Annual Report 2025
Auditor’s opinion: a true and fair view. Read auditor’s report (PDF p. 60)
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / as at 31 December 2025 | 2024Group / as at 31 December 2024 | Source |
|---|---|---|---|
| Non-current assets | |||
| Property, plant and equipmentSingapore dollars in thousands | 9,018 | 10,300 | PDF p. 64 |
| Right-of-use assetsSingapore dollars in thousands | 7,723 | 7,376 | PDF p. 64 |
| Investment propertySingapore dollars in thousands | 331 | 351 | PDF p. 64 |
| Investment in subsidiariesSingapore dollars in thousands | – | – | PDF p. 64 |
| Investment in associateSingapore dollars in thousands | 4,641 | – | PDF p. 64 |
| Other financial assets, non-currentSingapore dollars in thousands | 6,639 | 6,150 | PDF p. 64 |
| Other non-financial assetsSingapore dollars in thousands | – | – | PDF p. 64 |
| Total non-current assetsSingapore dollars in thousands | 28,352 | 24,177 | PDF p. 64 |
| Current assets | |||
| InventoriesSingapore dollars in thousands | 15,760 | 19,354 | PDF p. 64 |
| Trade and other receivablesSingapore dollars in thousands | 6,185 | 10,831 | PDF p. 64 |
| Other financial assets, currentSingapore dollars in thousands | 3,994 | 4,222 | PDF p. 64 |
| Cash and cash equivalentsSingapore dollars in thousands | 58,463 | 51,421 | PDF p. 64 |
| Total current assetsSingapore dollars in thousands | 84,402 | 85,828 | PDF p. 64 |
| Total assetsSingapore dollars in thousands | 112,754 | 110,005 | PDF p. 64 |
| Equity | |||
| Share capitalSingapore dollars in thousands | 62,463 | 58,856 | PDF p. 64 |
| Treasury sharesSingapore dollars in thousands | (138) | (138) | PDF p. 64 |
| Retained earningsSingapore dollars in thousands | 37,613 | 38,166 | PDF p. 64 |
| Capital reserveSingapore dollars in thousands | 575 | 575 | PDF p. 64 |
| Total equitySingapore dollars in thousands | 100,513 | 97,459 | PDF p. 64 |
| Non-current liabilities | |||
| Provisions, non-currentSingapore dollars in thousands | 1,647 | 1,599 | PDF p. 64 |
| Deferred tax liabilitiesSingapore dollars in thousands | 784 | 800 | PDF p. 64 |
| Lease liabilities, non-currentSingapore dollars in thousands | 7,848 | 7,562 | PDF p. 64 |
| Total non-current liabilitiesSingapore dollars in thousands | 10,279 | 9,961 | PDF p. 64 |
| Current liabilities | |||
| Income tax payableSingapore dollars in thousands | 314 | 506 | PDF p. 64 |
| Provisions, currentSingapore dollars in thousands | 37 | 31 | PDF p. 64 |
| Lease liabilities, currentSingapore dollars in thousands | 622 | 571 | PDF p. 64 |
| Trade and other payablesSingapore dollars in thousands | 987 | 1,402 | PDF p. 64 |
| Derivative financial liabilitiesSingapore dollars in thousands | 2 | 75 | PDF p. 64 |
| Total current liabilitiesSingapore dollars in thousands | 1,962 | 2,585 | PDF p. 64 |
| Total liabilitiesSingapore dollars in thousands | 12,241 | 12,546 | PDF p. 64 |
| Total equity and liabilitiesSingapore dollars in thousands | 112,754 | 110,005 | PDF p. 64 |
Original report: PDF p. 64 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company / as at 31 December 2025 | 2024Company / as at 31 December 2024 | Source |
|---|---|---|---|
| Non-current assets | |||
| Property, plant and equipmentSingapore dollars in thousands | – | – | PDF p. 64 |
| Right-of-use assetsSingapore dollars in thousands | – | – | PDF p. 64 |
| Investment propertySingapore dollars in thousands | – | – | PDF p. 64 |
| Investment in subsidiariesSingapore dollars in thousands | 45,680 | 45,680 | PDF p. 64 |
| Investment in associateSingapore dollars in thousands | 3,607 | – | PDF p. 64 |
| Other financial assets, non-currentSingapore dollars in thousands | 753 | 1,005 | PDF p. 64 |
| Other non-financial assetsSingapore dollars in thousands | – | – | PDF p. 64 |
| Total non-current assetsSingapore dollars in thousands | 50,040 | 46,685 | PDF p. 64 |
| Current assets | |||
| InventoriesSingapore dollars in thousands | – | – | PDF p. 64 |
| Trade and other receivablesSingapore dollars in thousands | 11,934 | 12,280 | PDF p. 64 |
| Other financial assets, currentSingapore dollars in thousands | 372 | 376 | PDF p. 64 |
| Cash and cash equivalentsSingapore dollars in thousands | 1,633 | 1,664 | PDF p. 64 |
| Total current assetsSingapore dollars in thousands | 13,939 | 14,320 | PDF p. 64 |
| Total assetsSingapore dollars in thousands | 63,979 | 61,005 | PDF p. 64 |
| Equity | |||
| Share capitalSingapore dollars in thousands | 62,463 | 58,856 | PDF p. 64 |
| Treasury sharesSingapore dollars in thousands | (138) | (138) | PDF p. 64 |
| Retained earningsSingapore dollars in thousands | 1,368 | 1,971 | PDF p. 64 |
| Capital reserveSingapore dollars in thousands | – | – | PDF p. 64 |
| Total equitySingapore dollars in thousands | 63,693 | 60,689 | PDF p. 64 |
| Non-current liabilities | |||
| Provisions, non-currentSingapore dollars in thousands | – | – | PDF p. 64 |
| Deferred tax liabilitiesSingapore dollars in thousands | – | – | PDF p. 64 |
| Lease liabilities, non-currentSingapore dollars in thousands | – | – | PDF p. 64 |
| Total non-current liabilitiesSingapore dollars in thousands | – | – | PDF p. 64 |
| Current liabilities | |||
| Income tax payableSingapore dollars in thousands | 15 | 36 | PDF p. 64 |
| Provisions, currentSingapore dollars in thousands | – | – | PDF p. 64 |
| Lease liabilities, currentSingapore dollars in thousands | – | – | PDF p. 64 |
| Trade and other payablesSingapore dollars in thousands | 271 | 280 | PDF p. 64 |
| Derivative financial liabilitiesSingapore dollars in thousands | – | – | PDF p. 64 |
| Total current liabilitiesSingapore dollars in thousands | 286 | 316 | PDF p. 64 |
| Total liabilitiesSingapore dollars in thousands | 286 | 316 | PDF p. 64 |
| Total equity and liabilitiesSingapore dollars in thousands | 63,979 | 61,005 | PDF p. 64 |
Original report: PDF p. 64 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended 31 December 2025 | 2024Group / year ended 31 December 2024 | Source |
|---|---|---|---|
| Group profit or loss and other comprehensive income | |||
| RevenueSingapore dollars in thousands | 32,634 | 40,738 | PDF p. 63 |
| Cost of salesSingapore dollars in thousands | (27,290) | (34,814) | PDF p. 63 |
| Gross profitSingapore dollars in thousands | 5,344 | 5,924 | PDF p. 63 |
| Other income and gainsSingapore dollars in thousands | 1,933 | 2,170 | PDF p. 63 |
| Marketing and distribution costsSingapore dollars in thousands | (285) | (304) | PDF p. 63 |
| Administrative expensesSingapore dollars in thousands | (6,204) | (6,324) | PDF p. 63 |
| Finance costsSingapore dollars in thousands | (309) | (330) | PDF p. 63 |
| Other lossesSingapore dollars in thousands | (100) | (453) | PDF p. 63 |
| Share of profit from equity-accounted associateSingapore dollars in thousands | 1,034 | – | PDF p. 63 |
| Profit before tax from continuing operationsSingapore dollars in thousands | 1,413 | 683 | PDF p. 63 |
| Income tax expenseSingapore dollars in thousands | (118) | (314) | PDF p. 63 |
| Profit from continuing operations, net of tax and total comprehensive incomeSingapore dollars in thousands | 1,295 | 369 | PDF p. 63 |
| Earnings per share | |||
| Basic and dilutedSingapore cents per share | 0.35 | 0.11 | PDF p. 63 |
Original report: PDF p. 63 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / Total equity | 2025Group / Share capital | 2025Group / Treasury shares | 2025Group / Capital reserve | 2025Group / Retained earnings | Source |
|---|---|---|---|---|---|---|
| Group changes in equity / 2025 | ||||||
| Opening balance at 1 January 2025Singapore dollars in thousands | 97,459 | 58,856 | (138) | 575 | 38,166 | PDF p. 65 |
