CSE Global 544
Financials
2025 Annual Report
Explore the statements
30 tablesBalance Sheets
45 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$’000 | 67,188 | 54,057 | 205 | 476 | PDF p. 115 |
| Right-to-use assets$’000 | 46,047 | 23,529 | 236 | 781 | PDF p. 115 |
| Investment in subsidiaries$’000 | − | − | 319,740 | 251,535 | PDF p. 115 |
| Investment in an associate$’000 | 121 | 129 | − | − | PDF p. 115 |
| Intangible assets$’000 | 108,120 | 107,419 | − | − | PDF p. 115 |
| Deferred tax assets$’000 | 7,433 | 7,591 | 627 | 760 | PDF p. 115 |
| Finance lease receivables$’000 | 122 | 161 | − | − | PDF p. 115 |
| Other assets$’000 | 23,520 | 3 | − | − | PDF p. 115 |
| Subtotal$’000 | 252,551 | 192,889 | 320,808 | 253,552 | PDF p. 115 |
| Current assets | |||||
| Contract assets$’000 | 188,792 | 121,160 | − | − | PDF p. 115 |
| Inventories$’000 | 92,768 | 58,722 | − | − | PDF p. 115 |
| Trade and other receivables$’000 | 165,793 | 167,290 | 1,823 | 1,323 | PDF p. 115 |
| Finance lease receivables$’000 | 44 | 51 | − | − | PDF p. 115 |
| Prepaid operating expenses$’000 | 11,412 | 10,937 | 239 | 373 | PDF p. 115 |
| Amounts due from subsidiaries$’000 | − | − | 130,989 | 123,876 | PDF p. 115 |
| Cash and cash equivalents$’000 | 46,177 | 57,401 | 2,244 | 9,455 | PDF p. 115 |
| Subtotal$’000 | 504,986 | 415,561 | 135,295 | 135,027 | PDF p. 115 |
| Asset held-for-sale$’000 | − | 24,181 | − | − | PDF p. 115 |
| Subtotal$’000 | 504,986 | 439,742 | 135,295 | 135,027 | PDF p. 115 |
| Assets | |||||
| Total assets$’000 | 757,537 | 632,631 | 456,103 | 388,579 | PDF p. 115 |
| Current liabilities | |||||
| Contract liabilities$’000 | 31,652 | 85,686 | − | − | PDF p. 115 |
| Trade payables and accruals$’000 | 176,265 | 119,480 | 3,444 | 2,560 | PDF p. 115 |
| Lease liabilities$’000 | 10,837 | 10,215 | 289 | 699 | PDF p. 115 |
| Loans and borrowings$’000 | 205,201 | 108,874 | 205,201 | 108,874 | PDF p. 115 |
| Amounts due to subsidiaries$’000 | − | − | 32,263 | 61,189 | PDF p. 115 |
| Provision for warranties$’000 | 505 | 914 | − | − | PDF p. 115 |
| Provision for taxation$’000 | 1,941 | 7,730 | − | − | PDF p. 115 |
| Subtotal$’000 | 426,401 | 332,899 | 241,197 | 173,322 | PDF p. 115 |
| Current assets and liabilities | |||||
| Net current assets/(liabilities)$’000 | 78,585 | 106,843 | (105,902) | (38,295) | PDF p. 115 |
| Non-current liabilities | |||||
| Deferred tax liabilities$’000 | 6,326 | 6,965 | − | − | PDF p. 115 |
| Lease liabilities$’000 | 44,831 | 14,950 | 7 | 325 | PDF p. 115 |
| Loans and borrowings$’000 | 4,000 | 20,600 | 4,000 | 20,600 | PDF p. 115 |
| Other liabilities$’000 | 445 | 1,189 | − | − | PDF p. 115 |
| Subtotal$’000 | 55,602 | 43,704 | 4,007 | 20,925 | PDF p. 115 |
| Liabilities | |||||
| Total liabilities$’000 | 482,003 | 376,603 | 245,204 | 194,247 | PDF p. 115 |
| Equity | |||||
| Net assets$’000 | 275,534 | 256,028 | 210,899 | 194,332 | PDF p. 115 |
| Equity attributable to owners of the Company | |||||
| Share capital$’000 | 175,168 | 166,390 | 175,168 | 166,390 | PDF p. 116 |
| Treasury shares$’000 | (116) | (244) | (116) | (244) | PDF p. 116 |
| Share-based payment reserve$’000 | 2,750 | 2,427 | 2,750 | 2,427 | PDF p. 116 |
| Revenue reserve$’000 | 131,353 | 110,145 | 23,347 | 16,026 | PDF p. 116 |
| Other reserves$’000 | 9,718 | 9,701 | 9,750 | 9,733 | PDF p. 116 |
| Foreign currency translation reserve$’000 | (43,410) | (32,430) | − | − | PDF p. 116 |
| Subtotal$’000 | 275,463 | 255,989 | 210,899 | 194,332 | PDF p. 116 |
| Equity | |||||
| Non-controlling interests$’000 | 71 | 39 | − | − | PDF p. 116 |
| Total equity$’000 | 275,534 | 256,028 | 210,899 | 194,332 | PDF p. 116 |
Definitions & sources
Original report: PDF p. 115 ↗ PDF p. 116 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Consolidated Income Statement
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$’000 | 968,919 | 861,173 | PDF p. 117 |
| Cost of sales$’000 | (707,006) | (620,014) | PDF p. 117 |
| Gross profit$’000 | 261,913 | 241,159 | PDF p. 117 |
| Administrative expenses$’000 | (194,839) | (168,938) | PDF p. 117 |
| Selling and distribution expenses$’000 | (11,199) | (11,344) | PDF p. 117 |
| Other operating expenses$’000 | (5,511) | (6,671) | PDF p. 117 |
| Other income/(expenses), net$’000 | 3,464 | (202) | PDF p. 117 |
| Operating profit$’000 | 53,828 | 54,004 | PDF p. 117 |
| Other non-operating income$’000 | 737 | 480 | PDF p. 117 |
| Finance income$’000 | 255 | 613 | PDF p. 117 |
