Jason Marine 5PF
Financials
Annual Report 2026
Explore the statements
14 tablesConsolidated Statement of Comprehensive Income
24 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Revenue and expenses | |||
| Revenue$’000 | 49,909 | 48,619 | PDF p. 113 |
| Cost of sales$’000 | (33,801) | (34,025) | PDF p. 113 |
| Gross profit$’000 | 16,108 | 14,594 | PDF p. 113 |
| Other item of income | |||
| Other income$’000 | 671 | 487 | PDF p. 113 |
| Other items of expense | |||
| Distribution costs$’000 | (8,212) | (7,854) | PDF p. 113 |
| General and administrative expenses$’000 | (6,291) | (5,453) | PDF p. 113 |
| Other expenses$’000 | (234) | (605) | PDF p. 113 |
| Finance costs$’000 | (47) | (67) | PDF p. 113 |
| Allowance (made)/reversed for impairment loss on financial assets and contract assets$’000 | (109) | 23 | PDF p. 113 |
| Share of results of associates, net of tax$’000 | 4 | (34) | PDF p. 113 |
| Profit | |||
| Profit before income tax$’000 | 1,890 | 1,091 | PDF p. 113 |
| Income tax expense$’000 | (558) | (314) | PDF p. 113 |
| Profit for the financial year$’000 | 1,332 | 777 | PDF p. 113 |
| Other comprehensive income: Items that will or may be reclassified subsequently to profit or loss | |||
| Foreign currency differences on translation of foreign operations$’000 | (191) | (58) | PDF p. 113 |
| Other comprehensive income: Items that will not be reclassified subsequently to profit or loss | |||
| Fair value changes on financial assets, at fair value through other comprehensive income$’000 | 2 | 3 | PDF p. 113 |
| Other comprehensive income | |||
| Other comprehensive income for the financial year, net of tax$’000 | (189) | (55) | PDF p. 113 |
| Comprehensive income | |||
| Total comprehensive income for the financial year$’000 | 1,143 | 722 | PDF p. 113 |
| Profit attributable to | |||
| Owners of the Company$’000 | 1,327 | 777 | PDF p. 113 |
| Non-controlling interests$’000 | 5 | – | PDF p. 113 |
| Profit attributable to total | |||
| Subtotal$’000 | 1,332 | 777 | PDF p. 113 |
| Total comprehensive income attributable to | |||
| Owners of the Company$’000 | 1,139 | 721 | PDF p. 113 |
| Non-controlling interests$’000 | 4 | 1 | PDF p. 113 |
| Total comprehensive income attributable to total | |||
| Subtotal$’000 | 1,143 | 722 | PDF p. 113 |
| Earnings per share | |||
| – Basic and diluted (cents)cents per share | 1.27 | 0.74 | PDF p. 113 |
Definitions & sources
Original report: PDF p. 113 ↗
Statements of Financial Position — Group
38 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Non-current assets | |||
| Intangible assets$’000 | 189 | 235 | PDF p. 112 |
| Plant and equipment$’000 | 1,456 | 1,207 | PDF p. 112 |
| Right-of-use assets$’000 | 1,352 | 646 | PDF p. 112 |
| Investments in subsidiaries$’000 | – | – | PDF p. 112 |
| Investments in associates$’000 | 115 | 111 | PDF p. 112 |
| Financial assets, at fair value through other comprehensive income$’000 | 9 | 7 | PDF p. 112 |
| Trade and other receivables$’000 | 12 | 13 | PDF p. 112 |
| Deferred tax assets$’000 | 22 | 19 | PDF p. 112 |
| Total non-current assets$’000 | 3,155 | 2,238 | PDF p. 112 |
| Current assets | |||
| Inventories$’000 | 7,708 | 7,314 | PDF p. 112 |
| Trade and other receivables$’000 | 8,718 | 13,757 | PDF p. 112 |
| Contract assets$’000 | 12,872 | 6,853 | PDF p. 112 |
| Prepayments$’000 | 257 | 250 | PDF p. 112 |
| Income tax recoverable$’000 | – | 21 | PDF p. 112 |
| Cash and cash equivalents$’000 | 6,757 | 5,315 | PDF p. 112 |
| Total current assets$’000 | 36,312 | 33,510 | PDF p. 112 |
| Current liabilities | |||
| Trade and other payables$’000 | 9,844 | 9,397 | PDF p. 112 |
| Contract liabilities$’000 | 2,696 | 1,646 | PDF p. 112 |
| Derivative financial instruments$’000 | – | 89 | PDF p. 112 |
| Income tax payable$’000 | 518 | 324 | PDF p. 112 |
| Provisions$’000 | 185 | – | PDF p. 112 |
| Loans and borrowings$’000 | 1,943 | 1,013 | PDF p. 112 |
| Lease liabilities$’000 | 714 | 573 | PDF p. 112 |
| Total current liabilities$’000 | 15,900 | 13,042 | PDF p. 112 |
| Current assets less current liabilities | |||
| Net current assets$’000 | 20,412 | 20,468 | PDF p. 112 |
| Non-current liabilities | |||
| Deferred tax liabilities$’000 | 3 | 3 | PDF p. 112 |
| Loans and borrowings$’000 | – | 255 | PDF p. 112 |
| Lease liabilities$’000 | 626 | 76 | PDF p. 112 |
| Total non-current liabilities$’000 | 629 | 334 | PDF p. 112 |
| Net assets | |||
| Net assets$’000 | 22,938 | 22,372 | PDF p. 112 |
| Equity | |||
