Progen 583

SGD 0.024 -8.33% 0.00 Updated 28 Oct 2026, 17:16 SGT

Financials

Annual Report 2025

Open annual report

Explore the statements

11 tables

Balance Sheets - Group

35 metrics

Units appear below each metric. Scroll to compare years

Balance Sheets - Group from Annual Report 2025
Metric / unit 2025Group2024Group Source
Non-current assets
Property, plant and equipment$'000 16,99817,774 PDF p. 41
Right-of-use asset$'000 1,7761,816 PDF p. 41
Fixed deposits$'000 2,0002,000 PDF p. 41
Investment in subsidiaries$'000 –– PDF p. 41
Investment in an associated company$'000 208293 PDF p. 41
Investment securities$'000 350269 PDF p. 41
Amount due from subsidiary$'000 –– PDF p. 41
Deferred tax asset$'000 3333 PDF p. 41
Subtotal$'000 21,36522,185 PDF p. 41
Current assets
Cash and cash equivalents$'000 6191,106 PDF p. 41
Fixed deposit$'000 7,2507,100 PDF p. 41
Trade receivables$'000 9491,205 PDF p. 41
Contract assets$'000 510100 PDF p. 41
Prepayments$'000 6856 PDF p. 41
Deposits$'000 3940 PDF p. 41
Other receivables$'000 117158 PDF p. 41
Investment securities$'000 11675 PDF p. 41
Amounts due from subsidiaries$'000 –– PDF p. 41
Inventories$'000 136134 PDF p. 41
Subtotal$'000 9,8049,974 PDF p. 41
Current liabilities
Trade payables$'000 (391)(596) PDF p. 41
Deferred revenue$'000 (75)(82) PDF p. 41
Other payables$'000 (3,630)(3,790) PDF p. 41
Contract liabilities$'000 (304)(210) PDF p. 41
Income tax payable$'000 (5)(5) PDF p. 41
Amounts due to subsidiaries$'000 –– PDF p. 41
Lease liabilities$'000 (42)(40) PDF p. 41
Subtotal$'000 (4,447)(4,723) PDF p. 41
Net current assets/(liabilities)$'000 5,3575,251 PDF p. 41
Non-current liabilities
Lease liabilities$'000 (1,734)(1,776) PDF p. 41
Net assets
Net assets$'000 24,98825,660 PDF p. 41
Equity attributable to equity holders of the Company
Share capital$'000 32,39032,390 PDF p. 41
Foreign currency translation reserve$'000 (2)(23) PDF p. 41
Accumulated losses$'000 (7,400)(6,707) PDF p. 41
Total equity$'000 24,98825,660 PDF p. 41
Definitions & sources

As at 31 December 2025. Group columns of the combined Group/Company balance sheet.

Balance Sheets - Company

35 metrics

Units appear below each metric. Scroll to compare years

Balance Sheets - Company from Annual Report 2025
Metric / unit 2025Company2024Company Source
Non-current assets
Property, plant and equipment$'000 2934 PDF p. 41
Right-of-use asset$'000 351487 PDF p. 41
Fixed deposits$'000 –– PDF p. 41
Investment in subsidiaries$'000 8,9878,987 PDF p. 41
Investment in an associated company$'000 –– PDF p. 41
Investment securities$'000 –– PDF p. 41
Amount due from subsidiary$'000 23,49623,375 PDF p. 41
Deferred tax asset$'000 –– PDF p. 41
Subtotal$'000 32,86332,883 PDF p. 41
Current assets
Cash and cash equivalents$'000 71205 PDF p. 41
Fixed deposit$'000 –– PDF p. 41
Trade receivables$'000 –– PDF p. 41
Contract assets$'000 –– PDF p. 41
Prepayments$'000 62 PDF p. 41
Deposits$'000 56 PDF p. 41
Other receivables$'000 –– PDF p. 41
Investment securities$'000 –– PDF p. 41
Amounts due from subsidiaries$'000 910934 PDF p. 41
Inventories$'000 –– PDF p. 41
Subtotal$'000 9921,147 PDF p. 41
Current liabilities
Trade payables$'000 (40)(40) PDF p. 41
Deferred revenue$'000 –– PDF p. 41
Other payables$'000 (1,082)(1,022) PDF p. 41
Contract liabilities$'000 –– PDF p. 41
Income tax payable$'000 (5)(5) PDF p. 41
Amounts due to subsidiaries$'000 (202)(202) PDF p. 41
Lease liabilities$'000 (140)(135) PDF p. 41
Subtotal$'000 (1,469)(1,404) PDF p. 41
Net current assets/(liabilities)$'000 (477)(257) PDF p. 41
Non-current liabilities
Lease liabilities$'000 (232)(373) PDF p. 41
Net assets
Net assets$'000 32,15432,253 PDF p. 41
Equity attributable to equity holders of the Company
Share capital$'000 32,39032,390 PDF p. 41
Foreign currency translation reserve$'000 –– PDF p. 41
Accumulated losses$'000 (236)(137) PDF p. 41
Total equity$'000 32,15432,253 PDF p. 41
Definitions & sources

