Mencast 5NF

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Financials

Annual Report 2025

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8 tables

Consolidated Statement of Comprehensive Income (Group)

22 metrics

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Consolidated Statement of Comprehensive Income (Group) from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Income statement
Revenue$'000	46,342	53,490	PDF p. 89
Cost of sales$'000	(36,007)	(37,670)	PDF p. 89
Gross profit$'000	10,335	15,820	PDF p. 89
Other gains and losses
- Interest income – bank deposits$'000	31	70	PDF p. 89
- Loss allowance on trade receivables$'000	(126)	-	PDF p. 89
- Write-off of trade and non-trade receivables$'000	(1,334)	-	PDF p. 89
- Others$'000	2,241	3,264	PDF p. 89
Expenses
- Administrative$'000	(10,872)	(9,953)	PDF p. 89
- Finance$'000	(4,345)	(6,414)	PDF p. 89
Income statement
(Loss)/profit before income tax$'000	(4,070)	2,787	PDF p. 89
Income tax credit/(expense)$'000	462	(480)	PDF p. 89
Net (loss)/profit$'000	(3,608)	2,307	PDF p. 89
Other comprehensive (loss)/income - Currency translation differences for foreign operations
- Loss$'000	(72)	(15)	PDF p. 89
Other comprehensive (loss)/income
Fair value gain on financial assets, at FVOCI$'000	5	26	PDF p. 89
Total comprehensive (loss)/income$'000	(3,675)	2,318	PDF p. 89
Net (loss)/profit attributable to
Equity holders of the Company$'000	(3,453)	2,419	PDF p. 89
Non-controlling interests$'000	(155)	(112)	PDF p. 89
Subtotal$'000	(3,608)	2,307	PDF p. 89
Total comprehensive (loss)/income attributable to
Equity holders of the Company$'000	(3,518)	2,430	PDF p. 89
Non-controlling interests$'000	(157)	(112)	PDF p. 89
Subtotal$'000	(3,675)	2,318	PDF p. 89
(Loss)/earnings per share attributable to equity holders of the Company
Basic and dilutedcents per share	(0.74)	0.53	PDF p. 89

Definitions & sources

Original report: PDF p. 89 ↗

The accompanying notes form an integral part of these financial statements.

Note column omitted from values.

Balance Sheets (Group and Company)

33 metrics

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Balance Sheets (Group and Company) from Annual Report 2025
Metric / unit	2025Group	2024Group	2025Company	2024Company	Source
Current assets
Cash and cash equivalents$'000	7,858	10,163	1,140	1,343	PDF p. 90
Trade and other receivables$'000	10,321	14,407	32,759	34,614	PDF p. 90
Inventories$'000	3,625	5,020	-	-	PDF p. 90
Contract assets$'000	54	1,214	511	727	PDF p. 90
Subtotal$'000	21,858	30,804	34,410	36,684	PDF p. 90
Assets of disposal group classified as held-for-sale$'000	70,544	70,544	-	-	PDF p. 90
Subtotal$'000	92,402	101,348	34,410	36,684	PDF p. 90
Non-current assets
Financial assets, at FVOCI$'000	122	117	-	-	PDF p. 90
Investments in subsidiary corporations$'000	-	-	41,421	44,121	PDF p. 90
Investments in associated companies$'000	-	-	-	-	PDF p. 90
Property, plant and equipment$'000	60,878	68,078	326	9	PDF p. 90
Goodwill$'000	4,781	4,781	-	-	PDF p. 90
Subtotal$'000	67,927	74,416	41,747	44,130	PDF p. 90
Assets
Total assets$'000	160,329	175,764	76,157	80,814	PDF p. 90
Current liabilities
Trade and other payables$'000	8,641	9,660	17,285	17,854	PDF p. 90
Contract liabilities$'000	2,006	2,661	-	-	PDF p. 90
Borrowings$'000	7,313	7,696	2,918	2,872	PDF p. 90
Current income tax liabilities$'000	4	474	-	-	PDF p. 90
Subtotal$'000	17,964	20,491	20,203	20,726	PDF p. 90
Liabilities directly associated with disposal group classified as held-for-sale$'000	66,230	66,745	-	-	PDF p. 90
Subtotal$'000	84,194	87,236	20,203	20,726	PDF p. 90
Non-current liabilities
Borrowings$'000	42,903	51,536	32,611	35,132	PDF p. 90
Deferred income tax liabilities$'000	1,822	2,079	-	-	PDF p. 90
Subtotal$'000	44,725	53,615	32,611	35,132	PDF p. 90
Liabilities
Total liabilities$'000	128,919	140,851	52,814	55,858	PDF p. 90
Net assets
NET ASSETS$'000	31,410	34,913	23,343	24,956	PDF p. 90
Equity
Share capital$'000	93,592	93,420	93,592	93,420	PDF p. 90
Fair value reserve$'000	45	40	-	-	PDF p. 90
Translation reserve$'000	(1,029)	(959)	-	-	PDF p. 90
Accumulated losses$'000	(62,603)	(59,150)	(70,249)	(68,464)	PDF p. 90
Subtotal$'000	30,005	33,351	23,343	24,956	PDF p. 90
Non-controlling interests$'000	1,405	1,562	-	-	PDF p. 90
Total equity$'000	31,410	34,913	23,343	24,956	PDF p. 90

