ANNUAL REPORT 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipmentS$ | 13,931,203 | 9,854,594 | – | – | PDF p. 54 |
| Investment propertiesS$ | 41,243,189 | 44,180,117 | – | – | PDF p. 54 |
| Right-of-use assetsS$ | 1,431,682 | 1,700,893 | – | – | PDF p. 54 |
| Intangible assetsS$ | 38,940 | 44,950 | – | – | PDF p. 54 |
| SubsidiariesS$ | – | – | 25,600,002 | 25,600,002 | PDF p. 54 |
| SubtotalS$ | 56,645,014 | 55,780,554 | 25,600,002 | 25,600,002 | PDF p. 54 |
| Current assets | |||||
| InventoriesS$ | 272,052 | 300,297 | – | – | PDF p. 54 |
| Trade and other receivablesS$ | 12,057,595 | 4,575,241 | – | – | PDF p. 54 |
| Other current assetsS$ | 489,653 | 665,695 | 26,092 | 26,102 | PDF p. 54 |
| Contract assetsS$ | 14,892,181 | 2,805,806 | – | – | PDF p. 54 |
| Cash and cash equivalentsS$ | 6,515,822 | 5,118,315 | 50,568 | 72,045 | PDF p. 54 |
| SubtotalS$ | 34,227,303 | 13,465,354 | 76,660 | 98,147 | PDF p. 54 |
| Assets | |||||
| TOTAL ASSETSS$ | 90,872,317 | 69,245,908 | 25,676,662 | 25,698,149 | PDF p. 54 |
| Current liabilities | |||||
| Trade and other payablesS$ | 15,070,076 | 7,403,852 | 12,899,704 | 12,578,001 | PDF p. 54 |
| Income tax payableS$ | 1,416,361 | 410,311 | – | – | PDF p. 54 |
| Lease liabilities from financial institutionsS$ | 1,052,331 | 403,306 | – | – | PDF p. 54 |
| Lease liabilitiesS$ | 720,583 | 643,727 | – | – | PDF p. 54 |
| Bank borrowingsS$ | 6,511,238 | – | – | – | PDF p. 54 |
| Provision for defect liabilityS$ | 63,000 | 63,000 | – | – | PDF p. 54 |
| SubtotalS$ | 24,833,589 | 8,924,196 | 12,899,704 | 12,578,001 | PDF p. 54 |
| Non-current liabilities | |||||
| Lease liabilities from financial institutionsS$ | 2,741,478 | 956,629 | – | – | PDF p. 54 |
| Lease liabilitiesS$ | 5,383,005 | 6,017,042 | – | – | PDF p. 54 |
| Deferred tax liabilitiesS$ | 6,270,624 | 6,743,529 | – | – | PDF p. 54 |
| Other liabilitiesS$ | 524,300 | 673,750 | – | – | PDF p. 54 |
| SubtotalS$ | 14,919,407 | 14,390,950 | – | – | PDF p. 54 |
| Liabilities | |||||
| TOTAL LIABILITIESS$ | 39,752,996 | 23,315,146 | 12,899,704 | 12,578,001 | PDF p. 54 |
| NET ASSETSS$ | 51,119,321 | 45,930,762 | 12,776,958 | 13,120,148 | PDF p. 54 |
| Equity | |||||
| Share capitalS$ | 35,225,394 | 35,225,394 | 35,225,394 | 35,225,394 | PDF p. 54 |
| ReservesS$ | 16,016,558 | 10,805,219 | (22,448,436) | (22,105,246) | PDF p. 54 |
| SubtotalS$ | 51,241,952 | 46,030,613 | 12,776,958 | 13,120,148 | PDF p. 54 |
| Non-controlling interestsS$ | (122,631) | (99,851) | – | – | PDF p. 54 |
| TOTAL EQUITYS$ | 51,119,321 | 45,930,762 | 12,776,958 | 13,120,148 | PDF p. 54 |
Original report: PDF p. 54 ↗
As at 31 December 2025. Amounts in Singapore dollars (S$). The accompanying notes are an integral part of the financial statements.