| Finance costs$’000 | (8,875) | (8,973) | PDF p. 117 |
| Share of loss of an associate$’000 | (10) | (27) | PDF p. 117 |
| Settlement of arbitration$’000 | − | (10,414) | PDF p. 117 |
| Profit before tax$’000 | 45,935 | 35,683 | PDF p. 117 |
| Tax expense$’000 | (8,403) | (9,237) | PDF p. 117 |
| Profit for the year$’000 | 37,532 | 26,446 | PDF p. 117 |
| Attributable to | |||
| Owners of the Company$’000 | 37,492 | 26,345 | PDF p. 117 |
| Non-controlling interests$’000 | 40 | 101 | PDF p. 117 |
| Subtotal$’000 | 37,532 | 26,446 | PDF p. 117 |
| Earnings per share (“EPS”) attributable to owners of the Company | |||
| Basic EPScents per share | 5.26 | 3.91 | PDF p. 117 |
| Diluted EPScents per share | 5.26 | 3.91 | PDF p. 117 |
Definitions & sources
Original report: PDF p. 117 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Consolidated Statement of Comprehensive Income
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit for the year$’000 | 37,532 | 26,446 | PDF p. 118 |
| Other comprehensive income: Items that may be reclassified subsequently to profit or loss | |||
| - Foreign currency translation$’000 | (10,988) | (4,580) | PDF p. 118 |
| Comprehensive income | |||
| Other comprehensive income for the year, net of tax$’000 | (10,988) | (4,580) | PDF p. 118 |
| Total comprehensive income for the year$’000 | 26,544 | 21,866 | PDF p. 118 |
| Attributable to | |||
| Owners of the Company$’000 | 26,512 | 21,762 | PDF p. 118 |
| Non-controlling interests$’000 | 32 | 104 | PDF p. 118 |
| Total comprehensive income for the year$’000 | 26,544 | 21,866 | PDF p. 118 |
Definitions & sources
Original report: PDF p. 118 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Consolidated Cash Flow Statement
42 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before tax$’000 | 45,935 | 35,683 | PDF p. 122 |
| Adjustments for | |||
| Depreciation of property, plant and equipment$’000 | 12,768 | 12,842 | PDF p. 122 |
| Depreciation of right-to-use assets$’000 | 11,675 | 9,905 | PDF p. 122 |
| Amortisation of intangible assets$’000 | 4,468 | 4,960 | PDF p. 122 |
| Write-down/(writeback) of inventories, net$’000 | 838 | (1,048) | PDF p. 122 |
| Allowance for expected credit loss on trade receivables, net$’000 | 526 | 1,588 | PDF p. 122 |
| Loss on disposal and write-off of property, plant and equipment$’000 | 2,768 | 322 | PDF p. 122 |
| Gain on disposal of asset held-for-sale$’000 | (6,907) | (588) | PDF p. 122 |
| Loss/(gain) on liquidation of a subsidiary$’000 | 30 | (266) | PDF p. 122 |
| Gain on lease termination$’000 | (4) | − | PDF p. 122 |
| Write-off of intangible assets$’000 | 2,003 | − | PDF p. 122 |
| Provision for warranties made, net$’000 | 42 | 651 | PDF p. 122 |
| Share of loss of an associate$’000 | 10 | 27 | PDF p. 122 |
| Finance expense *$’000 | 8,890 | 8,991 | PDF p. 122 |
| Finance income$’000 | (255) | (613) | PDF p. 122 |
| Operating activities | |||
| Operating cash flows before changes in working capital$’000 | 82,787 | 72,454 | PDF p. 122 |
| Increase in trade and other receivables, finance lease receivables and prepaid operating expenses$’000 | (10,334) | (18,555) | PDF p. 122 |
| (Increase)/decrease in contract assets, net and inventories$’000 | (174,236) | 3,549 | PDF p. 122 |
| Increase/(decrease) in trade payables and accruals$’000 | 54,539 | (9,947) | PDF p. 122 |
| Cash (used in)/generated from operations$’000 | (47,244) | 47,501 | PDF p. 122 |
| Interest paid$’000 | (6,170) | (7,821) | PDF p. 122 |
| Interest received$’000 | 255 | 613 | PDF p. 122 |
| Income tax paid$’000 | (14,058) | (7,194) | PDF p. 122 |
| Net cash flows (used in)/generated from operating activities$’000 | (67,217) | 33,099 | PDF p. 122 |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipment$’000 | (28,525) | (20,657) | PDF p. 122 |
| Investing activities | |||
| Purchase of intangible assets$’000 | (51) | (134) | PDF p. 122 |
| Release of restricted cash arising from acquisition of subsidiaries$’000 | − | 989 | PDF p. 122 |
| Acquisition of businesses, net of cash$’000 | (11,255) | (18,711) | PDF p. 122 |
| Proceeds from disposal of property, plant and equipment$’000 | 1,179 | 735 | PDF p. 122 |
| Proceeds from sale of asset held-for-sale$’000 | 38,411 | 4,499 | PDF p. 122 |
| Net cash flows used in investing activities$’000 | (241) | (33,279) | PDF p. 122 |
| Cash flows from financing activities | |||