| Share capital$’000 | 17,967 | 17,967 | PDF p. 112 |
| Treasury shares$’000 | (307) | (255) | PDF p. 112 |
| Fair value adjustment reserve$’000 | (379) | (381) | PDF p. 112 |
| Foreign currency translation account$’000 | (330) | (140) | PDF p. 112 |
| Retained earnings$’000 | 5,826 | 5,024 | PDF p. 112 |
| Equity attributable to owners of the Company$’000 | 22,777 | 22,215 | PDF p. 112 |
| Non-controlling interests$’000 | 161 | 157 | PDF p. 112 |
| Total equity$’000 | 22,938 | 22,372 | PDF p. 112 |
Definitions & sources
Original report: PDF p. 112 ↗
Statements of Financial Position — Company
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Company | 2025Company | Source |
|---|---|---|---|
| Non-current assets | |||
| Right-of-use assets$’000 | 263 | 132 | PDF p. 112 |
| Investments in subsidiaries$’000 | 17,060 | 17,060 | PDF p. 112 |
| Total non-current assets$’000 | 17,323 | 17,192 | PDF p. 112 |
| Current assets | |||
| Trade and other receivables$’000 | 2,408 | 2,938 | PDF p. 112 |
| Prepayments$’000 | 32 | 26 | PDF p. 112 |
| Cash and cash equivalents$’000 | 176 | 844 | PDF p. 112 |
| Total current assets$’000 | 2,616 | 3,808 | PDF p. 112 |
| Current liabilities | |||
| Trade and other payables$’000 | 1,048 | 527 | PDF p. 112 |
| Income tax payable$’000 | 2 | 14 | PDF p. 112 |
| Lease liabilities$’000 | 130 | 132 | PDF p. 112 |
| Total current liabilities$’000 | 1,180 | 673 | PDF p. 112 |
| Current assets less current liabilities | |||
| Net current assets$’000 | 1,436 | 3,135 | PDF p. 112 |
| Non-current liabilities | |||
| Lease liabilities$’000 | 133 | – | PDF p. 112 |
| Total non-current liabilities$’000 | 133 | – | PDF p. 112 |
| Net assets | |||
| Net assets$’000 | 18,626 | 20,327 | PDF p. 112 |
| Equity | |||
| Share capital$’000 | 17,967 | 17,967 | PDF p. 112 |
| Treasury shares$’000 | (307) | (255) | PDF p. 112 |
| Retained earnings$’000 | 966 | 2,615 | PDF p. 112 |
| Total equity$’000 | 18,626 | 20,327 | PDF p. 112 |
Definitions & sources
Original report: PDF p. 112 ↗
Consolidated Statement of Comprehensive Income
24 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$’000 | 49,909 | 48,619 | PDF p. 113 |
| Cost of sales$’000 | (33,801) | (34,025) | PDF p. 113 |
| Gross profit$’000 | 16,108 | 14,594 | PDF p. 113 |
| Other item of income | |||
| Other income$’000 | 671 | 487 | PDF p. 113 |
| Other items of expense | |||
| Distribution costs$’000 | (8,212) | (7,854) | PDF p. 113 |
| General and administrative expenses$’000 | (6,291) | (5,453) | PDF p. 113 |
| Other expenses$’000 | (234) | (605) | PDF p. 113 |
| Finance costs$’000 | (47) | (67) | PDF p. 113 |
| Allowance (made)/reversed for impairment loss on financial assets and contract assets$’000 | (109) | 23 | PDF p. 113 |
| Share of results of associates, net of tax$’000 | 4 | (34) | PDF p. 113 |
| Income statement | |||
| Profit before income tax$’000 | 1,890 | 1,091 | PDF p. 113 |
| Income tax expense$’000 | (558) | (314) | PDF p. 113 |
| Profit for the financial year$’000 | 1,332 | 777 | PDF p. 113 |
| Other comprehensive income; items that will or may be reclassified subsequently to profit or loss | |||
| Foreign currency differences on translation of foreign operations$’000 | (191) | (58) | PDF p. 113 |
| Other comprehensive income; items that will not be reclassified subsequently to profit or loss | |||
| Fair value changes on financial assets, at fair value through other comprehensive income$’000 | 2 | 3 | PDF p. 113 |
| Other comprehensive income | |||
| Other comprehensive income for the financial year, net of tax$’000 | (189) | (55) | PDF p. 113 |
| Total comprehensive income | |||
| Total comprehensive income for the financial year$’000 | 1,143 | 722 | PDF p. 113 |
| Profit attributable to | |||
| Owners of the Company$’000 | 1,327 | 777 | PDF p. 113 |
| Non-controlling interests$’000 | 5 | – | PDF p. 113 |
| Profit attributable subtotal$’000 | 1,332 | 777 | PDF p. 113 |
| Total comprehensive income attributable to | |||
| Owners of the Company$’000 | 1,139 | 721 | PDF p. 113 |
| Non-controlling interests$’000 | 4 | 1 | PDF p. 113 |
| Total comprehensive income attributable subtotal$’000 | 1,143 | 722 | PDF p. 113 |
| Earnings per share | |||
| Basic and diluted (cents)cents | 1.27 | 0.74 | PDF p. 113 |
Definitions & sources
Original report: PDF p. 113 ↗
The statement is headed “FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026”; the columns are Group 2026 and 2025, in $’000 except earnings per share, which is in cents.
