Kori 5VC
Financials
Annual Report 2025
Explore the statements
12 tablesConsolidated Statement of Comprehensive Income (Group)
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025 | 2024Group, year ended 31 December 2024 | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$ | 22,343,982 | 17,442,120 | PDF p. 102 |
| Cost of sales$ | (17,410,179) | (12,380,640) | PDF p. 102 |
| Gross profit$ | 4,933,803 | 5,061,480 | PDF p. 102 |
| Other items of income | |||
| Interest income$ | 21,087 | 28,074 | PDF p. 102 |
| Other income$ | 220,317 | 112,640 | PDF p. 102 |
| Other items of expense | |||
| Administrative and other expenses$ | (3,983,221) | (3,906,991) | PDF p. 102 |
| Loss allowance reversed/(made) | |||
| – trade receivables$ | 50,754 | (82,563) | PDF p. 102 |
| – unbilled receivables$ | 21,288 | (70,542) | PDF p. 102 |
| – retention receivables$ | (94,709) | (19,118) | PDF p. 102 |
| – contract assets$ | 54,797 | 82,036 | PDF p. 102 |
| Other items of expense | |||
| Finance costs$ | (220,900) | (236,557) | PDF p. 102 |
| Income statement | |||
| Profit before income tax$ | 1,003,216 | 968,459 | PDF p. 102 |
| Income tax expense$ | (270,000) | (253,000) | PDF p. 102 |
| Profit for the financial year, attributable to owners of the parent$ | 733,216 | 715,459 | PDF p. 102 |
| Other comprehensive income | |||
| Foreign currency differences on translation of foreign operations$ | 6,596 | 7,605 | PDF p. 102 |
| Other comprehensive income, net of tax$ | 6,596 | 7,605 | PDF p. 102 |
| Total comprehensive income for the financial year, attributable to owners of the parent$ | 739,812 | 723,064 | PDF p. 102 |
Definitions & sources
Original report: PDF p. 102 ↗
The accompanying notes form an integral part of these financial statements.
Total comprehensive income label wraps: 'Total comprehensive income for the financial year, attributable to' / 'owners of the parent'. No separate primary Company income statement is presented.
Statements of Financial Position – assets and liabilities (Group and Company)
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$ | 34,793,200 | 31,953,904 | – | – | PDF p. 103 |
| Investments in subsidiaries$ | – | – | 25,825,255 | 25,825,255 | PDF p. 103 |
| Total non-current assets$ | 34,793,200 | 31,953,904 | 25,825,255 | 25,825,255 | PDF p. 103 |
| Current assets | |||||
| Trade and other receivables$ | 37,312,991 | 38,340,672 | 4,451,730 | 4,236,517 | PDF p. 103 |
| Contract assets$ | 2,465,786 | 3,189,356 | – | – | PDF p. 103 |
| Capitalised contract costs$ | 273,565 | 373,770 | – | – | PDF p. 103 |
| Prepayments$ | 156,448 | 213,442 | 238 | 237 | PDF p. 103 |
| Current income tax recoverable$ | – | 643,094 | – | – | PDF p. 103 |
| Cash and bank balances$ | 267,981 | 566,847 | 6,416 | 9,047 | PDF p. 103 |
| Fixed deposits$ | 1,000,680 | 1,042,861 | – | – | PDF p. 103 |
| Total current assets$ | 41,477,451 | 44,370,042 | 4,458,384 | 4,245,801 | PDF p. 103 |
| Current liabilities | |||||
| Trade and other payables$ | 10,762,066 | 9,723,149 | 906,187 | 562,776 | PDF p. 103 |
| Contract liabilities$ | 4,288,057 | 6,260,511 | – | – | PDF p. 103 |
| Lease liabilities$ | 191,416 | 151,105 | – | – | PDF p. 103 |
| Bank borrowings$ | – | 388,288 | – | – | PDF p. 103 |
| Total current liabilities$ | 15,241,539 | 16,523,053 | 906,187 | 562,776 | PDF p. 103 |
| Net current assets$ | 26,235,912 | 27,846,989 | 3,552,197 | 3,683,025 | PDF p. 103 |
| Non-current liabilities | |||||
| Lease liabilities$ | 206,465 | 28,269 | – | – | PDF p. 103 |
| Deferred tax liabilities$ | 1,670,000 | 1,400,000 | – | – | PDF p. 103 |
| Convertible bonds$ | 2,924,813 | 2,884,602 | 2,924,813 | 2,884,602 | PDF p. 103 |
| Provisions$ | 50,000 | 50,000 | – | – | PDF p. 103 |
| Total non-current liabilities$ | 4,851,278 | 4,362,871 | 2,924,813 | 2,884,602 | PDF p. 103 |
| Net assets$ | 56,177,834 | 55,438,022 | 26,452,639 | 26,623,678 | PDF p. 103 |
Definitions & sources
Original report: PDF p. 103 ↗
The accompanying notes form an integral part of these financial statements.
