Beng Kuang BEZ
Financials
ANNUAL REPOR T 2025
Explore the statements
12 tablesConsolidated Statement of Comprehensive Income (Group)
22 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| RevenueSGD | 98,154,624 | 111,882,886 | PDF p. 58 |
| Cost of salesSGD | (61,740,542) | (73,150,005) | PDF p. 58 |
| Gross profitSGD | 36,414,082 | 38,732,881 | PDF p. 58 |
| Other gains – net | |||
| - (Loss allowance)/reversal of loss allowance on trade receivablesSGD | (47,388) | 344,775 | PDF p. 58 |
| - OthersSGD | 1,408,510 | 8,268,893 | PDF p. 58 |
| Expenses | |||
| - AdministrativeSGD | (20,709,203) | (20,999,792) | PDF p. 58 |
| - FinanceSGD | (610,346) | (946,687) | PDF p. 58 |
| Income statement | |||
| Profit before income taxSGD | 16,455,655 | 25,400,070 | PDF p. 58 |
| Income tax expenseSGD | (3,925,429) | (4,210,045) | PDF p. 58 |
| Net profitSGD | 12,530,226 | 21,190,025 | PDF p. 58 |
| Other comprehensive loss – items that may be reclassified subsequently to profit or loss | |||
| Currency translation differences arising from consolidation – lossesSGD | (439,515) | (89,725) | PDF p. 58 |
| Other comprehensive loss – items that will not be reclassified subsequently to profit or loss | |||
| Currency translation differences arising from consolidation – lossesSGD | (108,062) | (21,952) | PDF p. 58 |
| Other comprehensive loss | |||
| Other comprehensive lossSGD | (547,577) | (111,677) | PDF p. 58 |
| Total comprehensive income | |||
| Total comprehensive incomeSGD | 11,982,649 | 21,078,348 | PDF p. 58 |
| Profit attributable to | |||
| Equity holders of the CompanySGD | 5,334,241 | 11,538,435 | PDF p. 58 |
| Non-controlling interestsSGD | 7,195,985 | 9,651,590 | PDF p. 58 |
| SubtotalSGD | 12,530,226 | 21,190,025 | PDF p. 58 |
| Total comprehensive income attributable to | |||
| Equity holders of the CompanySGD | 4,894,726 | 11,448,710 | PDF p. 58 |
| Non-controlling interestsSGD | 7,087,923 | 9,629,638 | PDF p. 58 |
| SubtotalSGD | 11,982,649 | 21,078,348 | PDF p. 58 |
| Profit per share attributable to equity holders of the Company | |||
| Basic profit per sharecents per share | 2.61 | 5.79 | PDF p. 58 |
| Diluted profit per sharecents per share | 2.60 | 5.79 | PDF p. 58 |
Definitions & sources
Original report: PDF p. 58 ↗
The accompanying notes form an integral part of these financial statements.
For the financial year ended 31 December 2025
Consolidated Statement of Financial Position (Group) – assets and liabilities
24 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Current assets | |||
| Cash and cash equivalentsSGD | 37,380,100 | 22,920,069 | PDF p. 59 |
| Trade and other receivablesSGD | 15,512,157 | 24,953,760 | PDF p. 59 |
| Contract assetsSGD | 9,172,835 | 12,712,293 | PDF p. 59 |
| Derivative financial instrumentsSGD | 17,864 | – | PDF p. 59 |
| InventoriesSGD | 1,777,195 | 1,068,124 | PDF p. 59 |
| SubtotalSGD | 63,860,151 | 61,654,246 | PDF p. 59 |
| Assets of disposal groupSGD | – | – | PDF p. 59 |
| Non-current assets | |||
| Investment propertiesSGD | – | 1,553,551 | PDF p. 59 |
| Property, plant and equipmentSGD | 15,716,951 | 10,612,048 | PDF p. 59 |
| Deferred income tax assetsSGD | 198,384 | 292,488 | PDF p. 59 |
| SubtotalSGD | 15,915,335 | 12,458,087 | PDF p. 59 |
| Assets | |||
| Total assetsSGD | 79,775,486 | 74,112,333 | PDF p. 59 |
| Current liabilities | |||
| Trade and other payablesSGD | 27,483,788 | 31,732,572 | PDF p. 59 |
| Contract liabilitiesSGD | 545,235 | 43,151 | PDF p. 59 |
| Deferred incomeSGD | 28,654 | 736,595 | PDF p. 59 |
| Current income tax liabilitiesSGD | 3,503,306 | 3,931,255 | PDF p. 59 |
| BorrowingsSGD | 4,249,138 | 3,762,592 | PDF p. 59 |
| SubtotalSGD | 35,810,121 | 40,206,165 | PDF p. 59 |
| Non-current liabilities | |||
| Trade and other payablesSGD | 1,571,104 | 951,398 | PDF p. 59 |
| BorrowingsSGD | 6,246,722 | 4,476,396 | PDF p. 59 |
| Deferred income tax liabilitiesSGD | 6,529 | 6,630 | PDF p. 59 |
| SubtotalSGD | 7,824,355 | 5,434,424 | PDF p. 59 |
| Liabilities | |||
| Total liabilitiesSGD | 43,634,476 | 45,640,589 | PDF p. 59 |
| Net assets | |||
| NET ASSETSSGD | 36,141,010 | 28,471,744 | PDF p. 59 |
Definitions & sources
Original report: PDF p. 59 ↗
The accompanying notes form an integral part of these financial statements.
