Kim Heng 5G2
Financials
Annual Report 2025
Explore the statements
12 tablesStatements of Financial Position - Group and Company
31 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025The Group, 31 December 2025 | 2024The Group, 31 December 2024 | 2025The Company, 31 December 2025 | 2024The Company, 31 December 2024 | Source |
|---|---|---|---|---|---|
| Non-Current Assets | |||||
| Property, plant and equipment$'000 | 94,675 | 81,291 | – | – | PDF p. 70 |
| Right-of-use assets$'000 | 15,543 | 24,202 | – | – | PDF p. 70 |
| Club memberships$'000 | 63 | 63 | – | – | PDF p. 70 |
| Investment in a subsidiary$'000 | – | – | 80,127 | 80,127 | PDF p. 70 |
| Subtotal$'000 | 110,281 | 105,556 | 80,127 | 80,127 | PDF p. 70 |
| Current Assets | |||||
| Inventories$'000 | 24,102 | 20,874 | – | – | PDF p. 70 |
| Trade and other receivables$'000 | 23,676 | 45,320 | 30,157 | 23,409 | PDF p. 70 |
| Contract assets$'000 | 6,460 | 6,417 | – | – | PDF p. 70 |
| Cash and bank balances$'000 | 5,365 | 3,360 | 12 | 14 | PDF p. 70 |
| Subtotal$'000 | 59,603 | 75,971 | 30,169 | 23,423 | PDF p. 70 |
| Assets | |||||
| Total assets$'000 | 169,884 | 181,527 | 110,296 | 103,550 | PDF p. 70 |
| Capital and Reserves | |||||
| Share capital$'000 | 74,409 | 74,409 | 74,409 | 74,409 | PDF p. 70 |
| Treasury shares$'000 | (363) | (363) | (363) | (363) | PDF p. 70 |
| Reserves$'000 | (37,909) | (37,601) | – | – | PDF p. 70 |
| Retained earnings$'000 | 5,440 | 14,263 | 5,178 | 4,344 | PDF p. 70 |
| Equity attributable to owners of the Company$'000 | 41,577 | 50,708 | 79,224 | 78,390 | PDF p. 70 |
| Non-controlling interests$'000 | 7,176 | 7,585 | – | – | PDF p. 70 |
| Total equity$'000 | 48,753 | 58,293 | 79,224 | 78,390 | PDF p. 70 |
| Non-Current Liabilities | |||||
| Loans and borrowings$'000 | 18,575 | 12,229 | 6,205 | – | PDF p. 70 |
| Lease liabilities$'000 | 6,717 | 11,278 | – | – | PDF p. 70 |
| Deferred tax liabilities$'000 | 8,168 | 6,796 | – | – | PDF p. 70 |
| Subtotal$'000 | 33,460 | 30,303 | 6,205 | – | PDF p. 70 |
| Current Liabilities | |||||
| Contract liabilities$'000 | 6,973 | 16,659 | – | – | PDF p. 70 |
| Bank overdrafts$'000 | 3,406 | 3,279 | – | – | PDF p. 70 |
| Loans and borrowings$'000 | 41,705 | 42,123 | 24,503 | 24,747 | PDF p. 70 |
| Lease liabilities$'000 | 4,557 | 3,801 | – | – | PDF p. 70 |
| Trade and other payables$'000 | 30,375 | 26,051 | 364 | 413 | PDF p. 70 |
| Current tax payable$'000 | 655 | 1,018 | – | – | PDF p. 70 |
| Subtotal$'000 | 87,671 | 92,931 | 24,867 | 25,160 | PDF p. 70 |
| Liabilities | |||||
| Total liabilities$'000 | 121,131 | 123,234 | 31,072 | 25,160 | PDF p. 70 |
| Total | |||||
| Total equity and liabilities$'000 | 169,884 | 181,527 | 110,296 | 103,550 | PDF p. 70 |
Definitions & sources
Original report: PDF p. 70 ↗
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Consolidated Statement of Profit or Loss and Other Comprehensive Income - Group
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025The Group, year ended 31 December 2025 | 2024The Group, year ended 31 December 2024 | Source |
|---|---|---|---|
| Profit or loss | |||
| Revenue$'000 | 120,989 | 122,734 | PDF p. 71 |
| Cost of sales$'000 | (98,373) | (91,746) | PDF p. 71 |
| Gross profit$'000 | 22,616 | 30,988 | PDF p. 71 |
| Other income$'000 | 2,251 | 2,827 | PDF p. 71 |
| Distribution expenses$'000 | (1,817) | (2,030) | PDF p. 71 |
| Administrative expenses$'000 | (19,302) | (20,718) | PDF p. 71 |
| Other expenses$'000 | (6,857) | (4,251) | PDF p. 71 |
| Finance costs$'000 | (4,109) | (4,116) | PDF p. 71 |
| Reversal of impairment loss on property, plant and equipment$'000 | – | 2,317 | PDF p. 71 |
| (Loss)/Profit before tax$'000 | (7,218) | 5,017 | PDF p. 71 |
| Tax expense$'000 | (2,366) | (2,473) | PDF p. 71 |
| (Loss)/Profit for the year$'000 | (9,584) | 2,544 | PDF p. 71 |
| Other comprehensive income after tax: Items that may be reclassified subsequently to profit or loss | |||
| Foreign currency translation differences arising from foreign operations (at nil tax)$'000 | (308) | 546 | PDF p. 71 |
