MegaChem 5DS
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+0.00% +0.00 Updated 30 Oct 2026, 17:16 SGT
Financials
ANNUAL REPORT 2025
Explore the statements
10 tablesConsolidated Statement of Profit or Loss and Other Comprehensive Income (Group)
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss | |||
| Revenue$ | 124,412,459 | 128,841,566 | PDF p. 121 |
| Cost of sales$ | (92,610,645) | (97,613,409) | PDF p. 121 |
| Gross profit$ | 31,801,814 | 31,228,157 | PDF p. 121 |
| Other income$ | 529,285 | 10,666,947 | PDF p. 121 |
| Distribution costs$ | (17,799,944) | (22,201,359) | PDF p. 121 |
| Administrative expenses$ | (6,392,313) | (6,400,920) | PDF p. 121 |
| Other operating expenses$ | (3,628,186) | (3,912,346) | PDF p. 121 |
| Finance costs$ | (1,412,254) | (1,909,787) | PDF p. 121 |
| Share of profit of associates$ | 1,167,459 | 1,222,096 | PDF p. 121 |
| Profit before income tax$ | 4,265,861 | 8,692,788 | PDF p. 121 |
| Income tax expense$ | (358,501) | (779,337) | PDF p. 121 |
| Net profit$ | 3,907,360 | 7,913,451 | PDF p. 121 |
| Other comprehensive income | |||
| Exchange difference on translating foreign operations, net of tax$ | 187,288 | 1,506,709 | PDF p. 121 |
| Total comprehensive income$ | 4,094,648 | 9,420,160 | PDF p. 121 |
| Attribution | |||
| Net profit attributable to equity holders of the Company$ | 3,834,646 | 7,905,459 | PDF p. 121 |
| Net profit attributable to non-controlling interests$ | 72,714 | 7,992 | PDF p. 121 |
| Total comprehensive income attributable to equity holders of the Company$ | 4,096,280 | 9,361,091 | PDF p. 121 |
| Total comprehensive (loss)/income attributable to non-controlling interests$ | (1,632) | 59,069 | PDF p. 121 |
| Earnings per share for profit attributable to equity holders of the Company (cents per share) | |||
| Basic and dilutedcents per share | 2.88 | 5.93 | PDF p. 121 |
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Definitions & sources
Original report: PDF p. 121 ↗
Year ended 31 December 2025. Amounts in $ (Singapore dollars). The accompanying notes form an integral part of these financial statements.
Statements of Financial Position (Group and Company)
34 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$ | 30,369,399 | 16,815,300 | 16,770,127 | 3,525,741 | PDF p. 122 |
| Right-of-use assets$ | 2,343,810 | 2,341,082 | 940,498 | 974,087 | PDF p. 122 |
| Investment property$ | 55,316 | 55,891 | – | – | PDF p. 122 |
| Investments in subsidiaries$ | – | – | 7,825,563 | 7,936,563 | PDF p. 122 |
| Investments in associates$ | 10,228,665 | 9,352,224 | 2,798,756 | 2,798,756 | PDF p. 122 |
| Financial assets at fair value through other comprehensive income$ | 1,351,100 | 1,351,100 | 1,351,100 | 1,351,100 | PDF p. 122 |
| Transferable club memberships$ | 26,164 | 25,245 | 4,001 | 4,001 | PDF p. 122 |
| Deferred tax assets$ | 974,458 | 925,283 | 445,000 | 369,000 | PDF p. 122 |
| Total non-current assets$ | 45,348,912 | 30,866,125 | 30,135,045 | 16,959,248 | PDF p. 122 |
| Current assets | |||||
| Inventories$ | 29,035,716 | 31,742,578 | 14,417,968 | 15,514,618 | PDF p. 122 |
| Trade and other receivables$ | 24,141,433 | 23,279,044 | 13,974,431 | 15,479,990 | PDF p. 122 |
| Financial assets at fair value through profit or loss$ | 499 | 44,923 | – | – | PDF p. 122 |
| Other current assets$ | 2,475,698 | 2,624,877 | 813,890 | 583,672 | PDF p. 122 |
| Cash and cash balances$ | 14,007,190 | 15,968,531 | 2,039,190 | 2,013,090 | PDF p. 122 |
| Total current assets$ | 69,660,536 | 73,659,953 | 31,245,479 | 33,591,370 | PDF p. 122 |
| Assets | |||||
| Total assets$ | 115,009,448 | 104,526,078 | 61,380,524 | 50,550,618 | PDF p. 122 |
| Capital and reserves attributable to equity holders of the Company | |||||
