary shares.
The total loss per share row is unlabelled in the source (sum of continuing and discontinued).
Where the money comes from
| Item / unit | 2026F&B Distribution (continuing), period 1/1/2025 to 31/3/2026 | 2024F&B Distribution (continuing), year ended 31/12/2024 | 2026Investment Holdings (continuing), period 1/1/2025 to 31/3/2026 | 2024Investment Holdings (continuing), year ended 31/12/2024 (Restated) | 2026Operations of F&B outlets (discontinued), period 1/1/2025 to 31/3/2026 | 2024Operations of F&B outlets (discontinued), year ended 31/12/2024 (Restated) | 2026BOP Services (discontinued), period 1/1/2025 to 31/3/2026 | 2024BOP Services (discontinued), year ended 31/12/2024 | 2026Total, period 1/1/2025 to 31/3/2026 | 2024Total, year ended 31/12/2024 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| The Group | |||||||||||
| External revenueS$'000 | 78,706 | – | – | – | 8,586 | 9,235 | – | – | 87,292 | 9,235 | PDF p. 155 |
| Inter-segment revenueS$'000 | – | – | 300 | 300 | – | – | – | – | 300 | 300 | PDF p. 155 |
| Interest expenseS$'000 | (2,985) | – | (1) | (21) | (184) | (178) | – | – | (3,170) | (199) | PDF p. 155 |
| Depreciation and amortisationS$'000 | (1,347) | – | (36) | (20) | (733) | (1,238) | – | – | (2,116) | (1,258) | PDF p. 155 |
| Segment profit/ (loss) before taxS$'000 | (2,214) | – | (1,841) | (1,276) | 1,481 | (297) | – | (890) | (2,574) | (2,463) | PDF p. 155 |
| Other material items of income and expenses and non-cash items | |||||||||||
| – Impairment on property, plant and equipmentS$'000 | – | – | – | – | – | (108) | – | – | – | (108) | PDF p. 155 |
| – Fair value loss on investment propertyS$'000 | – | – | – | (480) | – | – | – | – | – | (480) | PDF p. 155 |
| The Group | |||||||||||
| Reportable segment assetsS$'000 | 88,017 | – | 2,546 | 7,230 | 2,977 | 2,523 | – | – | 93,540 | 9,753 | PDF p. 155 |
| Capital expenditureS$'000 | 6 | – | 2 | – | 19 | 231 | – | – | 27 | 231 | PDF p. 155 |
| Reportable segment liabilitiesS$'000 | (76,163) | – | (2,516) | (557) | (3,863) | (3,781) | – | – | (82,542) | (4,338) | PDF p. 155 |
Segment information provided to management for the reportable segments. Reportable segments consist of continuing operations – F&B Distribution and Investment Holdings and discontinued operations – Operations of F&B outlets and BOP Services. Restated labels apply to the 31/12/2024 columns of Investment Holdings and Operations of F&B outlets as printed.
| Item / unit | 2026period from 1/1/2025 to 31/3/2026 | 2024year ended 31/12/2024 | Source |
|---|---|---|---|
| Revenue | |||
| Total revenue for reportable segmentsS$'000 | 87,592 | 9,535 | PDF p. 156 |
| Elimination of discontinued operationsS$'000 | (8,586) | (9,235) | PDF p. 156 |
| Elimination of inter-segment revenueS$'000 | (300) | (300) | PDF p. 156 |
| Consolidated revenueS$'000 | 78,706 | – | PDF p. 156 |
| Finance costs | |||
| Total finance costs for reportable segmentsS$'000 | 3,170 | 199 | PDF p. 156 |
| Elimination of discontinued operationsS$'000 | (184) | (178) | PDF p. 156 |
| Consolidated finance costsS$'000 | 2,986 | 21 | PDF p. 156 |
| Depreciation and amortisation expense | |||
| Total depreciation and amortisation expense for reportable segmentsS$'000 | 2,116 | 1,258 | PDF p. 156 |
| Elimination of discontinued operationsS$'000 | (733) | (1,238) | PDF p. 156 |
| Consolidated depreciation and amortisation expenseS$'000 | 1,383 | 20 | PDF p. 156 |
| Profit or loss before tax | |||
| Total loss before tax for reportable segmentsS$'000 | (2,574) | (2,463) | PDF p. 156 |
| Elimination of (profit)/loss before tax from discontinued operationsS$'000 | (1,481) | 1,187 | PDF p. 156 |
| Consolidated loss before tax from continuing operationsS$'000 | (4,055) | (1,276) | PDF p. 156 |
| Assets | |||
| Total assets for reportable segmentsS$'000 | 93,540 | 9,753 | PDF p. 156 |
| Elimination of discontinued operationsS$'000 | (2,977) | – | PDF p. 156 |
| Consolidated total assetsS$'000 | 90,563 | 9,753 | PDF p. 156 |
| Liabilities | |||
| Total liabilities for reportable segmentsS$'000 | 82,542 | 4,338 | PDF p. 156 |
| Elimination of discontinued operationsS$'000 | (3,863) | – | PDF p. 156 |
| Consolidated total liabilitiesS$'000 | 78,679 | 4,338 | PDF p. 156 |
Reconciliation of reportable segment revenues, profit or loss, assets and liabilities and other material items.