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Cash Flows
42 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before income tax$’000 | 1,890 | 1,091 | PDF p. 116 |
| Operating activities; adjustments for | |||
| Allowance for impairment loss on financial assets, net$’000 | 109 | 78 | PDF p. 116 |
| (Write-back of)/Allowance for inventory obsolescence$’000 | (45) | 251 | PDF p. 116 |
| Amortisation of intangible assets$’000 | 68 | 59 | PDF p. 116 |
| Depreciation of plant and equipment and right-of-use assets$’000 | 1,155 | 1,091 | PDF p. 116 |
| Fair value (gain)/loss on derivative financial instruments$’000 | (147) | 89 | PDF p. 116 |
| Gain on disposal of plant and equipment$’000 | – | (1) | PDF p. 116 |
| Interest income$’000 | (95) | (138) | PDF p. 116 |
| Interest expense$’000 | 47 | 67 | PDF p. 116 |
| Inventory written off$’000 | 7 | 5 | PDF p. 116 |
| Plant and equipment written off$’000 | 14 | 5 | PDF p. 116 |
| Share of results of associates$’000 | (4) | 34 | PDF p. 116 |
| Unrealised foreign exchange gain$’000 | (117) | (42) | PDF p. 116 |
| Write-back of allowance for impairment loss on contract assets$’000 | – | (101) | PDF p. 116 |
| Write-back of trade payables$’000 | (1) | (10) | PDF p. 116 |
| Operating activities | |||
| Operating cash flows before working capital changes$’000 | 2,881 | 2,478 | PDF p. 116 |
| Operating activities; working capital changes | |||
| Inventories$’000 | (319) | 629 | PDF p. 116 |
| Trade and other receivables$’000 | 4,930 | (5,804) | PDF p. 116 |
| Contract assets$’000 | (6,019) | (455) | PDF p. 116 |
| Prepayments$’000 | (7) | (63) | PDF p. 116 |
| Trade and other payables$’000 | 448 | 2,100 | PDF p. 116 |
| Provisions$’000 | 185 | – | PDF p. 116 |
| Contract liabilities$’000 | 1,050 | (424) | PDF p. 116 |
| Operating activities | |||
| Cash used in operations$’000 | 3,149 | (1,539) | PDF p. 116 |
| Interest received$’000 | 95 | 138 | PDF p. 116 |
| Income tax paid$’000 | (346) | (39) | PDF p. 116 |
| Net cash generated from/(used) in operating activities$’000 | 2,898 | (1,440) | PDF p. 116 |
| Investing activities | |||
| Proceeds from disposal of plant and equipment$’000 | 5 | 5 | PDF p. 117 |
| Purchase of intangible assets$’000 | (18) | (6) | PDF p. 117 |
| Purchase of plant and equipment$’000 | (751) | (913) | PDF p. 117 |
| Net cash used in investing activities$’000 | (764) | (914) | PDF p. 117 |
| Financing activities | |||
| Dividend paid$’000 | (525) | (263) | PDF p. 117 |
| Drawdown of bank borrowings (Note A)$’000 | 3,726 | 536 | PDF p. 117 |
| Repayment of bank borrowings (Note A)$’000 | (3,051) | (1,541) | PDF p. 117 |
| Interest paid$’000 | (47) | (67) | PDF p. 117 |
| Repayment of lease liabilities (Note A)$’000 | (721) | (674) | PDF p. 117 |
| Purchase of treasury shares$’000 | (52) | – | PDF p. 117 |
| Net cash used in financing activities$’000 | (670) | (2,009) | PDF p. 117 |
| Cash reconciliation | |||
| Net change in cash and cash equivalents$’000 | 1,464 | (4,363) | PDF p. 117 |
| Cash and cash equivalents at beginning of financial year$’000 | 5,315 | 9,692 | PDF p. 117 |
| Effects of foreign exchange rate changes on cash and cash equivalents$’000 | (22) | (14) | PDF p. 117 |
| Cash and cash equivalents at end of financial year (Note 15)$’000 | 6,757 | 5,315 | PDF p. 117 |
Definitions & sources
Original report: PDF p. 116 ↗ PDF p. 117 ↗
The statement is headed “FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026”; it presents Group cash flows for 2026 and 2025 in $’000.
