GDS Global 5VP
Financials
Annual Report 2025
Explore the statements
12 tablesConsolidated statement of profit or loss and other comprehensive income — Group
24 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss | |||
| Revenue$’000 | 22,794 | 13,360 | PDF p. 88 |
| Cost of sales$’000 | (15,289) | (8,932) | PDF p. 88 |
| Gross profit$’000 | 7,505 | 4,428 | PDF p. 88 |
| Other operating income$’000 | 445 | 262 | PDF p. 88 |
| Marketing and distribution expenses$’000 | (941) | (324) | PDF p. 88 |
| Administrative expenses$’000 | (6,207) | (5,673) | PDF p. 88 |
| Other operating expenses$’000 | (312) | (358) | PDF p. 88 |
| Interest revenue$’000 | 31 | 19 | PDF p. 88 |
| Other losses$’000 | (6) | (401) | PDF p. 88 |
| Finance costs$’000 | (222) | (152) | PDF p. 88 |
| Profit (Loss) before tax$’000 | 293 | (2,199) | PDF p. 88 |
| Income tax expense$’000 | (96) | (71) | PDF p. 88 |
| Profit (Loss) for the year$’000 | 197 | (2,270) | PDF p. 88 |
| Other comprehensive income: Items that may be reclassified subsequently to profit or loss | |||
| Exchange differences on translation of foreign operations$’000 | – | 89 | PDF p. 88 |
| Other comprehensive income | |||
| Other comprehensive income for the year, net of tax$’000 | – | 89 | PDF p. 88 |
| Total comprehensive income (loss) for the year$’000 | 197 | (2,181) | PDF p. 88 |
| Profit (Loss) attributable to | |||
| - Owners of the Company$’000 | (129) | (2,532) | PDF p. 88 |
| - Non-controlling interests$’000 | 326 | 262 | PDF p. 88 |
| Subtotal$’000 | 197 | (2,270) | PDF p. 88 |
| Total comprehensive income (loss) attributable to | |||
| - Owners of the Company$’000 | (129) | (2,443) | PDF p. 88 |
| - Non-controlling interests$’000 | 326 | 262 | PDF p. 88 |
| Subtotal$’000 | 197 | (2,181) | PDF p. 88 |
| Per share | |||
| Basic loss per share (cents)cents per share | (0.06) | (1.94) | PDF p. 88 |
| Diluted loss per share (cents)cents per share | (0.06) | (1.51) | PDF p. 88 |
Definitions & sources
Original report: PDF p. 88 ↗
Statement heading: CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME; “Year ended 30 September 2025.” The statement prints Group results only; Company income and comprehensive income statements are not presented on this page.
The statement refers to accompanying notes to financial statements.
Statements of financial position — Group
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| ASSETS — Current assets | |||
| Cash and cash equivalents$’000 | 6,594 | 4,302 | PDF p. 87 |
| Trade and other receivables$’000 | 4,254 | 2,889 | PDF p. 87 |
| Contract assets$’000 | 1,896 | 1,174 | PDF p. 87 |
| Inventories$’000 | 2,664 | 2,022 | PDF p. 87 |
| Total current assets$’000 | 15,408 | 10,387 | PDF p. 87 |
| ASSETS — Non-current assets | |||
| Property, plant and equipment$’000 | 794 | 1,103 | PDF p. 87 |
| Right-of-use assets$’000 | 3,795 | 5,031 | PDF p. 87 |
| Intangible assets$’000 | 982 | 1,142 | PDF p. 87 |
| Trade and other receivables$’000 | 69 | – | PDF p. 87 |
| Subsidiaries$’000 | – | – | PDF p. 87 |
| Total non-current assets$’000 | 5,640 | 7,276 | PDF p. 87 |
| ASSETS | |||
| Total assets$’000 | 21,048 | 17,663 | PDF p. 87 |
| LIABILITIES AND EQUITY — Current liabilities | |||
| Trade and other payables$’000 | 3,778 | 2,259 | PDF p. 87 |
| Contract liabilities$’000 | 548 | 392 | PDF p. 87 |
| Lease liabilities$’000 | 1,549 | 1,499 | PDF p. 87 |
| Income tax payable$’000 | 128 | 118 | PDF p. 87 |
| Total current liabilities$’000 | 6,003 | 4,268 | PDF p. 87 |
| LIABILITIES AND EQUITY — Non-current liabilities | |||