| Other comprehensive income after tax: Items that will not be reclassified subsequently to profit or loss | |||
| Foreign currency translation differences arising from foreign operations (at nil tax)$'000 | 352 | 338 | PDF p. 71 |
| Other comprehensive income | |||
| Other comprehensive income for the year, net of tax$'000 | 44 | 884 | PDF p. 71 |
| Total comprehensive (loss)/income for the year$'000 | (9,540) | 3,428 | PDF p. 71 |
| (Loss)/Profit attributable to | |||
| Owners of the Company$'000 | (8,823) | 270 | PDF p. 71 |
| Non-controlling interests$'000 | (761) | 2,274 | PDF p. 71 |
| Subtotal$'000 | (9,584) | 2,544 | PDF p. 71 |
| Total comprehensive (loss)/income attributable to | |||
| Owners of the Company$'000 | (9,131) | 816 | PDF p. 71 |
| Non-controlling interests$'000 | (409) | 2,612 | PDF p. 71 |
| Subtotal$'000 | (9,540) | 3,428 | PDF p. 71 |
| (Loss)/Earning per share | |||
| Basic and diluted (loss)/earning per share (cents)cents per share | (1.25) | 0.04 | PDF p. 71 |
Definitions & sources
Original report: PDF p. 71 ↗
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Group)
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, $'000 | 2024Group, year ended 31 December 2024, $'000 | Source |
|---|---|---|---|
| Profit or loss | |||
| Revenue$'000 | 120,989 | 122,734 | PDF p. 71 |
| Cost of sales$'000 | (98,373) | (91,746) | PDF p. 71 |
| Gross profit$'000 | 22,616 | 30,988 | PDF p. 71 |
| Other income$'000 | 2,251 | 2,827 | PDF p. 71 |
| Distribution expenses$'000 | (1,817) | (2,030) | PDF p. 71 |
| Administrative expenses$'000 | (19,302) | (20,718) | PDF p. 71 |
| Other expenses$'000 | (6,857) | (4,251) | PDF p. 71 |
| Finance costs$'000 | (4,109) | (4,116) | PDF p. 71 |
| Reversal of impairment loss on property, plant and equipment$'000 | – | 2,317 | PDF p. 71 |
| (Loss)/Profit before tax$'000 | (7,218) | 5,017 | PDF p. 71 |
| Tax expense$'000 | (2,366) | (2,473) | PDF p. 71 |
| (Loss)/Profit for the year$'000 | (9,584) | 2,544 | PDF p. 71 |
| Other comprehensive income | |||
| Foreign currency translation differences arising from foreign operations (at nil tax) [items that may be reclassified]$'000 | (308) | 546 | PDF p. 71 |
| Foreign currency translation differences arising from foreign operations (at nil tax) [items that will not be reclassified]$'000 | 352 | 338 | PDF p. 71 |
| Other comprehensive income for the year, net of tax$'000 | 44 | 884 | PDF p. 71 |
| Total comprehensive (loss)/income for the year$'000 | (9,540) | 3,428 | PDF p. 71 |
| (Loss)/Profit attributable to | |||
| Owners of the Company$'000 | (8,823) | 270 | PDF p. 71 |
| Non-controlling interests$'000 | (761) | 2,274 | PDF p. 71 |
| Total comprehensive (loss)/income attributable to | |||
| Owners of the Company$'000 | (9,131) | 816 | PDF p. 71 |
| Non-controlling interests$'000 | (409) | 2,612 | PDF p. 71 |
| (Loss)/Earning per share | |||
| Basic and diluted (loss)/earning per share (cents)cents | (1.25) | 0.04 | PDF p. 71 |
Definitions & sources
Original report: PDF p. 71 ↗
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Consolidated Statement of Changes in Equity (Group)
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Share capital, $'000 | 2025Treasury shares, $'000 | 2025Merger deficit, $'000 | 2025Translation reserve, $'000 | 2025Capital reserve, $'000 | 2025Retained earnings, $'000 | 2025Equity attributable to owners of the Company, $'000 | 2025Non-controlling interests, $'000 | 2025Total equity, $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| FY2024 | ||||||||||
| At 1 January 2024$'000 | 74,409 | (323) | (32,763) | (837) | – | 15,492 | 55,978 | 7,285 | 63,263 | PDF p. 72 |
| Profit for the year$'000 | – | – | – | – | – | 270 | 270 | 2,274 | 2,544 | PDF p. 72 |
| Other comprehensive income$'000 | – | – | – | 546 | – | – | 546 | 338 | 884 | PDF p. 72 |
| Total comprehensive income for the year$'000 | – | – | – | 546 | – | 270 | 816 | 2,612 | 3,428 | PDF p. 72 |
| Purchase of treasury shares (Note 11)$'000 | – | (40) | – | – | – | – | (40) | – | (40) | PDF p. 72 |
| Dividends (Note 11)$'000 | – | – | – | – | – | (1,499) | (1,499) | – | (1,499) | PDF p. 72 |
