Tiong Seng BFI
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Financials
ANNUAL REPORT 2025
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11 tablesStatements of Financial Position (Group and Company) as at 31 December 2025
41 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$'000 | 52,857 | 57,352 | – | – | PDF p. 118 |
| Intangible assets$'000 | 1,382 | 1,342 | – | – | PDF p. 118 |
| Investment properties$'000 | 790 | 1,209 | – | – | PDF p. 118 |
| Right-of-use assets$'000 | 6,388 | 7,402 | – | – | PDF p. 118 |
| Subsidiaries$'000 | – | – | 53,986 | 53,986 | PDF p. 118 |
| Joint ventures$'000 | 15,506 | 16,344 | – | – | PDF p. 118 |
| Trade and other receivables$'000 | 980 | 25,222 | – | – | PDF p. 118 |
| Amount due from related parties$'000 | – | 2,548 | – | – | PDF p. 118 |
| Other investments$'000 | 584 | 573 | – | – | PDF p. 118 |
| Deferred tax assets$'000 | 2,199 | 2,254 | – | – | PDF p. 118 |
| Subtotal$'000 | 80,686 | 114,246 | 53,986 | 53,986 | PDF p. 118 |
| Current assets | |||||
| Inventories$'000 | 8,975 | 3,648 | – | – | PDF p. 118 |
| Contract costs$'000 | 382 | 173 | – | – | PDF p. 118 |
| Contract assets$'000 | 56,504 | 46,785 | – | – | PDF p. 118 |
| Development properties$'000 | 89,687 | 110,634 | – | – | PDF p. 118 |
| Trade and other receivables$'000 | 68,743 | 41,651 | 251 | 1,949 | PDF p. 118 |
| Amounts due from related parties$'000 | 8,991 | 15,857 | 20,842 | 31,310 | PDF p. 118 |
| Cash and cash equivalents$'000 | 12,486 | 35,776 | 42 | 314 | PDF p. 118 |
| Subtotal$'000 | 245,768 | 254,524 | 21,135 | 33,573 | PDF p. 118 |
| Assets held for sale$'000 | 26,732 | 38,429 | – | – | PDF p. 118 |
| Subtotal$'000 | 272,500 | 292,953 | 21,135 | 33,573 | PDF p. 118 |
| Assets | |||||
| Total assets$'000 | 353,186 | 407,199 | 75,121 | 87,559 | PDF p. 118 |
| Equity attributable to owners of the Company | |||||
| Share capital$'000 | 183,867 | 181,947 | 183,867 | 181,947 | PDF p. 118 |
| Treasury shares$'000 | (4,906) | (4,906) | (4,906) | (4,906) | PDF p. 118 |
| Reserves$'000 | (93,836) | (94,549) | (45,850) | (45,850) | PDF p. 118 |
| Accumulated losses$'000 | (41,496) | (7,988) | (128,279) | (116,240) | PDF p. 118 |
| Subtotal$'000 | 43,629 | 74,504 | 4,832 | 14,951 | PDF p. 118 |
| Equity | |||||
| Non-controlling interests$'000 | 686 | 2,119 | – | – | PDF p. 118 |
| Total equity$'000 | 44,315 | 76,623 | 4,832 | 14,951 | PDF p. 118 |
| Non-current liabilities | |||||
| Trade and other payables$'000 | 3,480 | 30,031 | – | – | PDF p. 118 |
| Loans and borrowings$'000 | 6,797 | 8,335 | – | – | PDF p. 118 |
| Deferred tax liabilities$'000 | 148 | – | – | – | PDF p. 118 |
| Subtotal$'000 | 10,425 | 38,366 | – | – | PDF p. 118 |
| Current liabilities | |||||
| Contract liabilities$'000 | 17,375 | 53,149 | – | – | PDF p. 118 |
| Trade and other payables$'000 | 190,388 | 143,048 | 642 | 894 | PDF p. 118 |
| Amounts due to related parties$'000 | 6,052 | 7,189 | 69,647 | 71,714 | PDF p. 118 |
| Loans and borrowings$'000 | 82,221 | 84,426 | – | – | PDF p. 118 |
| Current tax payable$'000 | 2,410 | 4,398 | – | – | PDF p. 118 |
| Subtotal$'000 | 298,446 | 292,210 | 70,289 | 72,608 | PDF p. 118 |
| Liabilities | |||||
| Total liabilities$'000 | 308,871 | 330,576 | 70,289 | 72,608 | PDF p. 118 |
| Equity and liabilities | |||||
| Total equity and liabilities$'000 | 353,186 | 407,199 | 75,121 | 87,559 | PDF p. 118 |
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Definitions & sources
Original report: PDF p. 118 ↗
Note numbers appear in a separate Note column and are not values.
