Darco Water Tech BLR

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Financials

Annual Report 2025

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11 tables

Statements of Financial Position (assets and liabilities) - Group and Company

26 metrics

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Statements of Financial Position (assets and liabilities) - Group and Company from Annual Report 2025
Metric / unit	2025Group	2024Group	2025Company	2024Company	Source
Non-current assets
Property, plant and equipment$'000	3,099	5,118	45	24	PDF p. 67
Right-of-use assets$'000	755	1,017	114	178	PDF p. 67
Intangible assets$'000	13,532	14,782	-	-	PDF p. 67
Investment in subsidiaries$'000	-	-	16,484	19,484	PDF p. 67
Deferred tax assets$'000	822	834	-	-	PDF p. 67
Other receivables$'000	*	*	-	-	PDF p. 67
Subtotal$'000	18,208	21,751	16,643	19,686	PDF p. 67
Current assets
Asset held for sale$'000	1,251	-	-	-	PDF p. 67
Inventories$'000	2,101	2,061	-	-	PDF p. 67
Trade and other receivables$'000	49,116	47,368	4,914	6,010	PDF p. 67
Income tax recoverable$'000	209	240	-	-	PDF p. 67
Cash and cash equivalents$'000	9,803	7,955	773	122	PDF p. 67
Subtotal$'000	62,480	57,624	5,687	6,132	PDF p. 67
Assets
TOTAL ASSETS$'000	80,688	79,375	22,330	25,818	PDF p. 67
Current liabilities
Trade and other payables$'000	41,929	35,345	4,419	3,596	PDF p. 67
Borrowings$'000	7,023	4,613	-	-	PDF p. 67
Lease liabilities$'000	510	536	66	63	PDF p. 67
Other financial liabilities$'000	3,307	3,498	-	-	PDF p. 67
Income tax payable$'000	13	12	-	-	PDF p. 67
Subtotal$'000	52,782	44,004	4,485	3,659	PDF p. 67
Non-current liabilities
Borrowings$'000	-	637	-	-	PDF p. 67
Other payable$'000	3,862	3,937	-	-	PDF p. 67
Lease liabilities$'000	228	526	51	117	PDF p. 67
Deferred tax liabilities$'000	22	22	-	-	PDF p. 67
Subtotal$'000	4,112	5,122	51	117	PDF p. 67
Liabilities
TOTAL LIABILITIES$'000	56,894	49,126	4,536	3,776	PDF p. 67

Definitions & sources

Original report: PDF p. 67 ↗

* Amount less than $1,000

Statements of Financial Position (net assets and equity) - Group and Company

7 metrics

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Statements of Financial Position (net assets and equity) - Group and Company from Annual Report 2025
Metric / unit	2025Group	2024Group	2025Company	2024Company	Source
Net assets
NET ASSETS$'000	23,794	30,249	17,794	22,042	PDF p. 68
Equity
Share capital$'000	76,766	76,766	76,766	76,766	PDF p. 68
Other reserves$'000	(5,020)	(4,895)	-	-	PDF p. 68
Accumulated losses$'000	(47,340)	(42,487)	(58,972)	(54,724)	PDF p. 68
Subtotal$'000	24,406	29,384	17,794	22,042	PDF p. 68
Non-controlling interests$'000	(612)	865	-	-	PDF p. 68
TOTAL EQUITY$'000	23,794	30,249	17,794	22,042	PDF p. 68

Definitions & sources

Original report: PDF p. 68 ↗

Subtotal 24,406/29,384/17,794/22,042 is capital and reserves attributable to equity holders of the Company.

Consolidated Statement of Profit or Loss and Other Comprehensive Income - Group

21 metrics

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Consolidated Statement of Profit or Loss and Other Comprehensive Income - Group from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Profit or loss
Revenue$'000	51,407	59,136	PDF p. 69
Cost of sales$'000	(45,064)	(47,229)	PDF p. 69
Gross profit$'000	6,343	11,907	PDF p. 69
Other income$'000	653	425	PDF p. 69
Distribution expenses$'000	(455)	(506)	PDF p. 69
Administrative expenses$'000	(10,338)	(9,860)	PDF p. 69
Impairment loss on financial assets$'000	(748)	(21)	PDF p. 69
Finance costs$'000	(1,277)	(1,209)	PDF p. 69
(Loss) / Profit before income tax$'000	(5,822)	736	PDF p. 69
Income tax expense$'000	(38)	(202)	PDF p. 69
(Loss) / Profit for the financial year$'000	(5,860)	534	PDF p. 69
Other comprehensive (loss) / income - items that may be reclassified subsequently to profit or loss
Currency translation differences arising from consolidation$'000	(595)	127	PDF p. 69
Other comprehensive (loss) / income
Other comprehensive (loss) / income, net of tax$'000	(595)	127	PDF p. 69
Total comprehensive income
Total comprehensive (loss) / income for the financial year$'000	(6,455)	661	PDF p. 69
(Loss) / Profit attributable to
Equity holders of the Company$'000	(4,853)	1,007	PDF p. 69
Non-controlling interests$'000	(1,007)	(473)	PDF p. 69
Subtotal$'000	(5,860)	534	PDF p. 69
Total comprehensive (loss) / income attributable to
Equity holders of the Company$'000	(4,978)	1,268	PDF p. 69
Non-controlling interests$'000	(1,477)	(607)	PDF p. 69
Subtotal$'000	(6,455)	661	PDF p. 69
(Loss) / Profit per share attributable to equity holders of the Company (cents)
Basic and dilutedcents per share	(5.17)	1.07	PDF p. 69

