Annual Report 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss | |||
| RevenueS$'000 | 262,202 | 82,977 | PDF p. 93 |
| Cost of salesS$'000 | (253,017) | (71,139) | PDF p. 93 |
| Gross profitS$'000 | 9,185 | 11,838 | PDF p. 93 |
| Other incomeS$'000 | 4,627 | 3,100 | PDF p. 93 |
| Selling and distribution expensesS$'000 | (794) | (904) | PDF p. 93 |
| Administrative expensesS$'000 | (7,676) | (7,485) | PDF p. 93 |
| Other operating expensesS$'000 | (11,171) | (3,830) | PDF p. 93 |
| (Impairment losses)/reversal of impairment losses on financial assets, netS$'000 | (4,574) | 929 | PDF p. 93 |
| Finance costsS$'000 | (2,061) | (822) | PDF p. 93 |
| Share of loss of associate, net of taxS$'000 | * | * | PDF p. 93 |
| (Loss)/profit before income taxS$'000 | (12,464) | 2,826 | PDF p. 93 |
| Income tax (expenses)/creditS$'000 | (632) | 427 | PDF p. 93 |
| (Loss)/profit for the yearS$'000 | (13,096) | 3,253 | PDF p. 93 |
| Other comprehensive income - items that will not be reclassified | |||
| Net fair value changes on equity instruments at fair value through other comprehensive income (“FVOCI”)S$'000 | 14,013 | 1,848 | PDF p. 93 |
| Other comprehensive income - items that may be reclassified | |||
| Foreign currency translationS$'000 | (34) | 120 | PDF p. 93 |
| Other comprehensive income | |||
| Other comprehensive income for the year, net of taxS$'000 | 13,979 | 1,968 | PDF p. 93 |
| Total comprehensive income | |||
| Total comprehensive income for the yearS$'000 | 883 | 5,221 | PDF p. 93 |
| (Loss)/profit for the year attributable to | |||
| Equity holders of the CompanyS$'000 | (13,071) | 3,202 | PDF p. 93 |
| Non-controlling interestS$'000 | (25) | 51 | PDF p. 93 |
| SubtotalS$'000 | (13,096) | 3,253 | PDF p. 93 |
| Total comprehensive income for the year attributable to | |||
| Equity holders of the CompanyS$'000 | 923 | 5,156 | PDF p. 93 |
| Non-controlling interestsS$'000 | (40) | 65 | PDF p. 93 |
| SubtotalS$'000 | 883 | 5,221 | PDF p. 93 |
| (Loss)/Earnings per share for the year (cents per share) | |||
| Basic and dilutedcents per share | (2.14) | 0.50 | PDF p. 93 |
Original report: PDF p. 93 ↗
* Amount less than S$1,000
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipmentS$'000 | 102,697 | 36,107 | 285 | 33 | PDF p. 94 |
| Right-of-use assetsS$'000 | 28,893 | 3,251 | 709 | 872 | PDF p. 94 |
| Investment propertyS$'000 | – | – | 5,029 | 6,200 | PDF p. 94 |
| Investments in subsidiariesS$'000 | – | – | 34,227 | 34,227 | PDF p. 94 |
| Investment in associateS$'000 | 64 | 64 | – | – | PDF p. 94 |
| Other financial assetsS$'000 | 4,896 | 20,597 | 4,896 | 20,597 | PDF p. 94 |
| Intangible assetsS$'000 | 14,059 | 6,000 | – | – | PDF p. 94 |
| Other receivables and prepaymentS$'000 | 7,135 | – | – | – | PDF p. 94 |
| Total non-current assetsS$'000 | 157,744 | 66,019 | 45,146 | 61,929 | PDF p. 94 |
| Current assets | |||||
| Cash and bank balancesS$'000 | 37,274 | 38,284 | 12,129 | 14,424 | PDF p. 94 |
| Other financial assetsS$'000 | 29,594 | – | 29,594 | – | PDF p. 94 |
| InventoriesS$'000 | 13,090 | 8,024 | – | – | PDF p. 94 |
| Trade and other receivablesS$'000 | 115,541 | 50,461 | 697 | 660 | PDF p. 94 |
| Contract assetsS$'000 | 6,791 | 10,369 | – | – | PDF p. 94 |
| Amounts due from subsidiariesS$'000 | – | – | 62,746 | 61,461 | PDF p. 94 |
| Land held for developmentS$'000 | – | 4,229 | – | – | PDF p. 94 |
| Total current assetsS$'000 | 202,290 | 111,367 | 105,166 | 76,545 | PDF p. 94 |
| Assets | |||||
| Total assetsS$'000 | 360,034 | 177,386 | 150,312 | 138,474 | PDF p. 94 |
| Current liabilities | |||||
| Trade and other payablesS$'000 | 119,539 | 13,767 | 1,616 | 1,462 | PDF p. 94 |
| Contract liabilitiesS$'000 | 3,883 | 6,384 | – | – | PDF p. 94 |
| Amounts due to bankersS$'000 | 1,142 | 1,513 | – | – | PDF p. 94 |
| Term loansS$'000 | 17,039 | 6,342 | – | – | PDF p. 94 |
| Lease liabilitiesS$'000 | 418 | 303 | 180 | 169 | PDF p. 94 |
| Provision for income taxS$'000 | 1,266 | 661 | 392 | – | PDF p. 94 |
| Total current liabilitiesS$'000 | 143,287 | 28,970 | 2,188 | 1,631 | PDF p. 94 |