| Total contributions by and distributions to owners$'000 | – | (40) | – | – | – | (1,499) | (1,539) | – | (1,539) | PDF p. 72 |
| Acquisition of non-controlling interest without a change in control (Note 6)$'000 | – | – | – | – | (4,547) | – | (4,547) | (2,312) | (6,859) | PDF p. 72 |
| Total changes in ownership interest in subsidiary$'000 | – | – | – | – | (4,547) | – | (4,547) | (2,312) | (6,859) | PDF p. 72 |
| Total transaction with owners$'000 | – | (40) | – | – | (4,547) | (1,499) | (6,086) | (2,312) | (8,398) | PDF p. 72 |
| FY2024/FY2025 | ||||||||||
| At 31 December 2024$'000 | 74,409 | (363) | (32,763) | (291) | (4,547) | 14,263 | 50,708 | 7,585 | 58,293 | PDF p. 72 |
| FY2025 | ||||||||||
| Loss for the year$'000 | – | – | – | – | – | (8,823) | (8,823) | (761) | (9,584) | PDF p. 72 |
| Other comprehensive income/(loss)$'000 | – | – | – | (308) | – | – | (308) | 352 | 44 | PDF p. 72 |
| Total comprehensive loss for the year$'000 | – | – | – | (308) | – | (8,823) | (9,131) | (409) | (9,540) | PDF p. 72 |
| At 31 December 2025$'000 | 74,409 | (363) | (32,763) | (599) | (4,547) | 5,440 | 41,577 | 7,176 | 48,753 | PDF p. 72 |
Definitions & sources
Original report: PDF p. 72 ↗
Rows cover movements from 1 January 2024 to 31 December 2025; column order as printed. Column year labels reflect the statement year; rows carry the dates (2024 and 2025 movements).
No separate Company statement of changes in equity is presented in the report (only the consolidated statement, page 72).
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Consolidated Statement of Cash Flows (Group) – operating and investing activities
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, $'000 | 2024Group, year ended 31 December 2024, $'000 | Source |
|---|---|---|---|
| Operating activities | |||
| (Loss)/Profit before tax$'000 | (7,218) | 5,017 | PDF p. 73 |
| Depreciation of property, plant and equipment$'000 | 8,217 | 6,369 | PDF p. 73 |
| Depreciation of right-of-use assets$'000 | 3,423 | 2,427 | PDF p. 73 |
| Impairment loss recognised/(reversed) on trade and other receivables, net$'000 | 543 | (32) | PDF p. 73 |
| Impairment loss reversed on property, plant and equipment$'000 | – | (2,317) | PDF p. 73 |
| Loss on disposal of assets held-for-sale$'000 | – | 43 | PDF p. 73 |
| Loss on disposal of property, plant and equipment$'000 | 430 | 154 | PDF p. 73 |
| Loss on disposal of right-of-use assets$'000 | 805 | – | PDF p. 73 |
| Interest income$'000 | (37) | (66) | PDF p. 73 |
| Interest expense$'000 | 4,109 | 4,116 | PDF p. 73 |
| Operating profit before working capital changes$'000 | 10,272 | 15,711 | PDF p. 73 |
| Changes in inventories$'000 | (4,766) | 15,523 | PDF p. 73 |
| Changes in trade and other receivables and contract assets$'000 | 18,273 | (9,890) | PDF p. 73 |
| Changes in trade and other payables and contract liabilities$'000 | (4,392) | 1,901 | PDF p. 73 |
| Cash generated from operations$'000 | 19,387 | 23,245 | PDF p. 73 |
| Income tax paid$'000 | (1,357) | (1,794) | PDF p. 73 |
| Net cash generated from operating activities$'000 | 18,030 | 21,451 | PDF p. 73 |
| Investing activities | |||
| Acquisition of property, plant and equipment and right-of-use assets$'000 | (18,692) | (11,583) | PDF p. 73 |
| Amounts due from a related party$'000 | 261 | (2,080) | PDF p. 73 |
| Advance payments to suppliers for capital expenditure$'000 | – | (7,012) | PDF p. 73 |
| Proceeds from disposal of assets held-for-sale$'000 | – | 351 | PDF p. 73 |
| Proceeds from disposal of property, plant and equipment$'000 | 894 | 132 | PDF p. 73 |
| Proceeds from disposal of right-of-use assets$'000 | 3,960 | – | PDF p. 73 |
| Interest income received$'000 | 37 | 66 | PDF p. 73 |
| Net cash used in investing activities$'000 | (13,540) | (20,126) | PDF p. 73 |
Definitions & sources
Original report: PDF p. 73 ↗
Note 1: During the financial year, non-trade amounts due from related party amounting to $1,819,000 were offset against payables to the same related party.
Note A is presented on page 72 (physical page 74).