| Deferred tax liabilities$’000 | 4 | 4 | PDF p. 87 |
| Lease liabilities$’000 | 3,010 | 4,434 | PDF p. 87 |
| Other payables$’000 | 21 | 53 | PDF p. 87 |
| Convertible bonds$’000 | 3,174 | – | PDF p. 87 |
| Total non-current liabilities$’000 | 6,209 | 4,491 | PDF p. 87 |
| LIABILITIES AND EQUITY | |||
| Total liabilities$’000 | 12,212 | 8,759 | PDF p. 87 |
| LIABILITIES AND EQUITY — Capital, reserves and non-controlling interests | |||
| Share capital$’000 | 7,521 | 7,485 | PDF p. 87 |
| Reserves$’000 | (275) | 155 | PDF p. 87 |
| Equity attributable to owners of the Company$’000 | 7,246 | 7,640 | PDF p. 87 |
| Non-controlling interests$’000 | 1,590 | 1,264 | PDF p. 87 |
| Total equity$’000 | 8,836 | 8,904 | PDF p. 87 |
| LIABILITIES AND EQUITY | |||
| Total liabilities and equity$’000 | 21,048 | 17,663 | PDF p. 87 |
Definitions & sources
Original report: PDF p. 87 ↗
Statement heading: STATEMENTS OF FINANCIAL POSITION; “As at 30 September 2025.” The report's note says financial statements are expressed in Singapore dollars and rounded to the nearest thousand ($’000), except where otherwise stated.
Table values here include only the Group columns; see the separate Company table for the Company columns.
Statements of financial position — Company
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| ASSETS — Current assets | |||
| Cash and cash equivalents$’000 | 2,906 | 2,074 | PDF p. 87 |
| Trade and other receivables$’000 | 6,881 | 5,084 | PDF p. 87 |
| Contract assets$’000 | – | – | PDF p. 87 |
| Inventories$’000 | – | – | PDF p. 87 |
| Total current assets$’000 | 9,787 | 7,158 | PDF p. 87 |
| ASSETS — Non-current assets | |||
| Property, plant and equipment$’000 | – | – | PDF p. 87 |
| Right-of-use assets$’000 | – | – | PDF p. 87 |
| Intangible assets$’000 | – | – | PDF p. 87 |
| Trade and other receivables$’000 | – | – | PDF p. 87 |
| Subsidiaries$’000 | 4,240 | 4,240 | PDF p. 87 |
| Total non-current assets$’000 | 4,240 | 4,240 | PDF p. 87 |
| ASSETS | |||
| Total assets$’000 | 14,027 | 11,398 | PDF p. 87 |
| LIABILITIES AND EQUITY — Current liabilities | |||
| Trade and other payables$’000 | 586 | 209 | PDF p. 87 |
| Contract liabilities$’000 | – | – | PDF p. 87 |
| Lease liabilities$’000 | – | – | PDF p. 87 |
| Income tax payable$’000 | – | – | PDF p. 87 |
| Total current liabilities$’000 | 586 | 209 | PDF p. 87 |
| LIABILITIES AND EQUITY — Non-current liabilities | |||
| Deferred tax liabilities$’000 | – | – | PDF p. 87 |
| Lease liabilities$’000 | – | – | PDF p. 87 |
| Other payables$’000 | – | – | PDF p. 87 |
| Convertible bonds$’000 | 3,174 | – | PDF p. 87 |
| Total non-current liabilities$’000 | 3,174 | – | PDF p. 87 |
| LIABILITIES AND EQUITY | |||
| Total liabilities$’000 | 3,760 | 209 | PDF p. 87 |
| LIABILITIES AND EQUITY — Capital, reserves and non-controlling interests | |||
| Share capital$’000 | 7,521 | 7,485 | PDF p. 87 |
| Reserves$’000 | 2,746 | 3,704 | PDF p. 87 |
| Equity attributable to owners of the Company$’000 | 10,267 | 11,189 | PDF p. 87 |
| Non-controlling interests$’000 | – | – | PDF p. 87 |
| Total equity$’000 | 10,267 | 11,189 | PDF p. 87 |
| LIABILITIES AND EQUITY | |||
| Total liabilities and equity$’000 | 14,027 | 11,398 | PDF p. 87 |
Definitions & sources
Original report: PDF p. 87 ↗
Statement heading: STATEMENTS OF FINANCIAL POSITION; “As at 30 September 2025.” The report's note says financial statements are expressed in Singapore dollars and rounded to the nearest thousand ($’000), except where otherwise stated.