| Non-current liabilities | |||||
| Trade and other payablesS$'000 | 18,922 | – | – | – | PDF p. 94 |
| Term loansS$'000 | 22,564 | 2,849 | – | – | PDF p. 94 |
| Lease liabilitiesS$'000 | 29,269 | 3,496 | 687 | 867 | PDF p. 94 |
| Deferred incomeS$'000 | 4,458 | – | – | – | PDF p. 94 |
| Deferred tax liabilitiesS$'000 | 2,009 | 2,026 | 755 | 860 | PDF p. 94 |
| Total non-current liabilitiesS$'000 | 77,222 | 8,371 | 1,442 | 1,727 | PDF p. 94 |
| Liabilities | |||||
| Total liabilitiesS$'000 | 220,509 | 37,341 | 3,630 | 3,358 | PDF p. 94 |
| Equity | |||||
| Share capitalS$'000 | 155,547 | 155,547 | 155,547 | 155,547 | PDF p. 94 |
| Treasury sharesS$'000 | (11,529) | (11,524) | (11,529) | (11,524) | PDF p. 94 |
| Asset revaluation reserveS$'000 | 18,327 | 18,329 | 8,582 | 8,582 | PDF p. 94 |
| Fair value reserveS$'000 | 6,281 | (8,212) | 5,457 | (8,550) | PDF p. 94 |
| Foreign currency translation reserveS$'000 | (287) | (274) | – | – | PDF p. 94 |
| Other reserveS$'000 | – | – | 3,297 | 3,297 | PDF p. 94 |
| Accumulated lossesS$'000 | (29,122) | (14,283) | (14,672) | (12,236) | PDF p. 94 |
| Equity attributable to owners of the CompanyS$'000 | 139,217 | 139,583 | 146,682 | 135,116 | PDF p. 94 |
| Non-controlling interestsS$'000 | 308 | 462 | – | – | PDF p. 94 |
| Total equityS$'000 | 139,525 | 140,045 | 146,682 | 135,116 | PDF p. 94 |
| Equity and liabilities | |||||
| Total liabilities and equityS$'000 | 360,034 | 177,386 | 150,312 | 138,474 | PDF p. 94 |
Original report: PDF p. 94 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss | |||
| RevenueS$'000 | 262,202 | 82,977 | PDF p. 93 |
| Cost of salesS$'000 | (253,017) | (71,139) | PDF p. 93 |
| Gross profitS$'000 | 9,185 | 11,838 | PDF p. 93 |
| Other incomeS$'000 | 4,627 | 3,100 | PDF p. 93 |
| Selling and distribution expensesS$'000 | (794) | (904) | PDF p. 93 |
| Administrative expensesS$'000 | (7,676) | (7,485) | PDF p. 93 |
| Other operating expensesS$'000 | (11,171) | (3,830) | PDF p. 93 |
| (Impairment losses)/reversal of impairment losses on financial assets, netS$'000 | (4,574) | 929 | PDF p. 93 |
| Finance costsS$'000 | (2,061) | (822) | PDF p. 93 |
| Share of loss of associate, net of taxS$'000 | * | * | PDF p. 93 |
| (Loss)/profit before income taxS$'000 | (12,464) | 2,826 | PDF p. 93 |
| Income tax (expenses)/creditS$'000 | (632) | 427 | PDF p. 93 |
| (Loss)/profit for the yearS$'000 | (13,096) | 3,253 | PDF p. 93 |
| Other comprehensive income - items that will not be reclassified | |||
| Net fair value changes on equity instruments at fair value through other comprehensive income (“FVOCI”)S$'000 | 14,013 | 1,848 | PDF p. 93 |
| Other comprehensive income - items that may be reclassified | |||
| Foreign currency translationS$'000 | (34) | 120 | PDF p. 93 |
| Other comprehensive income | |||
| Other comprehensive income for the year, net of taxS$'000 | 13,979 | 1,968 | PDF p. 93 |
| Total comprehensive income | |||
| Total comprehensive income for the yearS$'000 | 883 | 5,221 | PDF p. 93 |
| (Loss)/profit for the year attributable to | |||
| Equity holders of the CompanyS$'000 | (13,071) | 3,202 | PDF p. 93 |
| Non-controlling interestS$'000 | (25) | 51 | PDF p. 93 |
| Total comprehensive income for the year attributable to | |||
| Equity holders of the CompanyS$'000 | 923 | 5,156 | PDF p. 93 |
| Non-controlling interestsS$'000 | (40) | 65 | PDF p. 93 |
| (Loss)/Earnings per share for the year (cents per share) | |||
| Basic and dilutedcents per share | (2.14) | 0.50 | PDF p. 93 |
Original report: PDF p. 93 ↗
* Amount less than S$1,000
Per-share: (Loss)/Earnings per share basic and diluted (cents per share) (2.14) 2025, 0.50 2024. Company-level income statement not presented (only Company statement of financial position).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash Flows from Operating Activities | |||
| (Loss)/Profit before income taxS$'000 | (12,464) | 2,826 | PDF p. 97 |
| Adjustments for | |||
| Depreciation of property, plant and equipmentS$'000 | 5,361 | 4,107 | PDF p. 97 |
| Depreciation of right-of-use assetsS$'000 | 733 | 340 | PDF p. 97 |