| Share capital$ | 15,892,028 | 15,892,028 | 15,892,028 | 15,892,028 | PDF p. 122 |
| Other reserves$ | (6,000,377) | (6,262,011) | – | – | PDF p. 122 |
| Retained earnings$ | 51,420,022 | 48,918,376 | 8,773,218 | 5,335,778 | PDF p. 122 |
| Subtotal$ | 61,311,673 | 58,548,393 | 24,665,246 | 21,227,806 | PDF p. 122 |
| Equity | |||||
| Non-controlling interests$ | 1,750,851 | 1,945,289 | – | – | PDF p. 122 |
| Total equity$ | 63,062,524 | 60,493,682 | 24,665,246 | 21,227,806 | PDF p. 122 |
| Non-current liabilities | |||||
| Borrowings$ | 6,250,000 | – | 6,250,000 | – | PDF p. 122 |
| Financial liabilities – lease liabilities$ | 2,698,150 | 2,745,445 | 1,321,270 | 1,473,851 | PDF p. 122 |
| Deferred tax liabilities$ | 573,261 | 455,000 | 445,000 | 406,000 | PDF p. 122 |
| Total non-current liabilities$ | 9,521,411 | 3,200,445 | 8,016,270 | 1,879,851 | PDF p. 122 |
| Current liabilities | |||||
| Current income tax liabilities$ | 58,698 | 272,060 | – | 14,000 | PDF p. 122 |
| Trade and other payables$ | 13,581,191 | 14,948,138 | 6,987,555 | 7,933,984 | PDF p. 122 |
| Borrowings$ | 28,449,636 | 25,240,718 | 21,558,872 | 19,350,617 | PDF p. 122 |
| Financial liabilities – lease liabilities$ | 314,433 | 362,351 | 152,581 | 143,793 | PDF p. 122 |
| Financial liabilities at fair value through profit or loss$ | 21,555 | 8,684 | – | 567 | PDF p. 122 |
| Total current liabilities$ | 42,425,513 | 40,831,951 | 28,699,008 | 27,442,961 | PDF p. 122 |
| Liabilities | |||||
| Total liabilities$ | 51,946,924 | 44,032,396 | 36,715,278 | 29,322,812 | PDF p. 122 |
| Equity and liabilities | |||||
| Total equity and liabilities$ | 115,009,448 | 104,526,078 | 61,380,524 | 50,550,618 | PDF p. 122 |
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Definitions & sources
Original report: PDF p. 122 ↗
As at 31 December 2025. Amounts in $. The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Group)
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $ | 2024Group, $ | Source |
|---|---|---|---|
| Profit or loss | |||
| Revenue$ | 124,412,459 | 128,841,566 | PDF p. 121 |
| Cost of sales$ | (92,610,645) | (97,613,409) | PDF p. 121 |
| Gross profit$ | 31,801,814 | 31,228,157 | PDF p. 121 |
| Other income$ | 529,285 | 10,666,947 | PDF p. 121 |
| Distribution costs$ | (17,799,944) | (22,201,359) | PDF p. 121 |
| Administrative expenses$ | (6,392,313) | (6,400,920) | PDF p. 121 |
| Other operating expenses$ | (3,628,186) | (3,912,346) | PDF p. 121 |
| Finance costs$ | (1,412,254) | (1,909,787) | PDF p. 121 |
| Share of profit of associates$ | 1,167,459 | 1,222,096 | PDF p. 121 |
| Profit before income tax$ | 4,265,861 | 8,692,788 | PDF p. 121 |
| Income tax expense$ | (358,501) | (779,337) | PDF p. 121 |
| Net profit$ | 3,907,360 | 7,913,451 | PDF p. 121 |
| Other comprehensive income | |||
| Exchange difference on translating foreign operations, net of tax$ | 187,288 | 1,506,709 | PDF p. 121 |
| Total comprehensive income$ | 4,094,648 | 9,420,160 | PDF p. 121 |
| Attribution | |||
| Net profit attributable to equity holders of the Company$ | 3,834,646 | 7,905,459 | PDF p. 121 |
| Net profit attributable to non-controlling interests$ | 72,714 | 7,992 | PDF p. 121 |
| Total comprehensive income attributable to equity holders of the Company$ | 4,096,280 | 9,361,091 | PDF p. 121 |
| Total comprehensive (loss)/income attributable to non-controlling interests$ | (1,632) | 59,069 | PDF p. 121 |
| Earnings per share (cents per share) | |||
| Basic and dilutedcents per share | 2.88 | 5.93 | PDF p. 121 |
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Definitions & sources
Original report: PDF p. 121 ↗
The accompanying notes form an integral part of these financial statements. Only Group columns are presented; no Company income statement is printed.
