ANNUAL REPORT 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$'000 | 37,548 | 55,519 | PDF p. 47 |
| Cost of sales$'000 | (29,844) | (47,143) | PDF p. 47 |
| Gross profit$'000 | 7,704 | 8,376 | PDF p. 47 |
| Other income$'000 | 586 | 1,387 | PDF p. 47 |
| Administrative expenses$'000 | (3,707) | (5,031) | PDF p. 47 |
| Impairment loss on trade and other receivables and contract assets$'000 | – | (532) | PDF p. 47 |
| Finance costs$'000 | (414) | (637) | PDF p. 47 |
| Profit before tax$'000 | 4,169 | 3,563 | PDF p. 47 |
| Tax expense$'000 | (809) | (747) | PDF p. 47 |
| Profit and total comprehensive income for the year$'000 | 3,360 | 2,816 | PDF p. 47 |
| Attributable to | |||
| Equity holders of the Company$'000 | 3,360 | 2,816 | PDF p. 47 |
| Earnings per share (cents per share) | |||
| - Basic and dilutedcents per share | 2.47 | 2.07 | PDF p. 47 |
Original report: PDF p. 47 ↗
No separate Company income statement is presented; only consolidated statement printed.
Earnings per share is for profit attributable to equity holders of the Company (cents per share).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$'000 | 5,835 | 5,937 | – | – | PDF p. 48 |
| Investment properties$'000 | 8,406 | 1,543 | – | – | PDF p. 48 |
| Right-of-use assets$'000 | 5,106 | 5,239 | – | – | PDF p. 48 |
| Financial assets at fair value through profit or loss (“FVTPL”)$'000 | 467 | 467 | – | – | PDF p. 48 |
| Investment in subsidiaries$'000 | – | – | 4,104 | 4,094 | PDF p. 48 |
| Total non-current assets$'000 | 19,814 | 13,186 | 4,104 | 4,094 | PDF p. 48 |
| Current assets | |||||
| Trade and other receivables$'000 | 10,016 | 8,932 | 2,537 | – | PDF p. 48 |
| Contract assets$'000 | 7,571 | 3,543 | – | – | PDF p. 48 |
| Tax recoverable$'000 | 201 | 184 | – | – | PDF p. 48 |
| Cash and cash equivalents$'000 | 6,819 | 9,180 | 2,204 | 4,493 | PDF p. 48 |
| Total current assets$'000 | 24,607 | 21,839 | 4,741 | 4,493 | PDF p. 48 |
| Assets | |||||
| Total assets$'000 | 44,421 | 35,025 | 8,845 | 8,587 | PDF p. 48 |
| Equity | |||||
| Share capital$'000 | 8,481 | 8,481 | 8,481 | 8,481 | PDF p. 48 |
| Retained earnings/(accumulated losses)$'000 | 6,270 | 3,910 | 169 | (101) | PDF p. 48 |
| Merger reserve$'000 | (2,094) | (2,094) | – | – | PDF p. 48 |
| Total equity$'000 | 12,657 | 10,297 | 8,650 | 8,380 | PDF p. 48 |
| Non-current liabilities | |||||
| Bank borrowings$'000 | 13,487 | 9,261 | – | – | PDF p. 48 |
| Lease liabilities$'000 | 540 | 520 | – | – | PDF p. 48 |
| Total non-current liabilities$'000 | 14,027 | 9,781 | – | – | PDF p. 48 |
| Current liabilities | |||||
| Trade and other payables$'000 | 11,348 | 8,263 | 195 | 207 | PDF p. 48 |
| Contract liabilities$'000 | 5,716 | 4,710 | – | – | PDF p. 48 |
| Lease liabilities$'000 | 117 | 114 | – | – | PDF p. 48 |
| Bank borrowings$'000 | 556 | 1,860 | – | – | PDF p. 48 |
| Total current liabilities$'000 | 17,737 | 14,947 | 195 | 207 | PDF p. 48 |
| Liabilities | |||||
| Total liabilities$'000 | 31,764 | 24,728 | 195 | 207 | PDF p. 48 |
| Equity and liabilities | |||||
| Total equity and liabilities$'000 | 44,421 | 35,025 | 8,845 | 8,587 | PDF p. 48 |
Original report: PDF p. 48 ↗
Statement as at 31 December 2025; Group and Company columns for 2025 and 2024, in $'000.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $'000 | 2024Group, $'000 | Source |
|---|---|---|---|
| Income | |||
| Revenue$'000 | 37,548 | 55,519 | PDF p. 47 |