Definitions & sources

Original report: PDF p. 90 ↗

The accompanying notes form an integral part of these financial statements.

Note column omitted from values. Balance sheet as at 31 December 2025.

Consolidated Statement of Comprehensive Income

20 metrics

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Consolidated Statement of Comprehensive Income from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Income
Revenue$’000	46,342	53,490	PDF p. 89
Cost of sales$’000	(36,007)	(37,670)	PDF p. 89
Gross profit$’000	10,335	15,820	PDF p. 89
Other gains and losses
- Interest income – bank deposits$’000	31	70	PDF p. 89
- Loss allowance on trade receivables$’000	(126)	-	PDF p. 89
- Write-off of trade and non-trade receivables$’000	(1,334)	-	PDF p. 89
- Others$’000	2,241	3,264	PDF p. 89
Expenses
- Administrative$’000	(10,872)	(9,953)	PDF p. 89
- Finance$’000	(4,345)	(6,414)	PDF p. 89
Income
(Loss)/profit before income tax$’000	(4,070)	2,787	PDF p. 89
Income tax credit/(expense)$’000	462	(480)	PDF p. 89
Net (loss)/profit$’000	(3,608)	2,307	PDF p. 89
Other comprehensive (loss)/income - Currency translation differences for foreign operations (may be reclassified)
- Loss$’000	(72)	(15)	PDF p. 89
Other comprehensive (loss)/income (will not be reclassified)
Fair value gain on financial assets, at FVOCI$’000	5	26	PDF p. 89
Other comprehensive (loss)/income
Total comprehensive (loss)/income$’000	(3,675)	2,318	PDF p. 89
Net (loss)/profit attributable to
Equity holders of the Company$’000	(3,453)	2,419	PDF p. 89
Non-controlling interests$’000	(155)	(112)	PDF p. 89
Total comprehensive (loss)/income attributable to
Equity holders of the Company$’000	(3,518)	2,430	PDF p. 89
Non-controlling interests$’000	(157)	(112)	PDF p. 89
(Loss)/earnings per share attributable to equity holders of the Company
Basic and dilutedcents per share	(0.74)	0.53	PDF p. 89

Definitions & sources

Original report: PDF p. 89 ↗

For the financial year ended 31 December 2025. Basic and diluted (loss)/earnings per share in cents per share.