As at 31 December 2025
Consolidated Statement of Financial Position (Group) – equity
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Equity | |||
| Share capitalSGD | 55,855,754 | 54,124,399 | PDF p. 60 |
| Other reservesSGD | (2,442,056) | (2,036,742) | PDF p. 60 |
| Accumulated lossesSGD | (26,988,656) | (31,097,397) | PDF p. 60 |
| Capital and reserves attributable to equity holders of the Company | |||
| SubtotalSGD | 26,425,042 | 20,990,260 | PDF p. 60 |
| Equity | |||
| Non-controlling interestsSGD | 9,715,968 | 7,481,484 | PDF p. 60 |
| Total equitySGD | 36,141,010 | 28,471,744 | PDF p. 60 |
Definitions & sources
Original report: PDF p. 60 ↗
The accompanying notes form an integral part of these financial statements.
As at 31 December 2025
Statement of Financial Position (Company)
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| Current assets | |||
| Cash and cash equivalentsSGD | 1,387,640 | 2,384,621 | PDF p. 61 |
| Trade and other receivablesSGD | 19,905,886 | 20,007,169 | PDF p. 61 |
| SubtotalSGD | 21,293,526 | 22,391,790 | PDF p. 61 |
| Non-current assets | |||
| Investments in subsidiary corporationsSGD | 4,589,497 | 4,589,297 | PDF p. 61 |
| Property, plant and equipmentSGD | 926,965 | 765,737 | PDF p. 61 |
| SubtotalSGD | 5,516,462 | 5,355,034 | PDF p. 61 |
| Assets | |||
| Total assetsSGD | 26,809,988 | 27,746,824 | PDF p. 61 |
| Current liabilities | |||
| Trade and other payablesSGD | 15,015,340 | 18,904,764 | PDF p. 61 |
| BorrowingsSGD | 1,620,982 | 197,303 | PDF p. 61 |
| SubtotalSGD | 16,636,322 | 19,102,067 | PDF p. 61 |
| Non-current liabilities | |||
| BorrowingsSGD | 3,161,411 | 3,259,356 | PDF p. 61 |
| Liabilities | |||
| Total liabilitiesSGD | 19,797,733 | 22,361,423 | PDF p. 61 |
| Net assets | |||
| NET ASSETSSGD | 7,012,255 | 5,385,401 | PDF p. 61 |
| Equity | |||
| Share capitalSGD | 55,855,754 | 54,124,399 | PDF p. 61 |
| Other reservesSGD | 30,962 | – | PDF p. 61 |
| Accumulated lossesSGD | (48,874,461) | (48,738,998) | PDF p. 61 |
| Total equitySGD | 7,012,255 | 5,385,401 | PDF p. 61 |
Definitions & sources
Original report: PDF p. 61 ↗
The accompanying notes form an integral part of these financial statements.