| Cost of sales$'000 | (29,844) | (47,143) | PDF p. 47 |
| Gross profit$'000 | 7,704 | 8,376 | PDF p. 47 |
| Other income$'000 | 586 | 1,387 | PDF p. 47 |
| Administrative expenses$'000 | (3,707) | (5,031) | PDF p. 47 |
| Impairment loss on trade and other receivables and contract assets$'000 | – | (532) | PDF p. 47 |
| Finance costs$'000 | (414) | (637) | PDF p. 47 |
| Profit before tax$'000 | 4,169 | 3,563 | PDF p. 47 |
| Tax expense$'000 | (809) | (747) | PDF p. 47 |
| Profit and total comprehensive income for the year$'000 | 3,360 | 2,816 | PDF p. 47 |
| Attributable to | |||
| Equity holders of the Company$'000 | 3,360 | 2,816 | PDF p. 47 |
| Earnings per share | |||
| - Basic and dilutedcents per share | 2.47 | 2.07 | PDF p. 47 |
Original report: PDF p. 47 ↗
Note column refs omitted from values. Basic and diluted EPS in cents per share.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group Share capital, $'000 | 2025Group Retained earnings, $'000 | 2025Group Merger reserve, $'000 | 2025Group Total, $'000 | Source |
|---|---|---|---|---|---|
| Group | |||||
| Balance at 1 January 2024$'000 | 2,000 | 2,094 | – | 4,094 | PDF p. 49 |
| Issuance of ordinary shares pursuant to the restructuring exercise$'000 | 2,094 | – | (2,094) | – | PDF p. 49 |
| Issuance of ordinary shares pursuant to the initial public offering$'000 | 4,620 | – | – | 4,620 | PDF p. 49 |
| Capitalisation of share issuance expenses$'000 | (233) | – | – | (233) | PDF p. 49 |
| Group, FY2024 | |||||
| Profit and total comprehensive income for the financial year$'000 | – | 2,816 | – | 2,816 | PDF p. 49 |
| Dividends$'000 | – | (1,000) | – | (1,000) | PDF p. 49 |
| Group | |||||
| Balance at 31 December 2024$'000 | 8,481 | 3,910 | (2,094) | 10,297 | PDF p. 49 |
| Group, FY2025 | |||||
| Profit and total comprehensive income for the financial year$'000 | – | 3,360 | – | 3,360 | PDF p. 49 |
| Dividends$'000 | – | (1,000) | – | (1,000) | PDF p. 49 |
| Group | |||||
| Balance at 31 December 2025$'000 | 8,481 | 6,270 | (2,094) | 12,657 | PDF p. 49 |
Original report: PDF p. 49 ↗
Rows for 2024 movements and balances are listed with their period in the label context; values order: share capital, retained earnings, merger reserve, total. No non-controlling interest column.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company Share capital, $'000 | 2025Company Accumulated losses, $'000 | 2025Company Total equity, $'000 | Source |
|---|---|---|---|---|
| Company | ||||
| Issuance of shares on 7 August 2024 (date of incorporation)$'000 | – | – | – | PDF p. 50 |
| Issuance of ordinary shares pursuant to the restructuring exercise$'000 | 4,094 | – | 4,094 | PDF p. 50 |
| Issuance of ordinary shares pursuant to the initial public offering$'000 | 4,620 | – | 4,620 | PDF p. 50 |
| Capitalisation of share issuance expenses$'000 | (233) | – | (233) | PDF p. 50 |
| Loss and total comprehensive loss for the financial period$'000 | – | (101) | (101) | PDF p. 50 |
| Balance at 31 December 2024$'000 | 8,481 | (101) | 8,380 | PDF p. 50 |
| Profit and total comprehensive income for the financial year$'000 | – | 1,270 | 1,270 | PDF p. 50 |
| Dividends$'000 | – | (1,000) | (1,000) | PDF p. 50 |
| Balance at 31 December 2025$'000 | 8,481 | 169 | 8,650 | PDF p. 50 |
Original report: PDF p. 50 ↗
* Less than $1,000. Values order: share capital, accumulated losses, total equity. Period of rows: from incorporation 7 August 2024 to 31 December 2024, then FY2025.
