AnnAik A52
Financials
ANNUAL REPORT 2025
Explore the statements
13 tablesConsolidated Income Statement (Group)
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$'000 | 36,019 | 47,644 | PDF p. 48 |
| Cost of sales$'000 | (24,282) | (32,655) | PDF p. 48 |
| Gross profit$'000 | 11,737 | 14,989 | PDF p. 48 |
| Other income$'000 | 1,325 | 1,633 | PDF p. 48 |
| Distribution expenses$'000 | (615) | (731) | PDF p. 48 |
| Administrative expenses$'000 | (8,380) | (9,061) | PDF p. 48 |
| Write-back/(allowance) for impairment losses on financial assets$'000 | 2 | (45) | PDF p. 48 |
| Other operating expenses$'000 | (744) | (714) | PDF p. 48 |
| Share of loss of associate$'000 | (440) | (216) | PDF p. 48 |
| Finance costs$'000 | (887) | (1,257) | PDF p. 48 |
| Profit before tax$'000 | 1,998 | 4,598 | PDF p. 48 |
| Income tax expense$'000 | (995) | (822) | PDF p. 48 |
| Profit for the financial year$'000 | 1,003 | 3,776 | PDF p. 48 |
| (Loss)/profit attributable to | |||
| Owners of the Company$'000 | (520) | 2,051 | PDF p. 48 |
| Non-controlling interests$'000 | 1,523 | 1,725 | PDF p. 48 |
| Subtotal$'000 | 1,003 | 3,776 | PDF p. 48 |
| Earnings per share (cents per share) | |||
| Basiccents per share | (0.18) | 0.71 | PDF p. 48 |
| Dilutedcents per share | (0.18) | 0.71 | PDF p. 48 |
Definitions & sources
Original report: PDF p. 48 ↗
For the financial year ended 31 December 2025. The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Consolidated Statement of Comprehensive Income (Group)
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit for the financial year$'000 | 1,003 | 3,776 | PDF p. 49 |
| Item that may be reclassified subsequently to profit or loss | |||
| Foreign currency translation$'000 | (1,311) | 246 | PDF p. 49 |
| Comprehensive income | |||
| Other comprehensive (loss)/income for the financial year, net of tax$'000 | (1,311) | 246 | PDF p. 49 |
| Total comprehensive (loss)/income for the financial year$'000 | (308) | 4,022 | PDF p. 49 |
| Total comprehensive (loss)/income attributable to | |||
| Owners of the Company$'000 | (1,575) | 2,274 | PDF p. 49 |
| Non-controlling interests$'000 | 1,267 | 1,748 | PDF p. 49 |
| Subtotal$'000 | (308) | 4,022 | PDF p. 49 |
Definitions & sources
Original report: PDF p. 49 ↗
For the financial year ended 31 December 2025.
Balance Sheets - Group and Company (assets and current liabilities)
27 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$'000 | 11,262 | 11,307 | 2 | 5 | PDF p. 50 |
| Right-of-use assets$'000 | 4,329 | 4,090 | – | – | PDF p. 50 |
| Goodwill$'000 | 497 | 497 | – | – | PDF p. 50 |
| Intangible assets$'000 | 31,701 | 34,506 | – | 339 | PDF p. 50 |
| Investments in subsidiaries$'000 | – | – | 28,881 | 28,881 | PDF p. 50 |
| Investment in associate$'000 | 9,009 | 9,603 | – | – | PDF p. 50 |
| Investment in joint venture$'000 | 51 | – | 51 | – | PDF p. 50 |
| Investment securities$'000 | – | – | – | – | PDF p. 50 |
| Club membership$'000 | 190 | 190 | 190 | 190 | PDF p. 50 |