As at 31 December 2025
Consolidated Statement of Comprehensive Income
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY ended 31 Dec 2025, $ | 2024Group, FY ended 31 Dec 2024, $ | Source |
|---|---|---|---|
| Income | |||
| Net profit$ | 12,530,226 | 21,190,025 | PDF p. 58 |
| Items that may be reclassified subsequently to profit or loss | |||
| Currency translation differences arising from consolidation – losses$ | (439,515) | (89,725) | PDF p. 58 |
| Items that will not be reclassified subsequently to profit or loss | |||
| Currency translation differences arising from consolidation – losses$ | (108,062) | (21,952) | PDF p. 58 |
| Other comprehensive loss, net of tax | |||
| Other comprehensive loss$ | (547,577) | (111,677) | PDF p. 58 |
| Total | |||
| Total comprehensive income$ | 11,982,649 | 21,078,348 | PDF p. 58 |
| Profit attributable to | |||
| Equity holders of the Company$ | 5,334,241 | 11,538,435 | PDF p. 58 |
| Non-controlling interests$ | 7,195,985 | 9,651,590 | PDF p. 58 |
| Total comprehensive income attributable to | |||
| Equity holders of the Company$ | 4,894,726 | 11,448,710 | PDF p. 58 |
| Non-controlling interests$ | 7,087,923 | 9,629,638 | PDF p. 58 |
| Profit per share attributable to equity holders of the Company | |||
| Basic profit per sharecents per share | 2.61 | 5.79 | PDF p. 58 |
| Diluted profit per sharecents per share | 2.60 | 5.79 | PDF p. 58 |
Definitions & sources
Original report: PDF p. 58 ↗
Profit per share in cents per share. Loss allowance row is Other gains – net. Company-level comprehensive income not presented.
Consolidated Statement of Changes in Equity – 2025
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital, $ | 2025Group, Accumulated losses, $ | 2025Group, Other reserves, $ | 2025Group, Total attributable to equity holders of the Company, $ | 2025Group, Non-controlling interests, $ | 2025Group, Total, $ | Source |
|---|---|---|---|---|---|---|---|
| 2025 | |||||||
| Beginning of financial year$ | 54,124,399 | (31,097,397) | (2,036,742) | 20,990,260 | 7,481,484 | 28,471,744 | PDF p. 62 |
| Profit for the financial year$ | – | 5,334,241 | – | 5,334,241 | 7,195,985 | 12,530,226 | PDF p. 62 |
| Other comprehensive loss for the financial year$ | – | – | (439,515) | (439,515) | (108,062) | (547,577) | PDF p. 62 |
| Total comprehensive income/(loss) for the financial year$ | – | 5,334,241 | (439,515) | 4,894,726 | 7,087,923 | 11,982,649 | PDF p. 62 |
| Issuance of new shares pursuant to exercise of bonus warrants$ | 385,110 | – | – | 385,110 | – | 385,110 | PDF p. 62 |
| Issuance of new shares pursuant to exercise of compensation shares$ | 929,266 | – | – | 929,266 | – | 929,266 | PDF p. 62 |
| Issuance of shares to non-controlling shareholders$ | – | – | – | – | 50,000 | 50,000 | PDF p. 62 |
| Acquisition of non-controlling interest in subsidiary corporation$ | – | – | 3,239 | 3,239 | (3,439) | (200) | PDF p. 62 |
| Share issue expenses$ | (115,327) | – | – | (115,327) | – | (115,327) | PDF p. 62 |
| 2025 Dividend paid to equity shareholders | |||||||
| - In cash$ | – | (693,194) | – | (693,194) | – | (693,194) | PDF p. 62 |
| - Shares issued In lieu of dividends$ | 532,306 | (532,306) | – | – | – | – | PDF p. 62 |
| 2025 | |||||||
| Dividend paid to non-controlling interests$ | – | – | – | – | (4,900,000) | (4,900,000) | PDF p. 62 |
| Employee share option scheme - value of employee services$ | – | – | 30,962 | 30,962 | – | 30,962 | PDF p. 62 |
| End of financial year$ | 55,855,754 | (26,988,656) | (2,442,056) | 26,425,042 | 9,715,968 | 36,141,010 | PDF p. 62 |
Definitions & sources
Original report: PDF p. 62 ↗
No separate Company statement of changes in equity is presented.