Definitions & sources

Original report: PDF p. 69 ↗

Consolidated Statement of Profit or Loss and Other Comprehensive Income (Group)

19 metrics

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Consolidated Statement of Profit or Loss and Other Comprehensive Income (Group) from Annual Report 2025
Metric / unit	2025Group, FY ended 31 Dec 2025, $'000	2024Group, FY ended 31 Dec 2024, $'000	Source
Profit or loss
Revenue$'000	51,407	59,136	PDF p. 69
Cost of sales$'000	(45,064)	(47,229)	PDF p. 69
Gross profit$'000	6,343	11,907	PDF p. 69
Other income$'000	653	425	PDF p. 69
Distribution expenses$'000	(455)	(506)	PDF p. 69
Administrative expenses$'000	(10,338)	(9,860)	PDF p. 69
Impairment loss on financial assets$'000	(748)	(21)	PDF p. 69
Finance costs$'000	(1,277)	(1,209)	PDF p. 69
(Loss) / Profit before income tax$'000	(5,822)	736	PDF p. 69
Income tax expense$'000	(38)	(202)	PDF p. 69
(Loss) / Profit for the financial year$'000	(5,860)	534	PDF p. 69
Other comprehensive (loss) / income - items that may be reclassified
Currency translation differences arising from consolidation$'000	(595)	127	PDF p. 69
Other comprehensive income
Other comprehensive (loss) / income, net of tax$'000	(595)	127	PDF p. 69
Total comprehensive income
Total comprehensive (loss) / income for the financial year$'000	(6,455)	661	PDF p. 69
(Loss) / Profit attributable to
Equity holders of the Company$'000	(4,853)	1,007	PDF p. 69
Non-controlling interests$'000	(1,007)	(473)	PDF p. 69
Total comprehensive (loss) / income attributable to
Equity holders of the Company$'000	(4,978)	1,268	PDF p. 69
Non-controlling interests$'000	(1,477)	(607)	PDF p. 69
(Loss) / Profit per share attributable to equity holders of the Company (cents)
Basic and dilutedcents	(5.17)	1.07	PDF p. 69

Definitions & sources

Original report: PDF p. 69 ↗

Note column omitted. Per share figures in cents.

Consolidated Statement of Changes in Equity - FY2025 (Group)

5 metrics

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Consolidated Statement of Changes in Equity - FY2025 (Group) from Annual Report 2025
Metric / unit	2025Group, Share capital, $'000	2025Group, Other reserves, $'000	2025Group, Accumulated losses, $'000	2025Group, Total attributable to equity holders of the Company, $'000	2025Group, Non-controlling interests, $'000	2025Group, Total equity, $'000	Source
Changes in equity
Balance at 1 January 2025$'000	76,766	(4,895)	(42,487)	29,384	865	30,249	PDF p. 70
Loss for the financial year$'000	-	-	(4,853)	(4,853)	(1,007)	(5,860)	PDF p. 70
Other comprehensive loss for the financial year, net of tax
- Currency translation differences arising from consolidation$'000	-	(125)	-	(125)	(470)	(595)	PDF p. 70
Changes in equity
Total comprehensive loss for the financial year$'000	-	(125)	(4,853)	(4,978)	(1,477)	(6,455)	PDF p. 70
Balance at 31 December 2025$'000	76,766	(5,020)	(47,340)	24,406	(612)	23,794	PDF p. 70

Definitions & sources

Original report: PDF p. 70 ↗

Values in column order: Share capital, Other reserves, Accumulated losses, Total, Non-controlling interests, Total equity. Company-level statement of changes in equity not presented in the pages read.