Consolidated Statement of Cash Flows (Group)
37 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $ | 2024Group, $ | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net profit before tax$ | 4,265,861 | 8,692,788 | PDF p. 124 |
| Adjustments for | |||
| Depreciation of property, plant and equipment and investment property$ | 1,030,286 | 966,237 | PDF p. 124 |
| Depreciation of right-of-use assets$ | 294,972 | 326,467 | PDF p. 124 |
| Finance costs$ | 1,412,254 | 1,909,787 | PDF p. 124 |
| Gains on disposals of property, plant and equipment$ | (36,333) | (624,178) | PDF p. 124 |
| Interest income$ | (177,551) | (123,374) | PDF p. 124 |
| Inventory written down$ | 163,018 | 1,689,628 | PDF p. 124 |
| Share of profit of associates$ | (1,167,459) | (1,222,096) | PDF p. 124 |
| Changes in fair value of financial assets at fair value through profit or loss$ | (497) | (44,957) | PDF p. 124 |
| Changes in fair value of financial liabilities at fair value through profit or loss$ | 21,469 | 8,690 | PDF p. 124 |
| Net effect of exchange rate changes in consolidating foreign operations$ | 365,106 | 67,903 | PDF p. 124 |
| Cash flows from operating activities | |||
| Operating cash flows before working capital changes$ | 6,171,126 | 11,646,895 | PDF p. 124 |
| Changes in working capital | |||
| Trade and other receivables$ | (1,202,471) | 703,303 | PDF p. 124 |
| Other current assets$ | 218,323 | (891,452) | PDF p. 124 |
| Inventories$ | 2,155,244 | 380,193 | PDF p. 124 |
| Trade and other payables$ | (1,231,877) | (317,620) | PDF p. 124 |
| Cash flows from operating activities | |||
| Net cash flows from operations$ | 6,110,345 | 11,521,319 | PDF p. 124 |
| Income tax paid$ | (635,850) | (595,899) | PDF p. 124 |
| Interest received$ | 177,551 | 123,374 | PDF p. 124 |
| Net cash from operating activities$ | 5,652,046 | 11,048,794 | PDF p. 124 |
| Cash flows used in investing activities | |||
| Dividends received from associates$ | 512,293 | 537,913 | PDF p. 124 |
| Purchase of equity shares from non-controlling interests$ | – | (1,160,289) | PDF p. 124 |
| Purchase of property, plant and equipment$ | (14,238,065) | (2,735,332) | PDF p. 124 |
| Proceeds from disposals of property, plant and equipment$ | 36,427 | 943,819 | PDF p. 124 |
| Net cash used in investing activities$ | (13,689,345) | (2,413,889) | PDF p. 124 |
| Cash flows from/(used in) financing activities | |||
| Dividends paid$ | (1,333,000) | (666,500) | PDF p. 124 |
| Dividends paid by subsidiary to non-controlling interest$ | (192,806) | (258,876) | PDF p. 124 |
| Proceeds from/(repayments of) long term bank loans$ | 6,583,333 | (500,000) | PDF p. 124 |
| (Repayments of)/proceeds from bill payables$ | (1,317,073) | 1,940,567 | PDF p. 124 |
| Proceeds from/(repayments of) short term bank loans$ | 4,909,678 | (4,736,990) | PDF p. 124 |
| Lease liabilities$ | (555,553) | (522,187) | PDF p. 124 |
| Interest paid$ | (1,272,942) | (1,768,966) | PDF p. 124 |
| Net cash from/(used in) financing activities$ | 6,821,637 | (6,512,952) | PDF p. 124 |
| Net change in cash | |||
| Net (decrease)/increase in cash and cash equivalents$ | (1,215,662) | 2,121,953 | PDF p. 124 |
| Cash and cash equivalents, consolidated statement of cash flows, beginning balance$ | 15,291,384 | 13,024,005 | PDF p. 124 |
| Effects of exchange rate changes on cash and cash equivalents$ | (68,532) | 145,426 | PDF p. 124 |
| Cash and cash equivalents, consolidated statement of cash flows, ending balance$ | 14,007,190 | 15,291,384 | PDF p. 124 |
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Definitions & sources
Original report: PDF p. 124 ↗
The accompanying notes form an integral part of these financial statements. Only a consolidated (Group) cash flow statement is printed; no Company cash flow statement.
Financial Highlights – Income Statement (Group, five-year summary incl. adjusted columns)
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group, as reported | 2022Group, as reported | 2023Group, as reported | 2023Group, 2023(adj) adjusted for one-off fire incident impact | 2024Group, as reported | 2024Group, 2024(adj) adjusted for one-off fire incident impact | 2025Group, as reported | Source |
|---|---|---|---|---|---|---|---|---|
| INCOME STATEMENT | ||||||||
| Profit/(loss) After Tax (S$’mil)S$’mil | 8.0 | 6.1 | (5.8) | 1.9 | 7.9 | 2.9 | 3.9 | PDF p. 31 |
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Definitions & sources
Original report: PDF p. 31 ↗
(1) Adjusted for a one-off impact from a fire incident in 2023
(2) Dividend payout and dividend yield for FY 2024 are based on net profit after tax adjusted for one-off impact from a fire incident
(3) Dividend yield based on closing price as at 31 December of the respective FY
NM : not meaningful
Blank cells are blank in the source; placement of single values under 2024 vs 2024(adj) follows column alignment (reported 2024 for rows with one value).
Financial Highlights – Half-Year Breakdown
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| HALF-YEAR BREAKDOWN | ||||||
| Sales for first half (S$’mil)S$’mil | 65.9 | 75.2 | 60.7 | 65.2 | 64.1 | PDF p. 31 |
| HALF-YEAR BREAKDOWN (sales) | ||||||
| % Growth 1H vs 1H% | 26.7 | 14.1 | (19.3) | 7.4 | (1.7) | PDF p. 31 |
| HALF-YEAR BREAKDOWN | ||||||
| Sales for second half (S$’mil)S$’mil | 73.0 | 68.5 | 62.3 | 63.7 | 60.3 | PDF p. 31 |
| HALF-YEAR BREAKDOWN (sales) | ||||||
| % Growth 2H vs 2H% | 37.1 | (6.1) | (9.1) | 2.2 | (5.2) | PDF p. 31 |
| HALF-YEAR BREAKDOWN | ||||||
| Profit After Tax for first half (S$’mil)S$’mil | 3.8 | 4.5 | 0.9 | 2.0 | 1.7 | PDF p. 31 |
| Profit/(loss) After Tax for second half (S$’mil)S$’mil | 4.2 | 1.6 | (6.7) | 5.9 | 2.2 | PDF p. 31 |
| HALF-YEAR BREAKDOWN (profit) | ||||||
| % Growth 2H vs 2H% | 72.7 | (61.8) | NM | NM | (63.1) | PDF p. 31 |
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Definitions & sources
Original report: PDF p. 31 ↗
NM : not meaningful
Reported (unadjusted) figures; the 2023/2024 adjusted columns are not shown in this table.