Company-level column values of '–' are printed dashes.
Consolidated Statement of Comprehensive Income – profit or loss section, year ended 31 December 2025 (Group)
27 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue | |||
| Revenue from construction contracts and engineering solutions$'000 | 297,925 | 526,626 | PDF p. 119 |
| Revenue from sales of development properties$'000 | 2,940 | 9,417 | PDF p. 119 |
| Rental income$'000 | 50 | 190 | PDF p. 119 |
| Other$'000 | 149 | 190 | PDF p. 119 |
| Subtotal$'000 | 301,064 | 536,423 | PDF p. 119 |
| Income statement | |||
| Other income$'000 | 16,178 | 11,741 | PDF p. 119 |
| Cost of construction contracts and engineering solutions$'000 | (297,322) | (501,859) | PDF p. 119 |
| Cost of sales of development properties$'000 | (4,813) | (7,603) | PDF p. 119 |
| Net impairment loss on | |||
| – contract assets$'000 | – | (543) | PDF p. 119 |
| – trade and other receivables$'000 | (625) | (1,249) | PDF p. 119 |
| – amount due from non-controlling interest$'000 | (1,239) | – | PDF p. 119 |
| Subtotal$'000 | (1,864) | (1,792) | PDF p. 119 |
| Income statement | |||
| Allowance for diminution in value of development properties$'000 | (3,836) | – | PDF p. 119 |
| Reversal of impairment loss on joint venture$'000 | – | 1,974 | PDF p. 119 |
| Depreciation and amortisation$'000 | (5,032) | (4,778) | PDF p. 119 |
| Selling expenses$'000 | (346) | (360) | PDF p. 119 |
| Staff costs$'000 | (16,478) | (16,452) | PDF p. 119 |
| Other expenses$'000 | (15,614) | (13,035) | PDF p. 119 |
| Subtotal$'000 | (345,305) | (543,905) | PDF p. 119 |
| (Loss)/profit from operating activities$'000 | (28,063) | 4,259 | PDF p. 119 |
| Finance income$'000 | 2,575 | 4,122 | PDF p. 119 |
| Finance costs$'000 | (8,303) | (5,325) | PDF p. 119 |
| Net finance costs$'000 | (5,728) | (1,203) | PDF p. 119 |
| Share of profit of joint ventures, net of tax$'000 | 159 | 2,749 | PDF p. 119 |
| (Loss)/profit before tax$'000 | (33,632) | 5,805 | PDF p. 119 |
| Tax expense$'000 | (874) | (2,975) | PDF p. 119 |
| (Loss)/profit for the year$'000 | (34,506) | 2,830 | PDF p. 119 |
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Definitions & sources
Original report: PDF p. 119 ↗
Statement continues on next page (other comprehensive income, attribution and EPS).
The statement is for the Group only; no Company income statement is presented.
Consolidated Statement of Comprehensive Income – other comprehensive income, attribution and EPS, year ended 31 December 2025 (Group)
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Items that are or may be reclassified subsequently to profit or loss | |||
| Translation differences relating to financial statements of foreign subsidiaries$'000 | (592) | (102) | PDF p. 120 |
| Exchange differences on monetary items forming part of net investment in a foreign operation$'000 | (266) | (1,204) | PDF p. 120 |
| Realisation of exchange differences on monetary items previously forming part of net investment in a foreign operation transferred to income statement$'000 | 1,136 | (156) | PDF p. 120 |
| Items that will not be reclassified to profit or loss | |||
| Net change in fair value of equity investment at fair value through other comprehensive income$'000 | – | 103 | PDF p. 120 |
| Other comprehensive income | |||
| Other comprehensive income for the year, net of tax$'000 | 278 | (1,359) | PDF p. 120 |
| Total comprehensive income | |||
| Total comprehensive income for the year$'000 | (34,228) | 1,471 | PDF p. 120 |
| (Loss)/profit attributable to | |||
| Owners of the Company$'000 | (33,340) | 2,858 | PDF p. 120 |
| Non-controlling interests$'000 | (1,166) | (28) | PDF p. 120 |
| (Loss)/profit for the year$'000 | (34,506) | 2,830 | PDF p. 120 |
| Total comprehensive income attributable to | |||
| Owners of the Company$'000 | (32,795) | 1,426 | PDF p. 120 |
| Non-controlling interests$'000 | (1,433) | 45 | PDF p. 120 |
| Total comprehensive income for the year$'000 | (34,228) | 1,471 | PDF p. 120 |
| Earnings per share | |||
| – Basic (cents)1cents per share | (7.25) | 0.65 | PDF p. 120 |
| – Diluted (cents)2cents per share | (7.25) | 0.62 | PDF p. 120 |
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Definitions & sources
Original report: PDF p. 120 ↗
1 The earnings per share net of non-controlling interests has been calculated based on 460,035,553 (2024: 441,076,649) weighted average number of shares excluding treasury shares.