As at 31 December 2025. Company columns of the combined Group/Company balance sheet.

Consolidated Statement of Comprehensive Income - Group

22 metrics

Units appear below each metric. Scroll to compare years

Consolidated Statement of Comprehensive Income - Group from Annual Report 2025
Metric / unit 2025Group2024Group Source
Revenue
Products and installation$'000 3,8684,643 PDF p. 42
Servicing and maintenance$'000 452415 PDF p. 42
Rental income$'000 742640 PDF p. 42
Total revenue$'000 5,0625,698 PDF p. 42
Other items of income
Share of profits of an associated company$'000 –102 PDF p. 42
Other income$'000 227357 PDF p. 42
Total other items of income$'000 227459 PDF p. 42
Cost and expenses
Cost of products and installation$'000 (1,952)(2,983) PDF p. 42
Property operating expenses$'000 (221)(239) PDF p. 42
Salaries and employee benefits$'000 (2,139)(2,068) PDF p. 42
Depreciation and amortisation expense$'000 (823)(833) PDF p. 42
Other expenses$'000 (698)(691) PDF p. 42
Share of loss of an associated company$'000 (85)– PDF p. 42
Finance cost$'000 (64)(63) PDF p. 42
Total cost and expenses$'000 (5,982)(6,877) PDF p. 42
Loss before tax$'000 (693)(720) PDF p. 42
Income tax credit$'000 –– PDF p. 42
Loss, net of tax, attributable to equity holders of the Company$'000 (693)(720) PDF p. 42
Other comprehensive income
Foreign currency translation$'000 2129 PDF p. 42
Total comprehensive income attributable to equity holders of the Company$'000 (672)(691) PDF p. 42
Loss per share (cents per share)
Basiccents per share (0.177)(0.184) PDF p. 42
Dilutedcents per share (0.177)(0.184) PDF p. 42
Definitions & sources

For the financial year ended 31 December 2025. Total comprehensive income label wraps across two lines: 'Total comprehensive income attributable to equity holders' / 'of the Company'. Income statement is Group only; no separate Company income statement is presented on this page.

Consolidated Statement of Comprehensive Income (Group)

22 metrics

Units appear below each metric. Scroll to compare years

Consolidated Statement of Comprehensive Income (Group) from Annual Report 2025
Metric / unit 2025Group2024Group Source
Revenue
Products and installation$'000 3,8684,643 PDF p. 42
Servicing and maintenance$'000 452415 PDF p. 42
Rental income$'000 742640 PDF p. 42
Total revenue$'000 5,0625,698 PDF p. 42
Other items of income
Share of profits of an associated company$'000 –102 PDF p. 42
Other income$'000 227357 PDF p. 42
Total other items of income$'000 227459 PDF p. 42
Cost and expenses
Cost of products and installation$'000 (1,952)(2,983) PDF p. 42
Property operating expenses$'000 (221)(239) PDF p. 42
Salaries and employee benefits$'000 (2,139)(2,068) PDF p. 42
Depreciation and amortisation expense$'000 (823)(833) PDF p. 42
Other expenses$'000 (698)(691) PDF p. 42
Share of loss of an associated company$'000 (85)– PDF p. 42
Finance cost$'000 (64)(63) PDF p. 42
Total cost and expenses$'000 (5,982)(6,877) PDF p. 42
Profit
Loss before tax$'000 (693)(720) PDF p. 42
Income tax credit$'000 –– PDF p. 42
Loss, net of tax, attributable to equity holders of the Company$'000 (693)(720) PDF p. 42
Other comprehensive income
Foreign currency translation$'000 2129 PDF p. 42
Total comprehensive income attributable to equity holders of the Company$'000 (672)(691) PDF p. 42
Loss per share (cents per share)
Basiccents per share (0.177)(0.184) PDF p. 42
Dilutedcents per share (0.177)(0.184) PDF p. 42
Definitions & sources

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

Statement printed for the Group only; no separate Company comprehensive income statement. Note references column omitted from values.