| New shares issued (Note 22)Singapore dollars in thousands | 3,607 | 3,607 | – | – | – | PDF p. 65 |
| Total comprehensive income for the year ended 31 December 2025Singapore dollars in thousands | 1,295 | – | – | – | 1,295 | PDF p. 65 |
| Dividends (Note 11)Singapore dollars in thousands | (1,848) | – | – | – | (1,848) | PDF p. 65 |
| Closing balance at 31 December 2025Singapore dollars in thousands | 100,513 | 62,463 | (138) | 575 | 37,613 | PDF p. 65 |
Original report: PDF p. 65 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / Total equity | 2024Group / Share capital | 2024Group / Treasury shares | 2024Group / Capital reserve | 2024Group / Retained earnings | Source |
|---|---|---|---|---|---|---|
| Group changes in equity / 2024 | ||||||
| Opening balance at 1 January 2024Singapore dollars in thousands | 100,501 | 58,856 | (138) | 575 | 41,208 | PDF p. 65 |
| Total comprehensive income for the year ended 31 December 2024Singapore dollars in thousands | 369 | – | – | – | 369 | PDF p. 65 |
| Dividends (Note 11)Singapore dollars in thousands | (3,411) | – | – | – | (3,411) | PDF p. 65 |
| Closing balance at 31 December 2024Singapore dollars in thousands | 97,459 | 58,856 | (138) | 575 | 38,166 | PDF p. 65 |
Original report: PDF p. 65 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company / Total equity | 2025Company / Share capital | 2025Company / Treasury shares | 2025Company / Retained earnings | Source |
|---|---|---|---|---|---|
| Company changes in equity / 2025 | |||||
| Opening balance at 1 January 2025Singapore dollars in thousands | 60,689 | 58,856 | (138) | 1,971 | PDF p. 65 |
| New shares issued (Note 22)Singapore dollars in thousands | 3,607 | 3,607 | – | – | PDF p. 65 |
| Total comprehensive income for the year ended 31 December 2025Singapore dollars in thousands | 1,245 | – | – | 1,245 | PDF p. 65 |
| Dividends (Note 11)Singapore dollars in thousands | (1,848) | – | – | (1,848) | PDF p. 65 |
| Closing balance at 31 December 2025Singapore dollars in thousands | 63,693 | 62,463 | (138) | 1,368 | PDF p. 65 |
Original report: PDF p. 65 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Company / Total equity | 2024Company / Share capital | 2024Company / Treasury shares | 2024Company / Retained earnings | Source |
|---|---|---|---|---|---|
| Company changes in equity / 2024 | |||||
| Opening balance at 1 January 2024Singapore dollars in thousands | 62,271 | 58,856 | (138) | 3,553 | PDF p. 65 |
| Total comprehensive income for the year ended 31 December 2024Singapore dollars in thousands | 1,829 | – | – | 1,829 | PDF p. 65 |
| Dividends (Note 11)Singapore dollars in thousands | (3,411) | – | – | (3,411) | PDF p. 65 |
| Closing balance at 31 December 2024Singapore dollars in thousands | 60,689 | 58,856 | (138) | 1,971 | PDF p. 65 |
Original report: PDF p. 65 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended 31 December 2025 | 2024Group / year ended 31 December 2024 | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before taxSingapore dollars in thousands | 1,413 | 683 | PDF p. 66 |
| Adjustment for: | |||
| Interest incomeSingapore dollars in thousands | (1,600) | (1,866) | PDF p. 66 |
| Interest expenseSingapore dollars in thousands | – | 1 | PDF p. 66 |
| Interest expense on lease liabilitiesSingapore dollars in thousands | 261 | 281 | PDF p. 66 |
| Unwinding of discount arise from provision write-down for dismantling and removingSingapore dollars in thousands | 48 | 48 | PDF p. 66 |
| Inventories write-downSingapore dollars in thousands | – | 375 | PDF p. 66 |
| Share of profit from equity-accounted associateSingapore dollars in thousands | (1,034) | – | PDF p. 66 |
| Depreciation of property, plant and equipmentSingapore dollars in thousands | 1,719 | 2,123 | PDF p. 66 |
| Depreciation of right-of-use assetsSingapore dollars in thousands | 589 | 674 | PDF p. 66 |
| Depreciation of investment propertySingapore dollars in thousands | 20 | 19 | PDF p. 66 |
| Provision/(Reversal) of employee benefitsSingapore dollars in thousands | 6 | (391) | PDF p. 66 |
| Gain on disposal of property, plant and equipmentSingapore dollars in thousands | (20) | – | PDF p. 66 |
| Loss on disposal of Investment in debt asset instruments at amortised costSingapore dollars in thousands | 21 | – | PDF p. 66 |
| Unrealised (gains)/losses on derivative financial instrumentsSingapore dollars in thousands | (73) | 5 | PDF p. 66 |
| Dividend incomeSingapore dollars in thousands | (202) | (208) | PDF p. 66 |
| Deaccretion in amortised costSingapore dollars in thousands | 39 | 30 | PDF p. 66 |
| Fair value (gains)/losses on investment at FVTPLSingapore dollars in thousands | (25) | 73 | PDF p. 66 |
| Operating cash flows before changes in working capitalSingapore dollars in thousands | 1,162 | 1,847 | PDF p. 66 |
| InventoriesSingapore dollars in thousands | 3,594 | 7,028 | PDF p. 66 |
| Trade and other receivablesSingapore dollars in thousands | 4,656 | 7,318 | PDF p. 66 |
| Trade and other payablesSingapore dollars in thousands | (415) | (358) | PDF p. 66 |
| Net cash flows from operationsSingapore dollars in thousands | 8,997 | 15,835 | PDF p. 66 |
| Income taxes paidSingapore dollars in thousands | (326) | (1,665) | PDF p. 66 |
| Net cash flows from operating activitiesSingapore dollars in thousands | 8,671 | 14,170 | PDF p. 66 |
| Cash flows from/(used in) investing activities | |||
| Other financial assets – increaseSingapore dollars in thousands | (296) | (2,368) | PDF p. 66 |
| Adjustment for: | |||
| Proceeds from disposal of property, plant and equipmentSingapore dollars in thousands | 20 | – | PDF p. 66 |
| Purchase of property, plant and equipmentSingapore dollars in thousands | (437) | (84) | PDF p. 66 |
| Dividend receivedSingapore dollars in thousands | 202 | 208 | PDF p. 66 |
| Interest receivedSingapore dollars in thousands | 1,590 | 1,828 | PDF p. 66 |
| Net cash flows from/(used in) investing activitiesSingapore dollars in thousands | 1,079 | (416) | PDF p. 66 |
| Cash flows used in financing activities | |||
| Dividends paid to equity ownersSingapore dollars in thousands | (1,848) | (3,411) | PDF p. 66 |
| Adjustment for: | |||
| Lease liabilities – principal paidSingapore dollars in thousands | (599) | (516) | PDF p. 66 |
| Lease liabilities – interest portionSingapore dollars in thousands | (261) | (281) | PDF p. 66 |
| Net cash flows used in financing activitiesSingapore dollars in thousands | (2,708) | (4,208) | PDF p. 66 |
| Net increase in cash and cash equivalentsSingapore dollars in thousands | 7,042 | 9,546 | PDF p. 66 |
| Cash and cash equivalents, statement of cash flows, beginning balanceSingapore dollars in thousands | 51,421 | 41,875 | PDF p. 66 |
| Cash and cash equivalents, statement of cash flows, ending balance (Note 21)Singapore dollars in thousands | 58,463 | 51,421 | PDF p. 66 |
Original report: PDF p. 66 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / Singapore dollars in thousands / year ended 31 December 2025 | 2024Group / Singapore dollars in thousands / year ended 31 December 2024 | Source |
|---|---|---|---|
| EPS original typed numerator or denominator | |||
| Profit for the yearSingapore dollars in thousands | 1,295 | 369 | PDF p. 81 |
Original report: PDF p. 81 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / Ordinary shares in thousands / year ended 31 December 2025 | 2024Group / Ordinary shares in thousands / year ended 31 December 2024 | Source |
|---|---|---|---|
| EPS original typed numerator or denominator | |||
| BasicOrdinary shares in thousands | 369,529 | 341,129 | PDF p. 81 |