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Consolidated Statement of Cash Flows (Group) – financing activities and closing cash, with Note A
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, $'000 | 2024Group, year ended 31 December 2024, $'000 | Source |
|---|---|---|---|
| Financing activities | |||
| Dividends paid$'000 | – | (1,499) | PDF p. 74 |
| Purchase of treasury shares$'000 | – | (40) | PDF p. 74 |
| Interest paid$'000 | (3,941) | (4,046) | PDF p. 74 |
| Acquisition of non-controlling interest$'000 | – | (6,859) | PDF p. 74 |
| Repayment of principal portion of lease liabilities$'000 | (5,479) | (4,205) | PDF p. 74 |
| Repayment of term loans and shareholder loan$'000 | (38,568) | (26,998) | PDF p. 74 |
| Proceeds from trust receipts$'000 | 4,659 | 7,074 | PDF p. 74 |
| Proceeds from term loans and shareholder loan$'000 | 40,091 | 24,133 | PDF p. 74 |
| Amounts due to directors$'000 | 686 | 1,350 | PDF p. 74 |
| Changes in deposits pledged$'000 | 5 | 296 | PDF p. 74 |
| Net cash used in financing activities$'000 | (2,547) | (10,794) | PDF p. 74 |
| Net change in cash | |||
| Net increase/(decrease) in cash and cash equivalents$'000 | 1,943 | (9,469) | PDF p. 74 |
| Cash and cash equivalents at beginning of year$'000 | (236) | 9,307 | PDF p. 74 |
| Effects of exchange rate fluctuations on cash held$'000 | (60) | (74) | PDF p. 74 |
| Cash and cash equivalents at end of year$'000 | 1,647 | (236) | PDF p. 74 |
| Note A | |||
| Property, plant and equipment additions$'000 | 17,499 | 15,221 | PDF p. 74 |
| Right-of-use assets additions$'000 | 1,675 | 4,886 | PDF p. 74 |
| Utilisation of deposits paid in prior years$'000 | – | (237) | PDF p. 74 |
| Accrued capital expenditure$'000 | – | (1,193) | PDF p. 74 |
| Repayment of accrued capital expenditure in prior year$'000 | 1,193 | 1,169 | PDF p. 74 |
| Property, plant and equipment acquired under borrowings$'000 | – | (4,786) | PDF p. 74 |
| Right-of-use assets acquired under lease liabilities$'000 | (1,675) | (3,477) | PDF p. 74 |
| Acquisition of property, plant and equipment and right-of-use assets$'000 | 18,692 | 11,583 | PDF p. 74 |
Definitions & sources
Original report: PDF p. 74 ↗
Note 1: During the financial year, non-trade amounts due from related party amounting to $1,819,000 were offset against payables to the same related party.
Note A table (columns 2025, 2024, $'000) is shown below as rows in section 'Note A'.
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Note B – Changes in Group liabilities arising from financing activities
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Borrowings (Note 13), $'000 | 2025Group, Lease Liabilities (Note 14), $'000 | 2025Group, Amounts due to directors (Note 16), $'000 | 2025Group, Total, $'000 | Source |
|---|---|---|---|---|---|
| FY2024 | |||||
| At 1 January 2024$'000 | 44,443 | 15,808 | – | 60,251 | PDF p. 75 |
| FY2024/FY2025 | |||||
| At 31 December 2024$'000 | 54,352 | 15,079 | 1,386 | 70,817 | PDF p. 75 |
| FY2025 cash flows | |||||
| - Proceeds from trust receipts$'000 | 4,659 | – | – | 4,659 | PDF p. 75 |
| - Proceeds from term loans and shareholder loan$'000 | 40,091 | – | – | 40,091 | PDF p. 75 |
| - Repayment of term loans and shareholder loan$'000 | (38,568) | – | – | (38,568) | PDF p. 75 |
| - Interest paid$'000 | (3,260) | (631) | (50) | (3,941) | PDF p. 75 |
| - Repayment of lease liabilities$'000 | – | (5,479) | – | (5,479) | PDF p. 75 |
| - Proceeds from directors$'000 | – | – | 686 | 686 | PDF p. 75 |
| FY2025 non-cash changes | |||||
| - Additions to right-of-use assets (Note A)$'000 | – | 1,675 | – | 1,675 | PDF p. 75 |
| - Interest expense$'000 | 3,428 | 631 | 50 | 4,109 | PDF p. 75 |
| - Exchange difference on translation$'000 | (422) | (1) | – | (423) | PDF p. 75 |
| FY2025 | |||||
| At 31 December 2025$'000 | 60,280 | 11,274 | 2,072 | 73,626 | PDF p. 75 |
Definitions & sources
Original report: PDF p. 75 ↗
Rows span 1 January 2024 to 31 December 2025; the table covers both years via dated opening/closing rows.
The table details changes in the Group's liabilities arising from financing activities, including both cash and non-cash changes.