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| RevenueS$ | 54,644,432 | 21,318,268 | PDF p. 55 |
| Cost of sales and servicesS$ | (40,694,027) | (15,240,789) | PDF p. 55 |
| Gross profitS$ | 13,950,405 | 6,077,479 | PDF p. 55 |
| Other incomeS$ | 444,107 | 304,514 | PDF p. 55 |
| Distribution costsS$ | (1,620,817) | (680,399) | PDF p. 55 |
| Administrative expensesS$ | (5,887,831) | (5,306,251) | PDF p. 55 |
| Other expensesS$ | (10,200) | (158,762) | PDF p. 55 |
| Finance costsS$ | (375,677) | (282,036) | PDF p. 55 |
| Provision of impairment loss on financial assets, netS$ | (413,973) | (286,355) | PDF p. 55 |
| Profit / (Loss) before taxS$ | 6,086,014 | (331,810) | PDF p. 55 |
| Income tax (expense) / creditS$ | (888,500) | 99,152 | PDF p. 55 |
| Profit / (Loss) for the yearS$ | 5,197,514 | (232,658) | PDF p. 55 |
| Other comprehensive income / (loss) | |||
| - Currency translation differences arising from consolidationS$ | (8,955) | (48,818) | PDF p. 55 |
| Total comprehensive income / (loss) for the yearS$ | 5,188,559 | (281,476) | PDF p. 55 |
| Total profit / (loss) attributable to | |||
| Equity holders of the CompanyS$ | 5,220,294 | (199,897) | PDF p. 55 |
| Non-controlling interestsS$ | (22,780) | (32,761) | PDF p. 55 |
| Total comprehensive income / (loss) attributable to | |||
| Equity holders of the CompanyS$ | 5,211,339 | (248,715) | PDF p. 55 |
| Non-controlling interestsS$ | (22,780) | (32,761) | PDF p. 55 |
| Earnings / (Loss) per share (cents) attributable to equity holders of the Company | |||
| Basic and dilutedcents per share | 0.29 | (0.01) | PDF p. 55 |
Original report: PDF p. 55 ↗
For the financial year ended 31 December 2025. Amounts in S$ except earnings/(loss) per share in cents. The accompanying notes are an integral part of the financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| RevenueS$ | 54,644,432 | 21,318,268 | PDF p. 55 |
| Cost of sales and servicesS$ | (40,694,027) | (15,240,789) | PDF p. 55 |
| Gross profitS$ | 13,950,405 | 6,077,479 | PDF p. 55 |
| Other incomeS$ | 444,107 | 304,514 | PDF p. 55 |
| Distribution costsS$ | (1,620,817) | (680,399) | PDF p. 55 |
| Administrative expensesS$ | (5,887,831) | (5,306,251) | PDF p. 55 |
| Other expensesS$ | (10,200) | (158,762) | PDF p. 55 |
| Finance costsS$ | (375,677) | (282,036) | PDF p. 55 |
| Provision of impairment loss on financial assets, netS$ | (413,973) | (286,355) | PDF p. 55 |
| Profit / (Loss) before taxS$ | 6,086,014 | (331,810) | PDF p. 55 |
| Income tax (expense) / creditS$ | (888,500) | 99,152 | PDF p. 55 |
| Profit / (Loss) for the yearS$ | 5,197,514 | (232,658) | PDF p. 55 |
| Other comprehensive income / (loss) | |||
| - Currency translation differences arising from consolidationS$ | (8,955) | (48,818) | PDF p. 55 |
| Total comprehensive income / (loss) for the yearS$ | 5,188,559 | (281,476) | PDF p. 55 |
| Total profit / (loss) attributable to | |||
| Equity holders of the CompanyS$ | 5,220,294 | (199,897) | PDF p. 55 |
| Non-controlling interestsS$ | (22,780) | (32,761) | PDF p. 55 |
| Total comprehensive income / (loss) attributable to | |||
| Equity holders of the CompanyS$ | 5,211,339 | (248,715) | PDF p. 55 |
| Non-controlling interestsS$ | (22,780) | (32,761) | PDF p. 55 |