| Net proceeds from issuance of ordinary shares$’000 | − | 23,209 | PDF p. 123 |
| Financing activities | |||
| Purchase of treasury shares$’000 | (2,282) | − | PDF p. 123 |
| Proceeds from borrowings$’000 | 103,083 | 18,898 | PDF p. 123 |
| Repayment of borrowings$’000 | (21,647) | (4,275) | PDF p. 123 |
| Payment of lease liabilities$’000 | (14,303) | (10,967) | PDF p. 123 |
| Dividends paid on ordinary shares$’000 | (7,506) | (7,554) | PDF p. 123 |
| Net cash flows generated from financing activities$’000 | 57,345 | 19,311 | PDF p. 123 |
| Cash reconciliation | |||
| Net (decrease)/increase in cash and cash equivalents$’000 | (10,113) | 19,131 | PDF p. 123 |
| Net effect of exchange rate changes on cash and cash equivalents$’000 | (1,111) | (110) | PDF p. 123 |
| Cash and cash equivalents at 1 January$’000 | 57,401 | 38,380 | PDF p. 123 |
| Cash and cash equivalents at 31 December$’000 | 46,177 | 57,401 | PDF p. 123 |
Definitions & sources
Original report: PDF p. 122 ↗ PDF p. 123 ↗
* Inclusive of $15,000 (2024: $18,000) of interest expenses included in cost of sales.
Statements of Changes in Equity — Group — FY2025
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupShare capital | 2025GroupTreasury shares | 2025GroupShare-based payment reserve | 2025GroupRevenue reserve | 2025GroupOther reserves | 2025GroupForeign currency translation reserve | 2025GroupTotal attributable to owners of the Company | 2025GroupNon-controlling interests | 2025GroupTotal equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 equity movements | ||||||||||
| At 1 January 2025$’000 | 166,390 | (244) | 2,427 | 110,145 | 9,701 | (32,430) | 255,989 | 39 | 256,028 | PDF p. 119 |
| Profit for the year$’000 | − | − | − | 37,492 | − | − | 37,492 | 40 | 37,532 | PDF p. 119 |
| 2025 other comprehensive income | ||||||||||
| Foreign currency translation$’000 | − | − | − | − | − | (10,980) | (10,980) | (8) | (10,988) | PDF p. 119 |
| Other comprehensive income for the year, net of tax$’000 | − | − | − | − | − | (10,980) | (10,980) | (8) | (10,988) | PDF p. 119 |
| 2025 comprehensive income | ||||||||||
| Total comprehensive income for the year$’000 | − | − | − | 37,492 | − | (10,980) | 26,512 | 32 | 26,544 | PDF p. 119 |
| 2025 transactions with owners | ||||||||||
| Purchase of treasury shares$’000 | − | (2,282) | − | − | − | − | (2,282) | − | (2,282) | PDF p. 119 |
| Re-issuance of treasury shares$’000 | − | 2,410 | (2,427) | − | 17 | − | − | − | − | PDF p. 119 |
| Dividends on ordinary shares$’000 | 8,778 | − | − | (16,284) | − | − | (7,506) | − | (7,506) | PDF p. 119 |
| Equity-settled compensation to employees$’000 | − | − | 2,750 | − | − | − | 2,750 | − | 2,750 | PDF p. 119 |
| Total transactions with owners in their capacity as owners$’000 | 8,778 | 128 | 323 | (16,284) | 17 | − | (7,038) | − | (7,038) | PDF p. 119 |
| 2025 equity movements | ||||||||||
| Closing balance at 31 December 2025$’000 | 175,168 | (116) | 2,750 | 131,353 | 9,718 | (43,410) | 275,463 | 71 | 275,534 | PDF p. 119 |
Definitions & sources
Original report: PDF p. 119 ↗
Statements of Changes in Equity — Group — FY2024
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024GroupShare capital | 2024GroupTreasury shares | 2024GroupShare-based payment reserve | 2024GroupRevenue reserve | 2024GroupOther reserves | 2024GroupForeign currency translation reserve | 2024GroupTotal attributable to owners of the Company | 2024GroupNon-controlling interests | 2024GroupTotal equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 equity movements | ||||||||||
| At 1 January 2024$’000 | 131,902 | (1,910) | 1,373 | 102,633 | 9,994 | (27,847) | 216,145 | (65) | 216,080 | PDF p. 120 |
| Profit for the year$’000 | − | − | − | 26,345 | − | − | 26,345 | 101 | 26,446 | PDF p. 120 |
| 2024 other comprehensive income | ||||||||||
| Foreign currency translation$’000 | − | − | − | − | − | (4,583) | (4,583) | 3 | (4,580) | PDF p. 120 |
| Other comprehensive income for the year, net of tax$’000 | − | − | − | − | − | (4,583) | (4,583) | 3 | (4,580) | PDF p. 120 |
| 2024 comprehensive income | ||||||||||
| Total comprehensive income for the year$’000 | − | − | − | 26,345 | − | (4,583) | 21,762 | 104 | 21,866 | PDF p. 120 |
| 2024 transactions with owners | ||||||||||
| Issuance of ordinary shares$’000 | 23,209 | − | − | − | − | − | 23,209 | − | 23,209 | PDF p. 120 |
| Re-issuance of treasury shares$’000 | − | 1,666 | (1,373) | − | (293) | − | − | − | − | PDF p. 120 |