Original report: PDF p. 81 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / cash at 31 December | 2024Group / cash at 31 December | 2025Company / cash at 31 December | 2024Company / cash at 31 December | Source |
|---|---|---|---|---|---|
| Cash financial position and cash flows | |||||
| Not restricted in useSingapore dollars in thousands | 58,463 | 51,421 | 1,633 | 1,664 | PDF p. 93 |
Original report: PDF p. 93 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / GKE Metal Logistics investment | 2024Group / GKE Metal Logistics investment | 2025Company / GKE Metal Logistics investment | 2024Company / GKE Metal Logistics investment | Source |
|---|---|---|---|---|---|
| Associate / Movement in carrying value | |||||
| At beginning of the yearSingapore dollars in thousands | – | – | – | – | PDF p. 85 |
| Associate / original carrying-value rollforward | |||||
| AdditionSingapore dollars in thousands | 3,607 | – | 3,607 | – | PDF p. 85 |
| Share of profit or loss for the yearSingapore dollars in thousands | 1,034 | – | – | – | PDF p. 85 |
| At end of the yearSingapore dollars in thousands | 4,641 | – | 3,607 | – | PDF p. 85 |
Original report: PDF p. 85 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / GKE Metal Logistics investment | 2024Group / GKE Metal Logistics investment | 2025Company / GKE Metal Logistics investment | 2024Company / GKE Metal Logistics investment | Source |
|---|---|---|---|---|---|
| Associate / Carrying value comprising | |||||
| Quoted equity shares at costSingapore dollars in thousands | 3,607 | – | 3,607 | – | PDF p. 85 |
| Associate / original carrying-value composition | |||||
| Share of other equity items of associateSingapore dollars in thousands | 1,034 | – | – | – | PDF p. 85 |
| SubtotalSingapore dollars in thousands | 4,641 | – | 3,607 | – | PDF p. 85 |
Original report: PDF p. 85 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / as at 31 December 2023 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentSingapore dollars in thousands | 12,339 | PDF p. 59 |
| Right-of-use assetsSingapore dollars in thousands | 7,862 | PDF p. 59 |
| Investment propertySingapore dollars in thousands | 370 | PDF p. 59 |
| Investments in subsidiariesSingapore dollars in thousands | – | PDF p. 59 |
| Other financial assets, non-currentSingapore dollars in thousands | 3,304 | PDF p. 59 |
| Other non-financial assetsSingapore dollars in thousands | – | PDF p. 59 |
| Total non-current assetsSingapore dollars in thousands | 23,875 | PDF p. 59 |
| Current assets | ||
| InventoriesSingapore dollars in thousands | 26,757 | PDF p. 59 |
| Trade and other receivablesSingapore dollars in thousands | 18,112 | PDF p. 59 |
| Other financial assets, currentSingapore dollars in thousands | 4,803 | PDF p. 59 |
| Cash and cash equivalentsSingapore dollars in thousands | 41,875 | PDF p. 59 |
| Total current assetsSingapore dollars in thousands | 91,547 | PDF p. 59 |
| Total assetsSingapore dollars in thousands | 115,422 | PDF p. 59 |
| Equity | ||
| Share capitalSingapore dollars in thousands | 58,856 | PDF p. 59 |
| Treasury sharesSingapore dollars in thousands | (138) | PDF p. 59 |
| Retained earningsSingapore dollars in thousands | 41,208 | PDF p. 59 |
| Capital reserveSingapore dollars in thousands | 575 | PDF p. 59 |
| Total equitySingapore dollars in thousands | 100,501 | PDF p. 59 |
| Non-current liabilities | ||
| Provisions, non-currentSingapore dollars in thousands | 1,551 | PDF p. 59 |
| Deferred tax liabilitiesSingapore dollars in thousands | 845 | PDF p. 59 |
| Lease liabilities, non-currentSingapore dollars in thousands | 7,931 | PDF p. 59 |
| Total non-current liabilitiesSingapore dollars in thousands | 10,327 | PDF p. 59 |
| Current liabilities | ||
| Income tax payableSingapore dollars in thousands | 1,812 | PDF p. 59 |
| Provisions, currentSingapore dollars in thousands | 422 | PDF p. 59 |
| Lease liabilities, currentSingapore dollars in thousands | 530 | PDF p. 59 |
| Trade and other payablesSingapore dollars in thousands | 1,760 | PDF p. 59 |
| Derivative financial liabilitiesSingapore dollars in thousands | 70 | PDF p. 59 |
| Total current liabilitiesSingapore dollars in thousands | 4,594 | PDF p. 59 |
| Total liabilitiesSingapore dollars in thousands | 14,921 | PDF p. 59 |
| Total equity and liabilitiesSingapore dollars in thousands | 115,422 | PDF p. 59 |
Original report: PDF p. 59 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Company / as at 31 December 2023 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentSingapore dollars in thousands | – | PDF p. 59 |
| Right-of-use assetsSingapore dollars in thousands | – | PDF p. 59 |
| Investment propertySingapore dollars in thousands | – | PDF p. 59 |
| Investments in subsidiariesSingapore dollars in thousands | 45,680 | PDF p. 59 |
| Other financial assets, non-currentSingapore dollars in thousands | 751 | PDF p. 59 |
| Other non-financial assetsSingapore dollars in thousands | – | PDF p. 59 |
| Total non-current assetsSingapore dollars in thousands | 46,431 | PDF p. 59 |
| Current assets | ||
| InventoriesSingapore dollars in thousands | – | PDF p. 59 |
| Trade and other receivablesSingapore dollars in thousands | 13,913 | PDF p. 59 |
| Other financial assets, currentSingapore dollars in thousands | 629 | PDF p. 59 |
| Cash and cash equivalentsSingapore dollars in thousands | 1,626 | PDF p. 59 |
| Total current assetsSingapore dollars in thousands | 16,168 | PDF p. 59 |
| Total assetsSingapore dollars in thousands | 62,599 | PDF p. 59 |
| Equity | ||
| Share capitalSingapore dollars in thousands | 58,856 | PDF p. 59 |
| Treasury sharesSingapore dollars in thousands | (138) | PDF p. 59 |
| Retained earningsSingapore dollars in thousands | 3,553 | PDF p. 59 |
| Capital reserveSingapore dollars in thousands | – | PDF p. 59 |
| Total equitySingapore dollars in thousands | 62,271 | PDF p. 59 |
| Non-current liabilities | ||
| Provisions, non-currentSingapore dollars in thousands | – | PDF p. 59 |
| Deferred tax liabilitiesSingapore dollars in thousands | – | PDF p. 59 |
| Lease liabilities, non-currentSingapore dollars in thousands | – | PDF p. 59 |
| Total non-current liabilitiesSingapore dollars in thousands | – | PDF p. 59 |
| Current liabilities | ||
| Income tax payableSingapore dollars in thousands | 61 | PDF p. 59 |
| Provisions, currentSingapore dollars in thousands | – | PDF p. 59 |
| Lease liabilities, currentSingapore dollars in thousands | – | PDF p. 59 |
| Trade and other payablesSingapore dollars in thousands | 267 | PDF p. 59 |
| Derivative financial liabilitiesSingapore dollars in thousands | – | PDF p. 59 |
| Total current liabilitiesSingapore dollars in thousands | 328 | PDF p. 59 |
| Total liabilitiesSingapore dollars in thousands | 328 | PDF p. 59 |
| Total equity and liabilitiesSingapore dollars in thousands | 62,599 | PDF p. 59 |
Original report: PDF p. 59 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended 31 December 2023 | Source |
|---|---|---|
| Group profit or loss and other comprehensive income | ||
| RevenueSingapore dollars in thousands | 95,450 | PDF p. 58 |
| Cost of salesSingapore dollars in thousands | (80,022) | PDF p. 58 |
| Gross profitSingapore dollars in thousands | 15,428 | PDF p. 58 |
| Other income and gainsSingapore dollars in thousands | 1,597 | PDF p. 58 |
| Marketing and distribution costsSingapore dollars in thousands | (1,061) | PDF p. 58 |
| Administrative expensesSingapore dollars in thousands | (7,291) | PDF p. 58 |
| Finance costsSingapore dollars in thousands | (320) | PDF p. 58 |
| Other lossesSingapore dollars in thousands | (583) | PDF p. 58 |
| Profit before tax from continuing operationsSingapore dollars in thousands | 7,770 | PDF p. 58 |
| Income tax expenseSingapore dollars in thousands | (1,706) | PDF p. 58 |