Financial Highlights - Operating Results
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY2025 | 2024Group FY2024 | 2023Group FY2023 | Source |
|---|---|---|---|---|
| Operating Results | ||||
| RevenueS$'000 | 120,989 | 122,734 | 101,194 | PDF p. 9 |
| Gross ProfitS$'000 | 22,616 | 30,988 | 32,759 | PDF p. 9 |
| EBITDAS$'000 | 8,531 | 17,929 | 17,903 | PDF p. 9 |
| Net Cash generated from Operating ActivitiesS$'000 | 18,030 | 21,451 | 5,650 | PDF p. 9 |
| Net Profit/(Loss)S$'000 | (9,584) | 2,544 | 2,345 | PDF p. 9 |
Definitions & sources
Original report: PDF p. 9 ↗
Financial Highlights - Financial Position
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY2025 | 2024Group FY2024 | 2023Group FY2023 | Source |
|---|---|---|---|---|
| Financial Position | ||||
| Total AssetsS$'000 | 169,884 | 181,527 | 167,226 | PDF p. 9 |
| Current AssetsS$'000 | 59,603 | 75,971 | 69,976 | PDF p. 9 |
| Total LiabilitiesS$'000 | 121,131 | 123,234 | 103,963 | PDF p. 9 |
| Current LiabilitiesS$'000 | 87,671 | 92,931 | 65,425 | PDF p. 9 |
| Total EquityS$'000 | 48,753 | 58,293 | 63,263 | PDF p. 9 |
| Cash & Cash Equivalents, net of bank overdraftS$'000 | 1,959 | 81 | 9,920 | PDF p. 9 |
| Debt to Equity Ratio*times (ratio) | 1.47 | 1.19 | 0.90 | PDF p. 9 |
Definitions & sources
Original report: PDF p. 9 ↗
* Debt to equity ratio is calculated based on the sum of indebtedness to financial institutions divided by total equity.
Financial Highlights - Performance Indicators
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY2025 | 2024Group FY2024 | 2023Group FY2023 | Source |
|---|---|---|---|---|
| Performance Indicators | ||||
| Net Asset Value per Share (cents)**cents | 6.9 | 8.3 | 9.0 | PDF p. 9 |
| Profit/(Loss) per Share (cents)***cents | (1.25) | 0.04 | 0.22 | PDF p. 9 |
| Return on Equity% | (20) | 4 | 4 | PDF p. 9 |
| Return on Total Assets****% | (2) | 5 | 6 | PDF p. 9 |
| Return on Capital Employed*****% | (4) | 10 | 9 | PDF p. 9 |
Definitions & sources
Original report: PDF p. 9 ↗
** Net asset value per ordinary share is calculated based on 704,932,400, 704,932,400 and 705,442,100 shares in issue as at 31 December 2025, 31 December 2024 and 31 December 2023 respectively.
*** Profit/(loss) per share is calculated by dividing the net profit/(loss) attributable to equity holders of the Group by the weighted average number of shares outstanding of 704,932,400, 704,956,991 and 705,442,100 for FY2025, FY2024 and FY2023 respectively.
**** Return on total assets is calculated by dividing the earnings before interest and taxes (“EBIT”) by the average total assets.
***** Return on capital employed is calculated by dividing the EBIT by the total capital employed (Total assets minus current liabilities).
Note 22 (Loss)/Earning per share - attributable profit and weighted average shares
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025The Group 2025 | 2024The Group 2024 | Source |
|---|---|---|---|
| Earnings per share | |||
| (Loss)/Profit attributable to ordinary shareholders of the Company$'000 | (8,823) | 270 | PDF p. 122 |
| Weighted average number of shares | |||
| Issued ordinary shares at 1 January'000 shares | 704,932 | 705,442 | PDF p. 122 |
| Effect of own shares held'000 shares | – | (485) | PDF p. 122 |
| Weighted average number of ordinary shares during the year'000 shares | 704,932 | 704,957 | PDF p. 122 |
Definitions & sources
Original report: PDF p. 122 ↗
The calculation of the basic and diluted (loss)/earning per share was based on the weighted average number of ordinary outstanding shares of the Company of 704,932,400 (2024 - 704,956,991) shares. There were no dilutive potential ordinary shares in existence for the year ended 31 December 2025 and 31 December 2024.