Table values here include only the Company columns; see the separate Group table for the Group columns.
Consolidated statement of profit or loss and other comprehensive income
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss | |||
| Revenue$’000 | 22,794 | 13,360 | PDF p. 88 |
| Cost of sales$’000 | (15,289) | (8,932) | PDF p. 88 |
| Gross profit$’000 | 7,505 | 4,428 | PDF p. 88 |
| Other operating income$’000 | 445 | 262 | PDF p. 88 |
| Marketing and distribution expenses$’000 | (941) | (324) | PDF p. 88 |
| Administrative expenses$’000 | (6,207) | (5,673) | PDF p. 88 |
| Other operating expenses$’000 | (312) | (358) | PDF p. 88 |
| Interest revenue$’000 | 31 | 19 | PDF p. 88 |
| Other losses$’000 | (6) | (401) | PDF p. 88 |
| Finance costs$’000 | (222) | (152) | PDF p. 88 |
| Profit (Loss) before tax$’000 | 293 | (2,199) | PDF p. 88 |
| Income tax expense$’000 | (96) | (71) | PDF p. 88 |
| Profit (Loss) for the year$’000 | 197 | (2,270) | PDF p. 88 |
| Other comprehensive income | |||
| Exchange differences on translation of foreign operations$’000 | – | 89 | PDF p. 88 |
| Other comprehensive income for the year, net of tax$’000 | – | 89 | PDF p. 88 |
| Total comprehensive income | |||
| Total comprehensive income (loss) for the year$’000 | 197 | (2,181) | PDF p. 88 |
Definitions & sources
Original report: PDF p. 88 ↗
Statement title: CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME. Year ended 30 September 2025. Includes the report’s statement of other comprehensive income; it does not present a separate comprehensive income statement.
Other comprehensive income is headed “Items that may be reclassified subsequently to profit or loss.”
Consolidated profit attribution
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group attribution | 2024Group attribution | Source |
|---|---|---|---|
| Profit (Loss) attributable to | |||
| - Owners of the Company$’000 | (129) | (2,532) | PDF p. 88 |
| - Non-controlling interests$’000 | 326 | 262 | PDF p. 88 |
| Total attributable profit (loss)$’000 | 197 | (2,270) | PDF p. 88 |
Definitions & sources
Original report: PDF p. 88 ↗
Consolidated comprehensive income attribution
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group attribution | 2024Group attribution | Source |
|---|---|---|---|
| Total comprehensive income (loss) attributable to | |||
| - Owners of the Company$’000 | (129) | (2,443) | PDF p. 88 |
| - Non-controlling interests$’000 | 326 | 262 | PDF p. 88 |
| Total attributable comprehensive income (loss)$’000 | 197 | (2,181) | PDF p. 88 |
Definitions & sources
Original report: PDF p. 88 ↗
Consolidated statement of cash flows
39 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit (Loss) before tax$’000 | 293 | (2,199) | PDF p. 91 |
| Operating activities—Adjustments for | |||
| Interest income$’000 | (31) | (19) | PDF p. 91 |
| Interest expense on convertible bonds$’000 | 99 | – | PDF p. 91 |
| Interest expense on lease liabilities$’000 | 123 | 152 | PDF p. 91 |
| Depreciation of property, plant and equipment$’000 | 409 | 514 | PDF p. 91 |