| Profit from continuing operations, net of tax and total comprehensive incomeSingapore dollars in thousands | 6,064 | PDF p. 58 |
| Earnings per share currency unit | ||
| BasicSingapore cents per share | 1.78 | PDF p. 58 |
| DilutedSingapore cents per share | 1.78 | PDF p. 58 |
Original report: PDF p. 58 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / Total equity | 2023Group / Share capital | 2023Group / Treasury shares | 2023Group / Capital reserve | 2023Group / Retained earnings | Source |
|---|---|---|---|---|---|---|
| Group changes in equity / 2023 | ||||||
| Opening balance at 1 January 2023Singapore dollars in thousands | 97,166 | 58,856 | (138) | 575 | 37,873 | PDF p. 60 |
| Total comprehensive income for the year ended 31 December 2023Singapore dollars in thousands | 6,064 | – | – | – | 6,064 | PDF p. 60 |
| Dividends (Note 11)Singapore dollars in thousands | (2,729) | – | – | – | (2,729) | PDF p. 60 |
| Closing balance at 31 December 2023Singapore dollars in thousands | 100,501 | 58,856 | (138) | 575 | 41,208 | PDF p. 60 |
Original report: PDF p. 60 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Company / Total equity | 2023Company / Share capital | 2023Company / Treasury shares | 2023Company / Retained earnings | Source |
|---|---|---|---|---|---|
| Company changes in equity / 2023 | |||||
| Opening balance at 1 January 2023Singapore dollars in thousands | 61,446 | 58,856 | (138) | 2,728 | PDF p. 60 |
| Total comprehensive income for the year ended 31 December 2023Singapore dollars in thousands | 3,554 | – | – | 3,554 | PDF p. 60 |
| Dividends (Note 11)Singapore dollars in thousands | (2,729) | – | – | (2,729) | PDF p. 60 |
| Closing balance at 31 December 2023Singapore dollars in thousands | 62,271 | 58,856 | (138) | 3,553 | PDF p. 60 |
Original report: PDF p. 60 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended 31 December 2023 | Source |
|---|---|---|
| Cash flows from operating activities | ||
| Profit before taxSingapore dollars in thousands | 7,770 | PDF p. 61 |
| Adjustment for: | ||
| Interest incomeSingapore dollars in thousands | (1,064) | PDF p. 61 |
| Interest expenseSingapore dollars in thousands | 11 | PDF p. 61 |
| Interest expense on lease liabilitiesSingapore dollars in thousands | 262 | PDF p. 61 |
| Unwinding of discount arise from provision for dismantling and removingSingapore dollars in thousands | 47 | PDF p. 61 |
| Inventory write downSingapore dollars in thousands | 472 | PDF p. 61 |
| Depreciation of property, plant and equipmentSingapore dollars in thousands | 2,148 | PDF p. 61 |
| Depreciation of right-of-use assetsSingapore dollars in thousands | 612 | PDF p. 61 |
| Depreciation of investment propertySingapore dollars in thousands | 20 | PDF p. 61 |
| Reversal of employee benefitsSingapore dollars in thousands | (111) | PDF p. 61 |
| Gain on disposal of property, plant and equipmentSingapore dollars in thousands | (68) | PDF p. 61 |
| Unrealised loss on derivative financial instrumentsSingapore dollars in thousands | 70 | PDF p. 61 |
| Dividend incomeSingapore dollars in thousands | (199) | PDF p. 61 |
| Deaccretion in amortised costSingapore dollars in thousands | 41 | PDF p. 61 |
| Fair value losses on investments at FVTPL, netSingapore dollars in thousands | 41 | PDF p. 61 |
| Operating cash flows before changes in working capitalSingapore dollars in thousands | 10,052 | PDF p. 61 |
| InventoriesSingapore dollars in thousands | 6,947 | PDF p. 61 |
| Trade and other receivablesSingapore dollars in thousands | 1,389 | PDF p. 61 |
| Trade and other payablesSingapore dollars in thousands | (2,232) | PDF p. 61 |
| Other non-financial liabilitiesSingapore dollars in thousands | (6,215) | PDF p. 61 |
| Net cash flows from operationsSingapore dollars in thousands | 9,941 | PDF p. 61 |
| Income taxes paidSingapore dollars in thousands | (1,379) | PDF p. 61 |
| Net cash flows from operating activitiesSingapore dollars in thousands | 8,562 | PDF p. 61 |
| Cash flows (used in)/from investing activities | ||
| Other financial assets – (increase)/decreaseSingapore dollars in thousands | 2,250 | PDF p. 61 |
| Adjustment for: | ||
| Proceeds from disposal of property, plant and equipmentSingapore dollars in thousands | 74 | PDF p. 61 |
| Purchase of property, plant and equipmentSingapore dollars in thousands | (518) | PDF p. 61 |
| Dividend receivedSingapore dollars in thousands | 199 | PDF p. 61 |
| Interest receivedSingapore dollars in thousands | 1,078 | PDF p. 61 |
| Net cash flows (used in)/from investing activitiesSingapore dollars in thousands | 3,083 | PDF p. 61 |
| Cash flows used in financing activities | ||
| Dividends paid to equity ownersSingapore dollars in thousands | (2,729) | PDF p. 61 |
| Adjustment for: | ||
| Interest paidSingapore dollars in thousands | (11) | PDF p. 61 |
| Lease liabilities – principal paidSingapore dollars in thousands | (508) | PDF p. 61 |
| Lease liabilities – interest portionSingapore dollars in thousands | (262) | PDF p. 61 |
| Net cash flows used in financing activitiesSingapore dollars in thousands | (3,510) | PDF p. 61 |
| Net increase in cash and cash equivalentsSingapore dollars in thousands | 8,135 | PDF p. 61 |
| Cash and cash equivalents, statement of cash flows, beginning balanceSingapore dollars in thousands | 33,740 | PDF p. 61 |
| Cash and cash equivalents, statement of cash flows, ending balance (Note 20)Singapore dollars in thousands | 41,875 | PDF p. 61 |
Original report: PDF p. 61 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / Singapore dollars in thousands / year ended 31 December 2023 | Source |
|---|---|---|
| Numerators: earnings attributable to equity: | ||
| Profit for the yearSingapore dollars in thousands | 6,064 | PDF p. 72 |
Original report: PDF p. 72 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / Ordinary shares in thousands / year ended 31 December 2023 | Source |
|---|---|---|
| Denominators: weighted average number of equity shares: | ||
| BasicOrdinary shares in thousands | 341,129 | PDF p. 72 |
Original report: PDF p. 72 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / cash at 31 December | 2023Company / cash at 31 December | Source |
|---|---|---|---|
| Cash financial position and cash flows | |||
| Not restricted in useSingapore dollars in thousands | 41,875 | 1,626 | PDF p. 86 |
Original report: PDF p. 86 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / as at 31 December 2022 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentSingapore dollars in thousands | 13,975 | PDF p. 62 |
| Right-of-use assetsSingapore dollars in thousands | 8,457 | PDF p. 62 |
| Investment propertySingapore dollars in thousands | 390 | PDF p. 62 |
| Investments in subsidiariesSingapore dollars in thousands | – | PDF p. 62 |
| Other financial assets, non-currentSingapore dollars in thousands | 4,582 | PDF p. 62 |
| Other non-financial assetsSingapore dollars in thousands | – | PDF p. 62 |
| Total non-current assetsSingapore dollars in thousands | 27,404 | PDF p. 62 |
| Current assets | ||
| InventoriesSingapore dollars in thousands | 34,176 | PDF p. 62 |
| Trade and other receivablesSingapore dollars in thousands | 19,515 | PDF p. 62 |
| Other financial assets, currentSingapore dollars in thousands | 5,857 | PDF p. 62 |
| Cash and cash equivalentsSingapore dollars in thousands | 33,740 | PDF p. 62 |
| Total current assetsSingapore dollars in thousands | 93,288 | PDF p. 62 |
| Total assetsSingapore dollars in thousands | 120,692 | PDF p. 62 |
| Equity | ||
| Share capitalSingapore dollars in thousands | 58,856 | PDF p. 62 |
| Treasury sharesSingapore dollars in thousands | (138) | PDF p. 62 |