| Amortisation of grant incomeS$'000 | (135) | – | PDF p. 97 |
| Interest expenseS$'000 | 2,061 | 822 | PDF p. 97 |
| Interest incomeS$'000 | (823) | (967) | PDF p. 97 |
| Impairment loss on advances to supplierS$'000 | 4,058 | – | PDF p. 97 |
| Dividend incomeS$'000 | (1,997) | – | PDF p. 97 |
| Allowance for inventory obsolescenceS$'000 | 14 | 10 | PDF p. 97 |
| Property, plant and equipment written offS$'000 | 8 | * | PDF p. 97 |
| Provision for foreseeable lossS$'000 | 165 | – | PDF p. 97 |
| Loss/(gain) on disposal of property, plant and equipmentS$'000 | 47 | (12) | PDF p. 97 |
| Gain on disposal of asset held for saleS$'000 | – | (831) | PDF p. 97 |
| Gain on disposal of land held for developmentS$'000 | (143) | – | PDF p. 97 |
| Write down of land held for developmentS$'000 | – | 847 | PDF p. 97 |
| Share of loss of associate, net of taxS$'000 | * | * | PDF p. 97 |
| Impairment losses on financial assets/(reversal of impairment losses) on financial assets, netS$'000 | 4,574 | (929) | PDF p. 97 |
| Unrealised foreign exchange gain, netS$'000 | (310) | (310) | PDF p. 97 |
| Cash Flows from Operating Activities | |||
| Operating cash flows before working capital changesS$'000 | 1,149 | 5,903 | PDF p. 97 |
| Changes in working capital | |||
| InventoriesS$'000 | (2,262) | (2,148) | PDF p. 97 |
| Receivables, contract assets and prepaymentsS$'000 | (48,956) | (4,981) | PDF p. 97 |
| Payables and contract liabilitiesS$'000 | 57,020 | 4,052 | PDF p. 97 |
| Cash Flows from Operating Activities | |||
| Cash generated from operationsS$'000 | 6,951 | 2,826 | PDF p. 97 |
| Interest receivedS$'000 | 536 | 967 | PDF p. 97 |
| Income tax paidS$'000 | (285) | (323) | PDF p. 97 |
| Net cash generated from operating activitiesS$'000 | 7,202 | 3,470 | PDF p. 97 |
| Cash Flows from Investing Activities | |||
| Acquisition of subsidiaries, net of cash acquiredS$'000 | (5,885) | – | PDF p. 97 |
| Dividend receivedS$'000 | 1,997 | – | PDF p. 97 |
| Purchase of other financial assetsS$'000 | (36) | – | PDF p. 97 |
| Purchase of property, plant and equipmentS$'000 | (2,973) | (707) | PDF p. 97 |
| Proceeds from disposal of property, plant and equipmentS$'000 | 36 | 12 | PDF p. 97 |
| Proceeds from disposal of asset held for saleS$'000 | – | 4,227 | PDF p. 97 |
| Proceeds from land held for developmentS$'000 | 4,372 | – | PDF p. 97 |
| Proceeds from disposal of other financial assetsS$'000 | 156 | – | PDF p. 97 |
| Net cash (used in)/generated from investing activitiesS$'000 | (2,333) | 3,532 | PDF p. 97 |
Original report: PDF p. 97 ↗
* Amount less than S$1,000 (footnote printed on next page). No separate Company cash flow statement presented.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash Flows from Financing Activities | |||
| Dividends paidS$'000 | (1,398) | (1,734) | PDF p. 98 |
| Drawdown of term loansS$'000 | 12,908 | 3,200 | PDF p. 98 |
| Repayment of term loansS$'000 | (15,026) | (2,225) | PDF p. 98 |
| Drawdown of trust receiptsS$'000 | 4,257 | 6,537 | PDF p. 98 |
| Repayment of trust receiptsS$'000 | (4,628) | (9,825) | PDF p. 98 |
| Interest paidS$'000 | (989) | (576) | PDF p. 98 |
| Purchase of treasury sharesS$'000 | (5) | – | PDF p. 98 |
| Acquisition of additional interest in a subsidiary from non-controlling interestsS$'000 | (40) | – | PDF p. 98 |
| Fixed deposits withdrawnS$'000 | – | 11,629 | PDF p. 98 |
| Payment of lease liabilitiesS$'000 | (958) | (531) | PDF p. 98 |
| Repayments of bills payableS$'000 | – | (11,629) | PDF p. 98 |
| Net cash used in financing activitiesS$'000 | (5,879) | (5,154) | PDF p. 98 |
| Net change in cash | |||
| Net (decrease)/increase in cash and cash equivalentsS$'000 | (1,010) | 1,848 | PDF p. 98 |
| Cash and cash equivalents at the beginning of yearS$'000 | 38,284 | 36,407 | PDF p. 98 |
| Effects of exchange rate changes on the balances of cash held in foreign currenciesS$'000 | – | 29 | PDF p. 98 |
| Cash and cash equivalents at the end of the yearS$'000 | 37,274 | 38,284 | PDF p. 98 |
Original report: PDF p. 98 ↗
* Amount less than S$1,000