Note A is “Reconciliation of liabilities arising from financing activities” and is extracted as separate tables below.
The accompanying notes form an integral part of these financial statements. The report does not present a separate Company cash flow statement.
Cash flow Note A: Reconciliation of liabilities arising from financing activities, 2026
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group; opening balance at 1 April 2025 | 2026Group; Cash flows | 2026Group; Non-cash additions and modifications of lease liabilities | 2026Group; Interest expense | 2026Group; Foreign exchange movement | 2026Group; closing balance at 31 March 2026 | Source |
|---|---|---|---|---|---|---|---|
| Note A; liabilities arising from financing activities | |||||||
| Loans and borrowings$’000 | 1,268 | 648 | – | 27 | – | 1,943 | PDF p. 117 |
| Lease liabilities$’000 | 649 | (741) | 1,418 | 20 | (6) | 1,340 | PDF p. 117 |
Definitions & sources
Original report: PDF p. 117 ↗
The printed 2026 reconciliation spans 1 April 2025 to 31 March 2026; column headings specify $’000.
Cash flow Note A: Reconciliation of liabilities arising from financing activities, 2025
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; opening balance at 1 April 2024 | 2025Group; Cash flows | 2025Group; Non-cash additions and modifications of lease liabilities | 2025Group; Interest expense | 2025Group; closing balance at 31 March 2025 | Source |
|---|---|---|---|---|---|---|
| Note A; liabilities arising from financing activities | ||||||
| Loans and borrowings$’000 | 2,273 | (1,048) | – | 43 | 1,268 | PDF p. 117 |
| Lease liabilities$’000 | 922 | (698) | 401 | 24 | 649 | PDF p. 117 |
Definitions & sources
Original report: PDF p. 117 ↗
The printed comparative reconciliation spans 1 April 2024 to 31 March 2025; column headings specify $’000.
Company movements in retained earnings
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Company | 2025Company | Source |
|---|---|---|---|
| Company; retained earnings | |||
| Balance at beginning of financial year$’000 | 2,615 | 3,507 | PDF p. 149 |
| Total comprehensive income for the financial year$’000 | (1,124) | (629) | PDF p. 149 |
| Dividends$’000 | (525) | (263) | PDF p. 149 |
| Balance at end of financial year$’000 | 966 | 2,615 | PDF p. 149 |
Definitions & sources
Original report: PDF p. 149 ↗
The report discloses Company retained earnings movements in Note 24 rather than a separate full Company statement of changes in equity. Amounts are $’000.
Financial Highlights — Results of Operations
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026FY2026 | 2025FY2025 | 2024FY2024 | 2023FY2023 | 2022FY2022 | Source |
|---|---|---|---|---|---|---|
| Results of Operations | ||||||
| RevenueS$'000 | 49,909 | 48,619 | 34,656 | 30,332 | 30,924 | PDF p. 78 |
| Gross profitS$'000 | 16,108 | 14,594 | 10,269 | 10,005 | 9,148 | PDF p. 78 |
| Profit before income taxS$'000 | 1,890 | 1,091 | 237 | 250 | 276 | PDF p. 78 |
| Profit attributable to owners of the CompanyS$'000 | 1,327 | 777 | 92 | 140 | 240 | PDF p. 78 |
| Earnings per sharecents | 1.27 | 0.74 | 0.09 | 0.13 | 0.23 | PDF p. 78 |
Definitions & sources
Original report: PDF p. 78 ↗
The printed columns label the periods FY2026, FY2025, FY2024, FY2023 and FY2022. The header lists each results column in S$'000 except earnings per share, whose row specifies cents. The report provides no adjusted-profit row in this five-year summary.