| Depreciation of right-of-use assets$’000 | 1,375 | 1,373 | PDF p. 91 |
| Amortisation of intangible assets$’000 | 123 | 129 | PDF p. 91 |
| Intangible asset written off$’000 | 37 | – | PDF p. 91 |
| Advance payment written off$’000 | – | 46 | PDF p. 91 |
| Allowance for inventory obsolescence, net$’000 | 16 | 18 | PDF p. 91 |
| Net foreign exchange loss$’000 | 4 | 62 | PDF p. 91 |
| Gain on liquidation of subsidiary$’000 | (184) | – | PDF p. 91 |
| Amortisation of deferred grant income$’000 | (30) | (176) | PDF p. 91 |
| Operating activities | |||
| Operating cash flows before movements in working capital$’000 | 2,234 | 194 | PDF p. 91 |
| Operating activities—Movements in working capital | |||
| Inventories$’000 | (658) | (371) | PDF p. 91 |
| Trade and other receivables$’000 | (1,557) | (939) | PDF p. 91 |
| Contract assets$’000 | (723) | (783) | PDF p. 91 |
| Trade and other payables$’000 | 1,689 | 1,136 | PDF p. 91 |
| Contract liabilities$’000 | 155 | (257) | PDF p. 91 |
| Operating activities | |||
| Cash generated from (used in) operations$’000 | 1,140 | (1,020) | PDF p. 91 |
| Interest paid on lease liabilities$’000 | (123) | (152) | PDF p. 91 |
| Interest paid on convertible bonds$’000 | (85) | – | PDF p. 91 |
| Income tax paid$’000 | (86) | (72) | PDF p. 91 |
| Net cash generated from (used in) operating activities$’000 | 846 | (1,244) | PDF p. 91 |
| Investing activities | |||
| Purchase of property, plant and equipment(a)$’000 | (281) | (149) | PDF p. 92 |
| Proceeds from disposal of property, plant and equipment$’000 | – | 12 | PDF p. 92 |
| Interest received$’000 | 31 | 19 | PDF p. 92 |
| Net cash flow from liquidation of subsidiary$’000 | (25) | – | PDF p. 92 |
| Net cash used in investing activities$’000 | (275) | (118) | PDF p. 92 |
| Financing activities | |||
| Dividends paid to non-controlling shareholders by subsidiary$’000 | – | (980) | PDF p. 92 |
| Repayment of lease liabilities$’000 | (1,513) | (1,410) | PDF p. 92 |
| Proceeds from issuance of right shares$’000 | – | 2,240 | PDF p. 92 |
| Proceeds from exercise of warrants$’000 | 36 | – | PDF p. 92 |
| Proceeds from issue of convertible bonds$’000 | 3,200 | – | PDF p. 92 |
| Cash generated from (used in) financing activities$’000 | 1,723 | (150) | PDF p. 92 |
| Cash and cash equivalents | |||
| Net increase (decrease) in cash and cash equivalents$’000 | 2,294 | (1,512) | PDF p. 92 |
| Cash and cash equivalents at beginning of year$’000 | 4,302 | 5,876 | PDF p. 92 |
| Effects of foreign exchange rate changes on the balance of cash held in foreign currencies$’000 | (2) | (62) | PDF p. 92 |
| Cash and cash equivalents at end of year (Note 6)$’000 | 6,594 | 4,302 | PDF p. 92 |
Definitions & sources
Original report: PDF p. 91 ↗ PDF p. 92 ↗
Footnote: “* Less than $1,000.”
Footnote: “(a) During the year, the Group purchased property, plant and equipment with an aggregate cost of $100,000 (2024 : $330,000) of which $100,000 (2024 : $149,000) was paid in cash and Nil (2024 : $181,000) remained unpaid as at the reporting date.”