Consolidated Statement of Changes in Equity – 2024
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Share capital, $ | 2024Group, Accumulated losses, $ | 2024Group, Other reserves, $ | 2024Group, Total attributable to equity holders of the Company, $ | 2024Group, Non-controlling interests, $ | 2024Group, Total, $ | Source |
|---|---|---|---|---|---|---|---|
| 2024 | |||||||
| Beginning of financial year$ | 54,124,399 | (42,635,832) | (1,951,751) | 9,536,816 | 2,314,779 | 11,851,595 | PDF p. 63 |
| Profit for the financial year$ | – | 11,538,435 | – | 11,538,435 | 9,651,590 | 21,190,025 | PDF p. 63 |
| Other comprehensive loss for the financial year$ | – | – | (89,725) | (89,725) | (21,952) | (111,677) | PDF p. 63 |
| Total comprehensive income/(loss) for the financial year$ | – | 11,538,435 | (89,725) | 11,448,710 | 9,629,638 | 21,078,348 | PDF p. 63 |
| Acquisition of additional equity interest in subsidiary corporation$ | – | – | 4,734 | 4,734 | (504,734) | (500,000) | PDF p. 63 |
| Dividend paid to non-controlling interests$ | – | – | – | – | (3,959,200) | (3,959,200) | PDF p. 63 |
| Disposal of shares in subsidiary corporation$ | – | – | – | – | 1,001 | 1,001 | PDF p. 63 |
| End of financial year$ | 54,124,399 | (31,097,397) | (2,036,742) | 20,990,260 | 7,481,484 | 28,471,744 | PDF p. 63 |
Definitions & sources
Original report: PDF p. 63 ↗
No separate Company statement of changes in equity is presented.
Consolidated Statement of Cash Flows – operating and investing activities
35 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY ended 31 Dec 2025, $ | 2024Group, FY ended 31 Dec 2024, $ | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net profit$ | 12,530,226 | 21,190,025 | PDF p. 64 |
| Adjustments for | |||
| Loss allowance/(reversal of loss allowance) on trade receivables, net$ | 47,388 | (344,775) | PDF p. 64 |
| Inventories written (back)/down$ | (10,444) | 22,074 | PDF p. 64 |
| Gain on disposal of property, plant and equipment$ | (160,385) | (83,341) | PDF p. 64 |
| Gain on lease termination$ | (2,146) | (3,008) | PDF p. 64 |
| Property, plant and equipment written off$ | 41,052 | 25,958 | PDF p. 64 |
| Interest income$ | (328,698) | (149,279) | PDF p. 64 |
| Interest expense$ | 610,346 | 946,687 | PDF p. 64 |
| Income tax expense$ | 3,925,429 | 4,210,045 | PDF p. 64 |
| Gain on disposal and remeasurement of disposal group, net$ | – | (5,511,476) | PDF p. 64 |
| Fair value loss on derivatives$ | 166,097 | – | PDF p. 64 |
| Employee share option expenses$ | 30,962 | – | PDF p. 64 |
| Depreciation of investment property$ | 169,476 | 164,503 | PDF p. 64 |
| Depreciation of property, plant and equipment$ | 3,395,527 | 2,734,685 | PDF p. 64 |
| Unrealised currency translation differences$ | 10,368 | 26,445 | PDF p. 64 |
| Operating cash flow before working capital changes (unlabelled subtotal)$ | 20,425,198 | 23,228,543 | PDF p. 64 |
| Change in working capital | |||
| Inventories$ | (698,627) | 66,497 | PDF p. 64 |
| Contract assets$ | 3,539,458 | (2,642,611) | PDF p. 64 |
| Trade and other receivables$ | 9,402,388 | (2,771,907) | PDF p. 64 |
| Trade and other payables$ | (1,956,812) | (1,267,754) | PDF p. 64 |
| Contract liabilities$ | 502,084 | 43,151 | PDF p. 64 |
| Deferred income$ | (707,941) | 690,775 | PDF p. 64 |
| Cash flows from operating activities | |||
| Cash generated from operations$ | 30,505,748 | 17,346,694 | PDF p. 64 |
| Interest received$ | 328,698 | 149,279 | PDF p. 64 |
| Interest paid$ | (21,437) | (211,879) | PDF p. 64 |
| Income tax paid$ | (4,259,375) | (2,531,211) | PDF p. 64 |
| Net cash generated from operating activities$ | 26,553,634 | 14,752,883 | PDF p. 64 |
| Cash flows from investing activities | |||
| Additions to property, plant and equipment$ | (3,738,528) | (1,121,101) | PDF p. 64 |
| Proceeds from disposal of property, plant and equipment$ | 234,025 | 113,487 | PDF p. 64 |
| Proceeds from disposal of subsidiary corporation to non-controlling interest$ | – | 1,001 | PDF p. 64 |
| Premium paid on derivative financial instruments$ | (183,961) | – | PDF p. 64 |
| Acquisition of non-controlling interests$ | (200) | (500,000) | PDF p. 64 |
| Issuance of shares to non-controlling shareholders$ | 50,000 | – | PDF p. 64 |
| Net cash inflow from sale of disposal group$ | – | 7,534,439 | PDF p. 64 |
| Net cash (used in)/generated from investing activities$ | (3,638,664) | 6,027,826 | PDF p. 64 |
Definitions & sources
Original report: PDF p. 64 ↗
Continues on page 65 (financing activities and closing cash). No separate Company cash flow statement presented.
