Heatec Jietong 5OR
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Financials
ANNUAL REPORT 2025
Explore the statements
11 tablesStatements of Financial Position (Group and Company) as at 31 December 2025
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$ | 5,287,290 | 5,818,591 | 2,211,735 | 2,462,986 | PDF p. 63 |
| Right-of-use assets$ | 1,095,179 | 1,229,172 | 584,363 | 701,236 | PDF p. 63 |
| Investment in subsidiaries$ | – | – | 5,771,086 | 8,121,834 | PDF p. 63 |
| Investment in joint venture$ | 4,900 | – | – | – | PDF p. 63 |
| Investment in associates$ | 380,645 | 359,177 | – | – | PDF p. 63 |
| Goodwill$ | – | – | – | – | PDF p. 63 |
| Subtotal$ | 6,768,014 | 7,406,940 | 8,567,184 | 11,286,056 | PDF p. 63 |
| Current Assets | |||||
| Inventories$ | 372,214 | 347,953 | – | – | PDF p. 63 |
| Contract assets$ | 3,540,473 | 4,225,293 | – | – | PDF p. 63 |
| Trade and other receivables$ | 5,951,207 | 7,363,007 | 3,394,388 | 3,964,094 | PDF p. 63 |
| Cash and bank balances$ | 1,444,637 | 1,279,565 | 486,043 | 28,404 | PDF p. 63 |
| Subtotal$ | 11,308,531 | 13,215,818 | 3,880,431 | 3,992,498 | PDF p. 63 |
| Assets | |||||
| Total assets$ | 18,076,545 | 20,622,758 | 12,447,615 | 15,278,554 | PDF p. 63 |
| Capital and Reserves | |||||
| Share capital$ | 13,354,627 | 13,354,627 | 13,354,627 | 13,354,627 | PDF p. 63 |
| Reserves$ | (3,017,498) | (2,361,542) | (2,105,638) | 343,611 | PDF p. 63 |
| Equity attributable to owners of the Company$ | 10,337,129 | 10,993,085 | 11,248,989 | 13,698,238 | PDF p. 63 |
| Non-controlling interests$ | (31,858) | (176,146) | – | – | PDF p. 63 |
| Total equity$ | 10,305,271 | 10,816,939 | 11,248,989 | 13,698,238 | PDF p. 63 |
| Non-Current Liabilities | |||||
| Borrowings$ | 257,567 | – | – | – | PDF p. 63 |
| Lease liabilities$ | 1,176,465 | 1,309,548 | 589,755 | 716,047 | PDF p. 63 |
| Deferred tax liabilities$ | 245,258 | 253,334 | – | – | PDF p. 63 |
| Subtotal$ | 1,679,290 | 1,562,882 | 589,755 | 716,047 | PDF p. 63 |
| Current Liabilities | |||||
| Contract liabilities$ | 139,941 | 106,244 | – | – | PDF p. 63 |
| Trade and other payables$ | 2,851,132 | 3,396,183 | 483,699 | 747,803 | PDF p. 63 |
| Provision$ | 44,853 | 44,853 | – | – | PDF p. 63 |
| Borrowings$ | 2,920,759 | 4,529,651 | – | – | PDF p. 63 |
| Lease liabilities$ | 131,964 | 122,838 | 125,172 | 116,466 | PDF p. 63 |
| Current tax payable$ | 3,335 | 43,168 | – | – | PDF p. 63 |
| Subtotal$ | 6,091,984 | 8,242,937 | 608,871 | 864,269 | PDF p. 63 |
| Liabilities | |||||
| Total liabilities$ | 7,771,274 | 9,805,819 | 1,198,626 | 1,580,316 | PDF p. 63 |
| Equity and Liabilities | |||||
| Total equity and liabilities$ | 18,076,545 | 20,622,758 | 12,447,615 | 15,278,554 | PDF p. 63 |
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Definitions & sources
Original report: PDF p. 63 ↗
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) for the year ended 31 December 2025
25 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 (Restated)* | Source |
|---|---|---|---|
| Continuing operations | |||
| Revenue$ | 20,180,827 | 19,976,982 | PDF p. 64 |
| Cost of sales$ | (13,496,590) | (12,870,960) | PDF p. 64 |
| Gross profit$ | 6,684,237 | 7,106,022 | PDF p. 64 |