| Earnings / (Loss) per share (cents) | |||
| Basic and dilutedcents | 0.29 | (0.01) | PDF p. 55 |
Original report: PDF p. 55 ↗
Amounts in Singapore dollars (S$). EPS in cents attributable to equity holders of the Company. No separate Company comprehensive income statement is presented.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group – Share capital | 2025Group – Merger reserve | 2025Group – Translation reserve | 2025Group – Fair value reserve | 2025Group – Retained earnings | 2025Group – Total attributable to equity holders of the Company | 2025Group – Non-controlling interests | 2025Group – Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Group | |||||||||
| Balance as at 1 January 2025S$ | 35,225,394 | (6,478,399) | 61,985 | (150,000) | 17,371,633 | 46,030,613 | (99,851) | 45,930,762 | PDF p. 56 |
| Profit / (Loss) for the yearS$ | – | – | – | – | 5,220,294 | 5,220,294 | (22,780) | 5,197,514 | PDF p. 56 |
| 2025 Group – Other comprehensive loss, net of tax: Currency translation differences | |||||||||
| arising from consolidationS$ | – | – | (8,955) | – | – | (8,955) | – | (8,955) | PDF p. 56 |
| 2025 Group – Total comprehensive (loss) / income for the year | |||||||||
| income for the yearS$ | – | – | (8,955) | – | 5,220,294 | 5,211,339 | (22,780) | 5,188,559 | PDF p. 56 |
| 2025 Group | |||||||||
| Balance at 31 December 2025S$ | 35,225,394 | (6,478,399) | 53,030 | (150,000) | 22,591,927 | 51,241,952 | (122,631) | 51,119,321 | PDF p. 56 |
Original report: PDF p. 56 ↗
Amounts in S$. Row labels for OCI and total comprehensive income wrap over two lines: 'Other comprehensive loss, net of tax: - Currency translation differences arising from consolidation' and 'Total comprehensive (loss) / income for the year'.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group – Share capital | 2024Group – Merger reserve | 2024Group – Translation reserve | 2024Group – Fair value reserve | 2024Group – Retained earnings | 2024Group – Total attributable to equity holders of the Company | 2024Group – Non-controlling interests | 2024Group – Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Group | |||||||||
| Balance as at 1 January 2024S$ | 35,225,394 | (6,478,399) | 110,803 | (150,000) | 17,571,530 | 46,279,328 | (67,090) | 46,212,238 | PDF p. 56 |
| Loss for the yearS$ | – | – | – | – | (199,897) | (199,897) | (32,761) | (232,658) | PDF p. 56 |
| 2024 Group – Other comprehensive loss, net of tax: Currency translation differences | |||||||||
| arising from consolidationS$ | – | – | (48,818) | – | – | (48,818) | – | (48,818) | PDF p. 56 |
| 2024 Group – Total comprehensive loss for the year | |||||||||
| yearS$ | – | – | (48,818) | – | (199,897) | (248,715) | (32,761) | (281,476) | PDF p. 56 |
| 2024 Group | |||||||||
| Balance at 31 December 2024S$ | 35,225,394 | (6,478,399) | 61,985 | (150,000) | 17,371,633 | 46,030,613 | (99,851) | 45,930,762 | PDF p. 56 |
Original report: PDF p. 56 ↗
Amounts in S$. Wrapped labels: 'Other comprehensive loss, net of tax: - Currency translation differences arising from consolidation' and 'Total comprehensive loss for the year'. No separate Company statement of changes in equity is presented; see Company reserves movement (Note 21).