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| Metric / unit | 2025Group, $'000 | 2024Group, $'000 | Source |
|---|---|---|---|
| Operating | |||
| Profit before tax$'000 | 4,169 | 3,563 | PDF p. 51 |
| Operating adjustments | |||
| Depreciation of property, plant and equipment$'000 | 153 | 205 | PDF p. 51 |
| Depreciation of investment properties$'000 | 37 | 28 | PDF p. 51 |
| Depreciation of right-of-use assets$'000 | 322 | 85 | PDF p. 51 |
| Gain on disposal of property, plant and equipment$'000 | – | (120) | PDF p. 51 |
| Interest income$'000 | (69) | (22) | PDF p. 51 |
| Interest expense$'000 | 414 | 637 | PDF p. 51 |
| Impairment loss on trade and other receivables and contract assets$'000 | – | 532 | PDF p. 51 |
| Operating | |||
| Operating cash flows before movement in working capital$'000 | 5,026 | 4,908 | PDF p. 51 |
| Changes in working capital | |||
| Trade and other receivables$'000 | (982) | (4,282) | PDF p. 51 |
| Contract assets$'000 | (4,028) | 781 | PDF p. 51 |
| Trade and other payables$'000 | 3,085 | 3,763 | PDF p. 51 |
| Contract liabilities$'000 | 1,006 | 4,710 | PDF p. 51 |
| Operating | |||
| Cash generated from operations$'000 | 4,107 | 9,880 | PDF p. 51 |
| Interest received$'000 | 69 | 22 | PDF p. 51 |
| Income tax paid$'000 | (826) | (458) | PDF p. 51 |
| Net cash generated from operating activities$'000 | 3,350 | 9,444 | PDF p. 51 |
| Investing | |||
| Purchase of property, plant and equipment$'000 | (51) | (88) | PDF p. 51 |
| Upfront payment of leases - right-of-use assets$'000 | – | (280) | PDF p. 51 |
| Upfront payment of investment property$'000 | (1,290) | – | PDF p. 51 |
| Deposit relating to acquisition of property acquired after year end$'000 | (102) | – | PDF p. 51 |
| Purchases of financial assets at fair value through profit or loss$'000 | – | (467) | PDF p. 51 |
| Proceeds from disposal of property, plant and equipment$'000 | – | 226 | PDF p. 51 |
| Payment made on behalf of director$'000 | – | (34) | PDF p. 51 |
| Repayment by director$'000 | – | 12 | PDF p. 51 |
| Net cash used in investing activities$'000 | (1,443) | (839) | PDF p. 51 |
| Financing | |||
| Changes in fixed deposit pledged$'000 | 201 | – | PDF p. 51 |
| Dividend paid$'000 | (1,000) | (1,000) | PDF p. 51 |
| Interest paid$'000 | (404) | (632) | PDF p. 51 |
| Net proceeds from issuance of ordinary shares$'000 | – | 4,387 | PDF p. 51 |
| Upfront payment for right-of-use assets$'000 | (67) | – | PDF p. 51 |
| Proceeds from trust receipts$'000 | 10,904 | 27,266 | PDF p. 51 |
| Repayment of lease liabilities$'000 | (99) | (4) | PDF p. 51 |
| Repayment of borrowings$'000 | (1,569) | (2,458) | PDF p. 51 |
| Repayment of trust receipts$'000 | (12,033) | (30,035) | PDF p. 51 |
| Net cash used in financing activities$'000 | (4,067) | (2,476) | PDF p. 51 |
| Net change | |||
| (Decrease)/increase in cash and cash equivalents$'000 | (2,160) | 6,129 | PDF p. 51 |
| Closing cash | |||
| Cash and cash equivalents at beginning of the financial year$'000 | 8,979 | 2,850 | PDF p. 51 |
| Cash and cash equivalents at end of the financial year$'000 | 6,819 | 8,979 | PDF p. 51 |
Original report: PDF p. 51 ↗
* Less than $1,000
(1) The advances to director were made before the Company’s listing on 8 November 2024, and the outstanding balance has been settled before the listing date.