| Other operating income$ | 362,514 | 260,966 | PDF p. 64 |
| Administrative expenses$ | (7,188,995) | (6,788,740) | PDF p. 64 |
| Other operating expenses$ | (111,390) | (4,010) | PDF p. 64 |
| Allowance for impairment losses of financial assets and contract assets$ | (131,948) | (16,167) | PDF p. 64 |
| Finance costs$ | (328,801) | (384,085) | PDF p. 64 |
| Share of results of associates$ | 149,806 | 130,122 | PDF p. 64 |
| (Loss)/income before tax$ | (564,577) | 304,108 | PDF p. 64 |
| Tax credit$ | 6,099 | 8,076 | PDF p. 64 |
| (Loss)/income for the year before discontinued operations$ | (558,478) | 312,184 | PDF p. 64 |
| Discontinued Operation | |||
| Loss from discontinued operations$ | (98,245) | (1,355,191) | PDF p. 64 |
| Loss for the year$ | (656,723) | (1,043,007) | PDF p. 64 |
| Other comprehensive income | |||
| Currency translation differences arising on consolidation$ | (20,479) | 174 | PDF p. 64 |
| Share of other comprehensive (loss)/income of associates$ | (3,103) | 949 | PDF p. 64 |
| Other comprehensive (loss)/income for the year, net of nil tax$ | (23,582) | 1,123 | PDF p. 64 |
| Total comprehensive loss for the year$ | (680,305) | (1,041,884) | PDF p. 64 |
| Loss attributable to | |||
| Equity holders of the Company$ | (717,593) | (934,466) | PDF p. 64 |
| Non-controlling interests$ | 60,870 | (108,541) | PDF p. 64 |
| Subtotal$ | (656,723) | (1,043,007) | PDF p. 64 |
| Total comprehensive loss attributable to | |||
| Equity holders of the Company$ | (741,175) | (933,343) | PDF p. 64 |
| Non-controlling interests$ | 60,870 | (108,541) | PDF p. 64 |
| Subtotal$ | (680,305) | (1,041,884) | PDF p. 64 |
| Loss per share | |||
| Basic and diluted loss per share (cents)cents per share | (0.35) | (0.46) | PDF p. 64 |
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Definitions & sources
Original report: PDF p. 64 ↗
* Comparative information has been re-presented due to discontinued operations.
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)
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, $ | 2024Group, year ended 31 December 2024 (Restated), $ | Source |
|---|---|---|---|
| Profit or loss | |||
| Loss for the year$ | (656,723) | (1,043,007) | PDF p. 64 |
| Other comprehensive income | |||
| Currency translation differences arising on consolidation$ | (20,479) | 174 | PDF p. 64 |
| Share of other comprehensive (loss)/income of associates$ | (3,103) | 949 | PDF p. 64 |
| Other comprehensive (loss)/income for the year, net of nil tax$ | (23,582) | 1,123 | PDF p. 64 |
| Total comprehensive loss for the year$ | (680,305) | (1,041,884) | PDF p. 64 |
| Loss attributable to | |||
| Equity holders of the Company$ | (717,593) | (934,466) | PDF p. 64 |
| Non-controlling interests$ | 60,870 | (108,541) | PDF p. 64 |
| Total comprehensive loss attributable to | |||
| Equity holders of the Company$ | (741,175) | (933,343) | PDF p. 64 |
| Non-controlling interests$ | 60,870 | (108,541) | PDF p. 64 |
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Definitions & sources
Original report: PDF p. 64 ↗
* Comparative information has been re-presented due to discontinued operations.
Amounts in $ (Singapore dollars). Only Group statement presented; no separate Company comprehensive income statement.