Consolidated Statement of Cash Flows – financing activities and closing cash
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY ended 31 Dec 2025, $ | 2024Group, FY ended 31 Dec 2024, $ | Source |
|---|---|---|---|
| Cash flows from financing activities | |||
| Bank deposits pledged$ | (100,000) | (200,000) | PDF p. 65 |
| Proceeds from issuance of warrants, net$ | 385,110 | – | PDF p. 65 |
| Share issue expenses$ | (115,327) | – | PDF p. 65 |
| Proceeds from borrowings$ | 10,496,001 | 9,135,249 | PDF p. 65 |
| Proceeds from bond$ | – | 3,000,000 | PDF p. 65 |
| Repayment of borrowings$ | (7,391,795) | (11,569,464) | PDF p. 65 |
| Repayment of bond$ | (3,750,000) | (2,670,664) | PDF p. 65 |
| Principal payment of lease liabilities$ | (1,569,043) | (1,376,627) | PDF p. 65 |
| Interest paid$ | (624,073) | (734,808) | PDF p. 65 |
| Increase in bills payable, net$ | 211,960 | 103,383 | PDF p. 65 |
| Dividend paid to equity shareholders$ | (693,194) | – | PDF p. 65 |
| Dividend paid to non-controlling interests$ | (4,900,000) | (3,959,200) | PDF p. 65 |
| Net cash used in financing activities$ | (8,050,361) | (8,272,131) | PDF p. 65 |
| Cash and cash equivalents | |||
| Net increase in cash and cash equivalents$ | 14,864,609 | 12,508,578 | PDF p. 65 |
| Beginning of financial year$ | 22,420,069 | 9,888,622 | PDF p. 65 |
| Effects of currency translation on cash and cash equivalents$ | (509,575) | 22,869 | PDF p. 65 |
| End of financial year$ | 36,775,103 | 22,420,069 | PDF p. 65 |
Definitions & sources
Original report: PDF p. 65 ↗
Continuation of the statement from page 64.
3 Year Financial Positions
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | Source |
|---|---|---|---|---|
| Income Statement | ||||
| RevenueS$'000 | 98,155 | 111,883 | 79,162 | PDF p. 7 |
| Profit before taxS$'000 | 16,456 | 25,400 | 10,818 | PDF p. 7 |
| EBITDAS$'000 | 20,630 | 29,247 | 15,843 | PDF p. 7 |
| Attributable profitS$'000 | 5,334 | 11,538 | 3,424 | PDF p. 7 |
| Balance Sheet | ||||
| Total assetsS$'000 | 79,775 | 74,112 | 63,001 | PDF p. 7 |
| Total liabilitiesS$'000 | (43,634) | (45,641) | (51,149) | PDF p. 7 |
| Net debtS$'000 | Net Cash | Net Cash | (1,955) | PDF p. 7 |
| Tangible net worthS$'000 | 36,141 | 28,472 | 11,852 | PDF p. 7 |
| Financial Ratios - Basic Earnings per Share | ||||
| - Basic (in cents)cents | 2.61 | 5.79 | 1.72 | PDF p. 7 |
| Financial Ratios | ||||
| Net Asset Value per Share (in cents)cents | 12.64 | 10.54 | 4.79 | PDF p. 7 |
| Net gearing ratio (%)% | Net Cash | Net Cash | 16.5 | PDF p. 7 |
| Current Ratioratio (times) | 1.78 | 1.53 | 1.03 | PDF p. 7 |
| JAWS Ratio(3) (%)% | (9.4) | 24.3 | 18.4 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
(1) As at financial year ended 31 December 2024, shareholders hold 59,763,110 bonus warrants. These are anti-dilutive because the exercise price of S$0.22 is higher than the average market price in 2024.
(2) As at financial year ended 31 December 2025, shareholders hold 58,012,610 bonus warrants. These are diluted because the exercise price of S$0.22 is less than the average market price in 2025.
(3) JAWS ratio = (Income Growth Rate) - (Expense Growth Rate)
Highlights also show Revenue S$98.2M, Profit Before Tax S$16.5M, EBITDA S$20.6M for FY2025.