| Retained earningsSingapore dollars in thousands | 37,873 | PDF p. 62 |
| Capital reserveSingapore dollars in thousands | 575 | PDF p. 62 |
| Total equitySingapore dollars in thousands | 97,166 | PDF p. 62 |
| Non-current liabilities | ||
| Provisions, non-currentSingapore dollars in thousands | 1,504 | PDF p. 62 |
| Deferred tax liabilitiesSingapore dollars in thousands | 864 | PDF p. 62 |
| Lease liabilities, non-currentSingapore dollars in thousands | 8,448 | PDF p. 62 |
| Total non-current liabilitiesSingapore dollars in thousands | 10,816 | PDF p. 62 |
| Current liabilities | ||
| Income tax payableSingapore dollars in thousands | 1,466 | PDF p. 62 |
| Provisions, currentSingapore dollars in thousands | 533 | PDF p. 62 |
| Lease liabilities, currentSingapore dollars in thousands | 504 | PDF p. 62 |
| Trade and other payablesSingapore dollars in thousands | 3,992 | PDF p. 62 |
| Derivative financial liabilitiesSingapore dollars in thousands | – | PDF p. 62 |
| Other non-financial liabilitiesSingapore dollars in thousands | 6,215 | PDF p. 62 |
| Total current liabilitiesSingapore dollars in thousands | 12,710 | PDF p. 62 |
| Total liabilitiesSingapore dollars in thousands | 23,526 | PDF p. 62 |
| Total equity and liabilitiesSingapore dollars in thousands | 120,692 | PDF p. 62 |
Original report: PDF p. 62 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Company / as at 31 December 2022 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentSingapore dollars in thousands | – | PDF p. 62 |
| Right-of-use assetsSingapore dollars in thousands | – | PDF p. 62 |
| Investment propertySingapore dollars in thousands | – | PDF p. 62 |
| Investments in subsidiariesSingapore dollars in thousands | 45,680 | PDF p. 62 |
| Other financial assets, non-currentSingapore dollars in thousands | 1,254 | PDF p. 62 |
| Other non-financial assetsSingapore dollars in thousands | – | PDF p. 62 |
| Total non-current assetsSingapore dollars in thousands | 46,934 | PDF p. 62 |
| Current assets | ||
| InventoriesSingapore dollars in thousands | – | PDF p. 62 |
| Trade and other receivablesSingapore dollars in thousands | 12,539 | PDF p. 62 |
| Other financial assets, currentSingapore dollars in thousands | 1,139 | PDF p. 62 |
| Cash and cash equivalentsSingapore dollars in thousands | 1,095 | PDF p. 62 |
| Total current assetsSingapore dollars in thousands | 14,773 | PDF p. 62 |
| Total assetsSingapore dollars in thousands | 61,707 | PDF p. 62 |
| Equity | ||
| Share capitalSingapore dollars in thousands | 58,856 | PDF p. 62 |
| Treasury sharesSingapore dollars in thousands | (138) | PDF p. 62 |
| Retained earningsSingapore dollars in thousands | 2,728 | PDF p. 62 |
| Capital reserveSingapore dollars in thousands | – | PDF p. 62 |
| Total equitySingapore dollars in thousands | 61,446 | PDF p. 62 |
| Non-current liabilities | ||
| Provisions, non-currentSingapore dollars in thousands | – | PDF p. 62 |
| Deferred tax liabilitiesSingapore dollars in thousands | – | PDF p. 62 |
| Lease liabilities, non-currentSingapore dollars in thousands | – | PDF p. 62 |
| Total non-current liabilitiesSingapore dollars in thousands | – | PDF p. 62 |
| Current liabilities | ||
| Income tax payableSingapore dollars in thousands | 19 | PDF p. 62 |
| Provisions, currentSingapore dollars in thousands | – | PDF p. 62 |
| Lease liabilities, currentSingapore dollars in thousands | – | PDF p. 62 |
| Trade and other payablesSingapore dollars in thousands | 242 | PDF p. 62 |
| Derivative financial liabilitiesSingapore dollars in thousands | – | PDF p. 62 |
| Other non-financial liabilitiesSingapore dollars in thousands | – | PDF p. 62 |
| Total current liabilitiesSingapore dollars in thousands | 261 | PDF p. 62 |
| Total liabilitiesSingapore dollars in thousands | 261 | PDF p. 62 |
| Total equity and liabilitiesSingapore dollars in thousands | 61,707 | PDF p. 62 |
Original report: PDF p. 62 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended 31 December 2022 | Source |
|---|---|---|
| Group profit or loss and other comprehensive income | ||
| RevenueSingapore dollars in thousands | 73,522 | PDF p. 61 |
| Cost of salesSingapore dollars in thousands | (59,888) | PDF p. 61 |
| Gross profitSingapore dollars in thousands | 13,634 | PDF p. 61 |
| Other income and gainsSingapore dollars in thousands | 875 | PDF p. 61 |
| Marketing and distribution costsSingapore dollars in thousands | (721) | PDF p. 61 |
| Administrative expensesSingapore dollars in thousands | (6,829) | PDF p. 61 |
| Finance costsSingapore dollars in thousands | (340) | PDF p. 61 |
| Other lossesSingapore dollars in thousands | (1,150) | PDF p. 61 |
| Profit before tax from continuing operationsSingapore dollars in thousands | 5,469 | PDF p. 61 |
| Income tax expenseSingapore dollars in thousands | (1,720) | PDF p. 61 |
| Profit from continuing operations, net of tax and total comprehensive incomeSingapore dollars in thousands | 3,749 | PDF p. 61 |
| Earnings per share currency unit | ||
| BasicSingapore cents per share | 1.10 | PDF p. 61 |
| DilutedSingapore cents per share | 1.10 | PDF p. 61 |
Original report: PDF p. 61 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / Total equity | 2022Group / Share capital | 2022Group / Treasury shares | 2022Group / Capital reserve | 2022Group / Retained earnings | Source |
|---|---|---|---|---|---|---|
| Group changes in equity / 2022 | ||||||
| Opening balance at 1 January 2022Singapore dollars in thousands | 96,146 | 58,856 | (138) | 575 | 36,853 | PDF p. 63 |
| Total comprehensive income for the year ended 31 December 2022Singapore dollars in thousands | 3,749 | – | – | – | 3,749 | PDF p. 63 |
| Dividends (Note 11)Singapore dollars in thousands | (2,729) | – | – | – | (2,729) | PDF p. 63 |
| Closing balance at 31 December 2022Singapore dollars in thousands | 97,166 | 58,856 | (138) | 575 | 37,873 | PDF p. 63 |
Original report: PDF p. 63 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Company / Total equity | 2022Company / Share capital | 2022Company / Treasury shares | 2022Company / Retained earnings | Source |
|---|---|---|---|---|---|
| Company changes in equity / 2022 | |||||
| Opening balance at 1 January 2022Singapore dollars in thousands | 62,223 | 58,856 | (138) | 3,505 | PDF p. 63 |
| Total comprehensive income for the year ended 31 December 2022Singapore dollars in thousands | 1,952 | – | – | 1,952 | PDF p. 63 |
| Dividends (Note 11)Singapore dollars in thousands | (2,729) | – | – | (2,729) | PDF p. 63 |
| Closing balance at 31 December 2022Singapore dollars in thousands | 61,446 | 58,856 | (138) | 2,728 | PDF p. 63 |
Original report: PDF p. 63 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended 31 December 2022 | Source |
|---|---|---|
| Cash flows from/(used in) operating activities | ||
| Profit before taxSingapore dollars in thousands | 5,469 | PDF p. 64 |
| Adjustment for: | ||
| Interest incomeSingapore dollars in thousands | (514) | PDF p. 64 |
| Interest expenseSingapore dollars in thousands | – | PDF p. 64 |
| Interest expense on lease liabilitiesSingapore dollars in thousands | 297 | PDF p. 64 |
| Unwinding of discount arise from provision for dismantling and removingSingapore dollars in thousands | 43 | PDF p. 64 |
| Inventory write downSingapore dollars in thousands | 342 | PDF p. 64 |
| Provision for club membershipSingapore dollars in thousands | 50 | PDF p. 64 |
| Depreciation of property, plant and equipmentSingapore dollars in thousands | 2,127 | PDF p. 64 |
| Depreciation of right-of-use assetsSingapore dollars in thousands | 600 | PDF p. 64 |
| Depreciation of investment propertySingapore dollars in thousands | 20 | PDF p. 64 |