Consolidated Statement of Changes in Equity (Group) - 2024 movements
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Share capital ($) | 2024Group, Translation reserve ($) | 2024Group, Merger reserve ($) | 2024Group, Share option reserve ($) | 2024Group, Net discount received on equity ($) | 2024Group, Retained earnings ($) | 2024Group, Equity attributable to owners of the Company ($) | 2024Group, Non-Controlling Interests ($) | 2024Group, Total equity ($) | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | ||||||||||
| At 1 January 2024$ | 13,354,627 | (183,469) | (3,913,614) | 69,690 | 596,113 | 2,003,081 | 11,926,428 | (67,605) | 11,858,823 | PDF p. 65 |
| Loss for the year$ | – | – | – | – | – | (934,466) | (934,466) | (108,541) | (1,043,007) | PDF p. 65 |
| Other comprehensive income for the year, net of nil tax$ | – | 1,123 | – | – | – | – | 1,123 | – | 1,123 | PDF p. 65 |
| Total comprehensive loss for the year$ | – | 1,123 | – | – | – | (934,466) | (933,343) | (108,541) | (1,041,884) | PDF p. 65 |
| At 31 December 2024$ | 13,354,627 | (182,346) | (3,913,614) | 69,690 | 596,113 | 1,068,615 | 10,993,085 | (176,146) | 10,816,939 | PDF p. 65 |
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Definitions & sources
Original report: PDF p. 65 ↗
Only consolidated Group statement of changes in equity is presented; no separate Company statement of changes in equity found in primary statements.
Column order: Share capital, Translation reserve, Merger reserve, Share option reserve, Net discount received on equity, Retained earnings, Equity attributable to owners of the Company, Non-Controlling Interests, Total equity. Amounts in $.
Consolidated Statement of Changes in Equity (Group) - 2025 movements
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital ($) | 2025Group, Translation reserve ($) | 2025Group, Merger reserve ($) | 2025Group, Share option reserve ($) | 2025Group, Net discount received on equity ($) | 2025Group, Retained earnings ($) | 2025Group, Equity attributable to owners of the Company ($) | 2025Group, Non-Controlling Interests ($) | 2025Group, Total equity ($) | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | ||||||||||
| Loss for the year$ | – | – | – | – | – | (717,593) | (717,593) | 60,870 | (656,723) | PDF p. 65 |
| Other comprehensive income for the year, net of nil tax$ | – | (23,582) | – | – | – | – | (23,582) | – | (23,582) | PDF p. 65 |
| Total comprehensive loss for the year$ | – | (23,582) | – | – | – | (717,593) | (741,175) | 60,870 | (680,305) | PDF p. 65 |
| 2025 Contributions by and distributions to owners | ||||||||||
| Share option reserve$ | – | – | – | 85,219 | – | – | 85,219 | – | 85,219 | PDF p. 65 |
| Disposal of subsidiary$ | – | – | – | – | – | – | – | 83,418 | 83,418 | PDF p. 65 |
| 2025 Contributions by and distributions to owners (Total contributions by and distributions to owners) | ||||||||||
| distributions to owners$ | – | – | – | 85,219 | – | – | 85,219 | 83,418 | 168,637 | PDF p. 65 |
| 2025 | ||||||||||
| At 31 December 2025$ | 13,354,627 | (205,928) | (3,913,614) | 154,909 | 596,113 | 351,022 | 10,337,129 | (31,858) | 10,305,271 | PDF p. 65 |
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Definitions & sources
Original report: PDF p. 65 ↗
Opening balance is the 31 December 2024 balance shown in the prior table. Amounts in $. No separate Company statement of changes in equity presented.