Financial Highlights – Financial Position and Ratios
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| FINANCIAL POSITION | ||||||
| Total Assets (S$’mil)S$’mil | 110.9 | 117.1 | 100.2 | 104.5 | 115.0 | PDF p. 31 |
| Shareholders Equity (S$’mil)S$’mil | 57.3 | 58.6 | 50.0 | 58.5 | 61.3 | PDF p. 31 |
| Net Asset/Share (cents)cents | 42.95 | 43.96 | 37.48 | 43.92 | 46.00 | PDF p. 31 |
| Borrowings (S$’mil)S$’mil | 28.9 | 36.4 | 28.5 | 25.2 | 34.7 | PDF p. 31 |
| Gearing ratio (times)times | 0.51 | 0.62 | 0.57 | 0.43 | 0.57 | PDF p. 31 |
| Net gearing ratio (times)times | 0.30 | 0.42 | 0.30 | 0.16 | 0.34 | PDF p. 31 |
| Cash (S$’mil)S$’mil | 11.5 | 11.9 | 13.6 | 16.0 | 14.0 | PDF p. 31 |
| Current ratio (times)times | 1.8 | 1.8 | 1.7 | 1.8 | 1.6 | PDF p. 31 |
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Definitions & sources
Original report: PDF p. 31 ↗
Definitions of gearing ratios are not printed on this page.
Financial Highlights – Dividend
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group/Company | 2022Group/Company | 2023Group/Company | 2024Group/Company | 2025Group/Company | Source |
|---|---|---|---|---|---|---|
| DIVIDEND | ||||||
| Net Dividend/Share (cents)cents | 2.0 | 2.0 | 0.0 | 1.0 | 1.0 | PDF p. 31 |
| Net Dividend Payout (%)% | 34.4 | 45.4 | 0.0 | 46.0 | 34.8 | PDF p. 31 |
| Net Dividend Yield (%)(2)(3)% | 4.8 | 3.9 | 0.0 | 2.3 | 2.4 | PDF p. 31 |
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Definitions & sources
Original report: PDF p. 31 ↗
(2) Dividend payout and dividend yield for FY 2024 are based on net profit after tax adjusted for one-off impact from a fire incident
(3) Dividend yield based on closing price as at 31 December of the respective FY
Earnings per share (Note 10) and dividends paid (Note 9)
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| 10. EARNINGS PER SHARE | |||
| Net profit for the year attributable to equity holders of the Company ($)$ | 3,834,646 | 7,905,459 | PDF p. 140 |
| Weighted average number of ordinary shares on issue for basic earnings per shareshares | 133,300,000 | 133,300,000 | PDF p. 140 |
| 9. DIVIDENDS (Group and Company) | |||
| Interim tax exempt dividend paid of 0.5 cents (2024: tax exempt Nil cents)$ | 666,500 | 666,500 | PDF p. 140 |
| Total dividends paid in the year$ | 1,333,000 | 666,500 | PDF p. 140 |
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Definitions & sources
Original report: PDF p. 140 ↗
Basic EPS = net profit attributable to equity holders / weighted average number of ordinary shares of no par value. No dilution as no dilutive potential ordinary shares; denominators same for basic and diluted.
Proposed final tax exempt dividend of 0.5 cents per share for FY2025, subject to shareholder approval; not recognised as liability.
Final dividend paid for previous year (0.5 cents) was 666,500 in 2025 and – in 2024 (row label wraps across lines; not separately extracted).
Finance costs (Operating and Financial Review) FY 2025 vs FY 2024
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY 2025 | 2024Group, FY 2024 | Source |
|---|---|---|---|
| (e) Finance costs | |||
| Total finance costsS$’000 | 1,412 | 1,910 | PDF p. 39 |
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Definitions & sources
Original report: PDF p. 39 ↗
Printed variance Fav/(Unfav) columns: S$’000 498; % 26.1.