Consolidated Cash Flow Statement (Group)

33 metrics

Units appear below each metric. Scroll to compare years

Consolidated Cash Flow Statement (Group) from Annual Report 2025
Metric / unit 2025Group2024Group Source
Operating activities
Loss before income tax$'000 (693)(720) PDF p. 44
Operating activities - Adjustments for
Interest income$'000 (193)(287) PDF p. 44
Finance cost$'000 6463 PDF p. 44
Depreciation of property, plant and equipment$'000 783796 PDF p. 44
Depreciation of right-of-use asset$'000 4037 PDF p. 44
Dividend income$'000 (5)(15) PDF p. 44
Fair value gain on investment securities$'000 (14)(33) PDF p. 44
Currency realignment$'000 2129 PDF p. 44
Share of results of an associated company$'000 85(102) PDF p. 44
Operating activities
Operating cash flows before changes in working capital$'000 88(232) PDF p. 44
Changes in working capital
Trade and other receivables$'000 300(324) PDF p. 44
Contract assets$'000 (410)(12) PDF p. 44
Prepayments and deposits$'000 (11)8 PDF p. 44
Inventories$'000 (2)38 PDF p. 44
Trade payables$'000 (205)65 PDF p. 44
Deferred revenue$'000 (7)(4) PDF p. 44
Other payables$'000 (163)948 PDF p. 44
Contract liabilities$'000 94(879) PDF p. 44
Operating activities
Cash flows used in operations$'000 (316)(392) PDF p. 44
Interest received$'000 193287 PDF p. 44
Net cash flows used in operating activities$'000 (123)(105) PDF p. 44
Investing activities
Purchase of property, plant and equipment$'000 (7)(86) PDF p. 44
Proceeds from disposal of property, plant and equipment$'000 –35 PDF p. 44
Dividends received on investment securities$'000 515 PDF p. 44
Dividends from associated company$'000 –940 PDF p. 44
Return on capital from associated company$'000 –360 PDF p. 44
Investment in debt instrument$'000 (108)(251) PDF p. 44
Net cash flows (used in)/generated from investing activities$'000 (110)1,013 PDF p. 44
Financing activity
Payment of lease liabilities$'000 (104)(99) PDF p. 44
Net cash flows used in financing activity$'000 (104)(99) PDF p. 44
Cash and cash equivalents
Net (decrease)/increase in cash and cash equivalents$'000 (337)809 PDF p. 44
Cash and cash equivalents at 1 January$'000 8,2067,397 PDF p. 44
Cash and cash equivalents at 31 December$'000 7,8698,206 PDF p. 44
Definitions & sources

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

Group only; no separate Company cash flow statement is printed.

Statements of Changes in Equity - Group, 2025

5 metrics

Units appear below each metric. Scroll to compare years

Statements of Changes in Equity - Group, 2025 from Annual Report 2025
Metric / unit 2025Group, Share capital (Note 18)2025Group, Foreign currency translation reserve (Note 19)2025Group, Accumulated losses2025Group, Total equity Source
Group 2025
At 1 January$'000 32,390(23)(6,707)25,660 PDF p. 43
Loss net of tax$'000 ––(693)(693) PDF p. 43
Other comprehensive income for the year$'000 –21–21 PDF p. 43
Total comprehensive income for the year$'000 –21(693)(672) PDF p. 43
At 31 December$'000 32,390(2)(7,400)24,988 PDF p. 43
Definitions & sources

Attributable to equity holders of the Company. No non-controlling interests disclosed.

Statements of Changes in Equity - Group, 2024

5 metrics

Units appear below each metric. Scroll to compare years

Statements of Changes in Equity - Group, 2024 from Annual Report 2025
Metric / unit 2024Group, Share capital (Note 18)2024Group, Foreign currency translation reserve (Note 19)2024Group, Accumulated losses2024Group, Total equity Source
Group 2024
At 1 January$'000 32,390(52)(5,987)26,351 PDF p. 43
Loss net of tax$'000 ––(720)(720) PDF p. 43
Other comprehensive income for the year$'000 –29–29 PDF p. 43
Total comprehensive income for the year$'000 –29(720)(691) PDF p. 43
At 31 December$'000 32,390(23)(6,707)25,660 PDF p. 43
Definitions & sources

Attributable to equity holders of the Company.