Consolidated Statement of Cash Flows (Group)
37 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, $ | 2024Group, year ended 31 December 2024, $ | Source |
|---|---|---|---|
| Operating activities | |||
| Loss before tax$ | (662,822) | (1,054,214) | PDF p. 66 |
| Operating activities - Adjustments for | |||
| Interest income$ | (53) | (114) | PDF p. 66 |
| Interest expense$ | 392,536 | 481,314 | PDF p. 66 |
| (Reversal)/Allowance for impairment losses of financial assets and contract assets$ | (145,602) | 233,724 | PDF p. 66 |
| Depreciation of property, plant and equipment$ | 780,596 | 779,234 | PDF p. 66 |
| Depreciation of right-of-use assets$ | 133,993 | 133,688 | PDF p. 66 |
| Loss on disposal of property, plant and equipment$ | 11,026 | 3,242 | PDF p. 66 |
| Loss on disposal of subsidiaries$ | 64,390 | – | PDF p. 66 |
| Property, plant and equipment written off$ | – | 767 | PDF p. 66 |
| Share of results of associates$ | (149,806) | (130,122) | PDF p. 66 |
| Share based payment$ | 85,219 | – | PDF p. 66 |
| Impairment on goodwill$ | – | 1,011,017 | PDF p. 66 |
| Exchange differences$ | (25,384) | 212 | PDF p. 66 |
| Operating activities | |||
| Operating profit before working capital changes$ | 484,093 | 1,458,748 | PDF p. 66 |
| Changes in inventories$ | (24,261) | 14,183 | PDF p. 66 |
| Changes in trade and other receivables and contract assets$ | 1,084,726 | 1,946,368 | PDF p. 66 |
| Changes in trade and other payables and contract liabilities$ | 221,602 | (2,043,927) | PDF p. 66 |
| Cash generated from operations$ | 1,766,160 | 1,375,372 | PDF p. 66 |
| Interest received$ | 53 | 114 | PDF p. 66 |
| Interest paid$ | (42,265) | (37,720) | PDF p. 66 |
| Income tax (paid)/refunded$ | (41,810) | 29,173 | PDF p. 66 |
| Net cash generated from operating activities$ | 1,682,138 | 1,366,939 | PDF p. 66 |
| Investing activities | |||
| Purchases of property, plant and equipment$ | (260,314) | (114,733) | PDF p. 66 |
| Proceeds from disposal of subsidiaries$ | 204,076 | – | PDF p. 66 |
| Net cash outflow on disposal of subsidiaries$ | (114,537) | – | PDF p. 66 |
| Dividends received from an associate$ | 125,235 | 101,327 | PDF p. 66 |
| Net cash used in investing activities$ | (45,540) | (13,406) | PDF p. 66 |
| Financing activities | |||
| Interest paid$ | (350,271) | (443,594) | PDF p. 66 |
| Proceeds from term loans$ | 1,574,522 | 1,288,492 | PDF p. 66 |
| Proceeds from trade financing$ | 8,858,410 | 4,462,161 | PDF p. 66 |
| Repayment of term loans$ | (2,163,424) | (3,639,355) | PDF p. 66 |
| Repayment of trade financing$ | (9,266,806) | (3,580,848) | PDF p. 66 |
| Repayment of lease liabilities$ | (123,957) | (116,114) | PDF p. 66 |
| Net cash used in financing activities$ | (1,471,526) | (2,029,258) | PDF p. 66 |
| Net change in cash | |||
| Net increase/(decrease) in cash and cash equivalents$ | 165,072 | (675,725) | PDF p. 66 |
| Cash and cash equivalents at beginning of year$ | 1,205,183 | 1,880,908 | PDF p. 66 |
| Cash and cash equivalents at end of year$ | 1,370,255 | 1,205,183 | PDF p. 66 |
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Definitions & sources
Original report: PDF p. 66 ↗
Amounts in $. Only Group cash flow statement presented; no Company cash flow statement.