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group - Share capital | 2025Group - Treasury shares | 2025Group - Asset revaluation reserve | 2025Group - Fair value reserve | 2025Group - Foreign currency translation reserve | 2025Group - Accumulated losses | 2025Group - Total attributable to equity holders of the Company | 2025Group - Non-controlling interest | 2025Group - Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Group | ||||||||||
| At 1 January 2025S$'000 | 155,547 | (11,524) | 18,329 | (8,212) | (274) | (14,283) | 139,583 | 462 | 140,045 | PDF p. 95 |
| Total comprehensive income for the year | ||||||||||
| Loss for the yearS$'000 | – | – | – | – | – | (13,071) | (13,071) | (25) | (13,096) | PDF p. 95 |
| Other comprehensive income, net of taxS$'000 | – | – | – | 14,013 | (19) | – | 13,994 | (15) | 13,979 | PDF p. 95 |
| Total comprehensive income for the yearS$'000 | – | – | – | 14,013 | (19) | (13,071) | 923 | (40) | 883 | PDF p. 95 |
| Transactions with owners of the Company | ||||||||||
| Dividend paid (Note 29)S$'000 | – | – | – | – | – | (1,398) | (1,398) | – | (1,398) | PDF p. 95 |
| Transfer of reservesS$'000 | – | – | – | 480 | – | (480) | – | – | – | PDF p. 95 |
| Purchase of treasury sharesS$'000 | – | (5) | – | – | – | – | (5) | – | (5) | PDF p. 95 |
| Total contributions and distributionsS$'000 | – | (5) | – | 480 | – | (1,878) | (1,403) | – | (1,403) | PDF p. 95 |
| Changes in ownership interests in subsidiary | ||||||||||
| Effects of acquiring part of non-controlling interests in a subsidiaryS$'000 | – | – | (2) | – | 6 | 110 | 114 | (114) | – | PDF p. 95 |
| Total changes in ownership interests in subsidiaryS$'000 | – | – | (2) | – | 6 | 110 | 114 | (114) | – | PDF p. 95 |
| Group | ||||||||||
| At 31 December 2025S$'000 | 155,547 | (11,529) | 18,327 | 6,281 | (287) | (29,122) | 139,217 | 308 | 139,525 | PDF p. 95 |
Original report: PDF p. 95 ↗
No separate Company statement of changes in equity is presented; only the Company statement of financial position. The Dividend paid / Transfer of reserves / Purchase of treasury shares rows appear under the 'Transactions with owners of the Company' heading (garbled 'Company' label in text extraction).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group - Share capital | 2024Group - Treasury shares | 2024Group - Asset revaluation reserve | 2024Group - Fair value reserve | 2024Group - Foreign currency translation reserve | 2024Group - Accumulated losses | 2024Group - Total attributable to equity holders of the Company | 2024Group - Non-controlling interest | 2024Group - Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Group | ||||||||||
| At 1 January 2024S$'000 | 155,547 | (11,524) | 18,329 | (10,060) | (380) | (15,751) | 136,161 | 397 | 136,558 | PDF p. 96 |
| Profit for the yearS$'000 | – | – | – | – | – | 3,202 | 3,202 | 51 | 3,253 | PDF p. 96 |
| Other comprehensive income, net of taxS$'000 | – | – | – | 1,848 | 106 | – | 1,954 | 14 | 1,968 | PDF p. 96 |
| Total comprehensive income for the yearS$'000 | – | – | – | 1,848 | 106 | 3,202 | 5,156 | 65 | 5,221 | PDF p. 96 |
| Transactions with owners of the Company | ||||||||||
| Dividends paid (Note 29)S$'000 | – | – | – | – | – | (1,734) | (1,734) | – | (1,734) | PDF p. 96 |
| Total contributions and distributionsS$'000 | – | – | – | – | – | (1,734) | (1,734) | – | (1,734) | PDF p. 96 |
| Group | ||||||||||
| At 31 December 2024S$'000 | 155,547 | (11,524) | 18,329 | (8,212) | (274) | (14,283) | 139,583 | 462 | 140,045 | PDF p. 96 |
Original report: PDF p. 96 ↗
No separate Company statement of changes in equity is presented.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group FY2022 | 2023Group FY2023 | 2024Group FY2024 | 2025Group FY2025 | Source |
|---|---|---|---|---|---|
| Profit & Loss Account | |||||
| RevenueS$'000 | 87,222 | 82,204 | 82,977 | 262,202 | PDF p. 6 |
| Gross ProfitS$'000 | 19,065 | 12,934 | 11,838 | 9,185 | PDF p. 6 |
| Profit/(Loss) before taxS$'000 | 5,748 | 3,366 | 2,826 | (12,464) | PDF p. 6 |
| Profit/(Loss) after taxS$'000 | 5,634 | 2,762 | 3,253 | (13,096) | PDF p. 6 |