| Reversal of employee benefitsSingapore dollars in thousands | (47) | PDF p. 64 |
| Gain on disposal of property, plant and equipmentSingapore dollars in thousands | (2) | PDF p. 64 |
| Gain on disposal of investments in FVTPLSingapore dollars in thousands | (9) | PDF p. 64 |
| Loss on disposal of investments in debt asset instruments at amortised costSingapore dollars in thousands | 2 | PDF p. 64 |
| Unrealised loss on derivative financial instrumentsSingapore dollars in thousands | – | PDF p. 64 |
| Fair value losses on investments at FVTPL, netSingapore dollars in thousands | 758 | PDF p. 64 |
| Operating cash flows before changes in working capitalSingapore dollars in thousands | 9,136 | PDF p. 64 |
| InventoriesSingapore dollars in thousands | (11,165) | PDF p. 64 |
| Trade and other receivablesSingapore dollars in thousands | (11,743) | PDF p. 64 |
| Trade and other payablesSingapore dollars in thousands | (1,623) | PDF p. 64 |
| Other non-financial liabilitiesSingapore dollars in thousands | 6,215 | PDF p. 64 |
| Net cash flows from/(used in) operationsSingapore dollars in thousands | (9,180) | PDF p. 64 |
| Income taxes paidSingapore dollars in thousands | (242) | PDF p. 64 |
| Net cash flows from/(used in) operating activitiesSingapore dollars in thousands | (9,422) | PDF p. 64 |
| Cash flows from investing activities | ||
| Other financial assets – decreaseSingapore dollars in thousands | 2,063 | PDF p. 64 |
| Proceeds from disposal of property, plant and equipmentSingapore dollars in thousands | 2 | PDF p. 64 |
| Purchase of property, plant and equipmentSingapore dollars in thousands | (231) | PDF p. 64 |
| Interest receivedSingapore dollars in thousands | 540 | PDF p. 64 |
| Net cash flows from investing activitiesSingapore dollars in thousands | 2,374 | PDF p. 64 |
| Cash flows used in financing activities | ||
| Dividends paid to equity ownersSingapore dollars in thousands | (2,729) | PDF p. 64 |
| Cash flows from investing activities | ||
| Interest paidSingapore dollars in thousands | – | PDF p. 64 |
| Lease liabilities – principal paidSingapore dollars in thousands | (465) | PDF p. 64 |
| Lease liabilities – interest portionSingapore dollars in thousands | (297) | PDF p. 64 |
| Net cash flows used in financing activitiesSingapore dollars in thousands | (3,491) | PDF p. 64 |
| Net increase/(decrease) in cash and cash equivalentsSingapore dollars in thousands | (10,539) | PDF p. 64 |
| Cash and cash equivalents, statement of cash flows, beginning balanceSingapore dollars in thousands | 44,279 | PDF p. 64 |
| Cash and cash equivalents, statement of cash flows, ending balance (Note 20)Singapore dollars in thousands | 33,740 | PDF p. 64 |
Original report: PDF p. 64 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / Singapore dollars in thousands / year ended 31 December 2022 | Source |
|---|---|---|
| Numerators: earnings attributable to equity: | ||
| Profit for the yearSingapore dollars in thousands | 3,749 | PDF p. 75 |
Original report: PDF p. 75 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / Ordinary shares in thousands / year ended 31 December 2022 | Source |
|---|---|---|
| Denominators: weighted average number of equity shares: | ||
| BasicOrdinary shares in thousands | 341,129 | PDF p. 75 |
Original report: PDF p. 75 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / as at 31 December 2021 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentSingapore dollars in thousands | 15,871 | PDF p. 38 |
| Right-of-use assetsSingapore dollars in thousands | 8,836 | PDF p. 38 |
| Investment propertySingapore dollars in thousands | 410 | PDF p. 38 |
| Investments in subsidiariesSingapore dollars in thousands | – | PDF p. 38 |
| Other financial assets, non-currentSingapore dollars in thousands | 7,646 | PDF p. 38 |
| Other non-financial assetsSingapore dollars in thousands | 50 | PDF p. 38 |
| Total non-current assetsSingapore dollars in thousands | 32,813 | PDF p. 38 |
| Current assets | ||
| InventoriesSingapore dollars in thousands | 23,353 | PDF p. 38 |
| Trade and other receivablesSingapore dollars in thousands | 7,798 | PDF p. 38 |
| Other financial assets, currentSingapore dollars in thousands | 5,607 | PDF p. 38 |
| Cash and cash equivalentsSingapore dollars in thousands | 44,279 | PDF p. 38 |
| Total current assetsSingapore dollars in thousands | 81,037 | PDF p. 38 |
| Total assetsSingapore dollars in thousands | 113,850 | PDF p. 38 |
| Equity | ||
| Share capitalSingapore dollars in thousands | 58,856 | PDF p. 38 |
| Treasury sharesSingapore dollars in thousands | (138) | PDF p. 38 |
| Retained earningsSingapore dollars in thousands | 36,853 | PDF p. 38 |
| Capital reserveSingapore dollars in thousands | 575 | PDF p. 38 |
| Total equitySingapore dollars in thousands | 96,146 | PDF p. 38 |
| Non-current liabilities | ||
| Provision, non-currentSingapore dollars in thousands | 1,461 | PDF p. 38 |
| Deferred tax liabilitiesSingapore dollars in thousands | 595 | PDF p. 38 |
| Lease liabilities, non-currentSingapore dollars in thousands | 8,712 | PDF p. 38 |
| Total non-current liabilitiesSingapore dollars in thousands | 10,768 | PDF p. 38 |
| Current liabilities | ||
| Provision, currentSingapore dollars in thousands | 580 | PDF p. 38 |
| Income tax payableSingapore dollars in thousands | 257 | PDF p. 38 |
| Lease liabilities, currentSingapore dollars in thousands | 484 | PDF p. 38 |
| Trade and other payablesSingapore dollars in thousands | 5,615 | PDF p. 38 |
| Other non-financial liabilitiesSingapore dollars in thousands | – | PDF p. 38 |
| Total current liabilitiesSingapore dollars in thousands | 6,936 | PDF p. 38 |
| Total liabilitiesSingapore dollars in thousands | 17,704 | PDF p. 38 |
| Total equity and liabilitiesSingapore dollars in thousands | 113,850 | PDF p. 38 |
Original report: PDF p. 38 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Company / as at 31 December 2021 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentSingapore dollars in thousands | – | PDF p. 38 |
| Right-of-use assetsSingapore dollars in thousands | – | PDF p. 38 |
| Investment propertySingapore dollars in thousands | – | PDF p. 38 |
| Investments in subsidiariesSingapore dollars in thousands | 45,680 | PDF p. 38 |
| Other financial assets, non-currentSingapore dollars in thousands | 2,779 | PDF p. 38 |
| Other non-financial assetsSingapore dollars in thousands | – | PDF p. 38 |
| Total non-current assetsSingapore dollars in thousands | 48,459 | PDF p. 38 |
| Current assets | ||
| InventoriesSingapore dollars in thousands | – | PDF p. 38 |
| Trade and other receivablesSingapore dollars in thousands | 12,912 | PDF p. 38 |
| Other financial assets, currentSingapore dollars in thousands | 888 | PDF p. 38 |
| Cash and cash equivalentsSingapore dollars in thousands | 201 | PDF p. 38 |
| Total current assetsSingapore dollars in thousands | 14,001 | PDF p. 38 |
| Total assetsSingapore dollars in thousands | 62,460 | PDF p. 38 |
| Equity | ||
| Share capitalSingapore dollars in thousands | 58,856 | PDF p. 38 |
| Treasury sharesSingapore dollars in thousands | (138) | PDF p. 38 |
| Retained earningsSingapore dollars in thousands | 3,505 | PDF p. 38 |
| Capital reserveSingapore dollars in thousands | – | PDF p. 38 |
| Total equitySingapore dollars in thousands | 62,223 | PDF p. 38 |
| Non-current liabilities | ||
| Provision, non-currentSingapore dollars in thousands | – | PDF p. 38 |
| Deferred tax liabilitiesSingapore dollars in thousands | – | PDF p. 38 |
| Lease liabilities, non-currentSingapore dollars in thousands | – | PDF p. 38 |
| Total non-current liabilitiesSingapore dollars in thousands | – | PDF p. 38 |