No Company-level cash flow statement is presented.
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per share | |||
| Net profit attributable to equity holders of the Company ($’000)$'000 | 3,360 | 2,816 | PDF p. 61 |
Original report: PDF p. 61 ↗
* The earnings per share for the year ended 31 December 2024 have been computed based on net profit attributable to equity holders of the Company and the Company’s enlarged share capital of 136,000,000 Shares, assuming that (i) issuance of ordinary shares pursuant to the Restructuring Exercise, (ii) sub-division of shares and (iii) the issuance of 21,000,000 New Shares pursuant to the Placement had been completed as at 1 January 2024.
The diluted earnings per share are the same as the basic earnings per share as the Group does not have any dilutive instruments.
Where the money comes from
| Item / unit | 2025Interior fit-out works | 2025Property business | 2025Others | 2025Elimination | 2025Total | Source |
|---|---|---|---|---|---|---|
| Segment information | ||||||
| Segment revenue$'000 | 37,548 | – | – | – | 37,548 | PDF p. 79 |
| Segment profit/(loss)$'000 | 4,182 | 17 | (30) | – | 4,169 | PDF p. 79 |
| Depreciation and amortisation$'000 | 475 | 37 | – | – | 512 | PDF p. 79 |
| Finance costs$'000 | 398 | 16 | – | – | 414 | PDF p. 79 |
| Interest income$'000 | 12 | – | 57 | – | 69 | PDF p. 79 |
| Total assets$'000 | 32,728 | 9,629 | 4,750 | (2,686) | 44,421 | PDF p. 79 |
| Segment assets include | ||||||
| Additions to non-current assets$'000 | 240 | 6,900 | – | – | 7,140 | PDF p. 79 |
| Segment information | ||||||
| Total liabilities$'000 | 26,111 | 8,124 | 33 | (2,504) | 31,764 | PDF p. 79 |
Reportable segments: interior fit-out works and property business; Others focuses mainly on investment holding. For FY2024 the Group had a single reportable segment, so no 2024 segment comparative is presented.
Geographical information: The Group's sales and assets are mainly derived and located in Singapore. Accordingly, no geographical segment information is presented during the financial year ended 31 December 2025 and 31 December 2024.