| Profit/(Loss) Attributable to Owners of the CompanyS$'000 | 5,056 | 2,495 | 3,202 | (13,071) | PDF p. 6 |
| Per Share Data (Cents): Profit/(Loss) Per Share | |||||
| – Basic and Dilutedcents | 0.80 | 0.40 | 0.50 | (2.14) | PDF p. 6 |
| Per Share Data (Cents) | |||||
| Net Asset Backingcents | 21.50 | 22.37 | 22.87 | 22.81 | PDF p. 6 |
| Dividends ProposedS$'000 (as printed under S$'000 P&L header; listed beneath Per Share Data (Cents) heading) | 2,136 | 1,736 | 1,400 | – | PDF p. 6 |
Original report: PDF p. 6 ↗
Header: PROFIT & LOSS ACCOUNT (S$'000); Per Share Data (Cents). Dividends Proposed unit is ambiguous in the print (amounts look like S$'000 totals, not cents per share).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group FY2022 | 2023Group FY2023 | 2024Group FY2024 | 2025Group FY2025 | Source |
|---|---|---|---|---|---|
| Statement of Financial Position | |||||
| Total AssetsS$'000 | 166,964 | 184,794 | 177,386 | 360,034 | PDF p. 6 |
| Total LiabilitiesS$'000 | 35,525 | 48,236 | 37,341 | 220,509 | PDF p. 6 |
| Shareholders’ EquityS$'000 | 131,126 | 136,161 | 139,583 | 139,217 | PDF p. 6 |
| Non-Controlling InterestsS$'000 | 313 | 397 | 462 | 308 | PDF p. 6 |
| Total EquityS$'000 | 131,439 | 136,558 | 140,045 | 139,525 | PDF p. 6 |
Original report: PDF p. 6 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group FY2022 | 2023Group FY2023 | 2024Group FY2024 | 2025Group FY2025 | Source |
|---|---|---|---|---|---|
| Revenue by Business Segments | |||||
| Engineering & ConstructionS$'000 | 60,348 | 33,134 | 35,974 | 29,958 | PDF p. 6 |
| Corrosion PreventionS$'000 | 16,368 | 16,679 | 14,539 | 11,901 | PDF p. 6 |
| Solar EnergyS$'000 | 10,506 | 18,865 | 23,095 | 17,203 | PDF p. 6 |
| Aluminium Recycling and ManufacturingS$'000 | – | 13,526 | 9,369 | 203,140 | PDF p. 6 |
Original report: PDF p. 6 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY25 | 2024Group FY24 | 2025Change (%), FY25 vs FY24 | Source |
|---|---|---|---|---|
| Group | ||||
| RevenueS$'000; change in % | 262,202 | 82,977 | 216.0 | PDF p. 9 |
| Gross ProfitS$'000; change in % | 9,185 | 11,838 | (22.4) | PDF p. 9 |
| Other IncomeS$'000; change in % | 4,627 | 3,100 | 49.3 | PDF p. 9 |
| Total Operating Expenses (OPEX)S$'000; change in % | (24,215) | (11,290) | 114.5 | PDF p. 9 |
| Finance CostsS$'000; change in % | (2,061) | (822) | 150.7 | PDF p. 9 |
| Net Profit/(Loss) Attributable to | ||||
| – Equity holders of the CompanyS$'000; change in % | (13,071) | 3,202 | (508.2) | PDF p. 9 |
| – Non-controlling interestS$'000; change in % | (25) | 51 | (149.0) | PDF p. 9 |
Original report: PDF p. 9 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY25 | 2024Group FY24 | 2025Change (%), FY25 vs FY24 (pp for margins) | Source |
|---|---|---|---|---|
| Engineering & Construction | ||||
| RevenueS$'000; change in % | 29,958 | 35,974 | (16.7) | PDF p. 9 |
| Gross ProfitS$'000; change in % | 4,217 | 5,121 | (17.7) | PDF p. 9 |
| Corrosion Prevention | ||||
| RevenueS$'000; change in % | 11,901 | 14,539 | (18.1) | PDF p. 9 |
| Gross ProfitS$'000; change in % | 1,938 | 2,627 | (26.2) | PDF p. 9 |
| Solar Energy | ||||
| RevenueS$'000; change in % | 17,203 | 23,095 | (25.5) | PDF p. 9 |
| Gross ProfitS$'000; change in % | 3,528 | 3,916 | (9.9) | PDF p. 9 |
| Aluminium Recycling & Manufacturing | ||||
| RevenueS$'000; change in % | 203,140 | 9,369 | NM | PDF p. 9 |
| Gross (Loss)/ProfitS$'000; change in % | (498) | 174 | (386.2) | PDF p. 9 |
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group 2025 | 2024Group 2024 | Source |
|---|---|---|---|
| Earnings per share | |||
| Weighted average number of ordinary shares (excluding treasury shares) used in the calculation of basic and diluted (loss)/earnings per sharenumber of shares | 610,353,412 | 610,403,412 | PDF p. 133 |
| Basic and diluted (loss)/earnings per share (cents per share)cents per share | (2.14) | 0.50 | PDF p. 133 |
Original report: PDF p. 133 ↗
Basic EPS = Group profit/(loss) attributable to owners divided by weighted average ordinary shares outstanding; diluted adds weighted average potential dilutive ordinary shares.