Where the money comes from
Segment information
By business
Profit or loss by business segment 12 lines
| Item / unit | 2025Distribution | 2025Manufacturing | 2025Unallocated | 2025Group | 2024Distribution | 2024Manufacturing | 2024Unallocated | 2024Group | Source |
|---|---|---|---|---|---|---|---|---|---|
| Sales | |||||||||
| Total sales by segment$ | 121,258,826 | 4,145,237 | – | 125,404,063 | 125,062,607 | 4,716,255 | – | 129,778,862 | PDF p. 175PDF p. 176 |
| Inter-segment sales$ | (119,883) | (871,721) | – | (991,604) | (142,737) | (794,559) | – | (937,296) | PDF p. 175PDF p. 176 |
| Sales$ | 121,138,943 | 3,273,516 | – | 124,412,459 | 124,919,870 | 3,921,696 | – | 128,841,566 | PDF p. 175PDF p. 176 |
| Results | |||||||||
| Segment result$ | 4,300,323 | 32,782 | – | 4,333,105 | 8,338,315 | 918,790 | – | 9,257,105 | PDF p. 175PDF p. 176 |
| Interest income – banks$ | – | – | 177,551 | 177,551 | – | – | 123,374 | 123,374 | PDF p. 175PDF p. 176 |
| Finance costs$ | – | – | (1,412,254) | (1,412,254) | – | – | (1,909,787) | (1,909,787) | PDF p. 175PDF p. 176 |
| Share of profit of associates$ | – | – | 1,167,459 | 1,167,459 | – | – | 1,222,096 | 1,222,096 | PDF p. 175PDF p. 176 |
| Profit before income tax$ | 4,300,323 | 32,782 | (67,244) | 4,265,861 | 8,338,315 | 918,790 | (564,317) | 8,692,788 | PDF p. 175PDF p. 176 |
| Income tax expense$ | – | – | (358,501) | (358,501) | – | – | (779,337) | (779,337) | PDF p. 175PDF p. 176 |
| Net profit$ | 4,300,323 | 32,782 | (425,745) | 3,907,360 | 8,338,315 | 918,790 | (1,343,654) | 7,913,451 | PDF p. 175PDF p. 176 |
| Other segment items | |||||||||
| Capital expenditure$ | 13,972,699 | 265,366 | – | 14,238,065 | 2,738,882 | 243,667 | – | 2,982,549 | PDF p. 175PDF p. 176 |
| Depreciation$ | 952,360 | 372,898 | – | 1,325,258 | 960,281 | 332,423 | – | 1,292,704 | PDF p. 175PDF p. 176 |
Notes
Currency: $ (as printed). 'Sales' row is the unlabelled subtotal after inter-segment sales.
Assets and liabilities by business segment 10 lines
| Item / unit | 2025Distribution | 2025Manufacturing | 2025Unallocated | 2025Group | 2024Distribution | 2024Manufacturing | 2024Unallocated | 2024Group | Source |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Segment assets$ | 93,934,383 | 5,929,451 | – | 99,863,834 | 83,725,901 | 6,842,085 | – | 90,567,986 | PDF p. 176PDF p. 177 |
| Associates$ | – | – | 10,228,665 | 10,228,665 | – | – | 9,352,224 | 9,352,224 | PDF p. 176PDF p. 177 |
| Deferred tax assets$ | – | – | 974,458 | 974,458 | – | – | 925,283 | 925,283 | PDF p. 176PDF p. 177 |
| Interest earning cash balances$ | – | – | 3,942,491 | 3,942,491 | – | – | 3,680,585 | 3,680,585 | PDF p. 176PDF p. 177 |
| Consolidated total assets$ | 93,934,383 | 5,929,451 | 15,145,614 | 115,009,448 | 83,725,901 | 6,842,085 | 13,958,092 | 104,526,078 | PDF p. 176PDF p. 177 |
| Liabilities | |||||||||
| Segment liabilities$ | (14,747,226) | (1,868,103) | – | (16,615,329) | (16,137,655) | (1,926,963) | – | (18,064,618) | PDF p. 176PDF p. 177 |
| Borrowings$ | – | – | (34,699,636) | (34,699,636) | – | – | (25,240,718) | (25,240,718) | PDF p. 176PDF p. 177 |
| Current income tax liabilities$ | – | – | (58,698) | (58,698) | – | – | (272,060) | (272,060) | PDF p. 176PDF p. 177 |
| Deferred tax liabilities$ | – | – | (573,261) | (573,261) | – | – | (455,000) | (455,000) | PDF p. 176PDF p. 177 |
| Consolidated total liabilities$ | (14,747,226) | (1,868,103) | (35,331,595) | (51,946,924) | (16,137,655) | (1,926,963) | (25,967,778) | (44,032,396) | PDF p. 176PDF p. 177 |
Notes
Currency: $ (as printed). Liabilities shown in parentheses as printed.
By geography
Profit or loss by geographical segment 14 lines
| Item / unit | 2025Singapore | 2025Malaysia | 2025United Kingdom | 2025China | 2025Middle East | 2025Others | 2025Unallocated | 2025Group | 2024Singapore | 2024Malaysia | 2024United Kingdom | 2024China | 2024Middle East | 2024Others | 2024Unallocated | 2024Group | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | |||||||||||||||||
| Total sales by segment$ | 52,945,496 | 12,383,505 | 18,666,504 | 17,362,413 | 11,734,639 | 22,549,732 | – | 135,642,289 | 60,996,410 | 14,230,922 | 19,003,484 | 12,932,395 | 11,099,722 | 24,778,702 | – | 143,041,635 | PDF p. 173PDF p. 174 |
| Inter-segment sales$ | (6,471,707) | (516,198) | (911,098) | (3,132,209) | (57,030) | (141,588) | – | (11,229,830) | (8,958,934) | (277,978) | (1,120,651) | (3,234,007) | (74,831) | (533,668) | – | (14,200,069) | PDF p. 173PDF p. 174 |
| Sales$ | 46,473,789 | 11,867,307 | 17,755,406 | 14,230,204 | 11,677,609 | 22,408,144 | – | 124,412,459 | 52,037,476 | 13,952,944 | 17,882,833 | 9,698,388 | 11,024,891 | 24,245,034 | – | 128,841,566 | PDF p. 173PDF p. 174 |