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Major customers | |||
| Customer 1$'000 | 19,140 | – | PDF p. 80 |
| Customer 2$'000 | 7,027 | 9,305 | PDF p. 80 |
| Customer 3$'000 | 5,829 | – | PDF p. 80 |
| Customer 4$'000 | – | 39,970 | PDF p. 80 |
For the financial year ended 31 December 2025, the revenue from 3 (2024: 2) major customers of the Group amounted to approximately $31,996,000 (2024: $49,275,000) of the total revenue from contracts are tabled below:
Debt
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Current | |||
| Bank loans I to III$'000 | – | 342 | PDF p. 70 |
| Bank loan IV$'000 | – | 48 | PDF p. 70 |
| Bank loan V$'000 | 191 | 163 | PDF p. 70 |
| Bank loan VI$'000 | 183 | 178 | PDF p. 70 |
| Bank loan VII$'000 | 182 | – | PDF p. 70 |
| Trust receipt$'000 | – | 1,129 | PDF p. 70 |
| Total current bank borrowings (unlabelled subtotal)$'000 | 556 | 1,860 | PDF p. 70 |
| Non-Current | |||
| Bank loan IV$'000 | – | 807 | PDF p. 70 |
| Bank loan V$'000 | 4,065 | 4,286 | PDF p. 70 |
| Bank loan VI$'000 | 3,984 | 4,168 | PDF p. 70 |
| Bank loan VII$'000 | 5,438 | – | PDF p. 70 |
| Total non-current bank borrowings (unlabelled subtotal)$'000 | 13,487 | 9,261 | PDF p. 70 |
| Total | |||
| Total bank borrowings$'000 | 14,043 | 11,121 | PDF p. 70 |
Loans I to III secured by personal guarantee by a director who is also shareholder; tenure 5 years, maturities May 2025 to June 2025; fixed interest 2.50% to 3.00% per annum; fully repaid during the year.
Loan IV secured by investment property at 2 Sims Close and director personal guarantee; 15 years, maturity November 2037; 1.00% above bank's 3 months COF; effective rate 3.32% (2024: 4.89%); fully repaid during the year.
Loan V secured by freehold property at 2 Sims Close, director's personal property and personal guarantee; 20 years, maturity February 2043; 1.20% over 3-month compounded SORA for first and second year, 2.00% above 3 months SORA from third year; effective rate 3.33% (2024: 4.81%).
Loan VI secured by leasehold property at 49 Tuas South Link 1, director personal guarantee and keyman insurance; 18 years, maturity May 2042; 3.68% for 1st and 2nd year, then 3.0% above 1-month compounded SORA; effective rate 3.68% (2024: 3.68%).
Loan VII secured by investment property at 186 Tagore Lane, director personal guarantee and corporate guarantee by the Company and one subsidiary; 25 years, maturity December 2050; 2.1% for 1st and 2nd year, then 3.0% above 1-month compounded SORA; effective rate 2.1%.
Trust receipts secured by director personal guarantee and fixed deposits (Note 19); interest 5.42% (2024: 5.11% to 5.93%) per annum; $Nil (2024: $1,000,000 approx. $1,129,000) under supplier finance arrangements. Currency is Singapore dollars ($'000).
The current and non-current subtotal rows have no printed label.
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Bank borrowings$'000 | 13,487 | 9,261 | – | – | PDF p. 48 |
| Lease liabilities$'000 | 540 | 520 | – | – | PDF p. 48 |
| Current liabilities | |||||
| Lease liabilities$'000 | 117 | 114 | – | – | PDF p. 48 |
| Bank borrowings$'000 | 556 | 1,860 | – | – | PDF p. 48 |
Note reference column (22, 14) precedes values.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a fixed dividend policy. The form, frequency and amount of dividends will depend on the Company’s earnings, operational and capital requirements, cash flow and financial conditions, as well as general business conditions and other factors which the Board may deem appropriate. | Company | PDF p. 35 |
| Proposed Dividends | The Board intends to recommend and distribute dividends of at least 35.0% of its net profits attributable to owners of the Company in respect of FY2026 and FY2027 (“Proposed Dividends”). | FY2026 and FY2027 | PDF p. 35 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Final exempt dividend | 0.7353 Singapore cents per share | Final dividend for FY2024, paid in 2025 (Group) | PDF p. 73 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | Baker Tilly TFW LLP | Group and Company, FY ended 31 December 2025 | PDF p. 46 |
| Engagement partner | Ong Kian Guan | Group and Company, FY2025 | PDF p. 46 |
| Auditor's report date | 31 March 2026 | Group and Company · As at 2026-03-31 | PDF p. 46 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.