Financial Highlights — Financial Position
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026As at 31 March, FY2026 | 2025As at 31 March, FY2025 | 2024As at 31 March, FY2024 | 2023As at 31 March, FY2023 | 2022As at 31 March, FY2022 | Source |
|---|---|---|---|---|---|---|
| Financial Position | ||||||
| Non-current assetsS$'000 | 3,155 | 2,238 | 2,105 | 1,518 | 1,982 | PDF p. 78 |
| Current assetsS$'000 | 36,312 | 33,510 | 32,411 | 31,652 | 34,816 | PDF p. 78 |
| Current liabilitiesS$'000 | 15,900 | 13,042 | 11,072 | 8,380 | 9,802 | PDF p. 78 |
| Non-current liabilitiesS$'000 | 629 | 334 | 1,531 | 2,308 | 3,399 | PDF p. 78 |
| EquityS$'000 | 22,938 | 22,372 | 21,913 | 22,482 | 23,597 | PDF p. 78 |
| Net asset value per sharecents | 21.77 | 21.16 | 20.72 | 21.35 | 22.47 | PDF p. 78 |
Definitions & sources
Original report: PDF p. 78 ↗
The report labels these as at 31 March for each respective FY column. The position rows are in S$'000 except net asset value per share, whose row specifies cents.
Illustrative Financial Ratios — Share Buyback Mandate, Scenario 1
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, before share purchase | 2026Group, after share buyback assuming market purchase | 2026Group, after share buyback assuming off-market purchase | 2026Company, before share purchase | 2026Company, after share buyback assuming market purchase | 2026Company, after share buyback assuming off-market purchase | Source |
|---|---|---|---|---|---|---|---|
| Financial ratios — Scenario 1: Purchases made out of capital and held as treasury shares | |||||||
| NTA per share (cents)(3)cents | 21.74 | 22.28 | 22.01 | 17.80 | 17.90 | 17.63 | PDF p. 183 |
| EPS (cents)(4)cents | 1.27 | 1.41 | 1.41 | (1.07) | (1.19) | (1.19) | PDF p. 183 |
| Current ratio (times)(5)times | 2.30 | 2.20 | 2.20 | 2.20 | 0.70 | 0.50 | PDF p. 183 |
| Gearing ratio (times)(6)times | 0.10 | 0.10 | 0.10 | – | – | – | PDF p. 183 |
| Return on equity (%)(7)% | 5.8 | 6.3 | 6.4 | (6.0) | (6.7) | (6.8) | PDF p. 183 |
Definitions & sources
Original report: PDF p. 183 ↗
These are illustrative financial effects under the share buyback mandate, based on audited financial statements for the financial year ended 31 March 2026. Scenario 1 assumes purchases made out of capital and held as treasury shares. Notes and definitions: (1) NTA refers to total net assets less intangible assets. (2) Total borrowings refer to the total of short term and long term borrowings. (3) NTA per Share is calculated based on NTA divided by number of issued shares (excluding treasury shares and subsidiary holdings) as at 31 March 2026. (4) For illustrative purpose, EPS is calculated based on profit/(loss) for the financial year attributable to owners of the Company divided by number of issued shares (excluding treasury shares and subsidiary holdings) as at 31 March 2026. (5) Current ratio equals current assets divided by current liabilities. (6) Gearing ratio equals total borrowings divided by Equity attributable to the owners of the Company. (7) Return on equity equals profit/(loss) for the financial year attributable to owners of the Company divided by Equity attributable to the owners of the Company.
Illustrative Financial Ratios — Share Buyback Mandate, Scenario 2
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, before share purchase | 2026Group, after share buyback assuming market purchase | 2026Group, after share buyback assuming off-market purchase | 2026Company, before share purchase | 2026Company, after share buyback assuming market purchase | 2026Company, after share buyback assuming off-market purchase | Source |
|---|---|---|---|---|---|---|---|
| Financial ratios — Scenario 2: Purchases made out of capital and cancelled | |||||||
| NTA per share (cents)(3)cents | 21.74 | 22.28 | 22.01 | 17.80 | 17.90 | 17.63 | PDF p. 184 |
| EPS (cents)(4)cents | 1.27 | 1.41 | 1.41 | (1.07) | (1.19) | (1.19) | PDF p. 184 |
| Current ratio (times)(5)times | 2.30 | 2.20 | 2.20 | 2.20 | 0.70 | 0.50 | PDF p. 184 |
| Gearing ratio (times)(6)times | 0.10 | 0.10 | 0.10 | – | – | – | PDF p. 184 |
| Return on equity (%)(7)% | 5.8 | 6.3 | 6.4 | (6.0) | (6.7) | (6.8) | PDF p. 184 |
Definitions & sources
Original report: PDF p. 184 ↗
These are illustrative financial effects under the share buyback mandate, based on audited financial statements for the financial year ended 31 March 2026. Scenario 2 assumes purchases made out of capital and cancelled. Notes and definitions: (1) NTA refers to total net assets less intangible assets. (2) Total borrowings refer to the total of short term and long term borrowings. (3) NTA per Share is calculated based on NTA divided by number of issued shares (excluding treasury shares and subsidiary holdings) as at 31 March 2026. (4) For illustrative purpose, EPS is calculated based on profit/(loss) for the financial year attributable to owners of the Company divided by number of issued shares (excluding treasury shares and subsidiary holdings) as at 31 March 2026. (5) Current ratio equals current assets divided by current liabilities. (6) Gearing ratio equals total borrowings divided by Equity attributable to the owners of the Company. (7) Return on equity equals profit/(loss) for the financial year attributable to owners of the Company divided by Equity attributable to the owners of the Company.