Consolidated Statement of Changes in Equity – Group, 2025

4 metrics

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Consolidated Statement of Changes in Equity – Group, 2025 from Annual Report 2025
Metric / unit	2025Group – Share capital	2025Group – Fair value reserve	2025Group – Translation reserve	2025Group – Accumulated losses	2025Group – Total attributable to equity holders of the Company	2025Group – Non-controlling interests	2025Group – Total equity	Source
Group 2025
Balance as at 1 January 2025$’000	93,420	40	(959)	(59,150)	33,351	1,562	34,913	PDF p. 91
Share issue pursuant to
- Share Awards under the PSAS 2021$’000	172	-	-	-	172	-	172	PDF p. 91
Group 2025
Total comprehensive income/(loss) for the financial year$’000	-	5	(70)	(3,453)	(3,518)	(157)	(3,675)	PDF p. 91
End of financial year$’000	93,592	45	(1,029)	(62,603)	30,005	1,405	31,410	PDF p. 91

Definitions & sources

Original report: PDF p. 91 ↗

Fair value and translation reserves are not available for distribution. All columns $’000. Note column omitted. Printed as financial year ended 31 December 2025.

Consolidated Statement of Changes in Equity – Group, 2024

6 metrics

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Consolidated Statement of Changes in Equity – Group, 2024 from Annual Report 2025
Metric / unit	2024Group – Share capital	2024Group – Fair value reserve	2024Group – Translation reserve	2024Group – Accumulated losses	2024Group – Total attributable to equity holders of the Company	2024Group – Non-controlling interests	2024Group – Total equity	Source
Group 2024
Balance as at 1 January 2024$’000	93,267	14	(986)	(61,527)	30,768	1,594	32,362	PDF p. 91
Share issue pursuant to
- Share Awards under the PSAS 2021$’000	153	-	-	-	153	-	153	PDF p. 91
Group 2024
Incorporation of a new subsidiary corporation$’000	-	-	-	-	-	80	80	PDF p. 91
Write-off of translation reserve from an associated company$’000	-	-	42	(42)	-	-	-	PDF p. 91
Total comprehensive income/(loss) for the financial year$’000	-	26	(15)	2,419	2,430	(112)	2,318	PDF p. 91
End of financial year$’000	93,420	40	(959)	(59,150)	33,351	1,562	34,913	PDF p. 91

Definitions & sources

Original report: PDF p. 91 ↗

Fair value and translation reserves are not available for distribution. All columns $’000. Note column omitted.