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| Metric / unit | 2025Group 2025 | 2024Group 2024 | Source |
|---|---|---|---|
| Declared and paid during the financial year | |||
| – One-tier final exempt dividend of S$0.00229 per ordinary share in respect of the financial year ended 31 December 2024 (declared and paid)S$'000 | 1,398 | – | PDF p. 163 |
| – One-tier final exempt dividend of S$0.00284 per ordinary share in respect of the financial year ended 31 December 2023S$'000 | – | 1,734 | PDF p. 163 |
| Proposed but not recognised as a liability as at 31 December | |||
| – One-tier final exempt dividend of S$0.00229 per ordinary share in respect of the financial year ended 31 December 2024 (proposed)S$'000 | – | 1,398 | PDF p. 163 |
Original report: PDF p. 163 ↗
Dividend per share: S$0.00229 (final, FY2024) and S$0.00284 (final, FY2023), one-tier exempt. Page 81: no dividend declared or recommended for FY2025 due to net loss and accumulated retained losses; policy ~25-40% of net profit after tax.
Where the money comes from
| Item / unit | 2025Engineering & Construction | 2024Engineering & Construction | 2025Corrosion Prevention | 2024Corrosion Prevention | 2025Solar Energy | 2024Solar Energy | 2025Trading and Manufacturing of Commodities | 2024Trading and Manufacturing of Commodities | 2025Others | 2024Others | 2025Total | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Segment revenues and results | |||||||||||||
| Segment revenueS$'000 | 29,958 | 35,974 | 11,901 | 14,539 | 17,203 | 23,095 | 203,140 | 9,369 | – | – | 262,202 | 82,977 | PDF p. 167 |
| Results | |||||||||||||
| Segment resultsS$'000 | 2,331 | 3,611 | 756 | 1,480 | 2,390 | 3,212 | (1,459) | (110) | (2,562) | (232) | 1,456 | 7,961 | PDF p. 167 |
| Allowance for inventory obsolescenceS$'000 | – | – | (7) | (10) | (6) | – | – | – | – | – | (13) | (10) | PDF p. 167 |
| Write down of land held for developmentS$'000 | – | – | – | – | – | – | – | – | – | (847) | – | (847) | PDF p. 167 |
| Provision for foreseeable lossS$'000 | (165) | – | – | – | – | – | – | – | – | – | (165) | – | PDF p. 167 |
| Impairment loss on advances to suppliersS$'000 | – | – | – | – | – | – | (4,058) | – | – | – | (4,058) | - | PDF p. 167 |
| (Impairment loss)/reversal of impairment loss on financial assets and contract assets, netS$'000 | – | (180) | (79) | (265) | (14) | (44) | (4,481) | – | – | 1,418 | (4,574) | 929 | PDF p. 167 |
| Finance costsS$'000 | (520) | (711) | (62) | (72) | (27) | (38) | (1,452) | (1) | – | – | (2,061) | (822) | PDF p. 167 |
| Other information | |||||||||||||
| Depreciation of property, plant and equipmentS$'000 | (1,892) | (1,939) | (2,006) | (1,979) | (177) | (178) | (1,286) | – | – | (11) | (5,361) | (4,107) | PDF p. 167 |
| Depreciation of right-of-use assetsS$'000 | (159) | (159) | (181) | (181) | – | – | (393) | – | – | – | (733) | (340) | PDF p. 167 |
| Gain on fair value of equity investmentsS$'000 | – | – | – | – | – | – | – | – | 14,013 | – | 14,013 | 1,848 | PDF p. 167 |
| Gain on disposal of asset held for saleS$'000 | – | 831 | – | – | – | – | – | – | – | – | – | 831 | PDF p. 167 |
| Gain on disposal of land held for developmentS$'000 | 143 | – | – | – | – | – | – | – | – | – | 143 | – | PDF p. 167 |
| Addition to property, plant and equipmentS$'000 | (140) | (672) | (296) | (12) | (5) | (23) | (1,409) | – | – | – | (2,973) | (707) | PDF p. 167 |
* Amount below S$1,000.
Revenue reported above represents revenue generated from external customers. Intersegment sales for the current financial year were S$808,900 (2024: S$2,106,672).
Segment results represent the profit/(loss) earned by each segment without allocation of central administration costs and directors’ remuneration, share of loss of associate and other income.
Rows from Share of loss of associate through (Loss)/profit for the year are printed only in the Total columns (2025, 2024).