2 The earnings per share net of non-controlling interests has been calculated based on 460,035,553 (2024: 461,076,649) weighted average number of shares adjusted for the effects of all dilutive potential ordinary shares excluding treasury shares.
Consolidated Statement of Comprehensive Income (part 1, income statement) – Group
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, $'000 | 2024Group, year ended 31 December 2024, $'000 | Source |
|---|---|---|---|
| Income statement | |||
| (Loss)/profit from operating activities$'000 | (28,063) | 4,259 | PDF p. 119 |
| Net finance costs$'000 | (5,728) | (1,203) | PDF p. 119 |
| Share of profit of joint ventures, net of tax$'000 | 159 | 2,749 | PDF p. 119 |
| (Loss)/profit before tax$'000 | (33,632) | 5,805 | PDF p. 119 |
| Tax expense$'000 | (874) | (2,975) | PDF p. 119 |
| (Loss)/profit for the year$'000 | (34,506) | 2,830 | PDF p. 119 |
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Original report: PDF p. 119 ↗
Only the subtotal rows of the income statement are listed here; scope of this stage is comprehensive income. No Company-level statement is presented; only consolidated statements.
Consolidated Statement of Comprehensive Income (other comprehensive income and attribution) – Group
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, $'000 | 2024Group, year ended 31 December 2024, $'000 | Source |
|---|---|---|---|
| Items that are or may be reclassified subsequently to profit or loss | |||
| Translation differences relating to financial statements of foreign subsidiaries$'000 | (592) | (102) | PDF p. 120 |
| Exchange differences on monetary items forming part of net investment in a foreign operation$'000 | (266) | (1,204) | PDF p. 120 |
| Realisation of exchange differences on monetary items previously forming part of net investment in a foreign operation transferred to income statement$'000 | 1,136 | (156) | PDF p. 120 |
| Items that will not be reclassified to profit or loss | |||
| Net change in fair value of equity investment at fair value through other comprehensive income$'000 | – | 103 | PDF p. 120 |
| Other comprehensive income | |||
| Other comprehensive income for the year, net of tax$'000 | 278 | (1,359) | PDF p. 120 |
| Total comprehensive income | |||
| Total comprehensive income for the year$'000 | (34,228) | 1,471 | PDF p. 120 |
| (Loss)/profit attributable to | |||
| Owners of the Company$'000 | (33,340) | 2,858 | PDF p. 120 |
| Non-controlling interests$'000 | (1,166) | (28) | PDF p. 120 |
| (Loss)/profit for the year$'000 | (34,506) | 2,830 | PDF p. 120 |
| Total comprehensive income attributable to | |||
| Owners of the Company$'000 | (32,795) | 1,426 | PDF p. 120 |
| Non-controlling interests$'000 | (1,433) | 45 | PDF p. 120 |
| Total comprehensive income for the year$'000 | (34,228) | 1,471 | PDF p. 120 |
| Earnings per share | |||
| – Basic (cents)1cents | (7.25) | 0.65 | PDF p. 120 |
| – Diluted (cents)2cents | (7.25) | 0.62 | PDF p. 120 |
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Original report: PDF p. 120 ↗
1 The earnings per share net of non-controlling interests has been calculated based on 460,035,553 (2024: 441,076,649) weighted average number of shares excluding treasury shares.
2 The earnings per share net of non-controlling interests has been calculated based on 460,035,553 (2024: 461,076,649) weighted average number of shares adjusted for the effects of all dilutive potential ordinary shares excluding treasury shares.