Consolidated Statement of Cash Flows

42 metrics

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Consolidated Statement of Cash Flows from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Cash flows from operating activities
Net (loss)/profit$’000	(3,608)	2,307	PDF p. 92
Adjustments for
- Income tax (credit)/expense$’000	(462)	480	PDF p. 92
- Depreciation of property, plant and equipment$’000	7,614	7,904	PDF p. 92
- Dividend income from financial assets, FVOCI$’000	(13)	-	PDF p. 92
- Impairment loss on property, plant and equipment$’000	1,543	805	PDF p. 92
- Loss on disposal of non-current assets held-for-sale$’000	-	61	PDF p. 92
- Loss allowance on trade receivables and non-trade receivables$’000	126	-	PDF p. 92
- Write-off of trade and non-trade receivables$’000	1,334	-	PDF p. 92
- Reversal of long outstanding payables and accruals$’000	(53)	(30)	PDF p. 92
- (Gain)/loss on disposal of property, plant and equipment$’000	(320)	83	PDF p. 92
- Shares Awards under the PSAS 2021$’000	172	153	PDF p. 92
- Interest income$’000	(31)	(70)	PDF p. 92
- Interest expense$’000	4,345	6,414	PDF p. 92
- Currency translation differences$’000	(60)	(12)	PDF p. 92
Cash flows from operating activities
Operating cash flow before working capital changes (unlabelled subtotal)$’000	10,587	18,095	PDF p. 92
Change in working capital, net of acquisition of a subsidiary corporation
- Trade and other receivables$’000	2,507	(1,290)	PDF p. 92
- Inventories$’000	1,395	(944)	PDF p. 92
- Contract assets$’000	1,160	(965)	PDF p. 92
- Trade and other payables$’000	(855)	1,335	PDF p. 92
- Contract liabilities$’000	(655)	1,484	PDF p. 92
Cash flows from operating activities
Cash generated from operations$’000	14,139	17,715	PDF p. 92
Interest received$’000	31	70	PDF p. 92
Income tax paid$’000	(265)	-	PDF p. 92
Net cash provided by operating activities$’000	13,905	17,785	PDF p. 92
Cash flows from investing activities
Acquisition of a subsidiary corporation$’000	-	191	PDF p. 92
Dividend received from financial assets, FVOCI$’000	13	-	PDF p. 92
Proceeds from disposal of non-current assets classified as held-for-sale$’000	-	1,034	PDF p. 92
Proceeds from disposal of property, plant and equipment$’000	1,402	147	PDF p. 92
Purchase of property, plant and equipment$’000	(3,245)	(2,241)	PDF p. 92
Receipt of asset-related government grant$’000	-	1,050	PDF p. 92
Short-term bank deposits pledged$’000	(10)	(13)	PDF p. 92
Net cash (used in)/provided by investing activities$’000	(1,840)	168	PDF p. 92
Cash flows from financing activities
Interest paid$’000	(4,472)	(6,474)	PDF p. 92
Repayment of bank borrowings$’000	(8,695)	(10,903)	PDF p. 92
Repayment of lease liabilities$’000	(1,559)	(1,397)	PDF p. 92
Increase of trade financing$’000	266	801	PDF p. 92
Proceeds from the issuance of the subsidiary corporation’s shares to non-controlling$’000	80	-	PDF p. 92
Dividends paid to non-controlling interest$’000	-	(300)	PDF p. 92
Net cash used in financing activities$’000	(14,380)	(18,273)	PDF p. 92
Net change in cash
Net decrease in cash and cash equivalents$’000	(2,315)	(320)	PDF p. 92
Cash and cash equivalents
Beginning of financial year$’000	9,638	9,958	PDF p. 92
End of financial year$’000	7,323	9,638	PDF p. 92

Definitions & sources

Original report: PDF p. 92 ↗

For the financial year ended 31 December 2025.

Financial Highlights (five-year)

7 metrics

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Financial Highlights (five-year) from Annual Report 2025
Metric / unit	2021Group	2022Group	2023Group	2024Group	2025Group	Source
Financial Highlights
Net profit/(loss)$'000	6,626	(349)	2,504	2,307	(3,608)	PDF p. 10
Total assets$'000	217,583	201,062	180,993	175,764	160,329	PDF p. 10
Property, plant and equipment$'000	95,859	86,390	75,860	68,078	60,878	PDF p. 10
Cash and cash equivalents$'000	14,307	9,026	10,470	10,163	7,858	PDF p. 10
Total liabilities$'000	186,052	170,187	148,631	140,851	128,919	PDF p. 10
Total equity$'000	31,531	30,875	32,362	34,913	31,410	PDF p. 10
Net asset value (in SGD cents)SGD cents	6.67	6.45	6.75	7.23	6.39	PDF p. 10

Definitions & sources

Original report: PDF p. 10 ↗

* 2021 P&L figures were restated for discontinued operations.

Earnings per share (Note 10)

3 metrics

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Earnings per share (Note 10) from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Note 10 EPS
Net (loss)/profit attributable to equity holders of the Company ($’000)$'000	(3,453)	2,419	PDF p. 119
Weighted average number of shares outstanding for basic and diluted earnings per share (‘000)'000 shares	465,897	459,081	PDF p. 119
Basic and diluted (loss)/earnings per share attributable to equity holders of the Company (SGD cents)SGD cents	(0.74)	0.53	PDF p. 119

Definitions & sources

Original report: PDF p. 119 ↗

There are no dilutive potential ordinary shares during the financial years ended 31 December 2025 and 2024 respectively.