| Refundable deposits$'000 | 427 | 434 | – | – | PDF p. 50 |
| Deferred tax assets$'000 | 148 | 204 | – | – | PDF p. 50 |
| Subtotal$'000 | 57,614 | 60,831 | 29,124 | 29,415 | PDF p. 50 |
| Current assets | |||||
| Inventories$'000 | 19,401 | 22,594 | – | – | PDF p. 50 |
| Prepayments$'000 | 191 | 143 | 15 | 16 | PDF p. 50 |
| Trade and other receivables$'000 | 21,645 | 24,700 | – | 101 | PDF p. 50 |
| Amounts due from subsidiaries and joint venture$'000 | – | 8 | 8,741 | 7,867 | PDF p. 50 |
| Cash and bank balances$'000 | 12,461 | 10,013 | 670 | 593 | PDF p. 50 |
| Subtotal$'000 | 53,698 | 57,458 | 9,426 | 8,577 | PDF p. 50 |
| Assets | |||||
| Total assets$'000 | 111,312 | 118,289 | 38,550 | 37,992 | PDF p. 50 |
| Current liabilities | |||||
| Amounts due to subsidiaries and associate$'000 | 55 | 150 | 276 | 276 | PDF p. 50 |
| Trade payables$'000 | 1,239 | 1,411 | – | – | PDF p. 50 |
| Other payables and accruals$'000 | 4,222 | 5,314 | 709 | 1,113 | PDF p. 50 |
| Loans and borrowings$'000 | 10,237 | 13,024 | – | 260 | PDF p. 50 |
| Provision for income tax$'000 | 1,630 | 1,607 | – | – | PDF p. 50 |
| Lease liabilities$'000 | 343 | 220 | – | – | PDF p. 50 |
| Subtotal$'000 | 17,726 | 21,726 | 985 | 1,649 | PDF p. 50 |
| Net current assets$'000 | 35,972 | 35,732 | 8,441 | 6,928 | PDF p. 50 |
Definitions & sources
Balance Sheets - Group and Company (non-current liabilities and equity)
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Other payables and accruals$'000 | 29 | 30 | – | – | PDF p. 51 |
| Loans and borrowings$'000 | 8,472 | 9,891 | – | – | PDF p. 51 |
| Deferred government grants$'000 | 1,296 | 1,388 | – | – | PDF p. 51 |
| Deferred tax liabilities$'000 | 1,055 | 1,059 | – | – | PDF p. 51 |
| Lease liabilities$'000 | 2,765 | 2,585 | – | – | PDF p. 51 |
| Subtotal$'000 | 13,617 | 14,953 | – | – | PDF p. 51 |
| Liabilities | |||||
| Total liabilities$'000 | 31,343 | 36,679 | 985 | 1,649 | PDF p. 51 |
| Net assets | |||||
| Net assets$'000 | 79,969 | 81,610 | 37,565 | 36,343 | PDF p. 51 |
| Equity attributable to equity holders of the Company | |||||
| Share capital$'000 | 38,864 | 38,864 | 38,864 | 38,864 | PDF p. 51 |
| Treasury shares$'000 | (568) | (568) | (568) | (568) | PDF p. 51 |
| Foreign currency translation reserve$'000 | (3,558) | (2,503) | – | – | PDF p. 51 |
| Statutory reserve fund$'000 | 4,598 | 3,992 | – | – | PDF p. 51 |
| Fair value reserve$'000 | (67) | (67) | – | – | PDF p. 51 |
| Retained earnings/(accumulated losses)$'000 | 25,353 | 26,479 | (731) | (1,953) | PDF p. 51 |
| Subtotal$'000 | 64,622 | 66,197 | 37,565 | 36,343 | PDF p. 51 |
| Equity | |||||
| Non-controlling interests$'000 | 15,347 | 15,413 | – | – | PDF p. 51 |
| Total equity$'000 | 79,969 | 81,610 | 37,565 | 36,343 | PDF p. 51 |
| Total equity and liabilities$'000 | 111,312 | 118,289 | 38,550 | 37,992 | PDF p. 51 |
Definitions & sources
Original report: PDF p. 51 ↗
As at 31 December 2025. Continuation of Balance Sheets from physical page 50.