| Results | |||||||||||||||||
| Segment result$ | 1,583,193 | 1,188,284 | 5,509 | 558,792 | 366,018 | 631,309 | – | 4,333,105 | 7,159,306 | 1,923,082 | 72,693 | 419,727 | 229,326 | (547,029) | – | 9,257,105 | PDF p. 173PDF p. 174 |
| Interest income – banks$ | – | – | – | – | – | – | 177,551 | 177,551 | – | – | – | – | – | – | 123,374 | 123,374 | PDF p. 173PDF p. 174 |
| Finance costs$ | – | – | – | – | – | – | (1,412,254) | (1,412,254) | – | – | – | – | – | – | (1,909,787) | (1,909,787) | PDF p. 173PDF p. 174 |
| Share of profit of associates$ | – | – | – | – | – | – | 1,167,459 | 1,167,459 | – | – | – | – | – | – | 1,222,096 | 1,222,096 | PDF p. 173PDF p. 174 |
| Profit before income tax$ | 1,583,193 | 1,188,284 | 5,509 | 558,792 | 366,018 | 631,309 | (67,244) | 4,265,861 | PDF p. 173 | ||||||||
| Income tax expense$ | – | – | – | – | – | – | (358,501) | (358,501) | – | – | – | – | – | – | (779,337) | (779,337) | PDF p. 173PDF p. 174 |
| Net profit$ | 1,583,193 | 1,188,284 | 5,509 | 558,792 | 366,018 | 631,309 | (425,745) | 3,907,360 | PDF p. 173 | ||||||||
| Other segment items | |||||||||||||||||
| Capital expenditure$ | 13,829,750 | 226,324 | – | 15,713 | 9,969 | 156,309 | – | 14,238,065 | 2,905,983 | 12,329 | 17,757 | 3,833 | 1,538 | 41,109 | – | 2,982,549 | PDF p. 173PDF p. 174 |
| Depreciation$ | 726,755 | 287,231 | 100,200 | 73,238 | 5,361 | 132,473 | – | 1,325,258 | 660,046 | 276,056 | 94,919 | 72,307 | 36,386 | 152,990 | – | 1,292,704 | PDF p. 173PDF p. 174 |
| Results | |||||||||||||||||
| Profit/(loss) before income tax$ | 7,159,306 | 1,923,082 | 72,693 | 419,727 | 229,326 | (547,029) | (564,317) | 8,692,788 | PDF p. 174 | ||||||||
| Net (loss)/profit$ | 7,159,306 | 1,923,082 | 72,693 | 419,727 | 229,326 | (547,029) | (1,343,654) | 7,913,451 | PDF p. 174 | ||||||||
Notes
Currency: $ (as printed). Exco assesses performance on net profit before tax. Others mainly comprise the Philippines, Vietnam, India, Australia and Indonesia. The row 'Sales' holds the unlabelled subtotal after inter-segment sales.
Currency: $ (as printed). 'Sales' row is the unlabelled subtotal after inter-segment sales.
Assets and liabilities by geographical segment 10 lines
| Item / unit | 2025Singapore | 2025Malaysia | 2025United Kingdom | 2025China | 2025Middle East | 2025Others | 2025Unallocated | 2025Group | 2024Singapore | 2024Malaysia | 2024United Kingdom | 2024China | 2024Middle East | 2024Others | 2024Unallocated | 2024Group | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||||||||||
| Segment assets$ | 49,350,824 | 16,227,958 | 6,272,465 | 7,354,228 | 6,882,879 | 13,775,480 | – | 99,863,834 | 38,754,107 | 17,955,462 | 6,540,490 | 5,465,016 | 6,995,168 | 14,857,743 | – | 90,567,986 | PDF p. 174PDF p. 175 |
| Associates$ | – | – | – | – | – | – | 10,228,665 | 10,228,665 | – | – | – | – | – | – | 9,352,224 | 9,352,224 | PDF p. 174PDF p. 175 |
| Deferred tax assets$ | – | – | – | – | – | – | 974,458 | 974,458 | – | – | – | – | – | – | 925,283 | 925,283 | PDF p. 174PDF p. 175 |
| Interest earning cash balances$ | – | – | – | – | – | – | 3,942,491 | 3,942,491 | – | – | – | – | – | – | 3,680,585 | 3,680,585 | PDF p. 174PDF p. 175 |
| Consolidated total assets$ | 49,350,824 | 16,227,958 | 6,272,465 | 7,354,228 | 6,882,879 | 13,775,480 | 15,145,614 | 115,009,448 | 38,754,107 | 17,955,462 | 6,540,490 | 5,465,016 | 6,995,168 | 14,857,743 | 13,958,092 | 104,526,078 | PDF p. 174PDF p. 175 |
| Liabilities | |||||||||||||||||
| Segment liabilities$ | (9,373,550) | (1,037,619) | (1,973,899) | (1,253,593) | (991,228) | (1,985,440) | – | (16,615,329) | (10,713,859) | (997,179) | (2,204,219) | (1,457,649) | (932,348) | (1,759,364) | – | (18,064,618) | PDF p. 174PDF p. 175 |
| Borrowings$ | – | – | – | – | – | – | (34,699,636) | (34,699,636) | – | – | – | – | – | – | (25,240,718) | (25,240,718) | PDF p. 174PDF p. 175 |
| Current income tax liabilities$ | – | – | – | – | – | – | (58,698) | (58,698) | – | – | – | – | – | – | (272,060) | (272,060) | PDF p. 174PDF p. 175 |
| Deferred tax liabilities$ | – | – | – | – | – | – | (573,261) | (573,261) | – | – | – | – | – | – | (455,000) | (455,000) | PDF p. 174PDF p. 175 |
| Consolidated total liabilities$ | (9,373,550) | (1,037,619) | (1,973,899) | (1,253,593) | (991,228) | (1,985,440) | (35,331,595) | (51,946,924) | (10,713,859) | (997,179) | (2,204,219) | (1,457,649) | (932,348) | (1,759,364) | (25,967,778) | (44,032,396) | PDF p. 174PDF p. 175 |
Notes
Currency: $ (as printed). Liabilities shown in parentheses as printed.