| Dividends on ordinary shares$’000 | 11,279 | − | − | (18,833) | − | − | (7,554) | − | (7,554) | PDF p. 120 |
| Equity-settled compensation to employees$’000 | − | − | 2,427 | − | − | − | 2,427 | − | 2,427 | PDF p. 120 |
| Total transactions with owners in their capacity as owners$’000 | 34,488 | 1,666 | 1,054 | (18,833) | (293) | − | 18,082 | − | 18,082 | PDF p. 120 |
| 2024 equity movements | ||||||||||
| Closing balance at 31 December 2024$’000 | 166,390 | (244) | 2,427 | 110,145 | 9,701 | (32,430) | 255,989 | 39 | 256,028 | PDF p. 120 |
Definitions & sources
Original report: PDF p. 120 ↗
Statements of Changes in Equity — Company — FY2025
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025CompanyShare capital | 2025CompanyTreasury shares | 2025CompanyShare-based payment reserve | 2025CompanyRevenue reserve | 2025CompanyOther reserves | 2025CompanyTotal equity | Source |
|---|---|---|---|---|---|---|---|
| 2025 equity movements | |||||||
| At 1 January 2025$’000 | 166,390 | (244) | 2,427 | 16,026 | 9,733 | 194,332 | PDF p. 121 |
| 2025 comprehensive income | |||||||
| Profit for the year, representing total comprehensive income for the year$’000 | − | − | − | 23,605 | − | 23,605 | PDF p. 121 |
| Total comprehensive income for the year$’000 | − | − | − | 23,605 | − | 23,605 | PDF p. 121 |
| 2025 transactions with owners | |||||||
| Purchase of treasury shares (Note 16)$’000 | − | (2,282) | − | − | − | (2,282) | PDF p. 121 |
| Re-issuance of treasury shares (Note 16)$’000 | − | 2,410 | (2,427) | − | 17 | − | PDF p. 121 |
| Dividends on ordinary shares (Note 34)$’000 | 8,778 | − | − | (16,284) | − | (7,506) | PDF p. 121 |
| Equity-settled compensation to employees (Note 16)$’000 | − | − | 2,750 | − | − | 2,750 | PDF p. 121 |
| Total transactions with owners in their capacity as owners$’000 | 8,778 | 128 | 323 | (16,284) | 17 | (7,038) | PDF p. 121 |
| 2025 equity movements | |||||||
| Closing balance at 31 December 2025$’000 | 175,168 | (116) | 2,750 | 23,347 | 9,750 | 210,899 | PDF p. 121 |
Definitions & sources
Original report: PDF p. 121 ↗
Statements of Changes in Equity — Company — FY2024
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024CompanyShare capital | 2024CompanyTreasury shares | 2024CompanyShare-based payment reserve | 2024CompanyRevenue reserve | 2024CompanyOther reserves | 2024CompanyTotal equity | Source |
|---|---|---|---|---|---|---|---|
| 2024 equity movements | |||||||
| At 1 January 2024$’000 | 131,902 | (1,910) | 1,373 | 16,988 | 10,026 | 158,379 | PDF p. 121 |
| 2024 comprehensive income | |||||||
| Profit for the year, representing total comprehensive income for the year$’000 | − | − | − | 17,871 | − | 17,871 | PDF p. 121 |
| Total comprehensive income for the year$’000 | − | − | − | 17,871 | − | 17,871 | PDF p. 121 |
| 2024 transactions with owners | |||||||
| Issuance of ordinary shares (Note 16)$’000 | 23,209 | − | − | − | − | 23,209 | PDF p. 121 |
| Re-issuance of treasury shares (Note 16)$’000 | − | 1,666 | (1,373) | − | (293) | − | PDF p. 121 |
| Dividends on ordinary shares (Note 34)$’000 | 11,279 | − | − | (18,833) | − | (7,554) | PDF p. 121 |
| Equity-settled compensation to employees (Note 16)$’000 | − | − | 2,427 | − | − | 2,427 | PDF p. 121 |
| Total transactions with owners in their capacity as owners$’000 | 34,488 | 1,666 | 1,054 | (18,833) | (293) | 18,082 | PDF p. 121 |
| 2024 equity movements | |||||||
| Closing balance at 31 December 2024$’000 | 166,390 | (244) | 2,427 | 16,026 | 9,733 | 194,332 | PDF p. 121 |
Definitions & sources
Original report: PDF p. 121 ↗
Five-year financial highlights: Revenue
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021FY21 | 2022FY22 | 2023FY23 | 2024FY24 | 2025FY25 | Source |
|---|---|---|---|---|---|---|
| Five-year financial highlights | ||||||
| Revenue (S$’Million)S$’Million | 468.7 | 557.7 | 725.1 | 861.2 | 968.9 | PDF p. 37 |
Definitions & sources
Original report: PDF p. 37 ↗
Five-year financial highlights: Profit attributable to shareholders
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021FY21 | 2022FY22 | 2023FY23 | 2024FY24 | 2025FY25 | Source |
|---|---|---|---|---|---|---|
| Five-year financial highlights | ||||||
| Profit attributable to shareholders (S$’Million)S$’Million | 15.0 | 4.8 | 22.5 | 26.3 | 37.5 | PDF p. 37 |
Definitions & sources
Original report: PDF p. 37 ↗
FY2024 included exceptional item of US$8.0 million arbitration settlement (S$10.4 million).