Note 10 Profit per share
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit per share | |||
| Profit attributable to equity holders of the Company ($)$ | 5,334,241 | 11,538,435 | PDF p. 87 |
| Weighted average number of ordinary shares for basic earnings per sharenumber of shares | 204,296,778 | 199,210,406 | PDF p. 87 |
| Effect of dilution | |||
| Potential ordinary shares issuable under exercise of warrantsnumber of shares | 1,204,662 | – | PDF p. 87 |
| Profit per share | |||
| Weighted average number of ordinary shares outstanding used in the calculation of diluted earnings per sharenumber of shares | 205,501,440 | 199,210,406 | PDF p. 87 |
| Basic profit per share (cents per share)cents per share | 2.61 | 5.79 | PDF p. 87 |
| Diluted profit per share (cents per share)cents per share | 2.60 | 5.79 | PDF p. 87 |
Definitions & sources
Original report: PDF p. 87 ↗
Basic profit per share is calculated by dividing the net profit attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the financial year.
As at financial year end 31 December 2025, shareholders hold 58,012,610 bonus warrants. These are dilutive because the exercise price of $0.22 is less than the average market price in 2025.
Note 28 Dividends
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Dividends | |||
| One-tier tax-exempt cash dividend of 0.6 cents per share in respect of financial year ended 31 December 2025$ | 693,194 | – | PDF p. 117 |
| One-tier tax-exempt scrip dividend of 0.6 cents per share in respect of financial year ended 31 December 2025$ | 532,306 | – | PDF p. 117 |
| Total dividends$ | 1,225,500 | – | PDF p. 117 |
Definitions & sources
Original report: PDF p. 117 ↗
At the Annual General Meeting to be held on 15 April 2026, a final one-tier tax exempt dividend of $0.006 per share, amounting a total of $1,253,928 will be recommended. These financial statements do not reflect this dividend, which will be accounted for in shareholders' equity as an appropriation of retained profits in the next financial year ending 31 December 2026.
The total row has no printed label; the quote shows only the printed amounts.
Where the money comes from
Segment information
By business
Business segment results 9 lines
| Item / unit | 2025Infrastructure engineering | 2025Corrosion prevention | 2025Corporate services | 2025Others | 2025Total | 2024Infrastructure engineering | 2024Corrosion prevention | 2024Corporate services | 2024Others | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total segment sales$ | 79,051,960 | 20,698,641 | – | 26,410 | 99,777,011 | 91,633,316 | 21,609,865 | – | 12,915 | 113,256,096 | PDF p. 134PDF p. 135 |
| Inter-segment sales$ | (549,329) | (1,073,058) | – | – | (1,622,387) | (203,547) | (1,169,663) | – | – | (1,373,210) | PDF p. 134PDF p. 135 |
| Sales to external customers$ | 78,502,631 | 19,625,583 | – | 26,410 | 98,154,624 | 91,429,769 | 20,440,202 | – | 12,915 | 111,882,886 | PDF p. 134PDF p. 135 |
| Results | |||||||||||
| Segment results$ | 19,438,097 | 2,579,114 | (5,151,468) | (128,440) | 16,737,303 | 29,713,870 | 3,272,518 | (6,611,144) | (177,766) | 26,197,478 | PDF p. 134PDF p. 135 |
| Interest expense$ | (24,414) | (288,046) | (297,886) | – | (610,346) | (184,239) | (387,613) | (374,835) | – | (946,687) | PDF p. 134PDF p. 135 |
| Interest income$ | 268,699 | 22,162 | 37,785 | 52 | 328,698 | 121,751 | 15,131 | 12,251 | 146 | 149,279 | PDF p. 134PDF p. 135 |
| Profit/(loss) from operating segment$ | 19,682,382 | 2,313,230 | (5,411,569) | (128,388) | 16,455,655 | 29,651,382 | 2,900,036 | (6,973,728) | (177,620) | 25,400,070 | PDF p. 134PDF p. 135 |
| Net profit includes | |||||||||||
| - Depreciation of investment properties$ | 169,476 | – | – | – | 169,476 | 164,503 | – | – | – | 164,503 | PDF p. 134PDF p. 135 |
| - Depreciation of property, plant and equipment$ | 1,094,803 | 1,810,019 | 363,100 | 127,605 | 3,395,527 | 1,096,767 | 1,146,988 | 363,324 | 127,606 | 2,734,685 | PDF p. 134PDF p. 135 |
Notes
Blank values are cells not printed. An unlabeled figure 5,334,241 printed beneath the non-controlling interests line is not extracted as it has no printed label.
Blank values are cells not printed. An unlabeled figure 11,538,435 printed beneath the non-controlling interests line is not extracted as it has no printed label.