Consolidated Statement of Comprehensive Income
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income | |||
| Profit for the financial year$'000 | 1,003 | 3,776 | PDF p. 49 |
| Other comprehensive (loss)/income: Item that may be reclassified subsequently to profit or loss | |||
| Foreign currency translation$'000 | (1,311) | 246 | PDF p. 49 |
| Other comprehensive (loss)/income | |||
| Other comprehensive (loss)/income for the financial year, net of tax$'000 | (1,311) | 246 | PDF p. 49 |
| Total comprehensive income | |||
| Total comprehensive (loss)/income for the financial year$'000 | (308) | 4,022 | PDF p. 49 |
| Total comprehensive (loss)/income attributable to | |||
| Owners of the Company$'000 | (1,575) | 2,274 | PDF p. 49 |
| Non-controlling interests$'000 | 1,267 | 1,748 | PDF p. 49 |
Definitions & sources
Original report: PDF p. 49 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Final unlabeled row printed as (308) 4,022 total of attributable amounts.
Consolidated Cash Flow Statement (operating activities)
28 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before tax$'000 | 1,998 | 4,598 | PDF p. 55 |
| Adjustments for | |||
| Amortisation of government grants$'000 | (69) | (70) | PDF p. 55 |
| Gain on disposal of property, plant and equipment$'000 | (1) | (3) | PDF p. 55 |
| Gain on disposal of a disposal group classified as held for sale$'000 | – | (46) | PDF p. 55 |
| Loss on write-off of intangible assets$'000 | – | 23 | PDF p. 55 |
| (Write-back)/allowance for impairment losses on financial assets$'000 | (2) | 45 | PDF p. 55 |
| Depreciation of property, plant and equipment$'000 | 805 | 850 | PDF p. 55 |
| Depreciation of right-of-use assets$'000 | 332 | 401 | PDF p. 55 |
| Amortisation of intangible assets$'000 | 1,802 | 2,147 | PDF p. 55 |
| (Reversal)/allowance for slow moving inventories$'000 | (43) | 232 | PDF p. 55 |
| Reversal of write down of inventories to net realisable value$'000 | – | (14) | PDF p. 55 |
| Government loan written back$'000 | – | (144) | PDF p. 55 |
| Share of loss of associate$'000 | 440 | 216 | PDF p. 55 |
| Interest income$'000 | (42) | (64) | PDF p. 55 |
| Finance costs$'000 | 887 | 1,257 | PDF p. 55 |
| Unrealised foreign exchange (gain)/loss, net$'000 | (559) | 74 | PDF p. 55 |
| Cash flows from operating activities | |||
| Operating profit before working capital changes$'000 | 5,548 | 9,502 | PDF p. 55 |
| Decrease/(increase) in | |||
| Trade receivables$'000 | 2,218 | (3,220) | PDF p. 55 |
| Other receivables and prepayments$'000 | 811 | (356) | PDF p. 55 |
| Inventories$'000 | 3,244 | (907) | PDF p. 55 |
| (Decrease)/increase in | |||
| Trade payables$'000 | (172) | (778) | PDF p. 55 |
| Other payables$'000 | (262) | (1,679) | PDF p. 55 |
| Bills payable$'000 | (2,568) | 1,171 | PDF p. 55 |
| Cash flows from operating activities | |||
| Cash generated from operations$'000 | 8,819 | 3,733 | PDF p. 55 |
| Interest expense paid$'000 | (752) | (1,114) | PDF p. 55 |
| Interest income received$'000 | 42 | 64 | PDF p. 55 |
| Income taxes paid$'000 | (826) | (511) | PDF p. 55 |
| Net cash flows from operating activities$'000 | 7,283 | 2,172 | PDF p. 55 |
Definitions & sources
Original report: PDF p. 55 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Note column references omitted from values; statement continues on next page.