FY2024 profit includes an exceptional US$8.0 million (S$10.4 million) arbitration settlement.
Five-year financial highlights: EBITDA
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021FY21 | 2022FY22 | 2023FY23 | 2024FY24 | 2025FY25 | Source |
|---|---|---|---|---|---|---|
| Five-year financial highlights | ||||||
| EBITDA (S$’Million)S$’Million | 42.8 | 33.4 | 63.6 | 82.2 | 83.5 | PDF p. 37 |
Definitions & sources
Original report: PDF p. 37 ↗
Five-year financial highlights: Cash (used in)/generated from operating activities
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021FY21 | 2022FY22 | 2023FY23 | 2024FY24 | 2025FY25 | Source |
|---|---|---|---|---|---|---|
| Five-year financial highlights | ||||||
| Cash (used in)/generated from operating activities (S$’Million)S$’Million | 29.4 | 0.0 | 55.9 | 33.1 | (67.2) | PDF p. 37 |
Definitions & sources
Original report: PDF p. 37 ↗
Five-year financial highlights: Earnings per share
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021FY21 | 2022FY22 | 2023FY23 | 2024FY24 | 2025FY25 | Source |
|---|---|---|---|---|---|---|
| Per-share data | ||||||
| Earnings per share* (Cents)Cents | 2.82 | 0.89 | 3.66 | 3.91 | 5.26 | PDF p. 37 |
Definitions & sources
Original report: PDF p. 37 ↗
Earnings per share for FY21 have been restated by applying a bonus factor for the right issues, in accordance with SFRS(I)1-33 Earnings per share.
FY2021 earnings per share was retrospectively adjusted using the rights-issue bonus factor under SFRS(I) 1-33, as stated in the report.
Five-year financial highlights: Dividend per share
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021FY21 | 2022FY22 | 2023FY23 | 2024FY24 | 2025FY25 | Source |
|---|---|---|---|---|---|---|
| Dividend per share | ||||||
| Dividend per share (Cents)Cents | 2.75 | 2.75 | 2.75 | 2.40 | 2.60 | PDF p. 37 |
| Dividend payout ratio% | 94% | 328% | 79% | 64% | 50% | PDF p. 37 |
Definitions & sources
Original report: PDF p. 37 ↗
The chart labels the two plotted series “Dividend” and “Dividend payout ratio.”
Five-year financial highlights: Return on equity
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021FY21 | 2022FY22 | 2023FY23 | 2024FY24 | 2025FY25 | Source |
|---|---|---|---|---|---|---|
| Financial ratios | ||||||
| Return on equity (%)% | 7.8 | 2.2 | 10.4 | 10.3 | 13.6 | PDF p. 37 |
Definitions & sources
Original report: PDF p. 37 ↗
Five-year financial highlights: Order intake
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021FY21 | 2022FY22 | 2023FY23 | 2024FY24 | 2025FY25 | Source |
|---|---|---|---|---|---|---|
| Five-year financial highlights | ||||||
| Order intake (S$’Million)S$’Million | 462.1 | 818.7 | 990.2 | 800.7 | 1,027.5 | PDF p. 37 |
Definitions & sources
Original report: PDF p. 37 ↗
FY2025 Financial Highlights — Revenue
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupS$ million | 2024GroupS$ million | 2025GroupChange (%) | Source |
|---|---|---|---|---|
| Financial highlights | ||||
| RevenueS$ million; change in % | 968.9 | 861.2 | +12.5 | PDF p. 36 |
Definitions & sources
Original report: PDF p. 36 ↗
Values retain the original magnitude. Units are shown in column headings; change is relative to FY2024. Original printed literals and glyph positions are retained in source evidence.
FY2025 Financial Highlights — EBITDA
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupS$ million | 2024GroupS$ million | 2025GroupChange (%) | Source |
|---|---|---|---|---|
| Financial highlights | ||||
| EBITDAS$ million; change in % | 83.5 | 82.2 | +1.6 | PDF p. 36 |
Definitions & sources
Original report: PDF p. 36 ↗
Values retain the original magnitude. Units are shown in column headings; change is relative to FY2024. Original printed literals and glyph positions are retained in source evidence.
FY2025 Financial Highlights — Net profit
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupS$ million | 2024GroupS$ million | 2025GroupChange (%) | Source |
|---|---|---|---|---|
| Financial highlights | ||||
| Net profitS$ million; change in % | 37.5 | 26.3 | +42.3 | PDF p. 36 |
Definitions & sources
Original report: PDF p. 36 ↗
FY2024 net profit included exceptional item of US$8.0 million arbitration settlement (S$10.4 million).
FY2024 net profit includes an exceptional US$8.0 million (S$10.4 million) arbitration settlement. The original value is printed as $26.3M*.
Values retain the original magnitude. Units are shown in column headings; change is relative to FY2024. Original printed literals and glyph positions are retained in source evidence.
FY2025 Financial Highlights — Earnings per share
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group¢ per share | 2024Group¢ per share | 2025GroupChange (%) | Source |
|---|---|---|---|---|
| Financial highlights | ||||
| Earnings per share¢ per share; change in % | 5.26 | 3.91 | +34.5 | PDF p. 36 |
Definitions & sources
Original report: PDF p. 36 ↗
Values retain the original magnitude. Units are shown in column headings; change is relative to FY2024. Original printed literals and glyph positions are retained in source evidence.