Consolidated Statement of Changes in Equity – Group, year 2024 (comparative)
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Share capital, $'000 | 2024Treasury shares, $'000 | 2024Merger reserve, $'000 | 2024Capital reserve, $'000 | 2024Statutory reserve, $'000 | 2024Fair value reserve, $'000 | 2024Foreign currency translation reserve, $'000 | 2024Retained earnings/(Accumulated loss), $'000 | 2024Total attributable to owners of the Company, $'000 | 2024Non-controlling interests, $'000 | 2024Total equity, $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening balance | ||||||||||||
| At 1 January 2024$'000 | 181,947 | (4,906) | (77,720) | (9,345) | 6,404 | (103) | (12,744) | (10,455) | 73,078 | 2,074 | 75,152 | PDF p. 121 |
| Total comprehensive income for the year | ||||||||||||
| Profit for the year$'000 | – | – | – | – | – | – | – | 2,858 | 2,858 | (28) | 2,830 | PDF p. 121 |
| Other comprehensive income | ||||||||||||
| Translation differences relating to financial subsidiaries$'000 | – | – | – | – | – | – | (175) | – | (175) | 73 | (102) | PDF p. 121 |
| Exchange differences on monetary items forming part of net investment in foreign operations$'000 | – | – | – | – | – | – | (1,204) | – | (1,204) | – | (1,204) | PDF p. 121 |
| Realisation of exchange differences on monetary items previously forming part of net investment in a foreign operation transferred to income statement$'000 | – | – | – | – | – | – | (156) | – | (156) | – | (156) | PDF p. 121 |
| Net change in fair value of equity investment of fair value through other comprehensive income$'000 | – | – | – | – | – | 103 | – | – | 103 | – | 103 | PDF p. 121 |
| Total other comprehensive income$'000 | – | – | – | – | – | 103 | (1,535) | – | (1,432) | 73 | (1,359) | PDF p. 121 |
| Total comprehensive income for the year | ||||||||||||
| Total comprehensive income for the year$'000 | – | – | – | – | – | 103 | (1,535) | 2,858 | 1,426 | 45 | 1,471 | PDF p. 121 |
| Transfers | ||||||||||||
| Transfer to statutory reserve$'000 | – | – | – | – | 651 | – | – | (651) | – | – | – | PDF p. 121 |
| Changes in ownership interests in subsidiaries | ||||||||||||
| Liquidation of subsidiary$'000 | – | – | – | 189 | (1,566) | – | 1,117 | 260 | – | – | – | PDF p. 121 |
| Closing balance | ||||||||||||
| At 31 December 2024$'000 | 181,947 | (4,906) | (77,720) | (9,156) | 5,489 | – | (13,162) | (7,988) | 74,504 | 2,119 | 76,623 | PDF p. 121 |
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Original report: PDF p. 121 ↗
Attributable to owners of the Company (first ten value columns through Total); Non-controlling interests and Total equity follow. No separate Company statement of changes in equity is presented in the report.
Consolidated Statement of Changes in Equity – Group, year ended 31 December 2025
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Share capital, $'000 | 2025Treasury shares, $'000 | 2025Merger reserve, $'000 | 2025Capital reserve, $'000 | 2025Statutory reserve, $'000 | 2025Foreign currency translation reserve, $'000 | 2025Accumulated loss, $'000 | 2025Total attributable to owners of the Company, $'000 | 2025Non-controlling interests, $'000 | 2025Total equity, $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening balance | |||||||||||
| At 1 January 2025$'000 | 181,947 | (4,906) | (77,720) | (9,156) | 5,489 | (13,162) | (7,988) | 74,504 | 2,119 | 76,623 | PDF p. 122 |
| Total comprehensive income for the year | |||||||||||
| Loss for the year$'000 | – | – | – | – | – | – | (33,340) | (33,340) | (1,166) | (34,506) | PDF p. 122 |
| Other comprehensive income | |||||||||||
| Translation differences relating to financial subsidiaries$'000 | – | – | – | – | – | (325) | – | (325) | (267) | (592) | PDF p. 122 |
| Exchange differences on monetary items forming part of net investment in foreign operations$'000 | – | – | – | – | – | (266) | – | (266) | – | (266) | PDF p. 122 |
| Realisation of exchange differences on monetary items previously forming part of net investment in a foreign operation transferred to income statement$'000 | – | – | – | – | – | 1,136 | – | 1,136 | – | 1,136 | PDF p. 122 |
| Total other comprehensive income$'000 | – | – | – | – | – | 545 | – | 545 | (267) | 278 | PDF p. 122 |
| Total comprehensive income for the year | |||||||||||
| Total comprehensive income for the year$'000 | – | – | – | – | – | 545 | (33,340) | (32,795) | (1,433) | (34,228) | PDF p. 122 |
| Transfers | |||||||||||
| Transfer to merger reserve$'000 | – | – | 168 | – | – | – | (168) | – | – | – | PDF p. 122 |
| Contributions by and distributions to owners | |||||||||||
| Issue of ordinary capital$'000 | 1,920 | – | – | – | – | – | – | 1,920 | – | 1,920 | PDF p. 122 |
| Closing balance | |||||||||||
| At 31 December 2025$'000 | 183,867 | (4,906) | (77,552) | (9,156) | 5,489 | (12,617) | (41,496) | 43,629 | 686 | 44,315 | PDF p. 122 |
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Definitions & sources
Original report: PDF p. 122 ↗
The 2025 statement has no Fair value reserve column. Note reference 20 on Issue of ordinary capital. No separate Company statement of changes in equity is presented.