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Segment assets | |||
| Engineering & ConstructionS$'000 | 59,055 | 70,826 | PDF p. 168 |
| Corrosion PreventionS$'000 | 22,364 | 26,210 | PDF p. 168 |
| Solar EnergyS$'000 | 13,829 | 12,783 | PDF p. 168 |
| Trading and manufacturing of CommoditiesS$'000 | 217,471 | 23,474 | PDF p. 168 |
| OthersS$'000 | 47,315 | 44,093 | PDF p. 168 |
| Total segment assetsS$'000 | 360,034 | 177,386 | PDF p. 168 |
| Segment liabilities | |||
| Engineering & ConstructionS$'000 | 17,369 | 23,557 | PDF p. 168 |
| Corrosion PreventionS$'000 | 2,293 | 2,978 | PDF p. 168 |
| Solar EnergyS$'000 | 5,339 | 3,585 | PDF p. 168 |
| Trading and manufacturing of CommoditiesS$'000 | 190,616 | 3,044 | PDF p. 168 |
| OthersS$'000 | 1,617 | 1,490 | PDF p. 168 |
| Total segment liabilitiesS$'000 | 217,234 | 34,654 | PDF p. 168 |
| Segment liabilities: Add: Unallocated liabilities | |||
| – Provision for income taxS$'000 | 1,266 | 661 | PDF p. 168 |
| – Deferred tax liabilitiesS$'000 | 2,009 | 2,026 | PDF p. 168 |
| Segment liabilities | |||
| Consolidated liabilitiesS$'000 | 220,509 | 37,341 | PDF p. 168 |
| Item / unit | 2025Group’s revenue from external customers | 2024Group’s revenue from external customers | 2025Group’s non-current assets (i) | 2024Group’s non-current assets (i) | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| SingaporeS$'000 | 52,728 | 67,130 | 41,391 | 45,387 | PDF p. 169 |
| Rest of Southeast Asia(ii)S$'000 | 6,275 | 6,446 | 38 | 20 | PDF p. 169 |
| The People’s Republic of ChinaS$'000 | 203,140 | 9,369 | 111,418 | 15 | PDF p. 169 |
| Others(iii)S$'000 | 59 | 32 | – | – | PDF p. 169 |
| TotalS$'000 | 262,202 | 82,977 | 152,847 | 45,422 | PDF p. 169 |
(i) Non-current assets exclude other financial assets.
(ii) Rest of Southeast Asia includes Malaysia, Brunei, Philippines and Indonesia
(iii) Others include Greece, Netherlands, Pakistan and Sri Lanka.
The total row is printed without a label.
Debt
| Item / unit | 2025Carrying amount, S$'000 | 2025Contractual cash flows, S$'000 | 2025Less than 1 year, S$'000 | 20251 to 5 years, S$'000 | 2025Over 5 years, S$'000 | 2025Total, S$'000 | 2024Carrying amount, S$'000 | 2024Contractual cash flows, S$'000 | 2024Less than 1 year, S$'000 | 20241 to 5 years, S$'000 | 2024Over 5 years, S$'000 | 2024Total, S$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||||||
| Term loansS$'000 | 39,603 | 39,891 | 17,138 | 22,753 | – | 39,891 | 9,191 | 9,493 | 6,493 | 3,000 | – | 9,493 | PDF p. 178 |
| Amounts due to bankersS$'000 | 1,142 | 1,142 | 1,142 | – | – | 1,142 | 1,513 | 1,513 | 1,513 | – | – | 1,513 | PDF p. 178 |
| Lease liabilitiesS$'000 | 29,687 | 33,302 | 1,423 | 29,683 | 2,196 | 33,302 | 3,799 | 5,440 | 531 | 2,429 | 2,480 | 5,440 | PDF p. 178 |
Based on contractual undiscounted repayment obligations.
| Item / unit | 2025Carrying amount, S$'000 | 2025Contractual cash flows, S$'000 | 2025Less than 1 year, S$'000 | 20251 to 5 years, S$'000 | 2025Over 5 years, S$'000 | 2025Total, S$'000 | Source |
|---|---|---|---|---|---|---|---|
| Company 2025 | |||||||
| Lease liabilitiesS$'000 | 867 | 992 | 229 | 763 | – | 992 | PDF p. 179 |
2024 Company lease liabilities row: carrying 1,036; contractual cash flows 1,221; less than 1 year 229; 1 to 5 years 992; over 5 years –; total 1,221.
| Item / unit | 2025S$'000 | 2024S$'000 | Source |
|---|---|---|---|
| Current – Secured | |||
| Term loan IS$'000 | – | 1,150 | PDF p. 157 |
| Term loan IIS$'000 | – | 978 | PDF p. 157 |
| SGD term loanS$'000 | 941 | – | PDF p. 157 |
| RMB term loansS$'000 | 12,391 | – | PDF p. 157 |
| Money market line loanS$'000 | – | 4,214 | PDF p. 157 |
| Revolving credit facilityS$'000 | 3,707 | – | PDF p. 157 |
| Current – Secured subtotalS$'000 | 17,039 | 6,342 | PDF p. 157 |
| Non-current – Secured | |||
| SGD term loanS$'000 | 2,151 | – | PDF p. 157 |
| RMB term loansS$'000 | 20,413 | 2,849 | PDF p. 157 |
| Non-current – Secured subtotalS$'000 | 22,564 | 2,849 | PDF p. 157 |
| Total | |||
| Total term loans, securedS$'000 | 39,603 | 9,191 | PDF p. 157 |
Subtotal rows have no printed label; labels are descriptors. Interest rates: Term loan I effective 4.65% to 4.79% (2024: 4.65% to 5.62%), fully repaid; Term loan II 2.5% (2024: 2.50%), fully repaid; SGD term loan 1.8% to 2.5% (2024: Nil), repayable within the next three years; RMB term loans 3.5% to 6.5%, repayable within one to three years; Money market line loan S$4,200,000 rolled monthly, 4.6% to 4.79% (2024: 4.79% to 5.60%), fully repaid; Revolving credit facility rolled over three-monthly, 2.1% to 2.5% (2024: Nil). Facilities secured by first legal mortgage over 19 Tuas Avenue 20 property, debentures, corporate guarantee from the Company of S$34.9 million (2024: S$28.4 million), personal guarantee, mortgages over Nanning/Beijing properties and equipment, leasehold land and buildings. No unsecured term loans printed.