Earnings Per Share
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Earnings Per Share | |||
| Profit attributable to owners of the Company$’000 | 1,327 | 777 | PDF p. 153 |
| Basic and diluted earnings per sharecents | 1.27 | 0.74 | PDF p. 153 |
Definitions & sources
Original report: PDF p. 153 ↗
Basic earnings per share is calculated by dividing the profit for the financial year attributable to owners of the Company by the weighted average number of ordinary shares in issue during the financial year. As the Group has no dilutive potential ordinary shares, diluted earnings per share is equivalent to basic earnings per share for the financial year.
Dividends
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group and Company, 2026 | 2025Group and Company, 2025 | Source |
|---|---|---|---|
| Dividends | |||
| Final tax-exempt dividend of 0.25 cent per share in respect of financial year ended 31 March 2024$’000 | – | 263 | PDF p. 154 |
| Final tax-exempt dividend of 0.50 cent per share in respect of financial year ended 31 March 2025$’000 | 525 | – | PDF p. 154 |
| Total dividends$’000 | 525 | 263 | PDF p. 154 |
Definitions & sources
Original report: PDF p. 154 ↗
The table reports dividends in $’000. The Directors recommend a final tax-exempt dividend of 0.75 cent per share amounting approximately $785,000 to be paid in respect of the current financial year ended 31 March 2026. The final tax-exempt dividend has not been recognised as a liability at the end of the reporting period as it is subject to approval by shareholders at the Company’s annual general meeting to be held in July 2026.
Where the money comes from
Segment information
By business
Segment information by business segment 28 lines
| Item / unit | 2026Sale of goods | 2026Rendering of services | 2026Airtime revenue | 2026Unallocated | 2026Eliminations | 2026Total | 2025Sale of goods | 2025Rendering of services | 2025Airtime revenue | 2025Unallocated | 2025Eliminations | 2025Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||
| External revenue$'000 | 37,164 | 9,837 | 2,908 | – | – | 49,909 | 36,464 | 9,101 | 3,054 | – | – | 48,619 | PDF p. 156PDF p. 157 |
| Inter-segment revenue*$'000 | 3,490 | 966 | 171 | 3,562 | (8,189) | – | 2,742 | 806 | 112 | 3,312 | (6,972) | – | PDF p. 156PDF p. 157 |
| Total revenue$'000 | 40,654 | 10,803 | 3,079 | 3,562 | (8,189) | 49,909 | 39,206 | 9,907 | 3,166 | 3,312 | (6,972) | 48,619 | PDF p. 156PDF p. 157 |
| Results | |||||||||||||
| Fair value gain on derivative financial instruments, net$'000 | – | – | – | 147 | – | 147 | PDF p. 156 | ||||||
| Allowance (made)/reversed for impairment loss on financial assets$'000 | 3 | (118) | – | 6 | – | (109) | PDF p. 156 | ||||||
| Write-back of trade payables$'000 | – | – | – | 1 | – | 1 | – | – | – | 10 | – | 10 | PDF p. 156PDF p. 157 |
| Write-back of inventory obsolescence$'000 | 45 | – | – | – | – | 45 | PDF p. 156 | ||||||
| Interest income$'000 | – | – | – | 95 | – | 95 | – | – | – | 138 | – | 138 | PDF p. 156PDF p. 157 |
| Interest expense$'000 | (33) | (12) | (2) | – | – | (47) | (50) | (15) | (2) | – | – | (67) | PDF p. 156PDF p. 157 |
| Inventory written off$'000 | (7) | – | – | – | – | (7) | (5) | – | – | – | – | (5) | PDF p. 156PDF p. 157 |
| Depreciation of plant and equipment and right-of-use assets$'000 | (605) | (457) | (43) | (50) | – | (1,155) | (599) | (403) | (49) | (40) | – | (1,091) | PDF p. 156PDF p. 157 |
| Amortisation of intangible assets$'000 | – | – | – | (68) | – | (68) | – | – | – | (59) | – | (59) | PDF p. 156PDF p. 157 |
| Share of results of associates$'000 | – | – | – | 4 | – | 4 | – | – | – | (34) | – | (34) | PDF p. 156PDF p. 157 |
| Segment profit/(loss)*$'000 | 3,229 | 783 | (53) | 1,493 | (3,562) | 1,890 | 2,820 | 515 | (252) | 1,320 | (3,312) | 1,091 | PDF p. 156PDF p. 157 |
| Addition to non-current assets | |||||||||||||
| Intangible assets$'000 | – | – | – | 18 | – | 18 | – | – | – | 6 | – | 6 | PDF p. 156PDF p. 157 |