Consolidated Statement of Cash Flows – Group (operating activities)
26 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, $'000 | 2024Group, year ended 31 December 2024, $'000 | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| (Loss)/profit from operating activities$'000 | (28,063) | 4,259 | PDF p. 123 |
| Adjustments for | |||
| Depreciation and amortisation$'000 | 11,220 | 9,964 | PDF p. 123 |
| (Gain)/loss on disposal of | |||
| – property, plant and equipment$'000 | (416) | (312) | PDF p. 123 |
| – other investments$'000 | – | (76) | PDF p. 123 |
| – assets held for sales$'000 | 1,915 | (6,514) | PDF p. 123 |
| Adjustments for | |||
| Allowance for diminution in value of development properties$'000 | 3,836 | – | PDF p. 123 |
| Impairment loss on | |||
| – contract assets$'000 | – | 554 | PDF p. 123 |
| – amount due from non-controlling interest$'000 | 1,239 | – | PDF p. 123 |
| – trade and other receivables$'000 | 704 | 1,391 | PDF p. 123 |
| Reversal of impairment loss on | |||
| – contract assets$'000 | – | (11) | PDF p. 123 |
| – property, plant and equipment$'000 | – | (2,462) | PDF p. 123 |
| – joint venture$'000 | – | (1,974) | PDF p. 123 |
| – trade receivables$'000 | (79) | (142) | PDF p. 123 |
| Adjustments for | |||
| Provisions$'000 | 6,447 | 5,289 | PDF p. 123 |
| Bad debts written off$'000 | – | 343 | PDF p. 123 |
| Cash flows from operating activities | |||
| Operating cash flows before working capital changes$'000 | (3,197) | 10,309 | PDF p. 123 |
| Inventories$'000 | (5,330) | 640 | PDF p. 123 |
| Contract costs$'000 | (209) | 727 | PDF p. 123 |
| Contract assets/liabilities$'000 | (45,493) | (52,441) | PDF p. 123 |
| Development properties$'000 | 16,916 | 5,179 | PDF p. 123 |
| Trade and other receivables$'000 | (1,347) | 13,158 | PDF p. 123 |
| Trade and other payables$'000 | 10,236 | (23,813) | PDF p. 123 |
| Balances with related parties (trade)$'000 | 225 | 992 | PDF p. 123 |
| Cash used in operations$'000 | (28,199) | (45,249) | PDF p. 123 |
| Tax paid$'000 | (2,699) | (2,256) | PDF p. 123 |
| Net cash used in operating activities$'000 | (30,898) | (47,505) | PDF p. 123 |
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Definitions & sources
Original report: PDF p. 123 ↗
Operating section continues on next page with investing and financing sections. No Company-level cash flow statement is presented.
Consolidated Statement of Cash Flows – Group (investing, financing, closing cash)
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, $'000 | 2024Group, year ended 31 December 2024, $'000 | Source |
|---|---|---|---|
| Cash flows from investing activities | |||
| Interest received$'000 | 325 | 828 | PDF p. 124 |
| Payments for capital expenditure on intangible assets$'000 | (366) | (319) | PDF p. 124 |
| Proceeds from disposal of | |||
| – property, plant and equipment$'000 | 745 | 464 | PDF p. 124 |
| – other investments$'000 | – | 433 | PDF p. 124 |
| – assets held for sales$'000 | 10,200 | 9,995 | PDF p. 124 |
| Purchase of | |||
| – property, plant and equipment$'000 | (3,924) | (4,948) | PDF p. 124 |
| – intangible assets$'000 | (69) | (310) | PDF p. 124 |
| Cash flows from investing activities | |||
| Net cash generated from investing activities$'000 | 14,385 | 9,173 | PDF p. 124 |
| Cash flows from financing activities | |||
| Interest paid$'000 | (4,390) | (5,360) | PDF p. 124 |
| Payments of lease liabilities$'000 | (2,153) | (2,197) | PDF p. 124 |
| Proceeds from issue share capital$'000 | 1,920 | – | PDF p. 124 |
| Proceeds from loans and borrowings$'000 | 67,839 | 80,782 | PDF p. 124 |
| Repayments of loans and borrowings$'000 | (70,587) | (109,913) | PDF p. 124 |
| Net cash used in financing activities$'000 | (7,371) | (36,688) | PDF p. 124 |
| Net change in cash | |||
| Net decrease in cash and cash equivalents$'000 | (23,884) | (75,020) | PDF p. 124 |
| Cash and cash equivalents at beginning of the year$'000 | 35,776 | 112,578 | PDF p. 124 |
| Effect of exchange rate changes on balances held in foreign currencies$'000 | 594 | (1,782) | PDF p. 124 |
| Cash and cash equivalents at end of the year$'000 | 12,486 | 35,776 | PDF p. 124 |
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Definitions & sources
Original report: PDF p. 124 ↗
Note reference 9 on loan repayment from a joint venture; note 18 on closing cash.