| Item / unit | 2025Group, S$'000 | 2024Group, S$'000 | 2025Company, S$'000 | 2024Company, S$'000 | Source |
|---|---|---|---|---|---|
| Movements | |||||
| At 1 JanuaryS$'000 | 3,799 | 4,048 | 1,036 | 1,195 | PDF p. 158 |
| AdditionsS$'000 | – | 45 | – | – | PDF p. 158 |
| Acquisition of subsidiariesS$'000 | 26,494 | – | – | – | PDF p. 158 |
| Accretions of interestS$'000 | 279 | 246 | 60 | 70 | PDF p. 158 |
| PaymentsS$'000 | (958) | (531) | (229) | (229) | PDF p. 158 |
| Lease modificationS$'000 | – | (12) | – | – | PDF p. 158 |
| Currency realignmentS$'000 | 73 | 3 | – | – | PDF p. 158 |
| At 31 DecemberS$'000 | 29,687 | 3,799 | 867 | 1,036 | PDF p. 158 |
| Presented as | |||||
| CurrentS$'000 | 418 | 303 | 180 | 169 | PDF p. 158 |
| Non-currentS$'000 | 29,269 | 3,496 | 687 | 867 | PDF p. 158 |
| Item / unit | 2025Fixed Rates Less than 1 year, S$'000 | 2025Fixed Rates 1 to 5 years, S$'000 | 2025Fixed Rates Over 5 years, S$'000 | 2025Variable Rates Less than 1 year, S$'000 | 2025Variable Rates 1 to 5 years, S$'000 | 2025Non-interest bearing, S$'000 | 2025Total, S$'000 | Source |
|---|---|---|---|---|---|---|---|---|
| Financial liabilities 2025 | ||||||||
| Term loansS$'000 | 12,392 | 20,414 | – | 4,648 | 2,149 | – | 39,603 | PDF p. 177 |
| Lease liabilitiesS$'000 | 418 | 27,532 | 1,737 | – | – | – | 29,687 | PDF p. 177 |
| Amounts due to bankersS$'000 | – | – | – | 1,142 | – | – | 1,142 | PDF p. 177 |
Financial liabilities exclude foreign workers’ tax withheld and sales tax payable.
| Item / unit | 2024Fixed Rates Less than 1 year, S$'000 | 2024Fixed Rates 1 to 5 years, S$'000 | 2024Fixed Rates Over 5 years, S$'000 | 2024Variable Rates Less than 1 year, S$'000 | 2024Variable Rates 1 to 5 years, S$'000 | 2024Non-interest bearing, S$'000 | 2024Total, S$'000 | Source |
|---|---|---|---|---|---|---|---|---|
| Financial liabilities 2024 | ||||||||
| Term loansS$'000 | 978 | – | – | 5,364 | 2,849 | – | 9,191 | PDF p. 177 |
| Lease liabilitiesS$'000 | 303 | 1,590 | 1,906 | – | – | – | 3,799 | PDF p. 177 |
| Amounts due to bankersS$'000 | – | – | – | 1,513 | – | – | 1,513 | PDF p. 177 |
Financial liabilities exclude foreign workers’ tax withheld and sales tax payable.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| DIVIDEND POLICY | The Group usually declares total annual dividend at the rate of approximately 25-40% of the net profit after tax in accordance with the consolidated financial statements. For the financial year ended 31 December 2025, no dividend has been declared or recommended, in view of the Group’s net loss for the financial year and its accumulated retained losses brought forward. | Group, FY2025 | PDF p. 81 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| One-tier final exempt dividend of S$0.00229 per ordinary share in respect of the financial year ended 31 December 2024 | S$0.00229 | Group, final dividend for FY2024, declared and paid during FY2025 | PDF p. 163 |
| One-tier final exempt dividend of S$0.00284 per ordinary share in respect of the financial year ended 31 December 2023 | S$0.00284 | Group, final dividend for FY2023, declared and paid during FY2024 | PDF p. 163 |
| Dividends Proposed | – S$’000 | Group, FY2025 (comparatives FY2024: 1,400; FY2023: 1,736; FY2022: 2,136) | PDF p. 6 |
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 | FORVIS MAZARS LLP | Group | PDF p. 92 |
| Engagement partner | Lai Keng Wei | Group | PDF p. 92 |
| Opinion | In our opinion, the accompanying financial statements of the Group and the statement of financial position of the Company are properly drawn up in accordance with the provisions of the Companies Act, 1967 | Group and Company, year ended 31 December 2025 | PDF p. 86 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Revenue from construction contracts | Revenue from construction contracts | Group | PDF p. 87 |
| Impairment assessment of goodwill | Impairment assessment of goodwill | Group | PDF p. 88 |
| Impairment assessment of long-term receivables | Impairment assessment of long-term receivables | Group | PDF p. 89 |
| Accounting for business combination | Accounting for business combination | Group | PDF p. 90 |
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.