| Plant and equipment$'000 | 45 | 578 | 19 | 109 | – | 751 | 384 | 486 | 4 | 39 | – | 913 | PDF p. 156PDF p. 157 |
| Right-of-use assets$'000 | 260 | 96 | 16 | – | – | 372 | 62 | 19 | 2 | – | – | 83 | PDF p. 156PDF p. 157 |
| Total addition to non-current assets$'000 | 305 | 674 | 35 | 127 | – | 1,141 | 446 | 505 | 6 | 45 | – | 1,002 | PDF p. 156PDF p. 157 |
| Assets and liabilities | |||||||||||||
| Segment assets**$'000 | 31,854 | 4,369 | 940 | 30,270 | (28,090) | 39,343 | 26,761 | 3,876 | 1,028 | 28,866 | (24,901) | 35,630 | PDF p. 156PDF p. 157 |
| Financial assets, at FVOCI$'000 | – | – | – | 9 | – | 9 | – | – | – | 7 | – | 7 | PDF p. 156PDF p. 157 |
| Investments in associates$'000 | – | – | – | 115 | – | 115 | – | – | – | 111 | – | 111 | PDF p. 156PDF p. 157 |
| Total segment assets$'000 | 31,854 | 4,369 | 940 | 30,394 | (28,090) | 39,467 | 26,761 | 3,876 | 1,028 | 28,984 | (24,901) | 35,748 | PDF p. 156PDF p. 157 |
| Segment liabilities***$'000 | 17,567 | 6,494 | 869 | 10,794 | (19,713) | 16,011 | 13,130 | 5,626 | 878 | 8,792 | (15,374) | 13,052 | PDF p. 156PDF p. 157 |
| Current income tax payable$'000 | 463 | 48 | 5 | 2 | – | 518 | 227 | 59 | 24 | 14 | – | 324 | PDF p. 156PDF p. 157 |
| Total segment liabilities$'000 | 18,030 | 6,542 | 874 | 10,796 | (19,713) | 16,529 | 13,357 | 5,685 | 902 | 8,806 | (15,374) | 13,376 | PDF p. 156PDF p. 157 |
| Results | |||||||||||||
| Fair value loss on derivative financial instruments, net$'000 | – | – | – | (89) | – | (89) | PDF p. 157 | ||||||
| Allowance (made)/reversed for impairment loss on financial assets and contract assets$'000 | 117 | (42) | (16) | (36) | – | 23 | PDF p. 157 | ||||||
| Allowance for inventory obsolescence$'000 | (251) | – | – | – | – | (251) | PDF p. 157 | ||||||
Notes
Footnotes (printed on page 157): * Unallocated inter-segment revenue and profit comprise mainly of management fee income net of corporate headquarter expenses. ** Unallocated segment assets comprise mainly investments in subsidiaries, cash and cash equivalents and trade and other receivables due from related companies at the corporate headquarter. *** Unallocated segment liabilities comprise mainly loans and borrowings and trade and other payables due to related companies at the corporate headquarter.
Financial year ended 31 March 2026. Rows without a printed label are subtotals.
* Unallocated inter-segment revenue and profit comprise mainly of management fee income net of corporate headquarter expenses.
** Unallocated segment assets comprise mainly investments in subsidiaries, cash and cash equivalents and trade and other receivables due from related companies at the corporate headquarter.
*** Unallocated segment liabilities comprise mainly loans and borrowings and trade and other payables due to related companies at the corporate headquarter.
Comparative year 2025 (financial year ended 31 March 2025). Rows without a printed label are subtotals.
By geography
Geographical information - Revenue from external customers 9 lines
| Item / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Revenue from external customers | |||
| Singapore$'000 | 28,304 | 29,983 | PDF p. 158 |
| Indonesia$'000 | 3,046 | 4,002 | PDF p. 158 |
| Brazil$'000 | 2,793 | 5 | PDF p. 158 |
| Malaysia$'000 | 2,276 | 1,997 | PDF p. 158 |
| Cyprus$'000 | 1,519 | 1,171 | PDF p. 158 |
| Hong Kong$'000 | 1,453 | 590 | PDF p. 158 |
| India$'000 | 798 | 451 | PDF p. 158 |
| Others*$'000 | 9,720 | 10,420 | PDF p. 158 |
| Total revenue from external customers$'000 | 49,909 | 48,619 | PDF p. 158 |
Notes
* “Others” include Denmark, Norway, Greece, Japan, Vietnam, France, Germany, Taiwan, United Kingdom, Saudi Arabia, Philippines, United Arab Emirates, Netherlands, Australia, People’s Republic of China, United States and etc of which none of these countries contributes individually more than 10% of the Group’s revenue.