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| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| Accumulated losses | |||
| At beginning of the yearS$ | (22,105,246) | (21,727,979) | PDF p. 76 |
| Loss for the yearS$ | (343,190) | (377,267) | PDF p. 76 |
| At end of the yearS$ | (22,448,436) | (22,105,246) | PDF p. 76 |
Original report: PDF p. 76 ↗
The movements in the Company’s reserves are as follows (Company). Share capital of the Company is unchanged at S$35,225,394 (Note 20).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit / (Loss) before taxS$ | 6,086,014 | (331,810) | PDF p. 57 |
| Operating – Adjustments | |||
| Amortisation of intangible assetsS$ | 6,010 | 5,390 | PDF p. 57 |
| Depreciation of property, plant and equipmentS$ | 1,611,589 | 540,481 | PDF p. 57 |
| Depreciation of investment propertiesS$ | 3,121,928 | 3,109,594 | PDF p. 57 |
| Depreciation of right-of-use assetsS$ | 403,436 | 409,058 | PDF p. 57 |
| Interest incomeS$ | (17,407) | (75,070) | PDF p. 57 |
| Interest expenseS$ | 373,556 | 279,910 | PDF p. 57 |
| Net foreign exchange loss / (income) – unrealisedS$ | 1,121 | (44,575) | PDF p. 57 |
| Provision of impairment loss on financial assets, netS$ | 413,973 | 286,355 | PDF p. 57 |
| Provision for defect liabilityS$ | – | 13,000 | PDF p. 57 |
| Reversal of impairment loss on property, plant and equipmentS$ | (14,449) | – | PDF p. 57 |
| Impairment loss on right-of-use assetsS$ | – | 126,611 | PDF p. 57 |
| Gain on disposal of property, plant and equipmentS$ | (11,460) | – | PDF p. 57 |
| Bad debts recoveredS$ | (23,229) | – | PDF p. 57 |
| Cash flows from operating activities | |||
| Operating profit before working capital changesS$ | 11,951,082 | 4,318,944 | PDF p. 57 |
| Operating – Working capital changes | |||
| InventoriesS$ | 31,067 | (85,458) | PDF p. 57 |
| Trade and other receivablesS$ | (7,727,952) | (1,017,490) | PDF p. 57 |
| Other current assetsS$ | 176,673 | 18,132 | PDF p. 57 |
| Contract assetsS$ | (12,086,375) | (2,662,147) | PDF p. 57 |
| Trade and other payablesS$ | 7,506,737 | 3,040,741 | PDF p. 57 |
| Cash flows from operating activities | |||
| Cash (used in) / generated from operationsS$ | (148,768) | 3,612,722 | PDF p. 57 |
| Income tax paidS$ | (373,145) | (307,735) | PDF p. 57 |
| Income tax refundS$ | 17,790 | 166,430 | PDF p. 57 |
| Net cash (used in) / from operating activitiesS$ | (504,123) | 3,471,417 | PDF p. 57 |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipmentS$ | (2,555,041) | (6,042,080) | PDF p. 57 |
| Purchase of investment propertiesS$ | (185,000) | – | PDF p. 57 |
| Purchase of intangible assetsS$ | – | (9,300) | PDF p. 57 |
| Proceeds from disposal of property, plant and equipmentS$ | 25,909 | – | PDF p. 57 |
| Interest receivedS$ | 422 | 75,070 | PDF p. 57 |
| Net cash used in investing activitiesS$ | (2,713,710) | (5,976,310) | PDF p. 57 |
| Cash flows from financing activities | |||
| Placement of bank deposit pledgedS$ | – | (564,630) | PDF p. 57 |
| Proceeds from bank borrowings drawdownS$ | 6,500,000 | – | PDF p. 57 |
| Principal repayment of lease liabilitiesS$ | (694,898) | (642,584) | PDF p. 57 |
| Principal repayment of lease liabilities from financial institutionsS$ | (844,429) | (234,837) | PDF p. 57 |
| Interest paidS$ | (362,318) | (279,910) | PDF p. 57 |
| Net cash from / (used in) financing activitiesS$ | 4,598,355 | (1,721,961) | PDF p. 57 |
| Net change in cash | |||
| Net increase / (decrease) in cash and cash equivalentsS$ | 1,380,522 | (4,226,854) | PDF p. 57 |
| Cash and cash equivalents at beginning of yearS$ | 4,553,685 | 8,780,539 | PDF p. 57 |
| Cash and cash equivalents at end of yearS$ | 5,934,207 | 4,553,685 | PDF p. 57 |
Original report: PDF p. 57 ↗
Amounts in S$. Only a Group cash flow statement is presented; no Company cash flow statement. Closing cash of S$5,934,207 (2025) differs from balance sheet cash of S$6,515,822; Note 13 reconciliation not extracted.