Earnings per share (Note 28 / Consolidated Statement of Comprehensive Income)
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group 2025 | 2024Group 2024 | Source |
|---|---|---|---|
| Earnings per share | |||
| – Basic (cents)1cents | (7.25) | 0.65 | PDF p. 120 |
| – Diluted (cents)2cents | (7.25) | 0.62 | PDF p. 120 |
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Definitions & sources
Original report: PDF p. 120 ↗
1 The earnings per share net of non-controlling interests has been calculated based on 460,035,553 (2024: 441,076,649) weighted average number of shares excluding treasury shares.
2 The earnings per share net of non-controlling interests has been calculated based on 460,035,553 (2024: 461,076,649) weighted average number of shares adjusted for the effects of all dilutive potential ordinary shares excluding treasury shares.
Note 28 – (Loss)/profit and weighted average number of shares
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group 2025 | 2024Group 2024 | Source |
|---|---|---|---|
| Diluted earnings per share | |||
| (Loss)/profit attributable to ordinary shareholders$’000 | (33,340) | 2,858 | PDF p. 184 |
| Weighted average number of ordinary shares | |||
| Effect of dilutive potential ordinary shares'000 shares (printed as $’000) | – | 20,000 | PDF p. 184 |
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Definitions & sources
Original report: PDF p. 184 ↗
Basic EPS based on loss attributable to ordinary shareholders of $33,340,000 (2024: profit of $2,858,000) and weighted average ordinary shares of 460,035,553 (2024: 441,076,649). Share-count column header printed as 'Number of shares 2025 2024 $’000 $’000'.
Where the money comes from
Segment information
By business
Operating segments – Information about reportable segments, 31 December 24 lines
| Item / unit | 2025Construction ($'000) | 2025Engineering solutions ($'000) | 2025Property development ($'000) | 2025Segments total ($'000) | 2025Others* ($'000) | 2025Elimination ($'000) | 2025Total Group ($'000) | 2024Construction ($'000) | 2024Engineering solutions ($'000) | 2024Property development ($'000) | 2024Segments total ($'000) | 2024Others* ($'000) | 2024Elimination ($'000) | 2024Total Group ($'000) | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reportable segments | |||||||||||||||
| External revenues$'000 | 226,235 | 71,690 | 2,940 | 300,865 | 199 | – | 301,064 | 480,668 | 45,958 | 9,417 | 536,043 | 380 | – | 536,423 | PDF p. 185PDF p. 186 |
| Inter-segment revenue$'000 | – | 6,579 | – | 6,579 | – | (6,579) | – | – | 50,256 | – | 50,256 | – | (50,256) | – | PDF p. 185PDF p. 186 |
| Interest income$'000 | 484 | 2 | 102 | 588 | 102 | (365) | 325 | 910 | 2 | 9 | 921 | 229 | (322) | 828 | PDF p. 185PDF p. 186 |
| Interest expenses$'000 | (3,720) | (824) | (100) | (4,644) | (111) | 365 | (4,390) | (4,157) | (1,077) | (207) | (5,441) | (241) | 322 | (5,360) | PDF p. 185PDF p. 186 |
| Compensation for the acquisition of development site$'000 | – | – | 13,342 | 13,342 | – | – | 13,342 | PDF p. 185 | |||||||
| Gain/(loss) on disposal of: – property, plant and equipment$'000 | 416 | – | – | 416 | – | – | 416 | 337 | (25) | – | 312 | – | – | 312 | PDF p. 185PDF p. 186 |
| Gain/(loss) on disposal of: – assets held for sales$'000 | (1,915) | – | – | (1,915) | – | – | (1,915) | 6,514 | – | – | 6,514 | – | – | 6,514 | PDF p. 185PDF p. 186 |
| Impairment loss on: – allowance for diminution in value of development properties$'000 | – | – | (3,836) | (3,836) | – | – | (3,836) | PDF p. 185 | |||||||