Financial Review – Revenue by segments
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY2025 S$'000 | 2025FY2025 % of total | 2024FY2024 S$'000 | 2024FY2024 % of total | 2025Variance S$'000, FY2025 vs FY2024 | 2025Variance %, FY2025 vs FY2024 | Source |
|---|---|---|---|---|---|---|---|
| Continuing operation | |||||||
| Heat ExchangerS$'000 / % | 11,372 | 56.2 | 9,800 | 48.7 | 1,572 | 16.0 | PDF p. 9 |
| Chemical CleaningS$'000 / % | 3,064 | 15.1 | 3,113 | 15.4 | (49) | (1.6) | PDF p. 9 |
| PipingS$'000 / % | 5,745 | 28.4 | 7,064 | 35.1 | (1,319) | (18.7) | PDF p. 9 |
| Discontinued operation | |||||||
| TradingS$'000 / % | 51 | 0.3 | 155 | 0.8 | (104) | (67.7) | PDF p. 9 |
| Total | |||||||
| TotalS$'000 / % | 20,232 | 100 | 20,132 | 100 | 100 | 0.5 | PDF p. 9 |
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Definitions & sources
Original report: PDF p. 9 ↗
Financial Review – Profitability
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY2025 S$'000 | 2024FY2024 S$'000 | 2025Variance S$'000, FY2025 vs FY2024 | 2025Variance %, FY2025 vs FY2024 | Source |
|---|---|---|---|---|---|
| Profitability | |||||
| Gross profitS$'000 | 6,684 | 7,106 | (422) | (5.9) | PDF p. 9 |
| Other operating incomeS$'000 | 363 | 261 | 102 | 39.1 | PDF p. 9 |
| Administrative expensesS$'000 | (7,189) | (6,789) | (400) | 5.9 | PDF p. 9 |
| Other operating expensesS$'000 | (111) | (4) | (107) | >100 | PDF p. 9 |
| Net impairment losses on financial assetsS$'000 | (132) | (16) | (116) | >100 | PDF p. 9 |
| Finance costsS$'000 | (329) | (384) | 55 | (14.3) | PDF p. 9 |
| Share of results of associatesS$'000 | 150 | 130 | 20 | 15.4 | PDF p. 9 |
| Profit/(Loss) before taxS$'000 | (564) | 304 | (868) | >100 | PDF p. 9 |
| Income tax creditS$'000 | 6 | 8 | (2) | (25.0) | PDF p. 9 |
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Definitions & sources
Original report: PDF p. 9 ↗
Label continues on next printed line: 'discontinued operations'.
Financial Review – Financial position and NAV per share
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025As at 31 December 2025 S$'000 | 2024As at 31 December 2024 S$'000 | 2025Variance S$'000, 2025 vs 2024 | 2025Variance %, 2025 vs 2024 | Source |
|---|---|---|---|---|---|
| Financial position | |||||
| Non-current assetsS$'000 | 6,768 | 7,407 | (639) | (8.6) | PDF p. 10 |
| Current assetsS$'000 | 11,308 | 13,216 | (1,908) | (14.4) | PDF p. 10 |
| Non-current liabilitiesS$'000 | 1,679 | 1,563 | 116 | 7.4 | PDF p. 10 |
| Current liabilitiesS$'000 | 6,092 | 8,243 | (2,151) | (26.1) | PDF p. 10 |
| Working capitalS$'000 | 5,216 | 4,973 | 243 | 4.9 | PDF p. 10 |
| Total equityS$'000 | 10,305 | 10,817 | (512) | (4.7) | PDF p. 10 |
| Per share | |||||
| Net asset value per shareSingapore cents | 5.03 | 5.28 | (0.25) | (4.7) | PDF p. 10 |
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Definitions & sources
Original report: PDF p. 10 ↗
Unit for NAV per share printed on next line: '(Singapore cents)'.