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Note A | |||
| Purchase of property, plant and equipmentS$ | (5,688,198) | (6,689,216) | PDF p. 58 |
| Less: Financed by lease liabilities from financial institutionsS$ | 3,278,303 | 921,697 | PDF p. 58 |
| Add: Prepayments for plant and equipmentS$ | (145,146) | (274,561) | PDF p. 58 |
| Net cash outflowS$ | (2,555,041) | (6,042,080) | PDF p. 58 |
Original report: PDF p. 58 ↗
For the purpose of the consolidated statement of cash flows, the Group’s addition to property, plant and equipment during the year comprised of:
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| EPS | |||
| Profit / (Loss) for the year attributable to equity holders of the CompanyS$ | 5,220,294 | (199,897) | PDF p. 82 |
| Weighted average number of ordinary shares used in the calculation of earnings / (loss) per sharenumber of shares | 1,780,860,561 | 1,780,860,561 | PDF p. 82 |
| Basic and diluted (i) earnings / (loss) per share | |||
| - SGD centsSGD cents | 0.29 | (0.01) | PDF p. 82 |
Original report: PDF p. 82 ↗
Note (i): The Company has no dilutive potential ordinary shares for the financial year ended 31 December 2025 and 2024 and there was no ordinary share that may be issued upon the exercise of any share option outstanding as at 31 December 2025 and 2024.
Weighted average label wraps: 'Weighted average number of ordinary shares used in the calculation' / 'of earnings / (loss) per share'.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings / (Loss) per share (cents) attributable to equity holders of the Company | |||
| Basic and dilutedcents | 0.29 | (0.01) | PDF p. 55 |
Original report: PDF p. 55 ↗
Header unit for statement is S$; EPS row is labelled (cents).