Consolidated Cash Flow Statement (investing and financing activities, closing cash)
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from investing activities | |||
| Proceeds from disposal of property, plant and equipment$'000 | 1 | 7 | PDF p. 56 |
| Net cash outflow from disposal of a disposal group classified as held for sale$'000 | – | (933) | PDF p. 56 |
| Purchase of property, plant and equipment$'000 | (885) | (1,057) | PDF p. 56 |
| Additions to intangible assets$'000 | (377) | (299) | PDF p. 56 |
| Additions to right-of-use assets$'000 | (6) | – | PDF p. 56 |
| Investment in joint venture$'000 | (51) | – | PDF p. 56 |
| Investment in subsidiary$'000 | 21 | – | PDF p. 56 |
| Net cash flows used in investing activities$'000 | (1,297) | (2,282) | PDF p. 56 |
| Cash flows from financing activities | |||
| Proceeds from loans and borrowings$'000 | 5,266 | 11,602 | PDF p. 56 |
| Repayment of loans and borrowings$'000 | (6,833) | (12,023) | PDF p. 56 |
| Decrease in amounts due to associate$'000 | (95) | (224) | PDF p. 56 |
| Dividends paid$'000 | – | (866) | PDF p. 56 |
| Dividends paid to non-controlling interests$'000 | (1,354) | (274) | PDF p. 56 |
| Payment of principal portion of lease liabilities$'000 | (233) | (264) | PDF p. 56 |
| Payment of interest on lease liabilities$'000 | (135) | (143) | PDF p. 56 |
| Net cash flows used in financing activities$'000 | (3,384) | (2,192) | PDF p. 56 |
| Cash and cash equivalents | |||
| Net increase/(decrease) in cash and cash equivalents$'000 | 2,602 | (2,302) | PDF p. 56 |
| Cash and cash equivalents at beginning of financial year$'000 | 10,013 | 12,226 | PDF p. 56 |
| Effect of exchange rate changes on the balance of cash held in foreign currencies$'000 | (154) | 89 | PDF p. 56 |
| Cash and cash equivalents at end of financial year$'000 | 12,461 | 10,013 | PDF p. 56 |
Definitions & sources
Original report: PDF p. 56 ↗
Note A: During the current financial year, the Group acquired intangible assets with an aggregate cost of $392,000 (2024: $1,065,000) of which $377,000 (2024: $299,000) was paid in cash, whilst the remaining balance of $15,000 [Note 26] (2024: $766,000) remains unpaid and recorded under other payables.
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
The label of the exchange-rate-effect row wraps; the quote is the second line carrying the values.
Group Statement of Changes in Equity – 2025
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group – Share capital | 2025Group – Treasury shares | 2025Group – Foreign currency translation reserve | 2025Group – Statutory reserve fund | 2025Group – Fair value reserve | 2025Group – Retained earnings | 2025Group – Attributable to owners of the Company | 2025Group – Non-controlling interests | 2025Group – Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | ||||||||||
| Balance at 1 January 2025$'000 | 38,864 | (568) | (2,503) | 3,992 | (67) | 26,479 | 66,197 | 15,413 | 81,610 | PDF p. 52 |
| Profit for the financial year$'000 | – | – | – | – | – | (520) | (520) | 1,523 | 1,003 | PDF p. 52 |
| 2025 / Other comprehensive income/(loss) | ||||||||||
| – Foreign currency translation$'000 | – | – | (1,055) | – | – | – | (1,055) | (256) | (1,311) | PDF p. 52 |
| 2025 | ||||||||||
| Total comprehensive income/(loss) for the financial year$'000 | – | – | (1,055) | – | – | (520) | (1,575) | 1,267 | (308) | PDF p. 52 |
| 2025 / Changes in ownership interests in a subsidiary | ||||||||||
| – Investment in subsidiary$'000 | – | – | – | – | – | – | – | 21 | 21 | PDF p. 52 |
| 2025 | ||||||||||
| Total changes in ownership interests in a subsidiary$'000 | – | – | – | – | – | – | – | 21 | 21 | PDF p. 52 |
| 2025 / Others | ||||||||||
| – Transfer to statutory reserve fund$'000 | – | – | – | 606 | – | (606) | – | – | – | PDF p. 52 |
| – Dividends paid to non-controlling interests$'000 | – | – | – | – | – | – | – | (1,354) | (1,354) | PDF p. 52 |
| 2025 | ||||||||||
| Balance at 31 December 2025$'000 | 38,864 | (568) | (3,558) | 4,598 | (67) | 25,353 | 64,622 | 15,347 | 79,969 | PDF p. 52 |
Definitions & sources
Original report: PDF p. 52 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Column notes: Share capital Note 30(a); Treasury shares Note 30(b); Foreign currency translation reserve Note 31; Statutory reserve fund Note 32; Fair value reserve Note 33.