Statements of Financial Position – equity (Group and Company)
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Equity | |||||
| Share capital$ | 32,290,650 | 32,290,650 | 32,290,650 | 32,290,650 | PDF p. 104 |
| Merger reserve$ | (25,627,521) | (25,627,521) | – | – | PDF p. 104 |
| Foreign currency translation reserve$ | 8,616 | 2,020 | – | – | PDF p. 104 |
| Capital reserve$ | 39,012 | 39,012 | 39,012 | 39,012 | PDF p. 104 |
| Retained earnings/(Accumulated losses)$ | 49,467,077 | 48,733,861 | (5,877,023) | (5,705,984) | PDF p. 104 |
| Total equity attributable to owners of the parent$ | 56,177,834 | 55,438,022 | 26,452,639 | 26,623,678 | PDF p. 104 |
Definitions & sources
Original report: PDF p. 104 ↗
The accompanying notes form an integral part of these financial statements.
Label 'Total equity attributable to owners of the parent' wraps over two lines; quote is the second-line fragment with values.
Consolidated Statement of Comprehensive Income
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $ | 2024Group, $ | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$ | 22,343,982 | 17,442,120 | PDF p. 102 |
| Cost of sales$ | (17,410,179) | (12,380,640) | PDF p. 102 |
| Gross profit$ | 4,933,803 | 5,061,480 | PDF p. 102 |
| Other items of income | |||
| Interest income$ | 21,087 | 28,074 | PDF p. 102 |
| Other income$ | 220,317 | 112,640 | PDF p. 102 |
| Other items of expense | |||
| Administrative and other expenses$ | (3,983,221) | (3,906,991) | PDF p. 102 |
| Loss allowance reversed/(made) | |||
| – trade receivables$ | 50,754 | (82,563) | PDF p. 102 |
| – unbilled receivables$ | 21,288 | (70,542) | PDF p. 102 |
| – retention receivables$ | (94,709) | (19,118) | PDF p. 102 |
| – contract assets$ | 54,797 | 82,036 | PDF p. 102 |
| Other items of expense | |||
| Finance costs$ | (220,900) | (236,557) | PDF p. 102 |
| Income statement | |||
| Profit before income tax$ | 1,003,216 | 968,459 | PDF p. 102 |
| Income tax expense$ | (270,000) | (253,000) | PDF p. 102 |
| Profit for the financial year, attributable to owners of the parent$ | 733,216 | 715,459 | PDF p. 102 |
| Other comprehensive income - items that may be reclassified subsequently to profit or loss | |||
| Foreign currency differences on translation of foreign operations$ | 6,596 | 7,605 | PDF p. 102 |
| Other comprehensive income | |||
| Other comprehensive income, net of tax$ | 6,596 | 7,605 | PDF p. 102 |
| Total comprehensive income | |||
| Total comprehensive income for the financial year, attributable to$ | 739,812 | 723,064 | PDF p. 102 |
Definitions & sources
Original report: PDF p. 102 ↗
Profit and total comprehensive income are attributable to owners of the parent. No non-controlling interests. Note column: Revenue 5, Interest income 6, Other income 6, Finance costs 7, PBT 8, Income tax 9, EPS 10.