Statements of Changes in Equity - Company, 2025

4 metrics

Units appear below each metric. Scroll to compare years

Statements of Changes in Equity - Company, 2025 from Annual Report 2025
Metric / unit 2025Company, Share capital (Note 18)2025Company, Accumulated loss2025Company, Total equity Source
Company 2025
At 1 January$'000 32,390(137)32,253 PDF p. 43
Loss net of tax$'000 –(99)(99) PDF p. 43
Total comprehensive income for the year$'000 –(99)(99) PDF p. 43
At 31 December$'000 32,390(236)32,154 PDF p. 43
Definitions & sources

Attributable to equity holders of the Company.

Statements of Changes in Equity - Company, 2024

4 metrics

Units appear below each metric. Scroll to compare years

Statements of Changes in Equity - Company, 2024 from Annual Report 2025
Metric / unit 2024Company, Share capital (Note 18)2024Company, Accumulated loss2024Company, Total equity Source
Company 2024
At 1 January$'000 32,390(170)32,220 PDF p. 43
Profit net of tax$'000 –3333 PDF p. 43
Total comprehensive income for the year$'000 –3333 PDF p. 43
At 31 December$'000 32,390(137)32,253 PDF p. 43
Definitions & sources

Attributable to equity holders of the Company.

Loss per share (Group) – from Consolidated Statement of Comprehensive Income

2 metrics

Units appear below each metric. Scroll to compare years

Loss per share (Group) – from Consolidated Statement of Comprehensive Income from Annual Report 2025
Metric / unit 2025Group2024Group Source
Loss per share (cents per share)
Basiccents per share (0.177)(0.184) PDF p. 42
Dilutedcents per share (0.177)(0.184) PDF p. 42
Definitions & sources

Note reference 24 printed in Notes column.

Note 24 Loss per share – earnings and weighted average shares (Group)

2 metrics

Units appear below each metric. Scroll to compare years

Note 24 Loss per share – earnings and weighted average shares (Group) from Annual Report 2025
Metric / unit 2025Group2024Group Source
Loss per share
Loss for the year attributable to equity holders of the Company$'000 (693)(720) PDF p. 63
Weighted average number of ordinary shares in issue'000 shares 390,512390,512 PDF p. 63
Definitions & sources

Loss per share is calculated by dividing the net loss for the year attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the financial year. The weighted average number of shares takes into account the weighted average effect of the rights issue during the year.

The diluted loss per share is the same as the basic loss per share as the Company does not have any dilutive potential ordinary shares for the financial years ended 31 December 2025 and 2024.

Where the money comes from

Segment information

By business

Business segments - revenue, results, assets and liabilities, year ended 31 December 9 lines
Business segments - revenue, results, assets and liabilities, year ended 31 December
Item / unit 2025Products and installation2025Servicing and maintenance2025Rental2025Property development2025Others2025Eliminations/Adjustments2025Group2024Products and installation2024Servicing and maintenance2024Rental2024Property development2024Others2024Eliminations/Adjustments2024Group Source
Segment revenue
Sales to external customers$'000 3,868452742–––5,0624,643415640–––5,698 PDF p. 71
Intersegment sales$'000 99–151––(250)–91–151––(242)– PDF p. 71
Segment results
Interest income$'000 151635–1–193240641–––287 PDF p. 71
Other income$'000 2145–4–345349–4–70 PDF p. 71
Depreciation$'000 (649)(25)(279)–(6)136(823)(693)(16)(248)–(12)136(833) PDF p. 71
Other non-cash expenses$'000 (69)(3)(16)–––(88)(79)(2)(14)–––(95) PDF p. 71
Segment (loss)/profit before tax$'000 (558)31141(85)(87)(135)(693)(778)45173–(29)(131)(720) PDF p. 71
Segment assets and liabilities
Segment assets$'000 9,58852420,710–347–31,1698,15421023,240–555–32,159 PDF p. 71
Segment liabilities$'000 2,5481682,26911,196(1)6,1812,9511432,26711,138(1)6,499 PDF p. 71
Notes

Nature of adjustments and eliminations to arrive at amounts reported in the consolidated financial statements.