The Group’s three business segments operate in seven main geographical areas. Revenue is based on the country in which the customer is located.
Major customers: revenue from two (2025: one) customers amounting to $20,042,000 (2025: $16,960,000) under sale of goods, rendering of services and airtime segment, represented approximately 40% (2025: 35%) of total revenue.
Geographical information - Non-current assets 3 lines
| Item / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Non-current assets | |||
| Singapore$'000 | 2,685 | 1,860 | PDF p. 158 |
| Others$'000 | 427 | 339 | PDF p. 158 |
| Total non-current assets$'000 | 3,112 | 2,199 | PDF p. 158 |
Notes
Non-current assets information presented above excludes financial assets at FVOCI, deferred tax assets, and non-current trade and other receivables.
Debt
Borrowings
Borrowing notes 3 tables
Loans and borrowings
| Item / unit | 2026$'000 | 2025$'000 | Source |
|---|---|---|---|
| Non-current | |||
| Term loans$'000 | – | 255 | PDF p. 145 |
| Current | |||
| Trade loans$'000 | 1,688 | – | PDF p. 145 |
| Term loans$'000 | 255 | 1,013 | PDF p. 145 |
| Total | |||
| Total loans and borrowings$'000 | 1,943 | 1,268 | PDF p. 145 |
Notes
Effective interest rates of the term loans range from 2% to 2.5% (2025: 2% to 2.5%) per annum.
Term loans are mainly loans under the Enterprise Financing Scheme for working capital requirements.
Trade loans comprise trust receipts which are repayable within 45 to 60 days and bear interest ranging from 2.5% to 6.2% per annum.
Loans and borrowings are supported by corporate guarantees provided by the Company.
Carrying amounts approximate fair values. Current subtotal printed: 1,943 (2026), 1,013 (2025).
Currency profile of loans and borrowings
| Item / unit | 2026$'000 | 2025$'000 | Source |
|---|---|---|---|
| Currency profile | |||
| Singapore dollar$'000 | 578 | 1,268 | PDF p. 145 |
| United States dollar$'000 | 1,365 | – | PDF p. 145 |
Notes
Total 1,943 (2026) and 1,268 (2025).
Statement of financial position: loans and borrowings and lease liabilities
| Item / unit | 2026Group, $'000 | 2025Group, $'000 | 2026Company, $'000 | 2025Company, $'000 | Source |
|---|---|---|---|---|---|
| Current liabilities | |||||
| Loans and borrowings$'000 | 1,943 | 1,013 | – | – | PDF p. 112 |
| Lease liabilities$'000 | 714 | 573 | 130 | 132 | PDF p. 112 |
| Non-current liabilities | |||||
| Loans and borrowings$'000 | – | 255 | – | – | PDF p. 112 |
| Lease liabilities$'000 | 626 | 76 | 133 | – | PDF p. 112 |
Notes
Note reference column (18, 19) precedes values in quotes.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | Subject to the Group’s business requirements and other relevant considerations and barring unforeseen circumstances, the Board has stated that it shall recommend and distribute not less than 25% of the Group’s audited consolidated net profits attributable to shareholders as dividends annually. | Group | PDF p. 95 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| first and final dividend of 0.75 Singapore cents per ordinary share for FY2026 | 0.75 Singapore cents per share | Proposed for FY2026 (year ended 31 March 2026) | PDF p. 154 |
| Final tax-exempt dividend of 0.50 cent per share in respect of financial year ended 31 March 2025 | 0.50 cents per share | Declared for FY2025 (year ended 31 March 2025), paid in FY2026; Group and Company | PDF p. 154 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend as % of Group audited consolidated net profits attributable to shareholders | around 59% | FY2026 proposed dividend | PDF p. 95 |
Extracted from Annual Report 2026 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 | BDO LLP | Group | PDF p. 111 |
| Engagement partner | Goh Chern Ni | Group | PDF p. 111 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern | No material uncertainty related to going concern is reported in the auditor's report | Group | PDF p. 111 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Revenue from contract with customers | The Group is principally engaged in the sales of goods comprising marine satellite, communications and navigational systems. | Group | PDF p. 108 |
| Impairment assessment of investments in subsidiaries | At the end of the reporting period, the management carried out a review of the recoverable amounts of the investments in subsidiaries. | Company | PDF p. 109 |
Extracted from Annual Report 2026 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 2026, 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.