| Current liabilities | ||
| Provision, currentSingapore dollars in thousands | – | PDF p. 38 |
| Income tax payableSingapore dollars in thousands | – | PDF p. 38 |
| Lease liabilities, currentSingapore dollars in thousands | – | PDF p. 38 |
| Trade and other payablesSingapore dollars in thousands | 237 | PDF p. 38 |
| Other non-financial liabilitiesSingapore dollars in thousands | – | PDF p. 38 |
| Total current liabilitiesSingapore dollars in thousands | 237 | PDF p. 38 |
| Total liabilitiesSingapore dollars in thousands | 237 | PDF p. 38 |
| Total equity and liabilitiesSingapore dollars in thousands | 62,460 | PDF p. 38 |
Original report: PDF p. 38 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / Total equity | 2021Group / Share capital | 2021Group / Treasury shares | 2021Group / Capital reserve | 2021Group / Retained earnings | Source |
|---|---|---|---|---|---|---|
| Group changes in equity / 2021 | ||||||
| Opening balance at 1 January 2021Singapore dollars in thousands | 94,126 | 58,856 | (138) | 575 | 34,833 | PDF p. 39 |
| Total comprehensive income for the year ended 31 December 2021Singapore dollars in thousands | 3,726 | – | – | – | 3,726 | PDF p. 39 |
| Dividends (Note 11)Singapore dollars in thousands | (1,706) | – | – | – | (1,706) | PDF p. 39 |
| Closing balance at 31 December 2021Singapore dollars in thousands | 96,146 | 58,856 | (138) | 575 | 36,853 | PDF p. 39 |
Original report: PDF p. 39 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Company / Total equity | 2021Company / Share capital | 2021Company / Treasury shares | 2021Company / Retained earnings | Source |
|---|---|---|---|---|---|
| Company changes in equity / 2021 | |||||
| Opening balance at 1 January 2021Singapore dollars in thousands | 62,956 | 58,856 | (138) | 4,238 | PDF p. 39 |
| Total comprehensive income for the year ended 31 December 2021Singapore dollars in thousands | 973 | – | – | 973 | PDF p. 39 |
| Dividends (Note 11)Singapore dollars in thousands | (1,706) | – | – | (1,706) | PDF p. 39 |
| Closing balance at 31 December 2021Singapore dollars in thousands | 62,223 | 58,856 | (138) | 3,505 | PDF p. 39 |
Original report: PDF p. 39 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / year ended 31 December 2021 | Source |
|---|---|---|
| Cash flows from operating activities | ||
| Profit before taxSingapore dollars in thousands | 3,983 | PDF p. 40 |
| Adjustments for: | ||
| Interest incomeSingapore dollars in thousands | (505) | PDF p. 40 |
| Interest expenses on lease liabilitiesSingapore dollars in thousands | 282 | PDF p. 40 |
| Unwinding of discount arise from provision for dismantling and removingSingapore dollars in thousands | 43 | PDF p. 40 |
| Inventory write downSingapore dollars in thousands | 846 | PDF p. 40 |
| Provision for club membershipSingapore dollars in thousands | – | PDF p. 40 |
| Depreciation of investment propertySingapore dollars in thousands | 19 | PDF p. 40 |
| Depreciation of property, plant and equipmentSingapore dollars in thousands | 2,136 | PDF p. 40 |
| Depreciation of right-of-use assetsSingapore dollars in thousands | 576 | PDF p. 40 |
| (Reversal of)/provision for employee benefitsSingapore dollars in thousands | 580 | PDF p. 40 |
| Bad debts recovered – trade receivablesSingapore dollars in thousands | (27) | PDF p. 40 |
| Gain on disposal of property, plant and equipmentSingapore dollars in thousands | (77) | PDF p. 40 |
| Gain on disposal of investments in FVTPLSingapore dollars in thousands | – | PDF p. 40 |
| Loss on disposal of investments in debt asset instruments at amortised costSingapore dollars in thousands | 6 | PDF p. 40 |
| Fair value losses on investments at FVTPLSingapore dollars in thousands | 89 | PDF p. 40 |
| Operating cash flows before changes in working capitalSingapore dollars in thousands | 7,951 | PDF p. 40 |
| InventoriesSingapore dollars in thousands | (10,298) | PDF p. 40 |
| Trade and other receivablesSingapore dollars in thousands | (401) | PDF p. 40 |
| Other non-financial assetsSingapore dollars in thousands | 3 | PDF p. 40 |
| Trade and other payablesSingapore dollars in thousands | 2,461 | PDF p. 40 |
| Other non-financial liabilitiesSingapore dollars in thousands | – | PDF p. 40 |
| Net cash used in operationsSingapore dollars in thousands | (284) | PDF p. 40 |
| Income taxes paidSingapore dollars in thousands | (13) | PDF p. 40 |
| Net cash flows used in operating activitiesSingapore dollars in thousands | (297) | PDF p. 40 |
| Cash flows from investing activities | ||
| Other financial assets – decrease/(increase)Singapore dollars in thousands | (4,548) | PDF p. 40 |
| Proceeds from disposal of property, plant and equipmentSingapore dollars in thousands | 105 | PDF p. 40 |
| Purchase of plant and equipmentSingapore dollars in thousands | (198) | PDF p. 40 |
| Interest receivedSingapore dollars in thousands | 505 | PDF p. 40 |
| Net cash flows from/(used in) investing activitiesSingapore dollars in thousands | (4,136) | PDF p. 40 |
| Cash flows from financing activities | ||
| Dividends paid to equity ownersSingapore dollars in thousands | (1,706) | PDF p. 40 |
| Lease liabilities – principal paidSingapore dollars in thousands | (470) | PDF p. 40 |
| Lease liabilities – interest portionSingapore dollars in thousands | (282) | PDF p. 40 |
| Net cash flows used in financing activitiesSingapore dollars in thousands | (2,458) | PDF p. 40 |
| Net decrease in cash and cash equivalentsSingapore dollars in thousands | (6,891) | PDF p. 40 |
| Cash and cash equivalents, statement of cash flows, beginning balanceSingapore dollars in thousands | 51,170 | PDF p. 40 |
| Cash and cash equivalents, statement of cash flows, ending balance (Note 20)Singapore dollars in thousands | 44,279 | PDF p. 40 |
Original report: PDF p. 40 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / Ordinary shares in thousands / year ended 31 December 2021 | Source |
|---|---|---|
| Denominators: weighted average number of equity shares: | ||
| BasicOrdinary shares in thousands | 341,129 | PDF p. 57 |
Original report: PDF p. 57 ↗
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
Where the money comes from
| Item / unit | 2025Steel distribution | 2025Provision of steel processing | 2025Corporate | 2025Unallocated | 2025Total | 2024Steel distribution | 2024Provision of steel processing | 2024Corporate | 2024Unallocated | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue by segment | |||||||||||
| Total revenue by segment$’000 | 30,807 | 1,906 | 55 | – | 32,768 | 38,521 | 2,329 | 55 | – | 40,905 | PDF p. 76PDF p. 77 |
| Inter-segment sales$’000 | (40) | (39) | (55) | – | (134) | (60) | (52) | (55) | – | (167) | PDF p. 76PDF p. 77 |
| Total revenue$’000 | 30,767 | 1,867 | – | – | 32,634 | 38,461 | 2,277 | – | – | 40,738 | PDF p. 76PDF p. 77 |
| Profit or loss | |||||||||||
| Recurring EBITDA$’000 | 1,327 | 411 | (322) | – | 1,416 | 1,354 | 703 | (95) | – | 1,962 | PDF p. 76PDF p. 77 |
| Depreciation$’000 | (1,976) | (352) | – | – | (2,328) | (2,478) | (338) | – | – | (2,816) | PDF p. 76PDF p. 77 |
| Investment income$’000 | – | – | – | 1,034 | 1,034 | PDF p. 76 | |||||
| Interest income$’000 | – | – | – | 1,600 | 1,600 | – | – | – | 1,866 | 1,866 | PDF p. 76PDF p. 77 |
| Interest expense on lease liabilities$’000 | – | – | – | (261) | (261) | – | – | – | (281) | (281) | PDF p. 76PDF p. 77 |
| ORBIT$’000 | (649) | 59 | (322) | 2,325 | 1,413 | (1,124) | 365 | (95) | 1,537 | 683 | PDF p. 76PDF p. 77 |
| Other material items and reconciliations | |||||||||||
| Depreciation expense$’000 | 1,976 | 352 | – | – | 2,328 | 2,478 | 338 | – | – | 2,816 | PDF p. 76PDF p. 77 |
| Assets and reconciliation | |||||||||||