Financial Review – Cash flow
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY2025 S$'000 | 2024FY2024 S$'000 | 2025Variance S$'000, FY2025 vs FY2024 | 2025Variance %, FY2025 vs FY2024 | Source |
|---|---|---|---|---|---|
| Cash flow | |||||
| Net cash generated from operating activitiesS$'000 | 1,682 | 1,367 | 315 | 23.0 | PDF p. 11 |
| Net cash used in investing activitiesS$'000 | (46) | (13) | (33) | NM | PDF p. 11 |
| Net cash used in financing activitiesS$'000 | (1,472) | (2,029) | 557 | (27.5) | PDF p. 11 |
| Cash and cash equivalents at end of yearS$'000 | 1,370 | 1,205 | 165 | 13.7 | PDF p. 11 |
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Definitions & sources
Original report: PDF p. 11 ↗
Note 26 – Loss per share (Group)
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Continuing operations, $ | 2024Continuing operations, $ | 2025Discontinued operations (Note 25), $ | 2024Discontinued operations (Note 25), $ | 2025Total, $ | 2024Total, $ | Source |
|---|---|---|---|---|---|---|---|
| Loss per share | |||||||
| Basic and diluted loss per share (cents per share)cents per share | (0.27) | 0.15 | (0.08) | (0.61) | (0.35) | (0.46) | PDF p. 118 |
| (Loss)/income attributable to equity holders of the company$ | (557,860) | 315,898 | (159,733) | (1,250,364) | (717,593) | (934,466) | PDF p. 118 |
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Definitions & sources
Original report: PDF p. 118 ↗
Diluted loss per share equals basic as share options were anti-dilutive at 31 December 2025 and 2024.
Row labels wrap across lines; weighted average row label is 'Weighted average number of ordinary shares outstanding for basic and diluted loss per share'.
Where the money comes from
Segment information
By business
Segment information 2025 (by business segment) 11 lines
| Item / unit | 2025Piping (continuing) | 2025Heat exchanger (continuing) | 2025Chemical cleaning (continuing) | 2025Head office (continuing) | 2025Trading of petroleum products (discontinued operation) | 2025Consolidated | Source |
|---|---|---|---|---|---|---|---|
| Segment revenue | |||||||
| Sales to external customers, representing total revenue$ | 5,744,975 | 11,371,731 | 3,064,121 | – | 50,522 | 20,231,349 | PDF p. 122 |
| Segment results | |||||||
| Segment results$ | (1,406,537) | 615,835 | 490,339 | (85,219) | (34,510) | (420,092) | PDF p. 122 |
| Other significant non-cash expenses | |||||||
| Depreciation of property, plant and equipment$ | 6,315 | 187,682 | 134,929 | 451,670 | – | 780,596 | PDF p. 122 |
| Depreciation of right-of-use assets$ | – | – | 17,120 | 116,873 | – | 133,993 | PDF p. 122 |
| Net reversal of allowance for impairment losses of financial assets and contract assets$ | (11,922) | 146,066 | (2,196) | – | (277,550) | (145,602) | PDF p. 122 |
| Share of results of associates$ | – | – | – | (149,806) | – | (149,806) | PDF p. 122 |
| Loss on disposal of property, plant and equipment.$ | 477 | 9,086 | 1,463 | – | – | 11,026 | PDF p. 122 |
| Loss on disposal of subsidiaries$ | 1,135 | – | – | – | 63,255 | 64,390 | PDF p. 122 |
| Segment assets | |||||||
| Segment assets$ | 4,089,669 | 5,714,750 | 4,961,236 | 3,310,890 | – | 18,076,545 | PDF p. 122 |
| Segment assets includes | |||||||
| Additions to non-current assets$ | 4,767 | 29,913 | 25,215 | 200,419 | – | 260,314 | PDF p. 122 |
| Segment liabilities | |||||||
| Segment liabilities$ | 1,271,817 | 1,881,517 | 3,430,651 | 1,187,289 | – | 7,771,274 | PDF p. 122 |
Notes
Expenses other than finance costs of $392,536 (2024 – $481,314) are allocated to the other operating segments.
Reportable segments are piping, heat exchanger, chemical cleaning and trading of petroleum products. Trading of petroleum products is shown as a discontinued operation.