Debt
| Item / unit | 202631/3/2026 Face amount, S$'000 | 202631/3/2026 Carrying amount, S$'000 | 202431/12/2024 Face amount, S$'000 | 202431/12/2024 Carrying amount, S$'000 | Source |
|---|---|---|---|---|---|
| SGD, nominal interest 3.15% p.a., maturity 2027 | |||||
| Secured bank loanS$'000 | 8,931 | 8,658 | 1,885 | 1,684 | PDF p. 140 |
| SGD, nominal interest 3.50% p.a., maturity 2026 | |||||
| Unsecured bank loanS$'000 | 69 | 67 | – | – | PDF p. 140 |
| SGD, nominal interest 5.37% p.a., maturity 2026 | |||||
| Trust receiptsS$'000 | 17,091 | 16,874 | – | – | PDF p. 140 |
| SGD, nominal interest 3.38% p.a., maturity 2026 | |||||
| FactoringS$'000 | 6,168 | 5,966 | – | – | PDF p. 140 |
| SGD, nominal interest 3.75% p.a., maturity 2026 | |||||
| Bank overdraftsS$'000 | 190 | 183 | – | – | PDF p. 140 |
| Total | |||||
| TotalS$'000 | 54,966 | 53,966 | 1,885 | 1,684 | PDF p. 140 |
Trust receipts USD row prints only three values (22,517, 22,218, –); the fourth cell is not printed.
Secured by: (i) legal mortgage over 361 Ubi Road 3, Singapore 408664; (ii) fixed charge over the Company’s shares held by a controlling shareholder; (iii) fixed charge over 100% of the share capital of a subsidiary; (iv) corporate guarantee from the Company and subsidiaries; (v) joint and several guarantee from a controlling shareholder; (vi) assignment on bank accounts of the borrowing subsidiaries; (vii) debenture on trade receivables; (viii) charge and assignment over inventories and contracts financed by the financial institution.
| Item / unit | 2026Group 31 March 2026 Carrying amount | 2026Group 31 March 2026 Contractual cash flow | 2026Group 31 March 2026 1 year or less | 2026Group 31 March 2026 1 to 5 years | 2026Group 31 March 2026 After 5 years | Source |
|---|---|---|---|---|---|---|
| Group 31 March 2026 | ||||||
| Loans and borrowingsS$'000 | 53,966 | (54,966) | (46,931) | (8,035) | – | PDF p. 168 |
| Lease liabilitiesS$'000 | 6,948 | (10,669) | (768) | (1,423) | (8,478) | PDF p. 168 |
Based on contractual undiscounted repayment obligations.
| Item / unit | 2024Group 31 December 2024 Carrying amount | 2024Group 31 December 2024 Contractual cash flow | 2024Group 31 December 2024 1 year or less | 2024Group 31 December 2024 1 to 5 years | 2024Group 31 December 2024 After 5 years | Source |
|---|---|---|---|---|---|---|
| Group 31 December 2024 | ||||||
| Loans and borrowingsS$'000 | 1,684 | (1,885) | (798) | (1,087) | – | PDF p. 169 |
| Lease liabilitiesS$'000 | 661 | (699) | (469) | (230) | – | PDF p. 169 |
| Company 31 December 2024 | ||||||
| Lease liabilitiesS$'000 | 40 | (41) | (41) | – | – | PDF p. 169 |
Company 31 March 2026 has no loans or lease liabilities listed.
| Item / unit | 202631/3/2026, S$'000 | 202431/12/2024, S$'000 | Source |
|---|---|---|---|
| Non-current liabilities | |||
| Secured bank loansS$'000 | 7,790 | 990 | PDF p. 139 |
| Current liabilities | |||
| Secured bank loanS$'000 | 868 | 694 | PDF p. 139 |
| Unsecured bank loanS$'000 | 67 | – | PDF p. 139 |
| Trust receiptsS$'000 | 39,092 | – | PDF p. 139 |
| FactoringS$'000 | 5,966 | – | PDF p. 139 |
| Bank overdraftsS$'000 | 183 | – | PDF p. 139 |
| Total | |||
| Total loans and borrowingsS$'000 | 53,966 | 1,684 | PDF p. 139 |
Current liabilities subtotal printed as 46,176 (31/3/2026) and 694 (31/12/2024).
| Item / unit | 2026Group 31 March 2026 USD | 2026Group 31 March 2026 EUR | 2026Group 31 March 2026 GBP | 2026Group 31 March 2026 AUD | 2026Group 31 March 2026 SGD | Source |
|---|---|---|---|---|---|---|
| 31 March 2026 | ||||||
| Loans and borrowingsS$'000 | (2,006) | (490) | – | – | – | PDF p. 170 |
Exposure to currency risk as reported to management; values in S$'000. Comparative as at 31 December 2024 not presented.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Provision 11.6 | The Company does not have a fixed dividend policy. Nonetheless, in considering dividend declaration, the Company will take into account the following factors: | Company | PDF p. 74 |
Extracted from Annual Report 2026 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | KPMG LLP | Group | PDF p. 95 |
| Engagement partner | Yeo Lik Khim | Group | PDF p. 95 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Material uncertainty related to going concern | a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as going concern. Our opinion is not modified in respect of this matter. | Group · As at 2026-03-31 | PDF p. 91 |
| 2 GOING CONCERN | These events and conditions indicate that a material uncertainty exists that may cast significant doubt on the ability of the Group to continue as a going concern. | Group · As at 2026-03-31 | PDF p. 102 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Other matter relating to comparative information | were audited by another auditor who expressed an unmodified opinion on those financial statements on 10 April 2025 | Group, year ended 31 December 2024 | PDF p. 91 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Acquisition of Octopus Distribution Networks Pte. Ltd. (“ODN”) | The evaluation of the fair values of customer relationships and distribution agreements involves significant inherent risks associated with the estimates over the cashflow assumptions the Group applied in the valuation and is a key audit matter. | Group | PDF p. 92 |
Extracted from Annual Report 2026 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2026, 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.