Where the money comes from

Segment information

By business

Segment information 2025 (Group, by operating segment) 7 lines

Segment information 2025 (Group, by operating segment) — Group
Item / unit	2025Offshore and Engineering	2025Marine	2025Energy Services	2025Unallocated	2025Total	Source
Revenue
Total segment revenue$’000	3,019	25,838	20,225	-	49,082	PDF p. 158
Inter-segment revenue$’000	-	(2,721)	(19)	-	(2,740)	PDF p. 158
Revenue from external parties$’000	3,019	23,117	20,206	-	46,342	PDF p. 158
Results
Gross (loss)/profit$’000	(1,313)	7,092	4,556	-	10,335	PDF p. 158
Other material items of expenses (Note 6)
Purchases of raw materials$’000	251	4,467	4,086	-	8,804	PDF p. 158
Depreciation of property, plant and equipment (Note 18)$’000	1,826	2,455	3,016	317	7,614	PDF p. 158
Employee compensation (Note 7)$’000	1,888	6,232	4,821	1,783	14,724	PDF p. 158

Notes

Segmental assets and liabilities are not monitored as the majority of the assets and liabilities can be utilised or discharged by different operating segments across the Group.

Administrative and finance expenses, and other gains, are not allocated to segments.

Building materials business not presented as reportable segment.

Segment information 2024 (Group, by operating segment) 7 lines

Segment information 2024 (Group, by operating segment) — Group
Item / unit	2024Offshore and Engineering	2024Marine	2024Energy Services	2024Unallocated	2024Total	Source
Revenue
Total segment revenue$’000	5,274	29,806	21,644	-	56,724	PDF p. 159
Inter-segment revenue$’000	(56)	(3,121)	(57)	-	(3,234)	PDF p. 159
Revenue from external parties$’000	5,218	26,685	21,587	-	53,490	PDF p. 159
Results
Gross (loss)/profit$’000	(176)	12,283	3,713	-	15,820	PDF p. 159
Other material items of expenses (Note 6)
Purchases of raw materials$’000	362	5,763	6,278	-	12,403	PDF p. 159
Depreciation of property, plant and equipment (Note 18)$’000	2,265	2,424	2,936	279	7,904	PDF p. 159
Employee compensation (Note 7)$’000	1,763	5,135	4,789	1,926	13,613	PDF p. 159

Notes

Segmental assets and liabilities are not monitored.

By geography

Revenue by geographical market 4 lines

Revenue by geographical market
Item / unit	2025Group	2024Group	Source
Revenue by geography
Singapore$’000	33,916	42,243	PDF p. 159
Asia (1)$’000	10,767	7,697	PDF p. 159
Rest of the world (2)$’000	1,659	3,550	PDF p. 159
Total$’000	46,342	53,490	PDF p. 159

Notes

Analysed based on the country of domicile of the customers.

(1) Asia refers to customers from Malaysia, Brunei, the People’s Republic of China (“PRC”), Indonesia, the Philippines, Thailand, Vietnam, Hong Kong, India, Sri Lanka, the Middle East, and the Maldives.

(2) The rest of the world refers to customers from Australia, Europe and the United States of America.

Non-current assets by geography 3 lines

Non-current assets by geography
Item / unit	2025Group	2024Group	Source
Non-current assets by geography
Singapore$’000	67,522	73,954	PDF p. 160
Asia (1)$’000	405	462	PDF p. 160
Total$’000	67,927	74,416	PDF p. 160

Notes

Analysed based on the location of the non-current assets.

(1) Asia refers to non-current assets located in Indonesia, Malaysia and China.