Financial highlights
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY2025 | 2024FY2024 | 2023FY2023 | Source |
|---|---|---|---|---|
| Income statement | ||||
| RevenueS$’000 | 22,794 | 13,360 | 12,203 | PDF p. 8 |
| Gross profitS$’000 | 7,505 | 4,428 | 3,387 | PDF p. 8 |
| Net profit (loss)S$’000 | 197 | (2,270) | (2,118) | PDF p. 8 |
| Gross profit margin (%)% | 32.9 | 33.1 | 27.8 | PDF p. 8 |
| Net profit (loss) margin (%)% | 0.9 | (17.0) | (17.4) | PDF p. 8 |
| Balance sheet | ||||
| Total assetsS$’000 | 21,048 | 17,663 | 19,152 | PDF p. 8 |
| Total liabilitiesS$’000 | 12,212 | 8,759 | 9,327 | PDF p. 8 |
| Total equityS$’000 | 8,836 | 8,904 | 9,825 | PDF p. 8 |
| Cash and cash equivalentsS$’000 | 6,594 | 4,302 | 5,876 | PDF p. 8 |
| Cash flows | ||||
| Operating cash flowsS$’000 | 846 | (1,244) | 597 | PDF p. 8 |
| Capital expenditureS$’000 | (281) | (149) | (181) | PDF p. 8 |
| Per share information | ||||
| Basic (Loss) per shareSingapore cents | (0.06) | (1.94) | (2.09) | PDF p. 8 |
| Diluted (Loss) per shareSingapore cents | (0.06) | (1.51) | - | PDF p. 8 |
| Net asset value per shareSingapore cents | 3.23 | 3.41 | 7.00 | PDF p. 8 |
| Market Capitalisation (S$’000)1S$’000 | 14,150 | 10,976 | 6,160 | PDF p. 8 |
Definitions & sources
Original report: PDF p. 8 ↗
1 Based on GDS’s closing share price as at the end of respective financial years.
Share buy-back financial ratios and per-share information: market purchases held as treasury shares
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Before Share Buy-back, as at 30 September 2025 | 2025Group, After Share Buy-back, as at 30 September 2025 | 2025Company, Before Share Buy-back, as at 30 September 2025 | 2025Company, After Share Buy-back, as at 30 September 2025 | Source |
|---|---|---|---|---|---|
| Financial Ratios | |||||
| NAV per Share (cents)(2)cents | 3.23 | 2.67 | 4.57 | 4.17 | PDF p. 160 |
| Basic EPS / (LPS) (cents) (3)cents | (0.06) | (0.06) | (0.44) | (0.49) | PDF p. 160 |
| Gearing (%) (4)% | n.m. | n.m. | n.m. | n.m. | PDF p. 160 |
| Current Ratio (times) (5)times | 2.57 | 2.26 | 16.70 | 13.52 | PDF p. 160 |
Definitions & sources
Original report: PDF p. 160 ↗
(1) Number of Shares excludes Shares that have been assumed to be held as treasury shares.
(2) NAV per Share has been computed based on NAV divided by the number of Shares in issue as at 30 September 2025.
(3) EPS / (LPS) has been computed based on FY2025 net profit / (loss) attributable to shareholders divided by the weighted average number of Shares in issue.
(4) The gearing ratio is calculated as the net debt divided by total capital. Net debt is calculated as borrowings plus trade and other payables less cash and cash equivalents. Total capital is calculated as total equity plus net debt.
(5) Current ratio represents the ratio of current assets to current liabilities.
(6) “n.m.” means not meaningful.
Share buy-back financial ratios and per-share information: market purchases cancelled
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Before Share Buy-back, as at 30 September 2025 | 2025Group, After Share Buy-back, as at 30 September 2025 | 2025Company, Before Share Buy-back, as at 30 September 2025 | 2025Company, After Share Buy-back, as at 30 September 2025 | Source |
|---|---|---|---|---|---|
| Financial Ratios | |||||
| NAV per Share (cents)(2)cents | 3.23 | 2.67 | 4.57 | 4.17 | PDF p. 161 |
| Basic EPS / (LPS) (cents) (3)cents | (0.06) | (0.06) | (0.44) | (0.49) | PDF p. 161 |
| Gearing (%) (4)% | n.m. | n.m. | n.m. | n.m. | PDF p. 161 |
| Current Ratio (times) (5)times | 2.57 | 2.26 | 16.70 | 13.52 | PDF p. 161 |
Definitions & sources
Original report: PDF p. 161 ↗
(1) Number of Shares excludes Shares that have been assumed to be held as treasury shares.