Consolidated Statement of Changes in Equity - Group, year ended 31 December 2025 (attributable to owners of the parent)
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital, $ | 2025Group, Merger reserve, $ | 2025Group, Foreign currency translation reserve, $ | 2025Group, Capital reserve, $ | 2025Group, Retained earnings, $ | 2025Group, Total equity, $ | Source |
|---|---|---|---|---|---|---|---|
| Opening balance | |||||||
| Balance at 1 January 2025$ | 32,290,650 | (25,627,521) | 2,020 | 39,012 | 48,733,861 | 55,438,022 | PDF p. 105 |
| Movements | |||||||
| Profit for the financial year$ | – | – | – | – | 733,216 | 733,216 | PDF p. 105 |
| Other comprehensive income for the financial year | |||||||
| Exchange differences on translation of foreign operations$ | – | – | 6,596 | – | – | 6,596 | PDF p. 105 |
| Movements | |||||||
| Total comprehensive income for the financial year$ | – | – | 6,596 | – | 733,216 | 739,812 | PDF p. 105 |
| Closing balance | |||||||
| Balance at 31 December 2025$ | 32,290,650 | (25,627,521) | 8,616 | 39,012 | 49,467,077 | 56,177,834 | PDF p. 105 |
Definitions & sources
Original report: PDF p. 105 ↗
Column order: Share capital, Merger reserve, Foreign currency translation reserve, Capital reserve, Retained earnings, Total equity. No non-controlling interests or dividends shown.
Consolidated Statement of Changes in Equity - Group, year ended 31 December 2024 (attributable to owners of the parent)
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Share capital, $ | 2024Group, Merger reserve, $ | 2024Group, Foreign currency translation reserve/(account), $ | 2024Group, Capital reserve, $ | 2024Group, Retained earnings, $ | 2024Group, Total equity, $ | Source |
|---|---|---|---|---|---|---|---|
| Opening balance | |||||||
| Balance at 1 January 2024$ | 32,290,650 | (25,627,521) | (5,585) | 39,012 | 48,018,402 | 54,714,958 | PDF p. 106 |
| Movements | |||||||
| Profit for the financial year$ | – | – | – | – | 715,459 | 715,459 | PDF p. 106 |
| Other comprehensive income for the financial year | |||||||
| Exchange differences on translation of foreign operations$ | – | – | 7,605 | – | – | 7,605 | PDF p. 106 |
| Movements | |||||||
| Total comprehensive income for the financial year$ | – | – | 7,605 | – | 715,459 | 723,064 | PDF p. 106 |
| Closing balance | |||||||
| Balance at 31 December 2024$ | 32,290,650 | (25,627,521) | 2,020 | 39,012 | 48,733,861 | 55,438,022 | PDF p. 106 |
Definitions & sources
Original report: PDF p. 106 ↗
Column order: Share capital, Merger reserve, Foreign currency translation reserve/(account), Capital reserve, Retained earnings, Total equity.