Where the money comes from
| Item / unit | 2025Leasing and service income | 2025Manufacturing of precast concrete products | 2025Supply and manufacturing of ready-mix concrete products | 2025Provision of underground cable installation and road reinstatement | 2025Corporate | 2025Total | Source |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| - Sale of goodsS$ | – | 2,743,356 | 25,853,294 | – | – | 28,596,650 | PDF p. 83 |
| - Service incomeS$ | 103,316 | – | 61,240 | 16,706,612 | – | 16,871,168 | PDF p. 83 |
| - Rental incomeS$ | 11,993,530 | – | – | – | – | 11,993,530 | PDF p. 83 |
| - Inter-segment salesS$ | (1,174,702) | (1,487,449) | (127,301) | (27,464) | – | (2,816,916) | PDF p. 83 |
| Sales to external partiesS$ | 10,922,144 | 1,255,907 | 25,787,233 | 16,679,148 | – | 54,644,432 | PDF p. 83 |
| Results | |||||||
| Segment results – Gross profit / (loss)S$ | 6,292,550 | (202,622) | 6,286,385 | 1,574,092 | – | 13,950,405 | PDF p. 83 |
| Other incomeS$ | 357,617 | 2,232 | 55,781 | 28,477 | – | 444,107 | PDF p. 83 |
| Operating expensesS$ | (1,928,639) | (392,767) | (3,310,373) | (1,944,289) | (356,753) | (7,932,821) | PDF p. 83 |
| Finance costsS$ | (156,513) | (9,684) | (209,105) | (375) | – | (375,677) | PDF p. 83 |
| Profit / (Loss) before income taxS$ | 4,565,015 | (602,841) | 2,822,688 | (342,095) | (356,753) | 6,086,014 | PDF p. 83 |
| Income tax expenseS$ | (704,305) | – | (184,195) | – | – | (888,500) | PDF p. 83 |
| Profit / (Loss) for the yearS$ | 3,860,710 | (602,841) | 2,638,493 | (342,095) | (356,753) | 5,197,514 | PDF p. 83 |
| Assets and liabilities | |||||||
| Segment assetsS$ | 47,039,432 | 461,708 | 24,229,370 | 19,058,080 | 83,727 | 90,872,317 | PDF p. 83 |
| Segment liabilitiesS$ | 20,617,132 | 606,299 | 15,176,549 | 3,289,111 | 63,905 | 39,752,996 | PDF p. 83 |
| Other information | |||||||
| Amortisation of intangible assetsS$ | – | – | 6,010 | – | – | 6,010 | PDF p. 83 |
| Depreciation of investment propertiesS$ | 3,121,928 | – | – | – | – | 3,121,928 | PDF p. 83 |
| Depreciation of property, plant and equipmentS$ | 141,835 | 8,296 | 1,191,358 | 270,100 | – | 1,611,589 | PDF p. 83 |
| Depreciation of right-of-use assetsS$ | – | 17,836 | 385,600 | – | – | 403,436 | PDF p. 83 |
| Gain on disposal of fixed assetsS$ | – | – | – | (11,460) | – | (11,460) | PDF p. 83 |
| Bad debts recoveredS$ | – | – | (23,229) | – | – | (23,229) | PDF p. 83 |
| Reversal of impairment loss on property, plant and equipmentS$ | – | – | – | (14,449) | – | (14,449) | PDF p. 83 |
| Provision / (Reversal) of impairment loss on financial assets, netS$ | 63,163 | (21,923) | 387,733 | (15,000) | – | 413,973 | PDF p. 83 |
Other segments (corporate) include investment holding companies which do not meet any quantitative threshold and include unallocated items.
Column order as printed: Leasing and service income, Manufacturing of precast concrete products, Supply and manufacturing of ready-mix concrete products, Provision of underground cable installation and road reinstatement, Corporate, Total.
| Item / unit | 2024Leasing and service income | 2024Manufacturing of precast concrete products | 2024Supply and manufacturing of ready-mix concrete products | 2024Provision of underground cable installation and road reinstatement | 2024Corporate | 2024Total | Source |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| - Sale of goodsS$ | – | 3,017,330 | 5,100,536 | – | – | 8,117,866 | PDF p. 84 |
| - Service incomeS$ | 74,596 | – | 212,828 | 3,773,415 | – | 4,060,839 | PDF p. 84 |
| - Rental incomeS$ | 11,303,004 | – | – | – | – | 11,303,004 | PDF p. 84 |
| - Inter-segment salesS$ | (1,260,152) | (858,360) | (20,132) | (24,797) | – | (2,163,441) | PDF p. 84 |