Business segment assets, capital expenditure and liabilities 3 lines
| Item / unit | 2025Infrastructure engineering | 2025Corrosion prevention | 2025Corporate services | 2025Others | 2025Total | 2024Infrastructure engineering | 2024Corrosion prevention | 2024Corporate services | 2024Others | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Segment assets$ | 60,438,913 | 15,701,411 | 2,520,424 | 1,114,738 | 79,775,486 | 55,542,205 | 14,166,305 | 3,204,573 | 1,199,250 | 74,112,333 | PDF p. 136 |
| Segment assets include | |||||||||||
| Additions to: Property, plant and equipment$ | 1,883,271 | 4,770,025 | 657,144 | 123,384 | 7,433,824 | 915,575 | 510,510 | 349,465 | - | 1,775,550 | PDF p. 136 |
| Segment liabilities$ | (19,592,954) | (11,530,814) | (12,360,181) | (150,527) | (43,634,476) | (17,712,615) | (14,757,242) | (13,129,235) | (41,497) | (45,640,589) | PDF p. 136 |
Notes
Row label 'Additions to: Property, plant and equipment' wraps across two lines in the source.
Row label wraps across two lines; numeric line quoted for additions. Others additions printed as a dash.
By geography
Geographical information - Revenue 8 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue | |||
| Singapore$ | 25,156,128 | 36,450,345 | PDF p. 137 |
| Asia (other than Singapore)$ | 15,326,496 | 11,419,796 | PDF p. 137 |
| Europe$ | 53,944,297 | 61,581,871 | PDF p. 137 |
| Middle East$ | 627,644 | 44,327 | PDF p. 137 |
| South America$ | 2,288,275 | 1,753,057 | PDF p. 137 |
| Africa$ | 811,784 | 600,285 | PDF p. 137 |
| Others$ | – | 33,205 | PDF p. 137 |
| Total (unlabeled)$ | 98,154,624 | 111,882,886 | PDF p. 137 |
Notes
Revenue derived based on country of origin of the customers. The total row has no printed label.
Geographical information - Non-current assets 4 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Non-current assets | |||
| Singapore$ | 4,518,961 | 2,203,093 | PDF p. 138 |
| Asia (other than Singapore)$ | 11,090,801 | 9,962,506 | PDF p. 138 |
| South America$ | 107,189 | – | PDF p. 138 |
| Total (unlabeled)$ | 15,716,951 | 12,165,599 | PDF p. 138 |
Notes
Non-current assets (other than intangible assets and deferred income tax assets) derived based on operating location of the assets. Total row has no printed label.
Debt
Borrowings
Borrowing notes 4 tables
Borrowings (current and non-current)
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current | |||||
| Bank borrowings$ | 2,343,854 | 2,526,505 | 1,331,080 | – | PDF p. 108 |
| Bank overdrafts (Note 11)$ | 4,997 | – | – | – | PDF p. 108 |
| Bills payable$ | 315,343 | 103,383 | – | – | PDF p. 108 |
| Lease liabilities$ | 1,584,944 | 1,132,704 | 289,902 | 197,303 | PDF p. 108 |
| Current total$ | 4,249,138 | 3,762,592 | 1,620,982 | 197,303 | PDF p. 108 |
| Non-current | |||||
| Bank borrowings$ | 4,217,289 | 930,432 | 2,846,566 | – | PDF p. 108 |
| Bonds (Note 24)$ | – | 3,042,164 | – | 3,042,164 | PDF p. 108 |
| Lease liabilities$ | 2,029,433 | 503,800 | 314,845 | 217,192 | PDF p. 108 |
| Non-current total$ | 6,246,722 | 4,476,396 | 3,161,411 | 3,259,356 | PDF p. 108 |
| Total | |||||
| Total borrowings$ | 10,495,860 | 8,238,988 | 4,782,393 | 3,456,659 | PDF p. 108 |
Notes
Units in $ as printed. Lease liabilities are included within borrowings. Bank overdrafts refer to Note 11; Bonds refer to Note 24.