Income statement - basic and diluted EPS
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| (Loss)/Earning per share | |||
| Basic and diluted (loss)/earning per share (cents)cents | (1.25) | 0.04 | PDF p. 71 |
Definitions & sources
Original report: PDF p. 71 ↗
Where the money comes from
Segment information
By business
Operating segments 19 lines
| Item / unit | 2025Offshore rig services and supply chain management | 2025Trading in vessels | 2025Total segments | 2025Adjustments and eliminations | 2025Group Total | 2024Offshore rig services and supply chain management | 2024Trading in vessels | 2024Total segments | 2024Adjustments and eliminations | 2024Group Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||
| - External customers$'000 | 84,467 | 36,522 | 120,989 | – | 120,989 | 84,820 | 37,914 | 122,734 | – | 122,734 | PDF p. 125PDF p. 126 |
| - Inter-segment$'000 | 34,051 | 3,960 | 38,011 | (38,011) | – | 34,334 | 14,949 | 49,283 | (49,283) | – | PDF p. 125PDF p. 126 |
| Total segment revenue$'000 | 118,518 | 40,482 | 159,000 | (38,011) | 120,989 | 119,154 | 52,863 | 172,017 | (49,283) | 122,734 | PDF p. 125PDF p. 126 |
| Segment results | |||||||||||
| Other income$'000 | 2,251 | – | 2,251 | – | 2,251 | 2,827 | – | 2,827 | – | 2,827 | PDF p. 125PDF p. 126 |
| Finance cost$'000 | (4,109) | – | (4,109) | – | (4,109) | (4,116) | – | (4,116) | – | (4,116) | PDF p. 125PDF p. 126 |
| Segment results$'000 | (20,932) | 13,714 | (7,218) | – | (7,218) | (3,321) | 8,338 | 5,017 | – | 5,017 | PDF p. 125PDF p. 126 |
| Income tax expense$'000 | (35) | (2,331) | (2,366) | – | (2,366) | (1,056) | (1,417) | (2,473) | – | (2,473) | PDF p. 125PDF p. 126 |
| Loss for the year$'000 | (20,967) | 11,383 | (9,584) | – | (9,584) | PDF p. 125 | |||||
| Other information | |||||||||||
| Reportable segment assets$'000 | 157,054 | 12,830 | 169,884 | – | 169,884 | 153,407 | 28,120 | 181,527 | – | 181,527 | PDF p. 125PDF p. 126 |
| Reportable segment liabilities$'000 | 114,974 | 6,157 | 121,131 | – | 121,131 | 100,885 | 22,349 | 123,234 | – | 123,234 | PDF p. 125PDF p. 126 |
| Capital expenditure$'000 | 19,174 | – | 19,174 | – | 19,174 | 20,107 | – | 20,107 | – | 20,107 | PDF p. 125PDF p. 126 |
| Other material non-cash items | |||||||||||
| Deprecation of property, plant and equipment and right-of-use assets$'000 | (11,640) | – | (11,640) | – | (11,640) | (8,796) | – | (8,796) | – | (8,796) | PDF p. 125PDF p. 126 |
| Loss on disposal of property, plant and equipment and right-of- use assets$'000 | (1,235) | – | (1,235) | – | (1,235) | PDF p. 125 | |||||
| Impairment loss on trade and other receivables$'000 | (543) | – | (543) | – | (543) | PDF p. 125 | |||||
| Segment results | |||||||||||
| Profit for the year$'000 | (4,377) | 6,921 | 2,544 | – | 2,544 | PDF p. 126 | |||||
| Other material non-cash items | |||||||||||
| Loss on disposal of property, plant and equipment$'000 | (154) | – | (154) | – | (154) | PDF p. 126 | |||||
| Loss on disposal of assets held-for-sale$'000 | (43) | – | (43) | – | (43) | PDF p. 126 | |||||
| Reversal of impairment loss on trade and other receivables$'000 | 32 | – | 32 | – | 32 | PDF p. 126 | |||||
| Reversal of impairment loss on property, plant and equipment$'000 | 2,317 | – | 2,317 | – | 2,317 | PDF p. 126 | |||||
Notes
Printed column heading 'Trading in vessels' corresponds to Vessel Sales segment. Row labels wrap across lines in source; quotes are joined whitespace-normalized text. Figures in $'000. The printed subtotal 'Total' column heading appears twice (segments total and group total).
Printed row label 'Profit for the year' as shown for 2024 (segment value (4,377) is a loss). Row labels wrap across lines in source; quotes are joined whitespace-normalized text.
By geography
Geographical information – revenue by country/region 17 lines
| Item / unit | 2025The Group revenue | 2024The Group revenue | Source |
|---|---|---|---|
| Revenue | |||
| Africa$'000 | 13,991 | 645 | PDF p. 127 |
| Australia$'000 | 353 | 762 | PDF p. 127 |
| China$'000 | 1,012 | 227 | PDF p. 127 |
| Hong Kong$'000 | 866 | 6,262 | PDF p. 127 |
| Indonesia$'000 | 3,546 | 146 | PDF p. 127 |
| Korea$'000 | 2,268 | 438 | PDF p. 127 |
| Malaysia$'000 | 15,420 | 19,623 | PDF p. 127 |
| Singapore$'000 | 18,268 | 14,772 | PDF p. 127 |
| Taiwan$'000 | 39,819 | 35,622 | PDF p. 127 |
| Thailand$'000 | 4,477 | 10,489 | PDF p. 127 |
| Turkey$'000 | 14,349 | – | PDF p. 127 |
| United Arab Emirates$'000 | 2,332 | 13,938 | PDF p. 127 |
| United State of America$'000 | 264 | 2,532 | PDF p. 127 |
| Europe$'000 | 2,043 | 16,065 | PDF p. 127 |
| Vietnam$'000 | 1,300 | 819 | PDF p. 127 |
| Others$'000 | 681 | 394 | PDF p. 127 |
| Total revenue$'000 | 120,989 | 122,734 | PDF p. 127 |
Notes
Segment revenue is based on the delivery order address of the customers. Included in consolidated revenue are sales of approximately $15 million to 2 customers (2024 - $15 million to a customer) and $22 million to a customer (2024 - $35 million to 3 customers) who contribute at least 10% of the Group's revenue for 2025 and 2024 in offshore rig services and trading in vessel sales segments respectively. Non-current assets of the Group are mainly located in Singapore. Accordingly, analysis by geographical segments is not presented.