(2) NAV per Share has been computed based on NAV divided by the number of Shares in issue as at 30 September 2025.
(3) EPS / (LPS) has been computed based on FY2025 net profit / (loss) attributable to shareholders divided by the weighted average number of Shares in issue.
(4) The gearing ratio is calculated as net debt divided by total capital. Net debt is calculated as borrowings plus trade and other payables less cash and cash equivalents. Total capital is calculated as total equity plus net debt.
(5) Current ratio represents the ratio of current assets to current liabilities.
(6) “n.m.” means not meaningful.
Share buy-back financial ratios and per-share information: off-market purchases held as treasury shares
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Before Share Buy-back, as at 30 September 2025 | 2025Group, After Share Buy-back, as at 30 September 2025 | 2025Company, Before Share Buy-back, as at 30 September 2025 | 2025Company, After Share Buy-back, as at 30 September 2025 | Source |
|---|---|---|---|---|---|
| Financial Ratios | |||||
| NAV per Share (cents)(2)cents | 3.23 | 2.54 | 4.57 | 4.04 | PDF p. 162 |
| Basic EPS / (LPS) (cents) (3)cents | (0.06) | (0.06) | (0.44) | (0.49) | PDF p. 162 |
| Gearing (%) (4)% | n.m. | n.m. | n.m. | n.m. | PDF p. 162 |
| Current Ratio (times) (5)times | 2.57 | 2.21 | 16.70 | 13.06 | PDF p. 162 |
Definitions & sources
Original report: PDF p. 162 ↗
(1) Number of Shares excludes Shares that have been assumed to be held as treasury share.
(2) NAV per Share has been computed based on NAV divided by the number of Shares in issue as at 30 September 2025.
(3) EPS / (LPS) has been computed based on FY2025 net profit / (loss) attributable to shareholders divided by the weighted average number of Shares in issue.
(4) The gearing ratio is calculated as net debt divided by total capital. Net debt is calculated as borrowings plus trade and other payables less cash and cash equivalents. Total capital is calculated as total equity plus net debt.
(5) Current ratio represents the ratio of current assets to current liabilities.
(6) “n.m.” means not meaningful.
Share buy-back financial ratios and per-share information: off-market purchases cancelled
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Before Share Buy-back, as at 30 September 2025 | 2025Group, After Share Buy-back, as at 30 September 2025 | 2025Company, Before Share Buy-back, as at 30 September 2025 | 2025Company, After Share Buy-back, as at 30 September 2025 | Source |
|---|---|---|---|---|---|
| Financial Ratios | |||||
| NAV per Share (cents)(2)cents | 3.23 | 2.54 | 4.57 | 4.04 | PDF p. 163 |
| Basic EPS / (LPS) (cents) (3)cents | (0.06) | (0.06) | (0.44) | (0.49) | PDF p. 163 |
| Gearing (%) (4)% | n.m. | n.m. | n.m. | n.m. | PDF p. 163 |
| Current Ratio (times) (5)times | 2.57 | 2.21 | 16.70 | 13.06 | PDF p. 163 |
Definitions & sources
Original report: PDF p. 163 ↗
(1) Number of Shares excludes Shares that have been assumed to be held as treasury shares.
(2) NAV per Share has been computed based on NAV divided by the number of Shares in issue as at 30 September 2025.
(3) EPS / (LPS) has been computed based on FY2025 net profit / (loss) attributable to shareholders divided by the weighted average number of Shares in issue.
(4) The gearing ratio is calculated as net debt divided by total capital. Net debt is calculated as borrowings plus trade and other payables less cash and cash equivalents. Total capital is calculated as total equity plus net debt.