Consolidated Statement of Cash Flows - Operating and investing activities
26 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $ | 2024Group, $ | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before income tax$ | 1,003,216 | 968,459 | PDF p. 107 |
| Adjustments for | |||
| Amortisation of capitalised contract costs$ | 100,205 | 99,964 | PDF p. 107 |
| Depreciation of property, plant and equipment$ | 2,547,406 | 1,693,249 | PDF p. 107 |
| Loss from modification of lease$ | 10,254 | – | PDF p. 107 |
| Loss on disposal and write-off of property, plant and equipment$ | 88,242 | 1,261,426 | PDF p. 107 |
| Interest expense$ | 222,953 | 238,349 | PDF p. 107 |
| Interest income$ | (21,087) | (28,074) | PDF p. 107 |
| Loss allowance made/(reversed) | |||
| – trade receivables$ | (50,754) | 82,563 | PDF p. 107 |
| – unbilled receivables$ | (21,288) | 70,542 | PDF p. 107 |
| – retention receivables$ | 94,709 | 19,118 | PDF p. 107 |
| – contract assets$ | (54,797) | (82,036) | PDF p. 107 |
| Adjustments for | |||
| Unrealised exchange difference$ | 5,990 | 7,162 | PDF p. 107 |
| Operating activities | |||
| Operating cash flows before working capital changes$ | 3,925,049 | 4,330,722 | PDF p. 107 |
| Working capital changes | |||
| Trade and other receivables$ | (3,607,523) | (2,713,721) | PDF p. 107 |
| Contract assets$ | 778,367 | 1,241,670 | PDF p. 107 |
| Capitalised contract costs$ | – | (289,692) | PDF p. 107 |
| Trade and other payables$ | 568,151 | (758,969) | PDF p. 107 |
| Contract liabilities$ | (1,972,454) | (700,884) | PDF p. 107 |
| Prepayments$ | 56,994 | (53,528) | PDF p. 107 |
| Operating activities | |||
| Cash (used in)/generated from operations$ | (251,416) | 1,055,598 | PDF p. 107 |
| Income tax refunded$ | 643,094 | – | PDF p. 107 |
| Net cash from operating activities$ | 391,678 | 1,055,598 | PDF p. 107 |
| Investing activities | |||
| Interest received$ | 21,087 | 28,074 | PDF p. 107 |
| Proceeds from disposal of property, plant and equipment$ | 28,352 | 263,155 | PDF p. 107 |
| Purchase of property, plant and equipment$ | (171,272) | (6,449) | PDF p. 107 |
| Net cash (used in)/from investing activities$ | (121,833) | 284,780 | PDF p. 107 |
Definitions & sources
Original report: PDF p. 107 ↗
Continues on page 108 (financing activities). Note column references: 14, 11, 7, 6.
Consolidated Statement of Cash Flows - Financing activities and closing cash
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $ | 2024Group, $ | Source |
|---|---|---|---|
| Financing activities | |||
| Increase/(decrease) in pledged fixed deposits$ | 41,296 | (28,537) | PDF p. 108 |
| Repayments of principal portion of lease liabilities$ | (210,731) | (205,114) | PDF p. 108 |
| Repayments of interest portion of lease liabilities$ | (6,877) | (7,195) | PDF p. 108 |
| Repayments of bank borrowings$ | (388,288) | (764,949) | PDF p. 108 |
| Proceeds of loan from a Director$ | – | 104,000 | PDF p. 108 |
| Repayment of loan from a Director$ | – | (262,000) | PDF p. 108 |
| Repayments of interest portion of bank borrowings$ | (5,033) | (16,082) | PDF p. 108 |
| Repayments of interest portion of loan from a Director$ | – | (21,596) | PDF p. 108 |
| Net cash used in financing activities$ | (569,633) | (1,201,473) | PDF p. 108 |
| Cash and cash equivalents | |||
| Net change in cash and cash equivalents$ | (299,788) | 138,905 | PDF p. 108 |
| Cash and cash equivalents at beginning of financial year$ | 568,412 | 429,064 | PDF p. 108 |
| Effects of exchange rate changes on cash and cash equivalents$ | 37 | 443 | PDF p. 108 |
| Cash and cash equivalents at end of financial year$ | 268,661 | 568,412 | PDF p. 108 |
Definitions & sources
Original report: PDF p. 108 ↗
Note A: Reconciliation of liabilities arising from financing activities is separately tabulated.