Debt
Borrowings
Note 13(c) Terms and debt repayment schedule - Group and Company (carrying amount)
| Item / unit | 2025$'000 (rates/maturity as printed in notes) | 2024$'000 (rates/maturity as printed in notes) | Source |
|---|---|---|---|
| The Group - Term loans | |||
| - Fixed rate$'000 | 4,975 | 16,177 | PDF p. 114 |
| - Floating rate$'000 | 35,973 | 18,868 | PDF p. 114 |
| The Group | |||
| Shareholder’s loan$'000 | 9,000 | 3,352 | PDF p. 114 |
| Trust receipts$'000 | 10,332 | 15,955 | PDF p. 114 |
| The Company - Term loans | |||
| - Fixed rate$'000 | – | 402 | PDF p. 114 |
| - Floating rate$'000 | 12,827 | 8,151 | PDF p. 114 |
| The Company | |||
| - Shareholder’s loan$'000 | 9,000 | 3,352 | PDF p. 114 |
| - Trust receipts$'000 | 8,881 | 12,842 | PDF p. 114 |
Notes
Nominal interest rates (% p.a., 2025 / 2024): Group fixed term loans 2.77 – 6.00 / 3.00 – 6.91, maturity 2026-2027 / 2025-2027; Group floating term loans cost of fund +2.25, 3 months cost of fund, cost of fund +1.5 / +3.00 (both years), maturity 2026-2028 / 2025-2028; shareholder’s loan 7.00 / 8.50, maturity 2028 / 2025; trust receipts 2.77 – 6.00 / 2.00 – 7.53, maturity 2026 / 2025.
Company: fixed term loan – / 5.50 (maturity 2025 in 2024); floating cost of fund +3.00, maturity 2026 / 2025; shareholder’s loan 7.00 / 8.50; trust receipts 2.77 – 6.00 / 2.00 – 7.53.
Totals printed: Group 60,280 / 54,352; Company 30,708 / 24,747.
Contractual maturities of financial liabilities - Group, 31 December
| Item / unit | 2025Group Carrying amount, $'000 | 2025Group Total contractual undiscounted cash flows, $'000 | 2025Group Less than 1 year, $'000 | 2025Group Between 2 and 5 years, $'000 | 2025Group Over 5 years, $'000 | 2024Group Carrying amount, $'000 | 2024Group Total contractual undiscounted cash flows, $'000 | 2024Group Less than 1 year, $'000 | 2024Group Between 2 and 5 years, $'000 | 2024Group Over 5 years, $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| The Group 31 December | |||||||||||
| Term loans (Note 13)$'000 | 40,948 | 43,253 | 29,871 | 13,382 | – | 35,045 | 37,802 | 24,682 | 13,120 | – | PDF p. 135 |
| Shareholder’s loan (Note 13)$'000 | 9,000 | 10,003 | 3,336 | 6,667 | – | 3,352 | 3,503 | 3,503 | – | – | PDF p. 135 |
| Trust receipts (Note 13)$'000 | 10,332 | 10,618 | 10,618 | – | – | 15,955 | 16,255 | 16,255 | – | – | PDF p. 135 |
| Bank overdraft (Note 10)$'000 | 3,406 | 3,605 | 3,605 | – | – | 3,279 | 3,481 | 3,481 | – | – | PDF p. 135 |
| Lease liabilities (Note 14)$'000 | 11,274 | 13,144 | 5,173 | 5,544 | 2,427 | 15,079 | 17,764 | 4,622 | 9,849 | 3,293 | PDF p. 135 |
Notes
Amounts are gross and undiscounted, include contractual interest payments; based on earliest possible contractual maturity.
Amounts are gross and undiscounted, include contractual interest payments.
Contractual maturities of financial liabilities - Company (2025 and 2024)
| Item / unit | 2025Company 31 Dec 2025 Carrying amount, $'000 | 2025Company 31 Dec 2025 Total, $'000 | 2025Company 31 Dec 2025 Less than 1 year, $'000 | 2025Company 31 Dec 2025 Between 2 and 5 years, $'000 | 2025Company 31 Dec 2025 Over 5 years, $'000 | Source |
|---|---|---|---|---|---|---|
| The Company 31 December 2025 | ||||||
| Shareholder’s loan (Note 13)$'000 | 9,000 | 10,003 | 3,336 | 6,667 | – | PDF p. 135 |
| Term loans (Note 13)$'000 | 12,827 | 13,885 | 13,885 | – | – | PDF p. 135 |
| Trust receipts (Note 13)$'000 | 8,881 | 9,127 | 9,127 | – | – | PDF p. 135 |
Notes
The Company 31 December 2024 (carrying/total/<1yr/2-5yrs/>5yrs): Shareholder’s loan 3,352/3,503/3,503/–/–; Term loans 8,553/8,605/8,605/–/–; Trust receipts 12,842/13,098/13,098/–/–.