A Inter-segment revenues are eliminated on consolidation.

B Other non-cash expenses pertain to net foreign exchange loss, fair value loss on investment property and interest expense on lease liabilities.

Total revenue row prints only the Group value 5,062 (segment cells blank); Income tax credit row prints only Group value '–'.

Revenue from one major customer amounted to $1,136,000, arising from the product and installation segment. Revenue from 5 (2024: 5) major customers amounted to $3,268,000 (2024: $4,317,000) arising from the products and installation segment.

As the Group operates substantially in Singapore, no segment information by geographical segment is presented.

Total revenue row prints only the Group value 5,698 (segment cells blank); Income tax credit row prints only Group value '–'.

Comparative year columns for the year ended 31 December 2024.

Debt

Borrowings

Liquidity risk – Group contractual undiscounted maturity of lease liabilities

Liquidity risk – Group contractual undiscounted maturity of lease liabilities — Group
Item / unit 2025Within 1 year2025After 1 year but within 5 years2025After 5 years2025Total Source
2025 Financial liabilities
Lease liabilities$'000 1044182,2042,726 PDF p. 66
Notes

Maturity profile based on contractual undiscounted payments.

Liquidity risk – Group contractual undiscounted maturity of lease liabilities

Liquidity risk – Group contractual undiscounted maturity of lease liabilities — Group
Item / unit 2024Within 1 year2024After 1 year but within 5 years2024After 5 years2024Total Source
2024 Financial liabilities
Lease liabilities$'000 1044182,3082,830 PDF p. 66
Notes

Maturity profile based on contractual undiscounted payments.

Liquidity risk – Company contractual undiscounted maturity of lease liabilities

Liquidity risk – Company contractual undiscounted maturity of lease liabilities — Company
Item / unit 2025Within 1 year2025After 1 year but within 5 years2025After 5 years2025Total Source
2025 Financial liabilities
Lease liabilities$'000 151240–391 PDF p. 67
Notes

Maturity profile based on contractual undiscounted payments.

Liquidity risk – Company contractual undiscounted maturity of lease liabilities

Liquidity risk – Company contractual undiscounted maturity of lease liabilities — Company
Item / unit 2024Within 1 year2024After 1 year but within 5 years2024After 5 years2024Total Source
2024 Financial liabilities
Lease liabilities$'000 151391–542 PDF p. 67
Notes

Maturity profile based on contractual undiscounted payments.

Borrowing notes 1 tables

Lease liabilities – carrying amount and current/non-current split

Lease liabilities – carrying amount and current/non-current split
Item / unit 2025Group2024Group2025Company2024Company Source
Lease liabilities
As at 31 December$'000 1,7761,816372508 PDF p. 60
Current$'000 4240140135 PDF p. 60
Non-current$'000 1,7341,776232373 PDF p. 60
Notes

The Group has lease contract for its land lease. The Group's obligations under its leases are secured by the lessor's title to the leased assets.

Payout

Dividends & distributions

Dividend policy

ItemValuePeriod / scopeSource
Does the Company have a dividend policy? The Company does not have a fixed dividend policy. In considering the declaration of dividends, the Company will take into consideration the Group’s profit growth, cash position, cash flows, projected capital requirements for business growth and other factors as the Board may deem relevant. Company PDF p. 30

Dividends declared and proposed

ItemValuePeriod / scopeSource
Dividends for FY2025 The Board has not declared or recommended dividends for FY2025 as the Group was loss making. FY2025 PDF p. 30

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

Auditor’s report

Audit & risk signals

Audit opinion

ItemValuePeriod / scopeSource
Auditor Ernst & Young LLP Group and Company, FY2025 PDF p. 40
Engagement partner Sharon Peh Group and Company, FY2025 PDF p. 40
Auditor's report date 27 March 2026 Group and Company · As at 2026-03-27 PDF p. 40
Opinion are properly drawn up in accordance with the provisions of the Companies Act 1967 Group and Company, year ended 31 December 2025 PDF p. 38

Key audit matters

ItemValuePeriod / scopeSource
Revenue recognition on construction contracts The Group is involved in construction projects and recognises the related contract revenue by reference to the stage of completion of the contract activity Group, FY2025 PDF p. 38

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

How to read these figures

Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.

Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.

These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.