Note A: Reconciliation of liabilities arising from financing activities - 2025
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, 1.1.2025 balance, $ | 2025Group, Cash flows, $ | 2025Group, Accretion of interest, $ | 2025Group, 31.12.2025 balance, $ | Source |
|---|---|---|---|---|---|
| Reconciliation 2025 | |||||
| Bank borrowings$ | 388,288 | (393,321) | 5,033 | – | PDF p. 108 |
| Convertible bonds$ | 2,884,602 | – | 40,211 | 2,924,813 | PDF p. 108 |
| Loan from a Director$ | 468,712 | – | 20,832 | 489,544 | PDF p. 108 |
Definitions & sources
Original report: PDF p. 108 ↗
Columns: 1.1.2025, Cash flows, Accretion of interest, 31.12.2025.
Note A: Reconciliation of liabilities arising from financing activities - 2024
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, 1.1.2024 balance, $ | 2024Group, Cash flows, $ | 2024Group, Accretion of interest, $ | 2024Group, 31.12.2024 balance, $ | Source |
|---|---|---|---|---|---|
| Reconciliation 2024 | |||||
| Bank borrowings$ | 1,153,237 | (781,031) | 16,082 | 388,288 | PDF p. 108 |
| Convertible bonds$ | 2,846,777 | – | 37,825 | 2,884,602 | PDF p. 108 |
| Loan from a Director$ | 621,472 | (179,596) | 26,836 | 468,712 | PDF p. 108 |
Definitions & sources
Original report: PDF p. 108 ↗
Columns: 1.1.2024, Cash flows, Accretion of interest, 31.12.2024.
Note 10(a) Basic earnings per share
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Basic earnings per share | |||
| Weighted average number of ordinary shares outstanding for basic earnings per sharenumber of shares | 99,200,000 | 99,200,000 | PDF p. 119 |
Definitions & sources
Original report: PDF p. 119 ↗
Basic EPS is net profit attributable to owners of the parent divided by the actual number of ordinary shares in issue during the financial year.
Note 10(b) Diluted earnings per share
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Diluted earnings per share | |||
| Profit attributable to owners of the parent$ | 733,216 | 715,459 | PDF p. 120 |
| Interest expense on convertible bonds$ | 190,211 | 188,236 | PDF p. 120 |
| Tax effect relating to interest expense on convertible bonds$ | (25,500) | (25,500) | PDF p. 120 |
| Effect of convertible bondsnumber of shares | 18,750,000 | 18,750,000 | PDF p. 120 |
| Weighted average number of ordinary shares outstanding used for diluted earnings per sharenumber of shares | 117,950,000 | 117,950,000 | PDF p. 120 |
Definitions & sources
Original report: PDF p. 120 ↗
* For the financial year ended 31 December 2025 and 31 December 2024, diluted earnings per share was the same as the basic earnings per share because the effect of potential ordinary shares to be issued upon conversion of the convertible bond was anti-dilutive as the diluted earnings per share was higher than the basic earnings per share.
Weighted average diluted share count row label wraps across two lines; quote is the second line only.
Where the money comes from
Segment information
By business
Segment information – financial year 2025 (Group, by business segment) 11 lines
| Item / unit | 2025Structural steel ($) | 2025Tunnelling ($) | 2025Unallocated ($) | 2025Total ($) | Source |
|---|---|---|---|---|---|
| Segment results | |||||
| External revenue$ | 22,107,446 | 236,536 | – | 22,343,982 | PDF p. 111 |
| Depreciation of property, plant and equipment$ | (2,229,048) | – | (318,358) | (2,547,406) | PDF p. 111 |
| Loss allowance reversed/(made) | |||||
| – trade receivables$ | 50,754 | – | – | 50,754 | PDF p. 111 |
| – unbilled receivables$ | 21,288 | – | – | 21,288 | PDF p. 111 |
| – retention receivables$ | (94,709) | – | – | (94,709) | PDF p. 111 |
| – contract assets$ | 54,797 | – | – | 54,797 | PDF p. 111 |
| Segment results | |||||
| Loss on disposal and write-off of property, plant and equipment$ | (89,456) | – | (9,040) | (98,496) | PDF p. 111 |
| Segment profit/(loss)$ | 3,212,333 | 56,769 | (2,066,073) | 1,203,029 | PDF p. 111 |
| Segment assets | |||||
| Reportable segment assets$ | 74,199,854 | – | 2,070,797 | 76,270,651 | PDF p. 111 |
| Included in the segment assets | |||||
| Additions to property, plant and equipment$ | 5,074,269 | – | 442,683 | 5,516,952 | PDF p. 111 |
| Segment liabilities | |||||
| Reportable segment liabilities$ | 12,193,327 | – | 6,229,490 | 18,422,817 | PDF p. 111 |
Notes
Rows from interest income to profit for the financial year, deferred tax liabilities and total Group's liabilities have a single printed value, in the Total column.