Some labels wrap across lines; quotes of those rows use the continuation line carrying the values.
Group Statement of Changes in Equity – 2024
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group – Share capital | 2024Group – Treasury shares | 2024Group – Foreign currency translation reserve | 2024Group – Statutory reserve fund | 2024Group – Fair value reserve | 2024Group – Retained earnings | 2024Group – Attributable to owners of the Company | 2024Group – Non-controlling interests | 2024Group – Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | ||||||||||
| Balance at 1 January 2024$'000 | 38,864 | (568) | (2,733) | 3,848 | (67) | 25,423 | 64,767 | 14,144 | 78,911 | PDF p. 53 |
| Profit for the financial year$'000 | – | – | – | – | – | 2,051 | 2,051 | 1,725 | 3,776 | PDF p. 53 |
| 2024 / Other comprehensive income | ||||||||||
| – Foreign currency translation$'000 | – | – | 223 | – | – | – | 223 | 23 | 246 | PDF p. 53 |
| 2024 | ||||||||||
| Total comprehensive income for the financial year$'000 | – | – | 223 | – | – | 2,051 | 2,274 | 1,748 | 4,022 | PDF p. 53 |
| 2024 / Contribution by and distributions to owners | ||||||||||
| – Dividends paid (Note 34)$'000 | – | – | – | – | – | (866) | (866) | – | (866) | PDF p. 53 |
| 2024 | ||||||||||
| Total transactions with owners via their capacity as owners$'000 | – | – | – | – | – | (866) | (866) | – | (866) | PDF p. 53 |
| 2024 / Changes in ownership interests in subsidiaries | ||||||||||
| – Disposal of subsidiaries$'000 | – | – | 22 | (12) | – | 12 | 22 | (205) | (183) | PDF p. 53 |
| 2024 | ||||||||||
| Total changes in ownership interests in subsidiaries$'000 | – | – | 22 | (12) | – | 12 | 22 | (205) | (183) | PDF p. 53 |
| 2024 / Others | ||||||||||
| – Transfer to statutory reserve fund$'000 | – | – | (15) | 156 | – | (141) | – | – | – | PDF p. 53 |
| – Dividends paid to non-controlling interests$'000 | – | – | – | – | – | – | – | (274) | (274) | PDF p. 53 |
| 2024 | ||||||||||
| Balance at 31 December 2024$'000 | 38,864 | (568) | (2,503) | 3,992 | (67) | 26,479 | 66,197 | 15,413 | 81,610 | PDF p. 53 |
Definitions & sources
Original report: PDF p. 53 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Comparative-year Group statement printed on a separate page; same column structure as 2025.
Some labels wrap across lines; quotes of those rows use the continuation line carrying the values.
Company Statement of Changes in Equity
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company – Share capital | 2025Company – Treasury shares | 2025Company – Retained earnings/(Accumulated losses) | 2025Company – Total equity | Source |
|---|---|---|---|---|---|
| 2025 | |||||
| Balance at 1 January 2025$'000 | 38,864 | (568) | (1,953) | 36,343 | PDF p. 54 |
| Total comprehensive income for the financial year$'000 | – | – | 1,222 | 1,222 | PDF p. 54 |
| Balance at 31 December 2025$'000 | 38,864 | (568) | (731) | 37,565 | PDF p. 54 |
| 2024 (comparative, columns same as above but year 2024) | |||||
| Balance at 1 January 2024$'000 | 38,864 | (568) | 1,535 | 39,831 | PDF p. 54 |
| 2024 (comparative) | |||||
| Total comprehensive loss for the financial year$'000 | – | – | (2,622) | (2,622) | PDF p. 54 |
| 2024 (comparative) / Distributions to owners | |||||
| – Dividends paid (Note 34)$'000 | – | – | (866) | (866) | PDF p. 54 |
| 2024 (comparative) | |||||
| Total transactions with owners via their capacity as owners$'000 | – | – | (866) | (866) | PDF p. 54 |
| Balance at 31 December 2024$'000 | 38,864 | (568) | (1,953) | 36,343 | PDF p. 54 |
Definitions & sources
Original report: PDF p. 54 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Column column-year labels are 2025 for all columns; rows in the 2024 section (starting Balance at 1 January 2024) belong to year 2024, as printed under the '2024' sub-heading.