Debt
Borrowings
Liquidity risk maturity analysis – Group 2025 (contractual undiscounted)
| Item / unit | 2025Less than 1 year | 2025More than 1 year but less than 5 years | 2025Over 5 years | 2025Total | Source |
|---|---|---|---|---|---|
| 2025 | |||||
| Gross borrowing commitments$ | 28,772,629 | 6,494,758 | – | 35,267,387 | PDF p. 166 |
| Gross lease liabilities$ | 470,455 | 1,200,790 | 3,286,868 | 4,958,113 | PDF p. 166 |
Notes
Unit $ as printed; contractual and undiscounted cash flows of non-derivative financial liabilities.
Liquidity risk maturity analysis – Group 2024 (contractual undiscounted)
| Item / unit | 2024Less than 1 year | 2024More than 1 year but less than 5 years | 2024Over 5 years | 2024Total | Source |
|---|---|---|---|---|---|
| 2024 | |||||
| Gross borrowing commitments$ | 25,412,313 | – | – | 25,412,313 | PDF p. 167 |
| Gross lease liabilities$ | 516,991 | 1,217,192 | 3,428,899 | 5,163,082 | PDF p. 167 |
Notes
Unit $ as printed.
Liquidity risk maturity analysis – Company 2025 (contractual undiscounted)
| Item / unit | 2025Less than 1 year | 2025More than 1 year but less than 5 years | 2025Over 5 years | 2025Total | Source |
|---|---|---|---|---|---|
| 2025 | |||||
| Gross borrowing commitments$ | 21,825,610 | 6,494,758 | – | 28,320,368 | PDF p. 167 |
| Gross lease liabilities$ | 226,642 | 570,273 | 1,628,626 | 2,425,541 | PDF p. 167 |
Notes
Unit $ as printed.
Liquidity risk maturity analysis – Company 2024 (contractual undiscounted)
| Item / unit | 2024Less than 1 year | 2024More than 1 year but less than 5 years | 2024Over 5 years | 2024Total | Source |
|---|---|---|---|---|---|
| 2024 | |||||
| Gross borrowing commitments$ | 19,472,450 | – | – | 19,472,450 | PDF p. 167 |
| Gross lease liabilities$ | 226,642 | 726,105 | 1,699,436 | 2,652,183 | PDF p. 167 |
Notes
Unit $ as printed.
Borrowing notes 6 tables
Borrowings
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current | |||||
| Bank overdraft (unsecured)$ | – | 677,147 | – | – | PDF p. 160 |
| Bill payables (unsecured)$ | 12,271,371 | 13,918,794 | 6,979,434 | 10,814,190 | PDF p. 160 |
| Bill payables (secured)$ | 1,598,827 | 1,308,350 | – | – | PDF p. 160 |
| Short term bank loans (unsecured)$ | 10,829,438 | 8,919,760 | 10,829,438 | 8,119,760 | PDF p. 160 |
| Short term bank loans (secured)$ | 3,000,000 | – | 3,000,000 | – | PDF p. 160 |
| Long term bank loans (secured)$ | 750,000 | – | 750,000 | – | PDF p. 160 |
| Long term bank loans (unsecured)$ | – | 416,667 | – | 416,667 | PDF p. 160 |
| Current, total$ | 28,449,636 | 25,240,718 | 21,558,872 | 19,350,617 | PDF p. 160 |
| Non-current | |||||
| Long term bank loans (secured)$ | 6,250,000 | – | 6,250,000 | – | PDF p. 160 |
| Non-current, total$ | 6,250,000 | – | 6,250,000 | – | PDF p. 160 |
| Total | |||||
| Total borrowings$ | 34,699,636 | 25,240,718 | 27,808,872 | 19,350,617 | PDF p. 160 |
Notes
Secured long term and short term bank loans as at 31 December 2025 are secured by way of mortgage over warehouse building at 132 Pioneer Road, Singapore.
Secured bill payables as at 31 December 2025 and 31 December 2024 are collateralised on fixed and floating charges over the present and future assets and undertaking of certain subsidiaries.
Unit is $ (Singapore dollars) as printed.
Note 25(b) Weighted average effective interest rates of borrowings (all floating)
| Item / unit | 2025Singapore Dollar | 2025United States Dollar | 2025Others | 2024Singapore Dollar | 2024United States Dollar | 2024Others | Source |
|---|---|---|---|---|---|---|---|
| Group | |||||||
| Bank overdraft% | – | – | – | – | 9.5 | – | PDF p. 161 |
| Bill payables% | 2.5 | 5.3 | 5.0 | 4.1 | 5.9 | 5.2 | PDF p. 161 |
| Short term bank loans% | 2.8 | 5.4 | 5.3 | 4.5 | 5.9 | 6.2 | PDF p. 161 |
| Long term bank loans% | 2.4 | – | – | 1.8 | – | – | PDF p. 161 |
| Company | |||||||
| Bill payables% | 2.5 | 5.2 | 1.9 | 4.1 | 5.8 | 2.5 | PDF p. 161 |
| Short term bank loans% | 2.8 | 5.4 | 5.3 | 4.4 | 5.9 | 6.2 | PDF p. 161 |
| Long term bank loans% | 2.4 | – | – | 1.8 | – | – | PDF p. 161 |
Notes
All borrowings for the Group and Company are at floating interest rates.