| Total assets for reportable segments$’000 | 92,785 | 12,486 | 1,755 | 5,661 | 112,687 | 94,094 | 12,737 | 3,078 | – | 109,909 | PDF p. 76PDF p. 77 |
| Unallocated assets$’000 | – | – | – | 67 | 67 | – | – | – | 96 | 96 | PDF p. 76PDF p. 77 |
| Total group assets$’000 | 92,785 | 12,486 | 1,755 | 5,728 | 112,754 | 94,094 | 12,737 | 3,078 | 96 | 110,005 | PDF p. 76PDF p. 77 |
| Liabilities and reconciliations | |||||||||||
| Total liabilities for reportable segments$’000 | 5,222 | 5,427 | 265 | – | 10,914 | 5,903 | 4,776 | 269 | – | 10,948 | PDF p. 76PDF p. 77 |
| Other payables$’000 | 22 | 207 | – | – | 229 | 98 | 194 | – | – | 292 | PDF p. 76PDF p. 77 |
| Income tax payable$’000 | – | – | – | 314 | 314 | – | – | – | 506 | 506 | PDF p. 76PDF p. 77 |
| Deferred tax liabilities$’000 | – | – | – | 784 | 784 | – | – | – | 800 | 800 | PDF p. 76PDF p. 77 |
| Total group liabilities$’000 | 5,244 | 5,634 | 265 | 1,098 | 12,241 | 6,001 | 4,970 | 269 | 1,306 | 12,546 | PDF p. 76PDF p. 77 |
Columns: Steel distribution, Provision of steel processing, Corporate, Unallocated, Total; all in $’000. Continuing operations. Recurring EBITDA = earnings before depreciation and amortisation, interests and income taxes; ORBIT = operating result before interests and income taxes and other unallocated items. Reconciling lines below ORBIT (Other unallocated items, profit before tax, tax, profit) printed only in the Total column.
Columns: Steel distribution, Provision of steel processing, Corporate, Unallocated, Total; all in $’000. Continuing operations. Reconciling lines below ORBIT printed only in the Total column. Investment income line not printed for 2024.
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue by geographical markets | |||
| Singapore$’000 | 22,512 | 24,106 | PDF p. 78 |
| Indonesia$’000 | 7,165 | 14,395 | PDF p. 78 |
| Malaysia$’000 | 2,602 | 1,581 | PDF p. 78 |
| Other regions$’000 | 355 | 656 | PDF p. 78 |
| Total revenue$’000 | 32,634 | 40,738 | PDF p. 78 |
Revenue analysed based on billing address of each customer, irrespective of origin of goods and services. The Group’s operations are located in Singapore.
| Item / unit | 2025Group non-current assets | 2024Group non-current assets | Source |
|---|---|---|---|
| Non-current assets by geographical area | |||
| Singapore$’000 | 21,713 | 18,027 | PDF p. 78 |
Non-current assets analysed by geographical area where assets are located; exclude any financial instruments and deferred tax assets.
Debt
| Item / unit | 2025Less than 1 year, $'000 | 20252-5 years, $'000 | 2025More than 5 years, $'000 | 2025Total, $'000 | Source |
|---|---|---|---|---|---|
| 2025 Non-derivative financial liabilities | |||||
| Gross lease liabilities (2025)$'000 | 865 | 3,461 | 7,011 | 11,337 | PDF p. 99 |
Contractual undiscounted cash flows. The 2024 row is: 805, 3,219, 6,733, 10,757 (Less than 1 year, 2-5 years, More than 5 years, Total), same page; it is not a column in this table.
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Lease liabilities | |||
| Current$'000 | 622 | 571 | PDF p. 95 |
| Non-current$'000 | 7,848 | 7,562 | PDF p. 95 |
| Total lease liabilities$'000 | 8,470 | 8,133 | PDF p. 95 |
The Group and Company have no external borrowings (p.94). Lease liability terms are negotiated on an annual basis.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | While the Company has not formally instituted a dividend policy, it has a good track record of paying at least 40% of its annual profit as dividends to shareholders since its listing on SGX-ST in September 2005. In the event that the Company considers it is inappropriate to pay a final dividend to shareholders, sufficient and good reasons shall be disclosed. | Company | PDF p. 30 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Proposed Dividend Per Share | 0.3 cents per share | FY2025 proposed first and final tax exempt (one-tier) dividend | PDF p. 6 |
| Proposed Dividend Per Share | 0.5 cents per share | FY2024 final dividend (comparative) | PDF p. 6 |
| Final tax exempt (1-tier) dividend paid of 0.5 cent (2024: 1.0 cent) per share | 1,848 $'000 | Group and Company, 2025 (paid in 2025 for FY2024) | PDF p. 81 |
| Record date for final dividend | 21 May 2026 | FY2025 final dividend | PDF p. 109 |
| Payment date for final dividend | 4 June 2026 | FY2025 final dividend | PDF p. 109 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | RSM SG Assurance LLP | Group | PDF p. 62 |
| Engagement partner | Kelly Lee Pei Woon | Group | PDF p. 62 |
| 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 | PDF p. 60 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Determination of the net realisable values of inventories | The determination of the net realisable value of these inventories requires the Group to make a critical and reasonable judgement on the future realisable value | Group | PDF p. 60 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
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.
Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. The original FY2021 annual is retained for independent comparison.
Monetary amounts are Singapore dollars in thousands unless a row states Singapore cents per share or ordinary shares in thousands. The original combined Group profit-or-loss and comprehensive-income statement is retained. Separate Company financial position and changes in equity are available; separate Company income and cash-flow statements are not disclosed in the current audited statements.
FY2025 EPS Note 10 calls the denominator a weighted average but expressly describes shares outstanding at the end of the reporting period. The published denominator is 369,529 thousand shares (FY2024: 341,129 thousand); it excludes 788,600 treasury shares and nil subsidiary holdings. The original period-end wording and reported EPS 0.35/0.11 Singapore cent are retained; no time-weighted denominator is substituted.
FY2023 cash-flow presentation differs in the later comparative: dividend income (199) and deaccretion in amortised cost 41 reduce operating cash from 8,720 to 8,562; dividend receipts 199 and the financial-asset movement difference (41) increase investing cash from 2,925 to 3,083 (S$000). Financing cash (3,510), net increase 8,135 and closing cash 41,875 are unchanged. The sources do not formally label this a restatement; both original source scopes are retained.
The FY2025 Group acquired a 28.64% associate interest in GKE Metal Logistics through an issue of 28,400 thousand ordinary shares for non-cash consideration on 30 April 2025. The S$3,607,000 Company investment cost, S$1,034,000 share of profit and S$4,641,000 Group carrying amount are distinct. This is not a cash purchase of a subsidiary.
Two Singapore subsidiaries are 100%-owned in FY2025 and FY2024. The separate associate’s own financial information is not the Group’s proportionate share. Its activities and effective equity interest are held separately from Company book cost.
The annual-report register is dated 10 March 2026 and uses 369,528,887 ordinary shares excluding treasury shares and nil subsidiary holdings. This whole-share count differs in unit from the thousand-share EPS denominator. Registered top-twenty holdings, substantial holders’ overlapping deemed interests and public float 46.60% are separate measures.
The annual report names a Managing Director and Group Financial Controller. It does not give them an additional CEO or CFO title. The official 12 May 2026 committee announcement relates to existing Non-Executive Director Lee Yih Hwan and is a separately dated governance update.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.