FY2025 Financial Highlights — Dividend per share
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group¢ per share | 2024Group¢ per share | 2025GroupChange (%) | Source |
|---|---|---|---|---|
| Financial highlights | ||||
| Dividend per share¢ per share; change in % | 2.60 | 2.40 | +8.3 | PDF p. 36 |
Definitions & sources
Original report: PDF p. 36 ↗
Values retain the original magnitude. Units are shown in column headings; change is relative to FY2024. Original printed literals and glyph positions are retained in source evidence.
FY2025 Financial Highlights — Return on equity
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group% | 2024Group% | 2025GroupChange (percentage points) | Source |
|---|---|---|---|---|
| Financial highlights | ||||
| Return on equity%; change in percentage points | 13.6 | 10.3 | +3.3 | PDF p. 36 |
Definitions & sources
Original report: PDF p. 36 ↗
Values retain the original magnitude. Units are shown in column headings; change is relative to FY2024. Original printed literals and glyph positions are retained in source evidence.
FY2025 Financial Highlights — Total shareholder return
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group% | 2024Group% | 2025GroupChange (percentage points) | Source |
|---|---|---|---|---|
| Financial highlights | ||||
| Total shareholder return%; change in percentage points | 143.6 | 0.9 | +142.7 | PDF p. 36 |
Definitions & sources
Original report: PDF p. 36 ↗
Values retain the original magnitude. Units are shown in column headings; change is relative to FY2024. Original printed literals and glyph positions are retained in source evidence.
FY2025 Financial Highlights — Order intake
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupS$ million | 2024GroupS$ million | 2025GroupChange (%) | Source |
|---|---|---|---|---|
| Financial highlights | ||||
| Order intakeS$ million; change in % | 1,027.5 | 800.7 | +28.3 | PDF p. 36 |
Definitions & sources
Original report: PDF p. 36 ↗
Values retain the original magnitude. Units are shown in column headings; change is relative to FY2024. Original printed literals and glyph positions are retained in source evidence.
FY2025 Financial Highlights — Order book
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupS$ million | 2024GroupS$ million | 2025GroupChange (%) | Source |
|---|---|---|---|---|
| Financial highlights | ||||
| Order bookS$ million; change in % | 709.5 | 672.6 | +5.5 | PDF p. 36 |
Definitions & sources
Original report: PDF p. 36 ↗
Values retain the original magnitude. Units are shown in column headings; change is relative to FY2024. Original printed literals and glyph positions are retained in source evidence.
Revenue by business segment
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupShare of revenue (%) | 2025GroupRevenue (SGD million) | Source |
|---|---|---|---|
| Revenue by business segment | |||
| Automation%; SGD million | 20.7 | 200.2 | PDF p. 36 |
| Electrification%; SGD million | 52.3 | 507.0 | PDF p. 36 |
| Communications%; SGD million | 27.0 | 261.7 | PDF p. 36 |
Definitions & sources
Original report: PDF p. 36 ↗
Both columns describe FY2025 revenue: percentage share and SGD million respectively.
Revenue by geographic segment
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupShare of revenue (%) | 2025GroupRevenue (SGD million) | Source |
|---|---|---|---|
| Revenue by geographic segment | |||
| Europe/Middle East/Africa%; SGD million | 2.2 | 21.6 | PDF p. 36 |
| Asia Pacific%; SGD million | 28.9 | 280.1 | PDF p. 36 |
| Americas%; SGD million | 68.9 | 667.2 | PDF p. 36 |
Definitions & sources
Original report: PDF p. 36 ↗
Both columns describe FY2025 revenue: percentage share and SGD million respectively.
Note 3 — Cost of investment in direct subsidiaries
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| Note 3 — Group companies; cost of investment in subsidiary | |||
| CSE Global (Asia) Pte Ltd$’000 | 27,264 | 27,264 | PDF p. 141 |
| CSE Global (Americas) Pte Ltd$’000 | 149,956 | 100,306 | PDF p. 141 |
| CSE Systems & Engineering (India) Private Limited$’000 | 36 | 36 | PDF p. 141 |
| CSE-Hankin (China) Co., Ltd$’000 | 2,524 | 2,524 | PDF p. 141 |
| CSE Communications & Security Pte Ltd$’000 | 75,302 | 75,302 | PDF p. 141 |
| CSE-Global (Australia) Pty Ltd$’000 | 55,882 | 55,882 | PDF p. 141 |
| CSE-Crosscom (International) Pte Ltd$’000 | 39,858 | 28,465 | PDF p. 141 |
| CSE Technologies Pte Ltd$’000 | 21,262 | 21,262 | PDF p. 141 |
| Grid Communications Pte Ltd$’000 | 2,860 | 2,860 | PDF p. 141 |
| Subtotal$’000 | 374,944 | 313,901 | PDF p. 141 |
Definitions & sources
Original report: PDF p. 141 ↗
Source schedule labels cost, not effective equity. The two year totals are printed on an unlabeled total line.
This schedule is source-bound supplement; it is not one of the audited primary statements.