Unallocated items comprise corporate assets, liabilities and expenses not directly attributable to a reportable segment. Segment performance is evaluated on operation profit or loss before tax expense.
Segment information – financial year 2024 (Group, by business segment) 11 lines
| Item / unit | 2024Structural steel ($) | 2024Tunnelling ($) | 2024Unallocated ($) | 2024Total ($) | Source |
|---|---|---|---|---|---|
| Segment results | |||||
| External revenue$ | 17,316,425 | 125,695 | – | 17,442,120 | PDF p. 112 |
| Depreciation of property, plant and equipment$ | (1,437,382) | – | (255,867) | (1,693,249) | PDF p. 112 |
| Loss allowance reversed/(made) | |||||
| – trade receivables$ | (82,563) | – | – | (82,563) | PDF p. 112 |
| – unbilled receivables$ | (70,542) | – | – | (70,542) | PDF p. 112 |
| – retention receivables$ | (19,118) | – | – | (19,118) | PDF p. 112 |
| – contract assets$ | 82,036 | – | – | 82,036 | PDF p. 112 |
| Segment results | |||||
| Loss on disposal and write-off of property, plant and equipment$ | (1,304,926) | – | 43,500 | (1,261,426) | PDF p. 112 |
| Segment profit/(loss)$ | 3,066,735 | 5,028 | (1,894,821) | 1,176,942 | PDF p. 112 |
| Segment assets | |||||
| Reportable segment assets$ | 73,381,329 | – | 2,942,617 | 76,323,946 | PDF p. 112 |
| Included in the segment assets | |||||
| Additions to property, plant and equipment$ | 2,803,918 | – | 97,017 | 2,900,935 | PDF p. 112 |
| Segment liabilities | |||||
| Reportable segment liabilities$ | 13,805,677 | – | 5,680,247 | 19,485,924 | PDF p. 112 |
Notes
Rows from interest income to profit for the financial year, deferred tax liabilities and total Group's liabilities have a single printed value, in the Total column.
Major customers (10% or more of Group revenue) 4 lines
| Item / unit | 2025Structural steel ($) | 2024Structural steel ($) | 2025Tunnelling ($) | 2024Tunnelling ($) | Source |
|---|---|---|---|---|---|
| Major customers | |||||
| Customer A$ | 7,032,218 | 5,753,723 | – | – | PDF p. 113 |
| Customer B$ | 3,992,121 | 3,494,222 | – | – | PDF p. 113 |
| Customer C$ | 6,492,598 | 3,201,866 | 236,536 | 125,695 | PDF p. 113 |
| Total$ | 17,516,937 | 12,449,811 | 236,536 | 125,695 | PDF p. 113 |
Notes
The revenues from 3 customers (2024: 4 customers) of the Group's structural steel and tunnelling segment contributed 10 percent or more of the Group's revenue. The total row has no printed label.
Disaggregation of revenue by segment 3 lines
| Item / unit | 2025Structural steel works segment ($) | 2024Structural steel works segment ($) | 2025Tunnelling works segment ($) | 2024Tunnelling works segment ($) | 2025Total ($) | 2024Total ($) | Source |
|---|---|---|---|---|---|---|---|
| Construction services | |||||||
| – Over time$ | 14,057,330 | 7,777,211 | 236,536 | 125,695 | 14,293,866 | 7,902,906 | PDF p. 113 |
| Revenue | |||||||
| Rental of steel beams$ | 8,050,116 | 9,539,214 | – | – | 8,050,116 | 9,539,214 | PDF p. 113 |
| Total revenue$ | 22,107,446 | 17,316,425 | 236,536 | 125,695 | 22,343,982 | 17,442,120 | PDF p. 113 |
Notes
The total row has no printed label; 'Total revenue' is a descriptor. All revenues of the Group are generated within Singapore.