| Sales to external partiesS$ | 10,117,448 | 2,158,970 | 5,293,232 | 3,748,618 | – | 21,318,268 | PDF p. 84 |
| Results | |||||||
| Segment results – Gross profit / (loss)S$ | 5,529,518 | 446,792 | 424,457 | (323,288) | – | 6,077,479 | PDF p. 84 |
| Other incomeS$ | 216,219 | 53,139 | 20,248 | 14,908 | – | 304,514 | PDF p. 84 |
| Operating expensesS$ | (1,847,930) | (639,563) | (1,707,582) | (1,846,297) | (390,395) | (6,431,767) | PDF p. 84 |
| Finance costsS$ | (125,293) | (4,853) | (151,314) | (576) | – | (282,036) | PDF p. 84 |
| Profit / (Loss) before income taxS$ | 3,772,514 | (144,485) | (1,414,191) | (2,155,253) | (390,395) | (331,810) | PDF p. 84 |
| Income tax creditS$ | 99,152 | – | – | – | – | 99,152 | PDF p. 84 |
| Profit / (Loss) for the yearS$ | 3,871,666 | (144,485) | (1,414,191) | (2,155,253) | (390,395) | (232,658) | PDF p. 84 |
| Assets and liabilities | |||||||
| Segment assetsS$ | 50,588,192 | 486,317 | 13,414,076 | 4,658,447 | 98,876 | 69,245,908 | PDF p. 84 |
| Segment liabilitiesS$ | 13,964,682 | 394,288 | 6,574,825 | 2,339,149 | 42,202 | 23,315,146 | PDF p. 84 |
| Other information | |||||||
| Amortisation of intangible assetsS$ | – | – | 5,390 | – | – | 5,390 | PDF p. 84 |
| Depreciation of investment propertiesS$ | 3,109,594 | – | – | – | – | 3,109,594 | PDF p. 84 |
| Depreciation of property, plant and equipmentS$ | 141,837 | 9,590 | 191,134 | 197,920 | – | 540,481 | PDF p. 84 |
| Depreciation of right-of-use assetsS$ | – | 25,322 | 383,736 | – | – | 409,058 | PDF p. 84 |
| Provision / (Reversal) of impairment loss on financial assets, netS$ | 18,817 | 20,673 | 271,332 | (24,467) | – | 286,355 | PDF p. 84 |
| Provision for defect liabilityS$ | – | – | – | 13,000 | – | 13,000 | PDF p. 84 |
| Impairment loss on right-of-use assetsS$ | – | 126,611 | – | – | – | 126,611 | PDF p. 84 |
Geographical information: Revenue and non-current assets of the Group are based in Singapore except for ROU assets – Factory which is based in Malaysia and has been fully impaired. No numeric geographic table is printed.
Other segments (corporate) include investment holding companies and unallocated items.
| Item / unit | 2025revenue from Customer A, S$ | 2024revenue from Customer A, S$ | Source |
|---|---|---|---|
| Information about major customers | |||
| Leasing and service income Customer AS$ | 616,356 | 582,221 | PDF p. 85 |
| Provision of underground cable installation and road reinstatement Customer AS$ | 16,679,148 | 3,741,268 | PDF p. 85 |
| TotalS$ | 17,295,504 | 4,323,489 | PDF p. 85 |
Revenue of S$17,295,504 (2024: S$4,323,489), or 32% (2024: 20%) of the Group’s revenue is derived from significant customers in Singapore.
Customer A is a Singapore private limited company in which certain directors of the Group and the Company have non-controlling interest.
The label of the second row wraps over two lines: 'Provision of underground cable installation and road' / 'reinstatement'. The Total row has no printed label.
Debt
| Item / unit | 2025Carrying amount, S$ | 2025Total contractual cash flows, S$ | 2025Within 1 year, S$ | 2025Between 2 to 5 years, S$ | 2025Over 5 years, S$ | Source |
|---|---|---|---|---|---|---|
| 2025 | ||||||
| Lease liabilities from financial institutionsS$ | 3,793,809 | 4,266,391 | 1,179,648 | 3,086,743 | – | PDF p. 86 |
| Lease liabilitiesS$ | 6,103,588 | 7,175,608 | 924,536 | 2,526,008 | 3,725,064 | PDF p. 86 |
| Bank borrowingsS$ | 6,511,238 | 6,511,238 | 6,511,238 | – | – | PDF p. 86 |
Table analyses the maturity profile of the Group's financial liabilities based on contractual undiscounted cash flows. Trade and other payables rows omitted as not debt.