Note 26: earnings per share numerator and weighted shares
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings numerator | |||
| Profit for the year attributable to owners of the Company$’000 | 37,492 | 26,345 | PDF p. 174 |
| Weighted average shares: basic EPS | |||
| Outstanding during the yearordinary shares (thousands) | 713,449 | 674,575 | PDF p. 174 |
| Weighted average shares: diluted EPS | |||
| Weighted average number of shares outstanding during the year, used in the computation of diluted earnings per shareordinary shares (thousands) | 713,449 | 674,575 | PDF p. 174 |
Definitions & sources
Original report: PDF p. 174 ↗
Weighted share denominators are rounded to the nearest thousand, as printed. The report states basic and diluted EPS of 5.26 cents for2025. The printed 2025 profit numerator and share denominator imply approximately5.254 cents; all reported values are retained.
Note 34: dividends declared, cash/scrip paid and proposed
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group and Company; year of payment/proposal | 2024Group and Company; year of payment/proposal | Source |
|---|---|---|---|
| Declared and paid | |||
| Final exempt (one-tier) dividend for 2024: $0.0115 per share$’000 | 8,126 | – | PDF p. 185 |
| Interim exempt (one-tier) dividend for 2025: $0.0114 per share$’000 | 8,158 | – | PDF p. 185 |
| Final exempt (one-tier) dividend for 2023: $0.015 per share$’000 | – | 10,171 | PDF p. 185 |
| Interim exempt (one-tier) dividend for 2024: $0.0125 per share$’000 | – | 8,662 | PDF p. 185 |
| Declared and paid total | |||
| Subtotal$’000 | 16,284 | 18,833 | PDF p. 185 |
| Cash and scrip distribution | |||
| Dividend paid in cash$’000 | 7,506 | 7,554 | PDF p. 185 |
| Dividend paid through issuance of new shares under the Scrip Dividend Scheme (Note 16)$’000 | 8,778 | 11,279 | PDF p. 185 |
| Cash and scrip distribution total | |||
| Subtotal$’000 | 16,284 | 18,833 | PDF p. 185 |
| Proposed; not recognised as year-end liability | |||
| Final exempt (one-tier) dividend for 2025: $0.0146 (2024: $0.0115) per share$’000 | 10,569 | 8,123 | PDF p. 185 |
| Proposed final dividend total | |||
| Subtotal$’000 | 10,569 | 8,123 | PDF p. 185 |
Definitions & sources
Original report: PDF p. 185 ↗
Columns retain the report’s financial year of payment/proposal; the dividend entitlement year is separately printed in each row. Per-share rates in the row labels are Singapore dollars, while amount cells are SGD thousands. Proposed final dividends are subject to shareholder approval and not recognised as a liability at year end.
Where the money comes from
Segment information
By business
Business segment information: revenue and EBITDA by business segment 2 lines
| Item / unit | 2025Electrification | 2024Electrification | 2025Communications | 2024Communications | 2025Automation | 2024Automation | 2025Consolidated | 2024Consolidated | Source |
|---|---|---|---|---|---|---|---|---|---|
| Business segment information | |||||||||
| Sales to external customers$'000 | 507,031 | 434,778 | 261,679 | 232,036 | 200,209 | 194,359 | 968,919 | 861,173 | PDF p. 177 |
| Earnings before interest, taxes, depreciation and amortisation$'000 | 45,738 | 42,724 | 26,020 | 25,649 | 11,723 | 13,809 | 83,481 | 82,182 | PDF p. 177 |
Notes
Table presents revenue and adjusted earnings before interest, taxes, depreciation and amortisation by business segments for years ended 31 December 2025 and 2024.
By geography
Geographical information: revenue and EBITDA by geographical segment 2 lines
| Item / unit | 2025Asia Pacific | 2024Asia Pacific | 2025Americas | 2024Americas | 2025Europe/Middle East | 2024Europe/Middle East | 2025Consolidated | 2024Consolidated | Source |
|---|---|---|---|---|---|---|---|---|---|
| Geographical information | |||||||||
| Sales to external customers$'000 | 280,113 | 292,637 | 667,206 | 546,337 | 21,600 | 22,199 | 968,919 | 861,173 | PDF p. 177 |
| Earnings before interest, taxes, depreciation and amortisation$'000 | 34,363 | 40,030 | 45,985 | 38,990 | 3,133 | 3,162 | 83,481 | 82,182 | PDF p. 177 |
Notes
Table presents revenue and adjusted earnings before interest, taxes, depreciation and amortisation by geographical segments for years ended 31 December 2025 and 2024.
Geographical information: non-current assets by geographical location 1 lines
| Item / unit | 2025Asia Pacific | 2024Asia Pacific | 2025Americas | 2024Americas | 2025Europe/Middle East | 2024Europe/Middle East | 2025Consolidated | 2024Consolidated | Source |
|---|---|---|---|---|---|---|---|---|---|
| Geographical information | |||||||||
| Non-current assets *$'000 | 67,426 | 68,292 | 97,627 | 83,983 | 10,255 | 9,201 | 175,308 | 161,476 | PDF p. 177 |
Notes
* Non-current assets relate to property, plant and equipment and intangible assets.
As at 31 December 2025 and 2024.
Debt
Borrowings
Liquidity risk maturity profile (contractual undiscounted) - Group
| Item / unit | 20251 year or less | 20251 to 5 years | 2025over 5 years | 2025Total | 20241 year or less | 20241 to 5 years | 2024over 5 years | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||
| Lease liabilities$'000 | 13,988 | 37,976 | 16,866 | 68,830 | 11,190 | 15,281 | 874 | 27,345 | PDF p. 183 |
| Loans and borrowings$'000 | 212,502 | 4,087 | – | 216,589 | 114,641 | 21,178 | – | 135,819 | PDF p. 183 |
Notes
Based on contractual undiscounted repayment obligations. At the end of the reporting period, 98% (2024: 84%) of the Group’s loans and borrowings (Note 14) will mature in less than one year based on the carrying amount.