Bill payables and short term bank loans have average maturity of 2 months and 1 month respectively (2024: 2 months and 1 month); long term bank loans average maturity 3 years (2024: 1 years).
Lease liabilities
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current | |||||
| Finance lease liabilities$ | 134,587 | 126,675 | 134,587 | 126,675 | PDF p. 162 |
| Other lease liabilities$ | 179,846 | 235,676 | 17,994 | 17,118 | PDF p. 162 |
| Sub-total$ | 314,433 | 362,351 | 152,581 | 143,793 | PDF p. 162 |
| Non-current | |||||
| Finance lease liabilities$ | 268,873 | 403,460 | 268,873 | 403,460 | PDF p. 162 |
| Other lease liabilities$ | 2,429,277 | 2,341,985 | 1,052,397 | 1,070,391 | PDF p. 162 |
| Sub-total$ | 2,698,150 | 2,745,445 | 1,321,270 | 1,473,851 | PDF p. 162 |
| Total | |||||
| Total lease liabilities (unlabelled total row)$ | 3,012,583 | 3,107,796 | 1,473,851 | 1,617,644 | PDF p. 162 |
Notes
Unit is $ as printed. Final unlabelled total row is the sum of current and non-current as printed. Maturity analysis disclosed in Note 29E.
Borrowings by currency denomination – Group 2025 and 2024
| Item / unit | 2025SGD | 2025USD | 2025GBP | 2025RM | 2025Others | 2025Total | Source |
|---|---|---|---|---|---|---|---|
| Financial liabilities 2025 Group | |||||||
| Borrowings$ | 18,722,688 | 9,177,426 | 2,377,147 | – | 4,422,375 | 34,699,636 | PDF p. 169 |
Notes
2025 Group currency exposure; unit $. The 2024 Group row (SGD 6,344,014; USD 13,841,406; GBP 2,076,860; RM –; Others 2,978,438; Total 25,240,718) is on page 170 and Company rows on pages 170-171.
Borrowings by currency denomination – Group 2024
| Item / unit | 2024SGD | 2024USD | 2024GBP | 2024RM | 2024Others | 2024Total | Source |
|---|---|---|---|---|---|---|---|
| Financial liabilities 2024 Group | |||||||
| Borrowings$ | 6,344,014 | 13,841,406 | 2,076,860 | – | 2,978,438 | 25,240,718 | PDF p. 170 |
Notes
Unit $.
Borrowings by currency denomination – Company
| Item / unit | 2025USD | 2025Others | 2025Total | 2024USD | 2024Others | 2024Total | Source |
|---|---|---|---|---|---|---|---|
| Financial liabilities Company | |||||||
| Borrowings$ | 8,080,610 | 1,005,574 | 9,086,184 | 12,559,173 | 1,247,430 | 13,806,603 | PDF p. 170PDF p. 171 |
Notes
Unit $.
Unit $. Total here (13,806,603) differs from Note 25 Company total borrowings (19,350,617) as printed; no reconciliation inferred.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Provision 11.6 of the Code: Dividend policy | The Company does not have a formal dividend policy. The form, frequency and amount of dividends will depend on the Group’s earnings, financial position, results of operations, capital needs, plans for expansion, and other factors as the Board may deem appropriate. | Company | PDF p. 72 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Interim Dividend (cts/share) | 0.5 cents per share | FY 2025 interim dividend, tax exempt | PDF p. 44 |
| Final Dividend (cts/share) | 0.5 cents per share | FY 2025 final dividend, proposed, tax exempt | PDF p. 44 |
| final tax exempt dividend of 0.5 cents per share | 0.5 cents per share | FY 2025 final proposed, tax exempt | PDF p. 184 |
| Final tax exempt dividend payment date | 26 June 2026 | FY 2025 final dividend | PDF p. 184 |
| Record Date | 9 June 2026 | FY 2025 final dividend | PDF p. 184 |
| Net Dividend/Share (cents) | 1.0 cents per share | FY 2025 total (net) | PDF p. 31 |
| Net Dividend/Share (cents) | 1.0 cents per share | FY 2024 total (net), comparative | PDF p. 31 |
| Final tax exempt dividend paid of 0.5 cents (2024: tax exempt NIL cents) | 0.5 cents | Group and Company, 2025 vs 2024, final dividend for previous year paid in 2025 | PDF p. 140 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Net Dividend Payout (%) | 34.8% | FY 2025 | PDF p. 31 |
| Net Dividend Payout (%) | 46.0% | FY 2024 comparative, on adjusted net profit | PDF p. 31 |
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
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | RSM SG Assurance LLP | Group and Company, year ended 31 December 2025 | PDF p. 120 |
| Engagement partner | Tan Beng Teck | Group audit, year ended 31 December 2025 | PDF p. 120 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment of inventories | Determination of the method to use, years to consider for aging analysis, and percentages to apply to aged inventory requires significant management’s judgement. | Group, 31 December 2025 | PDF p. 117 |
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.