Segment information 2024 (by business segment) 11 lines
| Item / unit | 2024Piping (continuing) | 2024Heat exchanger (continuing) | 2024Chemical cleaning (continuing) | 2024Head office (continuing) | 2024Trading of petroleum products (discontinued operation) | 2024Consolidated | Source |
|---|---|---|---|---|---|---|---|
| Segment revenue | |||||||
| Sales to external customers, representing total revenue$ | 7,064,514 | 9,799,572 | 3,112,896 | – | 154,837 | 20,131,819 | PDF p. 122 |
| Segment results | |||||||
| Segment results$ | 4,901 | (412,022) | 965,192 | – | (1,261,093) | (703,022) | PDF p. 122 |
| Other significant non-cash expenses | |||||||
| Depreciation of property, plant and equipment$ | 6,006 | 216,078 | 149,596 | 407,554 | – | 779,234 | PDF p. 122 |
| Depreciation of right-of-use assets$ | – | – | 17,030 | 116,658 | – | 133,688 | PDF p. 122 |
| Impairment of goodwill$ | – | – | – | – | 1,011,017 | 1,011,017 | PDF p. 122 |
| Net allowance for impairment losses of financial assets and contract assets$ | (73,250) | 88,553 | 861 | – | 217,560 | 233,724 | PDF p. 122 |
| Share of results of associates$ | – | – | – | (130,122) | – | (130,122) | PDF p. 122 |
| Loss on disposal of property, plant and equipment$ | – | 3,242 | – | – | – | 3,242 | PDF p. 122 |
| Segment assets | |||||||
| Segment assets$ | 5,438,075 | 5,058,126 | 5,411,956 | 3,224,184 | 1,490,417 | 20,622,758 | PDF p. 122 |
| Segment assets includes | |||||||
| Additions to non-current assets$ | 3,143 | 11,278 | 68,812 | 31,500 | – | 114,733 | PDF p. 122 |
| Segment liabilities | |||||||
| Segment liabilities$ | 1,280,625 | 2,663,616 | 3,353,925 | 1,248,286 | 1,259,367 | 9,805,819 | PDF p. 122 |
Notes
Comparative year 2024 block of Note 31; same column structure as 2025.
Expenses other than finance costs of $392,536 (2024 – $481,314) are allocated to the other operating segments.
Reconciliation of segment results to consolidated loss before tax 4 lines
| Item / unit | 2025Discontinued operation | 2024Discontinued operation | 2025Continuing operations | 2024Continuing operations | Source |
|---|---|---|---|---|---|
| Reconciliation | |||||
| Segment results$ | (34,510) | (1,261,093) | (385,582) | 558,071 | PDF p. 123 |
| Share of results of associates$ | – | – | 149,806 | 130,122 | PDF p. 123 |
| Finance costs$ | (63,735) | (97,229) | (328,801) | (384,085) | PDF p. 123 |
| Loss before tax$ | (98,245) | (1,358,322) | (564,577) | 304,108 | PDF p. 123 |
Notes
Segment results represents the loss/profit incurred/generated by each segment without allocation of share of results of associates, finance costs and income tax expense, and after allocation of head office expenses.
Information about major customers 2 lines
| Item / unit | 2025The Group | 2024The Group | Source |
|---|---|---|---|
| Major customers (Piping segment and Chemical cleaning segment) | |||
| Customer A$ | 3,621,244 | 3,698,798 | PDF p. 123 |
| Customer B$ | 3,045,353 | 4,542,054 | PDF p. 123 |
Notes
Revenue is derived from 2 (2024 – 2) external customers who individually contributed 10% or more of the Group's revenue.
Total of the two customers: 6,666,597 (2025) and 8,240,852 (2024).
Debt
Borrowings
Contractual maturities of Group borrowings and lease liabilities, 31 December
| Item / unit | 2025Group carrying amount, $ | 2025Group total contractual undiscounted cash flows, $ | 2025Group less than 1 year, $ | 2025Group between 2 and 5 years, $ | 2025Group over 5 years, $ | 2024Group carrying amount, $ | 2024Group total contractual undiscounted cash flows, $ | 2024Group less than 1 year, $ | 2024Group between 2 and 5 years, $ | 2024Group over 5 years, $ | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 December | |||||||||||
| Borrowings$ | 3,178,326 | 3,291,878 | 3,025,954 | 265,924 | – | 4,529,651 | 4,697,230 | 4,697,230 | – | – | PDF p. 130 |
| Lease liabilities$ | 1,308,429 | 2,172,813 | 212,162 | 848,649 | 1,112,002 | 1,432,386 | 2,384,975 | 212,162 | 848,649 | 1,324,164 | PDF p. 130 |
Notes
Gross and undiscounted amounts, including contractual interest payments.