Borrowing notes 3 tables
Loans and borrowings
| Item / unit | 2025The Group, $'000 | 2024The Group, $'000 | 2025The Company, $'000 | 2024The Company, $'000 | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Term loans (Note a)$'000 | 12,370 | 12,229 | – | – | PDF p. 113 |
| Shareholder’s loan (Note b)$'000 | 6,205 | – | 6,205 | – | PDF p. 113 |
| Non-current liabilities subtotal$'000 | 18,575 | 12,229 | 6,205 | – | PDF p. 113 |
| Current liabilities | |||||
| Term loans (Note a)$'000 | 28,578 | 22,816 | 12,827 | 8,553 | PDF p. 113 |
| Shareholder’s loan (Note b)$'000 | 2,795 | 3,352 | 2,795 | 3,352 | PDF p. 113 |
| Trust receipts$'000 | 10,332 | 15,955 | 8,881 | 12,842 | PDF p. 113 |
| Current liabilities subtotal$'000 | 41,705 | 42,123 | 24,503 | 24,747 | PDF p. 113 |
| Total | |||||
| Total loans and borrowings$'000 | 60,280 | 54,352 | 30,708 | 24,747 | PDF p. 113 |
Notes
Term loans are secured bank loans with carrying amount of $40,948,000 (2024 - $35,045,000) for the Group and $12,827,000 (2024 - $8,553,000) for the Company as at 31 December 2025.
Shareholder’s loan is secured over certain vessels, bears fixed interest at 7% (2024: 8.5%) per annum, repayable over 3 years (2024 - over 2 years) from drawdown; additional $9 million drawn from controlling shareholder cum Executive Chairman/CEO.
Term loan facilities secured by corporate guarantees by the Company of $43.1 million (2024 - $44.5 million), and PPE and fixed deposits. Group obtained a waiver from financial institutions on breaches of loan covenants.
Trust receipts are unsecured/secured status not stated in note.
Lease liabilities - Group
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Undiscounted lease payments due | |||
| - No later than one year$'000 | 5,173 | 4,622 | PDF p. 115 |
| - Later than one year and not later than five years$'000 | 5,544 | 9,849 | PDF p. 115 |
| - Later than five years$'000 | 2,427 | 3,293 | PDF p. 115 |
| Less: Future interest costs$'000 | (1,870) | (2,685) | PDF p. 115 |
| Presented as | |||
| - Non-current$'000 | 6,717 | 11,278 | PDF p. 115 |
| - Current$'000 | 4,557 | 3,801 | PDF p. 115 |
Notes
Totals 13,144 / 17,764 undiscounted; 11,274 / 15,079 present value. Lease liabilities are secured by the lessors’ title to the leased assets.
Foreign currency exposure - loans and borrowings in United States Dollar
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| The Group - United States Dollar | |||
| Loans and borrowings$'000 | (23,458) | (12,388) | PDF p. 133 |
Notes
Company USD-denominated loans and borrowings: (21,066) in 2025 and (15,026) in 2024 (same page). Other borrowings presumably in SGD; not explicitly stated.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | However, as at the date of this Report, the Company does not have a fixed dividend policy. | Company, FY2025 | PDF p. 53 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| There will be no dividend for FY2025. | There will be no dividend for FY2025. | Group, FY2025 (no interim, final or special dividend) | PDF p. 11 |
| final tax-exempt (one-tier) dividend | $0.002126 per ordinary share | Company, final dividend in respect of FY2023, declared and paid during FY2024 (comparative year) | PDF p. 112 |
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 |
|---|---|---|---|
| Foo Kon Tan LLP | Foo Kon Tan LLP | Group and Company, FY2025 | PDF p. 69 |
| Engagement partner | Chan Ser | Group and Company, FY2025 | PDF p. 69 |
| Opinion | so as to give a true and fair view | Group and Company, FY2025 | PDF p. 62 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern | The financial statements have been prepared on a going concern basis, notwithstanding that the Group’s current liabilities exceeded its current assets by $28,068,000 (2024 - $16,960,000) as at 31 December 2025. | Group, Note 2(a) | PDF p. 76 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Testing of impairment of non-financial assets | Testing of impairment of non-financial assets | Group and Company, KAM 1 | PDF p. 63 |
| Testing of impairment of non-financial assets | There is significant judgement involved in the impairment assessment to determine the recoverable amounts. | Group and Company, KAM 1(a) | PDF p. 63 |
| Recoverability of trade receivables and contract assets | Recoverability of trade receivables and contract assets | Group, KAM 2 | PDF p. 65 |
| Recoverability of trade receivables and contract assets | This area is a key audit matter due to the amounts involved, as well as the inherent subjectivity that was involved in making judgement by the management in relation to the assumptions used in the ECL model such as forward-looking macroeconomic factors. | Group, KAM 2 | PDF p. 65 |
| Inventories measured at the lower of cost and net realisable value | Inventories measured at the lower of cost and net realisable value | Group, KAM 3 | PDF p. 66 |
| Inventories measured at the lower of cost and net realisable value | These vessel inventories are carried at the lower of cost and net realisable value. | Group, KAM 3 | PDF p. 66 |
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.