Share capital Note 30(a); Treasury shares Note 30(b).
Financial Highlights – Earnings/(Loss) per Share, Net Assets per Share, Current Ratio, Gearing Ratio (five-year)
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Financial Highlights | ||||||
| Net Assets per Share (Cents)Cents | 22.39 | 22.36 | 22.45 | 22.94 | 22.40 | PDF p. 11 |
| Current Ratio (Times)Times | 1.96 | 2.22 | 2.40 | 2.64 | 3.03 | PDF p. 11 |
| Gearing Ratio (Times)Times | 0.81 | 0.59 | 0.52 | 0.45 | 0.39 | PDF p. 11 |
Definitions & sources
Original report: PDF p. 11 ↗
Current Ratio is calculated as current assets divided by current liabilities.
Gearing Ratio is calculated as total liabilities divided by total equity.
The (0.18) EPS for 2025 is printed on a separate chart line.
Note 10 Earnings per share (Group)
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Number of shares (’000) | |||
| Weighted average number of ordinary shares for basic and diluted earnings per share computation’000 shares | 288,520 | 288,520 | PDF p. 80 |
| Earnings per share (cents per share) | |||
| Basic and dilutedcents per share | (0.18) | 0.71 | PDF p. 80 |
Definitions & sources
Original report: PDF p. 80 ↗
The first row's label is the wrapped continuation of '(Loss)/profit, net of tax, attributable to owners of the Company used in the computation of basic and diluted earnings per share ($’000)'. Basic earnings per share is calculated by dividing (loss)/profit, net of tax, attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the financial year. Diluted EPS adds the weighted average number of ordinary shares that would be issued on conversion of all dilutive potential ordinary shares.
Note 34 Dividends (Group and Company)
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group and Company | 2024Group and Company | Source |
|---|---|---|---|
| Proposed but not recognised as liability as at 31 December: Dividends on ordinary shares, subject to shareholders’ approval at AGM | |||
| – Final exempt (one-tier) dividend for 2025: 0.3 (2024: Nil) cent per share$’000 | 866 | – | PDF p. 106 |
Definitions & sources
Original report: PDF p. 106 ↗
Per-share dividend rates as printed in labels: 2025 proposed final one-tier tax-exempt dividend 0.3 cent per share (2024: Nil); 2023 final dividend 0.3 cent per share paid in FY2024. Chairman's Message (page 5) also states a proposed first and final one-tier tax-exempt dividend of 0.3 Singapore cents per share for FY2025.
Where the money comes from
Segment information
By business
Note 38(a) Business segments – assets, liabilities and other information 8 lines
| Item / unit | 2025Distribution | 2024Distribution | 2025Manufacturing of steel flanges | 2024Manufacturing of steel flanges | 2025Environmental business | 2024Environmental business | 2025Consolidation | 2024Consolidation | Source |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Segment assets$'000 | 35,659 | 41,587 | 7,536 | 6,743 | 59,057 | 60,356 | 102,252 | 108,686 | PDF p. 109 |
| Investment in associate$'000 | – | – | – | – | 9,009 | 9,603 | 9,009 | 9,603 | PDF p. 109 |
| Investment in joint venture$'000 | – | – | – | – | 51 | – | 51 | – | PDF p. 109 |
| Liabilities | |||||||||
| Segment liabilities$'000 | 8,453 | 10,946 | 1,547 | 1,834 | 6,969 | 7,887 | 16,969 | 20,667 | PDF p. 109 |
| Bank loans and government loan$'000 | 11,480 | 12,263 | 129 | 272 | 2,765 | 3,477 | 14,374 | 16,012 | PDF p. 109 |
| Other information | |||||||||
| Depreciation and amortisation$'000 | 1,114 | 1,229 | 308 | 267 | 1,517 | 1,902 | 2,939 | 3,398 | PDF p. 109 |
| Capital expenditure$'000 | 62 | 628 | 823 | 421 | 392 | 1,073 | 1,277 | 2,122 | PDF p. 109 |
| Other non-cash items$'000 | 18 | (2) | (364) | 106 | (259) | 63 | (605) | 167 | PDF p. 109 |
Notes
Blank cells in total rows are not printed in the source (only consolidated amounts shown).