(5) Current ratio represents the ratio of current assets to current liabilities.
(6) “n.m.” means not meaningful.
Where the money comes from
Segment information
By geography
Revenue from external customers by geographical segment (based on location of products delivered) 8 lines
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Revenue from external customers | |||
| Singapore$'000 | 16,341 | 7,780 | PDF p. 140 |
| Europe(1)$'000 | 3,687 | 3,708 | PDF p. 140 |
| Asia Pacific(2)$'000 | 2,440 | 1,435 | PDF p. 140 |
| North America(3)$'000 | 227 | 223 | PDF p. 140 |
| Middle East (4)$'000 | 58 | 43 | PDF p. 140 |
| East Asia (5)$'000 | 37 | 165 | PDF p. 140 |
| Others(6)$'000 | 4 | 6 | PDF p. 140 |
| Total$'000 | 22,794 | 13,360 | PDF p. 140 |
Notes
Printed total row has no label. (1) Europe includes major countries like France, Germany, Italy, Norway and United Kingdom. (2) Asia Pacific includes Australia, Brunei, Indonesia, Malaysia, Thailand and Vietnam. (3) North America include United States of America. (4) Middle East includes Qatar and United Arab Emirates. (5) Hong Kong. (6) Mauritius.
Business segment note (p.139): Group operates primarily as a single operating segment; no operating segmental revenue prepared.
Non-current assets by geographical location (based on location of assets) 1 lines
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Non-current assets | |||
| Singapore$'000 | 5,571 | 7,276 | PDF p. 140 |
Debt
Borrowings
Lease liabilities – maturity analysis
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Maturity analysis | |||
| Year 1$’000 | 1,635 | 1,615 | PDF p. 131 |
| Year 2$’000 | 1,690 | 1,570 | PDF p. 131 |
| Year 3$’000 | 1,334 | 1,632 | PDF p. 131 |
| Year 4$’000 | 34 | 1,334 | PDF p. 131 |
| Year 5$’000 | 32 | 34 | PDF p. 131 |
| Year 6 onwards$’000 | 19 | 50 | PDF p. 131 |
| Less: Unearned interest$’000 | (185) | (302) | PDF p. 131 |
| Analysed as | |||
| Current$’000 | 1,549 | 1,499 | PDF p. 131 |
| Non-current$’000 | 3,010 | 4,434 | PDF p. 131 |
Notes
Undiscounted total before unearned interest: 4,744 (2025) and 6,235 (2024); net total 4,559 and 5,933. The Group does not face a significant liquidity risk with regard to its lease liabilities.
Borrowing notes 1 tables
Statement of financial position – borrowings and lease liabilities (current / non-current)
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current liabilities | |||||
| Lease liabilities$'000 | 1,549 | 1,499 | – | – | PDF p. 87 |
| Non-current liabilities | |||||
| Lease liabilities$'000 | 3,010 | 4,434 | – | – | PDF p. 87 |
| Convertible bonds$'000 | 3,174 | – | 3,174 | – | PDF p. 87 |
Notes
Printed on the statement of financial position as at 30 September 2025. No bank borrowings are shown; page 10 refers to zero borrowings.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | In the Company’s Offer Document dated 11 April 2013, the Company stated that it does not have a fixed dividend policy. | Company | PDF p. 70 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| DIVIDENDS | The directors do not recommend any dividend for the financial year ended 30 September 2025. | Group, FY2025 | PDF p. 137 |
| Dividend Policy | the Board did not recommend any dividend for FY2025 in order to conserve cash for working capital requirements during the uncertain business environment amidst the geopolitical tensions and inflationary cost pressures. | Company, FY2025 | PDF p. 70 |
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 |
|---|---|---|---|
| Auditor | Deloitte & Touche LLP | Group | PDF p. 86 |
| Engagement partner | Ms. Wong Hui Jing | Group | PDF p. 86 |
| Opinion | In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position and statement of changes in equity of the Company are properly drawn up | Group and Company, year ended 30 September 2025 | PDF p. 83 |
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.