Borrowings by contractual repricing dates and security
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Repricing dates | |||||
| 6 months or less$ | 2,551,428 | 3,051,076 | 806,706 | 127,796 | PDF p. 109 |
| 6 – 12 months$ | 1,697,710 | 711,516 | 814,277 | 69,507 | PDF p. 109 |
| 1 – 5 years$ | 6,246,722 | 4,463,952 | 3,161,410 | 3,246,912 | PDF p. 109 |
| Over 5 years$ | – | 12,444 | – | 12,444 | PDF p. 109 |
| Total$ | 10,495,860 | 8,238,988 | 4,782,393 | 3,456,659 | PDF p. 109 |
Notes
Units in $. Secured: total borrowings include $988,547 (2024: $2,672,403) and $311,012 (2024: $305,708) for the Group and the Company respectively secured over certain assets. Bank borrowings of the Group are secured over certain bank deposits (Note 11) and certain trade receivables (Note 12). Bank overdrafts, bills payable and other short-term bank borrowings are supported by corporate guarantees given by the Company (Note 30(a)).
Covenants: major non-current bank borrowing carrying amount $1,699,200 (2024: $Nil); minimum consolidated net worth $28,000,000; total bank borrowings/EBITDA not more than 1.50; actual 0.51 (2024: Nil). Another bank borrowing $1,600,000 (2024: $1,000,000): adjusted tangible net worth $8,000,000; gearing not more than 2.00; actual 0.29 (2024: 0.29).
Note 23(c) Fair value of non-current borrowings and discount rates
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Fair value | |||||
| Bank borrowings$ | 3,987,375 | 835,103 | – | – | PDF p. 110 |
| Bonds$ | – | 2,769,090 | – | 2,769,090 | PDF p. 110 |
| Discount rate | |||||
| Bonds% per annum | – | 10.00 | – | 10.00 | PDF p. 110 |
Notes
Fair value in $; rates are market borrowing rates used for discounting (percent, as printed without % sign). Level 3 of fair value hierarchy.
Borrowings by fixed and floating rate
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Group Fixed rate | |||
| Lease liabilities$ | 3,614,377 | 1,636,504 | PDF p. 123 |
| Bonds$ | – | 3,042,164 | PDF p. 123 |
| Bank borrowings$ | 4,175,543 | 1,305,133 | PDF p. 123 |
| Group Floating rate | |||
| Bank borrowings$ | 2,385,600 | 2,151,804 | PDF p. 123 |
| Bank overdrafts$ | 4,997 | – | PDF p. 123 |
| Bills payable$ | 315,343 | 103,383 | PDF p. 123 |
Notes
Units in $. Company figures are in separate rows: Fixed rate bank borrowings 1,792,046 (2024 –), lease liabilities 604,747 (2024: 414,495), bonds – (2024: 3,042,164); floating rate bank borrowings 2,385,600 (2024 –). The 2025 and 2024 Company columns are not separate columns in the printed table.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a fixed dividend policy. The form, frequency and amount of dividends will depend on, among others, the Company’s earnings, general financial condition, results of operations, capital requirements, cash flow, general business condition, development plans and other factors as the directors may deem appropriate. | Company, FY2025 | PDF p. 39 |
| BKM Scrip Dividend Scheme | The Company had on 19 February 2025, adopted the BKM Scrip Dividend Scheme. | Company · As at 2025-02-19 | PDF p. 39 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| first and final tax exempt one-tier dividend | S$0.006 per ordinary share | Company, FY2025, recommended, subject to shareholders' approval at AGM | PDF p. 39 |
| final one-tier tax exempt dividend | $1,253,928 | Company, proposed final dividend of $0.006 per share, AGM 15 April 2026 | PDF p. 117 |
| One-tier tax-exempt cash dividend of 0.6 cents per share in respect of financial year ended 31 December 2025 | 693,194 $ | Group, 2025 (2024: –) | PDF p. 117 |
| One-tier tax-exempt scrip dividend of 0.6 cents per share in respect of financial year ended 31 December 2025 | 532,306 $ | Group, 2025 (2024: –) | PDF p. 117 |
| Total dividends (Note 28) | 1,225,500 $ | Group, 2025 (2024: –) | PDF p. 117 |
Extracted from ANNUAL REPOR T 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | CLA Global TS Public Accounting Corporation | Group and Company, FY ended 31 December 2025 | PDF p. 57 |
| Engagement director | Loh Ji Kin | Group and Company, FY ended 31 December 2025 | PDF p. 57 |
| Opinion | In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position of the Company are properly drawn up in accordance with the provisions of the Singapore Companies Act 1967 | Group and Company, FY ended 31 December 2025 | PDF p. 51 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Credit loss allowance on trade receivables and contract assets | Allowance for credit loss is a subjective area due to the | Group, FY2025 | PDF p. 53 |
| Valuation of property, plant and equipment | Management identified separate cash-generating | Group, FY2025 | PDF p. 54 |
Extracted from ANNUAL REPOR T 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPOR T 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.