Segment assets include operating assets (trade receivables, inventories, PPE); capital expenditure includes cost to acquire PPE and intangible assets; investment in associates included as segment assets of the Group.
By geography
Note 38(b) Geographical information – revenue by geographical markets 5 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| By geographical markets | |||
| Singapore$'000 | 16,665 | 20,843 | PDF p. 110 |
| Malaysia$'000 | 3,795 | 7,961 | PDF p. 110 |
| PRC$'000 | 13,294 | 14,976 | PDF p. 110 |
| Others(1)$'000 | 2,265 | 3,864 | PDF p. 110 |
| Total$'000 | 36,019 | 47,644 | PDF p. 110 |
Notes
(1) Others mainly comprise Indonesia, Australia, New Zealand and Thailand, which individually do not contribute more than 10% of the Group's revenue.
Total row has no printed label.
Note 38(b) Geographical information – non-current assets by geographical area 5 lines
| Item / unit | 2025Non-current assets | 2024Non-current assets | Source |
|---|---|---|---|
| Non-current assets | |||
| Singapore$'000 | 12,330 | 13,331 | PDF p. 110 |
| Malaysia$'000 | 2,413 | 1,433 | PDF p. 110 |
| South Korea$'000 | 2 | 3 | PDF p. 110 |
| PRC$'000 | 42,869 | 46,064 | PDF p. 110 |
| Total$'000 | 57,614 | 60,831 | PDF p. 110 |
Notes
Non-current assets consist of property, plant and equipment, right-of-use assets, goodwill, intangible assets, investment in associate, investment in joint venture, investment securities, club membership, refundable deposits and deferred tax assets as presented in the consolidated balance sheet.
Total row has no printed label.
Debt
Borrowings
Group contractual undiscounted maturity of loans and borrowings and lease liabilities
| Item / unit | 20251 year or less, $'000 | 20251 to 5 years, $'000 | 2025After 5 years, $'000 | 2025Total, $'000 | 20241 year or less, $'000 | 20241 to 5 years, $'000 | 2024After 5 years, $'000 | 2024Total, $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| Financial liabilities | |||||||||
| Lease liabilities$'000 | 223 | 838 | 2,473 | 3,534 | 343 | 838 | 2,875 | 4,056 | PDF p. 114PDF p. 115 |
| Loans and borrowings$'000 | 10,657 | 7,503 | 1,551 | 19,711 | 14,057 | 8,027 | 2,470 | 24,554 | PDF p. 114PDF p. 115 |
Notes
Based on contractual undiscounted repayment obligations (Note 39(b)).
Company contractual undiscounted maturity of loans and borrowings, 2024
| Item / unit | 20241 year or less, $'000 | 2024More than 1 year, $'000 | 2024Total, $'000 | Source |
|---|---|---|---|---|
| Financial liabilities | ||||
| Loans and borrowings$'000 | 266 | – | 266 | PDF p. 116 |
Notes
No Company loans and borrowings line is printed in the 2025 Company maturity table (page 115).