Debt
Borrowings
Lease liabilities – maturity analysis
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Contractual undiscounted cash flows | |||
| –Not later than one financial year$ | 198,491 | 154,309 | PDF p. 131 |
| – Between one and five financial years$ | 212,663 | 29,007 | PDF p. 131 |
| Less: Future finance charges$ | (13,273) | (3,942) | PDF p. 131 |
| Present value of lease liabilities$ | 397,881 | 179,374 | PDF p. 131 |
| Presented in statement of financial position | |||
| – Current$ | 191,416 | 151,105 | PDF p. 131 |
| – Non-current$ | 206,465 | 28,269 | PDF p. 131 |
Notes
Undiscounted total 411,154 (2025) and 183,316 (2024). Weighted average incremental borrowing rate 2.62% (2024: 3.11%) (page 132). Lease liabilities of $25,068 (2024: $9,266) secured by leased assets. Currency profile: Singapore dollar.
Borrowing notes 3 tables
Statement of financial position – debt lines
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current liabilities | |||||
| Lease liabilities$ | 191,416 | 151,105 | – | – | PDF p. 103 |
| Bank borrowings$ | – | 388,288 | – | – | PDF p. 103 |
| Non-current liabilities | |||||
| Lease liabilities$ | 206,465 | 28,269 | – | – | PDF p. 103 |
| Convertible bonds$ | 2,924,813 | 2,884,602 | 2,924,813 | 2,884,602 | PDF p. 103 |
Notes
Columns are Group 2025, Group 2024, Company 2025, Company 2024.
Bank borrowings
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Unsecured | |||
| – Bridging loan$ | – | 388,288 | PDF p. 132 |
Notes
Bridging loan: facility $3,000,000 drawn 4 June 2020 by a subsidiary; interest 2% per annum; supported by corporate guarantee from the Company; 48 monthly installments of principal $62,500 plus interest from 27 July 2021 to 25 June 2025; fully repaid during the current financial year. The Group has no unutilised banking facilities. Currency profile of bank borrowings: Singapore dollar. Fair value level 2 (prior year).
Convertible bonds – liability component
| Item / unit | 2025Group and Company | 2024Group and Company | Source |
|---|---|---|---|
| Convertible bonds | |||
| Face value of convertible bonds at issuance$ | 3,000,000 | 3,000,000 | PDF p. 134 |
| Liability component at end of financial year$ | 2,924,813 | 2,884,602 | PDF p. 134 |
Notes
Issued 16 September 2022, denominated in Singapore dollar, nominal $3,000,000, interest 5% per annum, due 5 years from issue date, conversion price $0.16. Market interest rate 5.32%, effective interest rate 6.59%.
Payout
Dividends & distributions
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| DIVIDEND | No dividend has been recommended for FY2025 after taking into consideration the Group’s cash flow requirements in the foreseeable future. | FY2025 | PDF p. 5 |
| 27. DIVIDENDS | The Directors of the Company did not recommend any tax-exempt dividend to be paid in respect of the current financial year. | Company, financial year ended 31 December 2025 | PDF p. 135 |
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 | BDO LLP | Group and Company, FY2025 | PDF p. 101 |
| Engagement partner | Lee Kuang Hon | Group and Company, FY2025 | PDF p. 101 |
| Opinion | provide a basis for our opinion | Group and Company, FY2025 | PDF p. 97 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Loss allowance for trade receivables, unbilled receivables, retention receivables and contract | and contract assets to be a key audit matter as it involved significant judgements and critical assumptions applied by management. | Group, FY2025 | PDF p. 99 |
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.