| Impairment loss on: – trade and other receivables$'000 | (704) | – | – | (704) | – | – | (704) | – | (392) | – | (392) | (999) | – | (1,391) | PDF p. 185PDF p. 186 |
| Impairment loss on: – amount due from non-controlling interest$'000 | – | – | (1,239) | (1,239) | – | – | (1,239) | PDF p. 185 | |||||||
| Reversal of impairment loss on trade and other receivables$'000 | 79 | – | – | 79 | – | – | 79 | PDF p. 185 | |||||||
| Provision$'000 | (4,877) | – | (1,570) | (6,447) | – | – | (6,447) | (13,258) | – | (1,597) | (14,855) | – | – | (14,855) | PDF p. 185PDF p. 186 |
| Depreciation and amortisation$'000 | (5,671) | (4,853) | (442) | (10,966) | (254) | – | (11,220) | (5,768) | (3,879) | (134) | (9,781) | (183) | – | (9,964) | PDF p. 185PDF p. 186 |
| Reportable segment profit/(loss) before tax$'000 | (33,443) | 1,287 | 1,972 | (30,184) | (3,607) | – | (33,791) | 985 | 5,613 | 1,669 | 8,267 | (5,211) | – | 3,056 | PDF p. 185PDF p. 186 |
| Assets and liabilities | |||||||||||||||
| Reportable segment assets$'000 | 139,959 | 81,368 | 108,354 | 329,681 | 7,999 | – | 337,680 | 181,179 | 65,707 | 134,569 | 381,455 | 9,400 | – | 390,855 | PDF p. 185PDF p. 186 |
| Investment in joint ventures$'000 | 12,393 | 542 | 2,571 | 15,506 | – | – | 15,506 | 11,667 | 556 | 4,121 | 16,344 | – | – | 16,344 | PDF p. 185PDF p. 186 |
| Reportable segment liabilities$'000 | 229,939 | 60,787 | 17,250 | 307,976 | 895 | – | 308,871 | 262,439 | 48,175 | 18,797 | 329,411 | 1,165 | – | 330,576 | PDF p. 185PDF p. 186 |
| Capital expenditure$'000 | 266 | 3,702 | 20 | 3,988 | 5 | – | 3,993 | 1,359 | 3,323 | 515 | 5,197 | 61 | – | 5,258 | PDF p. 185PDF p. 186 |
| Reportable segments | |||||||||||||||
| Impairment loss on: – contract assets$'000 | – | (554) | – | (554) | – | – | (554) | PDF p. 186 | |||||||
| Reversal of impairment loss on: – contract assets$'000 | – | 11 | – | 11 | – | – | 11 | PDF p. 186 | |||||||
| Reversal of impairment loss on: – trade and other receivables$'000 | 142 | – | – | 142 | – | – | 142 | PDF p. 186 | |||||||
| Reversal of impairment loss on: – joint venture$'000 | – | – | 1,974 | 1,974 | – | – | 1,974 | PDF p. 186 | |||||||
| Reversal of impairment loss on: – property, plant and equipment$'000 | – | 2,462 | – | 2,462 | – | – | 2,462 | PDF p. 186 | |||||||
| Reversal of provision$'000 | 8,263 | – | 1,303 | 9,566 | – | – | 9,566 | PDF p. 186 | |||||||
Notes
Other operations include rental, general corporate activities and digital solutions (Others*). Performance measured on segment profit before tax. Reconciliation rows show only the Total column; blank cells are not printed.
Others* include rental, general corporate activities and digital solutions. Reconciliation rows show only the Total column; blank cells are not printed.
Major customers (construction segment) 4 lines
| Item / unit | 2025Revenue $'000 | 2025% of Group revenue | 2024Revenue $'000 | 2024% of Group revenue | Source |
|---|---|---|---|---|---|
| Major customers | |||||
| Customer A$'000 and % | 78,060 | 26 | 162,196 | 30 | PDF p. 187 |
| Customer B$'000 and % | 50,022 | 17 | 105,136 | 20 | PDF p. 187 |
| Customer C$'000 and % | 32,038 | 11 | 78,276 | 15 | PDF p. 187 |
| Customer D$'000 and % | – | – | 65,480 | 12 | PDF p. 187 |
Notes
Revenue from major customers of the construction segment was approximately $160,120,000 (2024: $411,088,000); customers individually contributing 10 percent or more of Group revenue.