| Item / unit | 2024Carrying amount, S$ | 2024Total contractual cash flows, S$ | 2024Within 1 year, S$ | 2024Between 2 to 5 years, S$ | 2024Over 5 years, S$ | Source |
|---|---|---|---|---|---|---|
| 2024 | ||||||
| Lease liabilities from financial institutionsS$ | 1,359,935 | 1,520,571 | 448,700 | 1,071,871 | – | PDF p. 86 |
| Lease liabilitiesS$ | 6,660,769 | 7,899,499 | 875,790 | 3,298,645 | 3,725,064 | PDF p. 86 |
No bank borrowings in 2024.
| Item / unit | 2025Group, S$ | 2024Group, S$ | 2025Company, S$ | 2024Company, S$ | Source |
|---|---|---|---|---|---|
| Current liabilities | |||||
| Lease liabilities from financial institutionsS$ | 1,052,331 | 403,306 | – | – | PDF p. 54 |
| Lease liabilitiesS$ | 720,583 | 643,727 | – | – | PDF p. 54 |
| Bank borrowingsS$ | 6,511,238 | – | – | – | PDF p. 54 |
| Non-current liabilities | |||||
| Lease liabilities from financial institutionsS$ | 2,741,478 | 956,629 | – | – | PDF p. 54 |
| Lease liabilitiesS$ | 5,383,005 | 6,017,042 | – | – | PDF p. 54 |
No non-current bank borrowings reported. Bank borrowings are secured per Note 18 (personal guarantees by directors of a subsidiary, corporate guarantee by the Company and a subsidiary, legal mortgage of a subsidiary's leasehold industrial buildings, assignment of rental proceeds).
| Item / unit | 2025S$ | 2024S$ | Source |
|---|---|---|---|
| Bank borrowings | |||
| Current liabilitiesS$ | 6,511,238 | – | PDF p. 75 |
Bank borrowings comprise a money market loan with a principal amount of S$6,500,000. Accrued interest payable S$11,238. The loan bears interest at rates ranging from 2.37% to 3.09% per annum. The loan has a term of three months and is subject to automatic renewal upon maturity if the principal is not repaid.
Undrawn borrowing facility: As at 31 December 2025, the Group has available undrawn money market loan facility of S$1,500,000 (2024: S$8,000,000).
The banking facilities of the Group are secured by: (i) Joint and several personal guarantees by 3 directors of a subsidiary, of whom 2 of them are also the directors of the Company; (ii) Corporate guarantee by the Company and a subsidiary; (iii) Legal mortgage of a subsidiary's leasehold industrial buildings (Notes 3 and 4); and (iv) Assignment of rental proceeds / Charge over rental account to be executed of all current and future rental income from the leasehold investment property.
Interest rate risk (Note 31): lease liabilities from financial institutions and lease liabilities are at fixed rate; bank borrowings are subject to floating rate.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Final dividend FY2025 | The Board did not recommend final dividend for FY2025 due to the uncertainty and challenging economic ahead. | Company, FY2025 final dividend | PDF p. 41 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | Crowe Horwath First Trust LLP | Group and Company, FY ended 31 December 2025 | PDF p. 53 |
| Engagement partner | Kow Wei-Jue Duncan | Group and Company, FY2025 | PDF p. 53 |
| Auditor's report date | 27 March 2026 | Group and Company · As at 2026-03-27 | PDF p. 53 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 | Group consolidated FS and Company statement of financial position, 31 December 2025 | PDF p. 49 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Key audit matter | Impairment assessment of non-financial assets | Group and Company, FY2025 | PDF p. 50 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.