Debt

Borrowings

Borrowing notes 4 tables

Borrowings

Borrowings
Item / unit	2025Group, $'000	2024Group, $'000	2025Company, $'000	2024Company, $'000	Source
Current
Bank borrowings$'000	4,787	5,428	2,872	2,872	PDF p. 139
Trade financing$'000	1,510	1,297	-	-	PDF p. 139
Lease liabilities – hire purchase$'000	184	137	46	-	PDF p. 139
Lease liabilities – leasehold land$'000	771	744	-	-	PDF p. 139
Lease liabilities – leasehold building$'000	61	90	-	-	PDF p. 139
Total current borrowings (unlabelled subtotal)$'000	7,313	7,696	2,918	2,872	PDF p. 139
Non-current
Bank borrowings$'000	30,772	38,773	32,464	35,132	PDF p. 139
Lease liabilities – hire purchase$'000	509	308	147	-	PDF p. 139
Lease liabilities – leasehold land$'000	11,622	12,393	-	-	PDF p. 139
Lease liabilities – leasehold building$'000	-	62	-	-	PDF p. 139
Total non-current borrowings (unlabelled subtotal)$'000	42,903	51,536	32,611	35,132	PDF p. 139
Total
Total borrowings$'000	50,216	59,232	35,529	38,004	PDF p. 139

Notes

Subtotal rows have no printed label; labels are descriptive.

Interest rate exposure and contractual repricing dates of borrowings

Interest rate exposure and contractual repricing dates of borrowings
Item / unit	2025Group, $'000	2024Group, $'000	2025Company, $'000	2024Company, $'000	Source
Repricing
6 months or less$'000	33,099	40,668	32,063	34,514	PDF p. 140
6 - 12 months$'000	62	-	-	-	PDF p. 140
1 - 5 years$'000	4,617	5,558	3,466	3,490	PDF p. 140
Over 5 years$'000	12,438	13,006	-	-	PDF p. 140
Total (unlabelled)$'000	50,216	59,232	35,529	38,004	PDF p. 140

Notes

Table shows exposure to interest rate changes and contractual repricing dates, not strictly maturity.

Note 23(b) Fair value of non-current bank borrowings and discount rates

Note 23(b) Fair value of non-current bank borrowings and discount rates
Item / unit	2025Group	2024Group	2025Company	2024Company	Source
Fair value of non-current borrowings
Bank borrowings (fair value)$'000	27,753	34,479	30,574	32,518	PDF p. 140
Market borrowing rates
Bank borrowings (discount rate)%	3.58	5.01	4.83	5.60	PDF p. 140

Notes

Fair values within level 2 of the fair value hierarchy. Rates are discount rates at market borrowing rates of an equivalent instrument.

Note 29(d) Capital risk – debt-to-equity ratio

Note 29(d) Capital risk – debt-to-equity ratio
Item / unit	2025Group	2024Group	2025Company	2024Company	Source
Capital risk
Borrowings*$'000	100,479	108,660	35,529	38,004	PDF p. 154
Debt-to-equity ratio (times)times	3.72	3.55	1.52	1.52	PDF p. 154

Notes

* Borrowings include the liabilities directly associated with disposal group classified as held-for-sale (Note 14). Borrowings comprised bank borrowings, trade financing and lease liabilities - hire purchase. Banks require debt-to-equity ratio not exceeding 3.20 times (2024: 3.20 times). Covenant breaches waived by lenders up to 31 March 2027 (2024: 31 March 2026).

Payout

Dividends & distributions

Dividend policy

Item	Value	Period / scope	Source
11.6 The company has a dividend policy and communicates it to shareholders.	The Company does not have a fixed dividend policy. The form, frequency, and amount of future dividends on the Company’s shares will depend on its earnings, financial position, capital needs, plans for expansion, and other factors that the Company’s Directors may deem appropriate.	Company	PDF p. 75

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	CLA Global TS Public Accounting Corporation	Group	PDF p. 88
Engagement director	Lee Look Ling	Group	PDF p. 88
Opinion	true and fair view	Group and Company, FY ended 31 December 2025	PDF p. 84

Going concern

Item	Value	Period / scope	Source
Going concern	the financial statements have been prepared on a going concern basis	Group	PDF p. 94

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.