By geography
Geographical segments – Group 6 lines
| Item / unit | 2025Group revenue from external customers ($'000) | 2024Group revenue from external customers ($'000) | 2025Group non-current assets* ($'000) | 2024Group non-current assets* ($'000) | Source |
|---|---|---|---|---|---|
| Group | |||||
| Singapore$'000 | 298,118 | 526,947 | 55,002 | 61,104 | PDF p. 187 |
| People’s Republic of China$'000 | 2,946 | 9,417 | 13,067 | 13,689 | PDF p. 187 |
| Papua New Guinea$'000 | – | – | 2 | 3 | PDF p. 187 |
| Europe$'000 | – | – | 97 | 90 | PDF p. 187 |
| Malaysia$'000 | – | 59 | 8,755 | 8,763 | PDF p. 187 |
| Total (unlabelled)$'000 | 301,064 | 536,423 | 76,923 | 83,649 | PDF p. 187 |
Notes
* The non-current assets consist of property, plant and equipment, intangible assets, investment properties, investment in joint ventures and right-of-use assets.
Segment revenue is based on the geographical location of customers; segment assets on location of assets. Total row has no printed label.
Debt
Borrowings
Maturities of liabilities (excluding lease liabilities)
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Maturities | |||
| Within one year$'000 | 78,802 | 81,200 | PDF p. 174 |
| Between one and five years$'000 | 1,023 | 1,324 | PDF p. 174 |
| More than five years$'000 | 849 | 877 | PDF p. 174 |
| Total$'000 | 80,674 | 83,401 | PDF p. 174 |
Notes
Total row has no printed label. On 30 January 2026 Tiong Seng Contractors (Private) Limited restructured its remaining $90 million loan facility: $21.0 million repayment extended from 31 December 2025 to 30 June 2026; $24.0 million project credit facility with final repayment November 2027; $30.0 million bridging loan repayable December 2026.
Covenants: Consolidated Tangible Net Worth not less than $50 million; Consolidated Leverage Ratio not more than 2.5 times; minimum order book $600 million (30 June 2026 to 30 December 2026) and $800 million from 31 December 2026.
Borrowing notes 1 tables
Loan and borrowings
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Non-current | |||
| Secured bank loans$'000 | 1,872 | 2,201 | PDF p. 173 |
| Lease liabilities$'000 | 4,925 | 6,134 | PDF p. 173 |
| Non-current subtotal$'000 | 6,797 | 8,335 | PDF p. 173 |
| Current | |||
| Secured bank loans$'000 | 72,770 | 72,421 | PDF p. 173 |
| Lease liabilities$'000 | 2,281 | 2,021 | PDF p. 173 |
| Secured bank loans associated with assets held for sale$'000 | 6,032 | 8,779 | PDF p. 173 |
| Lease liabilities associated with assets held for sale$'000 | 1,138 | 1,205 | PDF p. 173 |
| Current subtotal$'000 | 82,221 | 84,426 | PDF p. 173 |
| Total | |||
| Total loans and borrowings$'000 | 89,018 | 92,761 | PDF p. 173 |
Notes
Subtotal rows have no printed label; labels Non-current subtotal/Current subtotal are descriptors. All bank loans are secured; no unsecured borrowings printed.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Provision 11.6: Dividend Policy | The Company does not currently have a fixed dividend policy. Any declaration and payment of dividends will depend on, inter alia, the Group’s earnings, operating results, financial conditions, development and investment plans, capital requirements, capital expenditure, gearing levels and any other factors deemed relevant by the Board. | Company | PDF p. 101 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| No final dividend has been recommended for FY2025 | No final dividend has been recommended for FY2025 to preserve the Group’s working capital. | Group, FY2025 | PDF p. 101 |
| Dividends | No dividends were declared and paid by the Group for the financial year ended 2025 and 2024. | Group, 2025 and 2024 | PDF p. 171 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | KPMG LLP | Group and Company, year ended 31 December 2025 | PDF p. 117 |
| Engagement partner | Low Gin Cheng, Gerald | Group and Company, year ended 31 December 2025 | PDF p. 117 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 | Group and Company, 31 December 2025 | PDF p. 111 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment of non-financial assets | Impairment of non-financial assets | Group, FY2025 | PDF p. 114 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Our finding | We found that management’s use of the going concern basis of accounting is appropriate. | Group, 31 December 2025 | PDF p. 115 |
| 2.1 Going concern basis of accounting | The financial statements have been prepared on a going concern basis as at 31 December 2025. | Group and Company · As at 2025-12-31 | PDF p. 125 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.