Liquidity risk maturity profile (contractual undiscounted) - Company
| Item / unit | 20251 year or less | 20251 to 5 years | 2025over 5 years | 2025Total | 20241 year or less | 20241 to 5 years | 2024over 5 years | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Company | |||||||||
| Lease liabilities$'000 | 297 | 7 | – | 304 | 755 | 303 | – | 1,058 | PDF p. 183 |
| Loans and borrowings$'000 | 212,502 | 4,087 | – | 216,589 | 114,641 | 21,178 | – | 135,819 | PDF p. 183 |
Notes
Based on contractual undiscounted repayment obligations.
Borrowing notes 3 tables
Loans and borrowings
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Short term trust receipts, unsecured | |||||
| – Singapore Dollars$'000 | 82 | 630 | 82 | 630 | PDF p. 166 |
| Short term bank and other loans, unsecured | |||||
| – Singapore Dollars$'000 | 99,188 | 69,601 | 99,188 | 69,601 | PDF p. 166 |
| – United States Dollars$'000 | 74,070 | 19,583 | 74,070 | 19,583 | PDF p. 166 |
| – Australian Dollars$'000 | 25,458 | 11,135 | 25,458 | 11,135 | PDF p. 166 |
| – New Zealand Dollars$'000 | 1,632 | 2,170 | 1,632 | 2,170 | PDF p. 166 |
| – Pound Sterling$'000 | 4,771 | 5,755 | 4,771 | 5,755 | PDF p. 166 |
| Short term bank and other loans, unsecured (subtotal, unlabelled)$'000 | 205,201 | 108,874 | 205,201 | 108,874 | PDF p. 166 |
| Long term bank loan, unsecured | |||||
| – Singapore Dollars$'000 | 4,000 | 20,600 | 4,000 | 20,600 | PDF p. 166 |
| Total | |||||
| Total loans and borrowings$'000 | 209,201 | 129,474 | 209,201 | 129,474 | PDF p. 166 |
Notes
The unsecured loans of the Company and the Group bear interest at 1.89% to 5.36% (2024: 3.75% to 5.62%) per annum.
All borrowings are unsecured; no secured borrowings are printed. Short term subtotal row has no printed label.
Reconciliation of liabilities arising from financing activities
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Reconciliation | |||
| At 1 January$'000 | 129,474 | 115,427 | PDF p. 166 |
| Net proceeds of borrowings$'000 | 81,436 | 14,623 | PDF p. 166 |
| Non-cash changes | |||
| – Foreign exchange movement$'000 | (1,709) | (752) | PDF p. 166 |
| Reconciliation | |||
| At 31 December$'000 | 209,201 | 129,474 | PDF p. 166 |
Notes
Non-cash change 'Acquisition of subsidiaries' printed as dash for 2025 and 176 for 2024 (not extracted as row).
Lease liabilities current and non-current
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Lease liabilities | |||||
| Current$'000 | 10,837 | 10,215 | 289 | 699 | PDF p. 176 |
| Non-current$'000 | 44,831 | 14,950 | 7 | 325 | PDF p. 176 |
Notes
Total 55,668 / 25,165 (Group) and 296 / 1,024 (Company). The weighted average effective interest rate of the leases is 6.16% and 3.25% per annum (2024: 5.30% and 3.25%) at the balance sheet date for the Group and Company respectively.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a formal dividend policy but the Board strives to provide sustainable dividend payouts. | Company, FY2025 | PDF p. 61 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Final exempt (one-tier) dividend for 2025 | $0.0146 | Group and Company, FY2025, proposed, subject to shareholders’ approval at the AGM; comparative 2024: $0.0115 | PDF p. 185 |
| Interim exempt (one-tier) dividend for 2025 | $0.0114 | Group and Company, FY2025, declared and paid | PDF p. 185 |
| Final exempt (one-tier) dividend for 2024 | $0.0115 | Group and Company, FY2024 final, paid in 2025 | PDF p. 185 |
| Interim exempt (one-tier) dividend for 2024 | $0.0125 | Group and Company, FY2024, declared and paid | PDF p. 185 |
| DIVIDEND PER SHARE (Cents) | 2.60 cents | FY2025 (comparative FY2024: 2.40) | PDF p. 37 |
| Dividend paid through issuance of new shares under the Scrip Dividend Scheme | 8,778 $'000 | Group and Company, 2025 (2024: 11,279) | PDF p. 185 |
Extracted from 2025 Annual Report 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 |
|---|---|---|---|
| Ernst & Young LLP | Ernst & Young LLP | Group and Company, FY2025 | PDF p. 114 |
| Engagement partner | Alvin Phua Chun Yen | Group and Company, FY2025 | PDF p. 114 |
Extracted from 2025 Annual Report 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 2025 Annual Report, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
The report presents consolidated Group statements, plus the Company balance sheet and changes in equity. Separate Company income, comprehensive income and cash flow statements are not presented.
Printed five-year comparisons and FY2025 highlights are retained with their original units; full older annual-report backfill remains pending.
The 2025 reported EPS and printed Note26 numerator/rounded share denominator have a small apparent arithmetic discrepancy; source values are retained.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.