Borrowing notes 3 tables
Loans and borrowings
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Company, $'000 | 2024Company, $'000 | Source |
|---|---|---|---|---|---|
| Current: Bank loans | |||||
| – Revolving SGD loan facilities$'000 | 2,400 | 2,794 | – | – | PDF p. 101 |
| – Revolving USD loan facility$'000 | 128 | 272 | – | – | PDF p. 101 |
| – Secured RMB term loans$'000 | 1,016 | 957 | – | – | PDF p. 101 |
| – Unsecured RMB term loans$'000 | 552 | 187 | – | – | PDF p. 101 |
| – Secured SGD term loans$'000 | 1,806 | 1,651 | – | – | PDF p. 101 |
| – Unsecured SGD term loan$'000 | – | 260 | – | 260 | PDF p. 101 |
| Current: Other loans and borrowings | |||||
| Bills payable – for trade purpose$'000 | 4,335 | 6,903 | – | – | PDF p. 101 |
| Current | |||||
| Total current loans and borrowings (subtotal)$'000 | 10,237 | 13,024 | – | 260 | PDF p. 101 |
| Non-current: Bank loans | |||||
| – Secured RMB term loans$'000 | 1,198 | 2,334 | – | – | PDF p. 101 |
| – Secured SGD term loans$'000 | 7,274 | 7,557 | – | – | PDF p. 101 |
| Non-current | |||||
| Total non-current loans and borrowings (subtotal)$'000 | 8,472 | 9,891 | – | – | PDF p. 101 |
| Total | |||||
| Total loans and borrowings$'000 | 18,709 | 22,915 | – | 260 | PDF p. 101 |
Notes
Subtotal rows have no printed label in source; original_label is a descriptor. Current bank loans subtotal: 5,902 / 6,121 / – / 260.
(a) Revolving SGD loan facilities secured by corporate guarantee from the Company; fixed interest 2.58% to 4.73% (2024: 4.02% to 5.41%). (b) Revolving USD loan facility USD100,000 or $128,000 (2024: USD200,000 or $272,000), secured by corporate guarantee; fixed 5.65% (2024: 6.45% to 6.60%). (c) Secured RMB term loans at 5.55%, 5.35%, 5.53% and 5.20% effective rates. (d) Unsecured RMB term loans 5.40% and 4.80%. (e) Secured SGD term loans, floating 1.50% above bank swap rate on warehouse loans, effective 2.97% to 4.75% (2024: 4.73% to 5.58%), secured by legal mortgage of properties (Note 11) and corporate guarantee. (f) Unsecured SGD term loan of $260,000 at 2.25%, fully repaid during the year.
Bills payable repayable between 3 to 6 months from issue; interest 2.80% to 6.75% (2024: 3.95% to 6.35%). Undrawn committed borrowing facilities $38,670,000 (2024: $49,001,000).
Effective interest rates
| Item / unit | 2025% | 2024% | Source |
|---|---|---|---|
| Bank loans | |||
| – Unsecured SGD term loan% | – | 2.25 | PDF p. 103 |
Bills payable denominated in foreign currencies
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Bills payable denominated in foreign currencies | |||
| United States dollars$'000 | 671 | 3,043 | PDF p. 103 |
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a fixed dividend policy. The form, frequency and amount of dividends will depend on the Company’s earnings, general financial condition, results of operations, capital requirements, cash flow, general business condition, development plans and other factors as the Directors may deem appropriate. Although declaring and recommending dividend are not fixed, the Board of Directors’ policy is to recommend dividends consistent with the Company’s objective, inter alia of maximising shareholders’ value. The Board will carefully consider and evaluate the aforementioned before proposing any dividend. | Company | PDF p. 36 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Final exempt (one-tier) dividend for 2025 | 0.3 cents per share | Group and Company, FY2025, proposed but not recognised as liability at 31 December 2025 | PDF p. 106 |
| Final exempt (one-tier) dividend for 2025 (amount) | 866 $'000 | Group and Company, FY2025, proposed not recognised as liability | PDF p. 106 |
| Final exempt (one-tier) dividend for 2024 | Nil | Group and Company, FY2024 comparative | PDF p. 106 |
| Record Date | 8 May 2026 | Proposed FY2025 final dividend | PDF p. 129 |
| Payment of proposed Final Dividend | 18 May 2026 | Proposed FY2025 final dividend | PDF p. 129 |
| AnnAik Limited Scrip Dividend Scheme | AnnAik Limited Scrip Dividend Scheme (as approved by shareholders in Extraordinary General Meeting dated 30 April 2018) | Company | PDF p. 127 |
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 | UHY Lee Seng Chan & Co | Group and Company, FY2025 | PDF p. 47 |
| Engagement partner | Mr Lee Sen Choon | Group and Company, FY2025 | PDF p. 47 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 (the Act) and Singapore Financial Reporting Standards (International) (SFRS(I)s) so as to give a true and fair view | Group and Company, FY2025 | PDF p. 43 |
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.