Borrowing notes 3 tables
Borrowings
| Item / unit | 2025$ | 2024$ | Source |
|---|---|---|---|
| Non-current term loans | |||
| – Lender D$ | 257,567 | – | PDF p. 108 |
| Current term loans | |||
| – Lender A$ | 2,303,120 | 2,939,400 | PDF p. 108 |
| – Lender B$ | – | 166,005 | PDF p. 108 |
| – Lender C$ | – | 66,667 | PDF p. 108 |
| – Lender D$ | 243,100 | 300,513 | PDF p. 108 |
| Current | |||
| Trade Financing with financier$ | 374,539 | 1,057,066 | PDF p. 108 |
| Total | |||
| Total borrowings$ | 3,178,326 | 4,529,651 | PDF p. 108 |
Notes
Current subtotal printed as 2,920,759 (2025) and 4,529,651 (2024). Certain term loans are subject to contractual interest rate repricing annually; arranged at floating rates.
Lender A loans secured by first legal mortgage over industrial building on leasehold land and corporate guarantee by the Company; bank deposits of $74,382 (2024 – $74,382) pledged. Import invoice financing at 1.70% p.a. over bank's cost of funds; revolving working capital loans $1,955,000 (2024 – $2,000,000) at 3.5% to 6.1% p.a. (2024 – 6.09% to 6.20%). Lender D $500,000 loan fixed 0.5% per month, repayable over 2 years; trade financing 0.70%–1.02% per month. All borrowings denominated in $ as printed.
Non-current fixed-rate borrowings: carrying amount and fair value
| Item / unit | 2025$ | 2024$ | Source |
|---|---|---|---|
| Carrying amounts of non-current borrowings at fixed rates | |||
| – Lender D$ | 257,567 | – | PDF p. 110 |
| Fair values of non-current borrowings at fixed rates | |||
| – Lender D$ | 255,612 | – | PDF p. 110 |
Notes
Fair values determined by discounted cash flow using discount rate 5.50% per annum; Level 3.
Lease liabilities
| Item / unit | 2025The Group, $ | 2024The Group, $ | 2025The Company, $ | 2024The Company, $ | Source |
|---|---|---|---|---|---|
| Undiscounted lease payments due | |||||
| – Within one year$ | 212,162 | 212,162 | 167,533 | 167,533 | PDF p. 111 |
| – In the second to fifth year inclusive$ | 848,649 | 848,649 | 670,133 | 670,133 | PDF p. 111 |
| – From sixth year and onwards$ | 1,112,002 | 1,324,164 | – | 167,533 | PDF p. 111 |
| Less: Future interest costs$ | (864,384) | (952,589) | (122,739) | (172,686) | PDF p. 111 |
| Presented as | |||||
| – Non-current$ | 1,176,465 | 1,309,548 | 589,755 | 716,047 | PDF p. 111 |
| – Current$ | 131,964 | 122,838 | 125,172 | 116,466 | PDF p. 111 |
Notes
Totals printed: undiscounted 2,172,813 / 2,384,975 / 837,666 / 1,005,199; discounted 1,308,429 / 1,432,386 / 714,927 / 832,513. The Group's lease liabilities are secured by the lessors' title to the leased assets.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | The Company currently does not have a fixed dividend policy. | Company | PDF p. 51 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend recommendation FY2025 | the Board has not recommended any dividends for FY2025 | FY2025 | PDF p. 51 |
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, FY ended 31 December 2025 | PDF p. 62 |
| Engagement partner | Chan Ser | Group | PDF p. 62 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment testing of non-financial assets (the Group’s property, plant and equipment, right-of-use assets and the Company’s investment in subsidiaries) | The impairment testing of the Group’s property, plant and equipment and right-of-use assets and the Company’s investment in subsidiaries is considered to be a significant risk area due to the judgemental nature of key assumptions and the significance of the carrying amounts of these assets in the statements of financial position of the Group and the Company. | Group and Company, FY2025 | PDF p. 59 |
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.