Consolidated Statement of Changes in Equity - FY2024 (Group)

5 metrics

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Consolidated Statement of Changes in Equity - FY2024 (Group) from Annual Report 2025
Metric / unit	2024Group, Share capital, $'000	2024Group, Other reserves, $'000	2024Group, Accumulated losses, $'000	2024Group, Total attributable to equity holders of the Company, $'000	2024Group, Non-controlling interests, $'000	2024Group, Total equity, $'000	Source
Changes in equity
Balance at 1 January 2024$'000	76,766	(5,156)	(43,494)	28,116	1,472	29,588	PDF p. 71
Profit / (Loss) for the financial year$'000	-	-	1,007	1,007	(473)	534	PDF p. 71
Other comprehensive income / (loss) for the financial year, net of tax
- Currency translation differences arising from consolidation$'000	-	261	-	261	(134)	127	PDF p. 71
Changes in equity
Total comprehensive income / (loss) for the financial year$'000	-	261	1,007	1,268	(607)	661	PDF p. 71
Balance at 31 December 2024$'000	76,766	(4,895)	(42,487)	29,384	865	30,249	PDF p. 71

Definitions & sources

Original report: PDF p. 71 ↗

Values in column order: Share capital, Other reserves, Accumulated losses, Total, Non-controlling interests, Total equity.

Consolidated Statement of Cash Flows (Group) - operating activities

23 metrics

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Consolidated Statement of Cash Flows (Group) - operating activities from Annual Report 2025
Metric / unit	2025Group, $'000	2024Group, $'000	Source
Operating activities
(Loss) / Profit before income tax$'000	(5,822)	736	PDF p. 72
Operating activities - adjustments
Depreciation of property, plant and equipment$'000	514	491	PDF p. 72
Depreciation of right-of-use assets$'000	536	471	PDF p. 72
Amortisation of intangible assets$'000	302	324	PDF p. 72
Gain on disposal of right-of-use assets and property, plant$'000	(242)	(4)	PDF p. 72
Property, plant and equipment written off$'000	421	-	PDF p. 72
Impairment loss on property, plant and equipment$'000	11	-	PDF p. 72
Impairment loss on financial assets$'000	748	21	PDF p. 72
Inventories written off$'000	152	-	PDF p. 72
Reversal of provision for slow moving inventories$'000	-	(55)	PDF p. 72
Reversal of provision of unutilised leave$'000	(10)	(38)	PDF p. 72
Interest income$'000	(45)	(59)	PDF p. 72
Finance costs$'000	1,277	1,209	PDF p. 72
Exchange differences, net$'000	(447)	436	PDF p. 72
Operating activities
Operating (loss) / profit before working capital changes$'000	(2,605)	3,532	PDF p. 72
Operating activities - working capital changes
Inventories$'000	(164)	443	PDF p. 72
Trade and other receivables$'000	(2,229)	(10,225)	PDF p. 72
Trade and other payables$'000	5,814	3,535	PDF p. 72
Withdrawal / (Placement) of fixed deposits and bank$'000	392	(80)	PDF p. 72
Intangible assets – Service concession assets$'000	(195)	(93)	PDF p. 72
Operating activities
Cash from / (used in) operations$'000	1,013	(2,888)	PDF p. 72
Income taxes refunded / (paid)$'000	2	(211)	PDF p. 72
Net cash from / (used in) operating activities$'000	1,015	(3,099)	PDF p. 72

Definitions & sources

Original report: PDF p. 72 ↗

Continued on next page; note column omitted.

Consolidated Statement of Cash Flows (Continued) (Group) - investing, financing, closing cash

13 metrics

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Consolidated Statement of Cash Flows (Continued) (Group) - investing, financing, closing cash from Annual Report 2025
Metric / unit	2025Group, $'000	2024Group, $'000	Source
Investing activities
Purchase of property, plant and equipment$'000	(197)	(399)	PDF p. 73
Proceeds from disposal of property, plant and equipment$'000	409	14	PDF p. 73
Interest received$'000	45	59	PDF p. 73
Net cash from / (used in) investing activities$'000	257	(326)	PDF p. 73
Financing activities
Proceeds from borrowings$'000	4,184	4,292	PDF p. 73
Repayment of borrowings$'000	(3,294)	(3,879)	PDF p. 73
Repayment of lease liabilities - principal$'000	(599)	(466)	PDF p. 73
Interest paid$'000	(355)	(400)	PDF p. 73
Net cash used in financing activities$'000	(64)	(453)	PDF p. 73
Net change in cash
Net increase / (decrease) in cash and cash equivalents$'000	1,208	(3,878)	PDF p. 73
Cash and cash equivalents at beginning of financial year$'000	6,931	10,901	PDF p. 73
Effect of exchange rate changes on cash and cash$'000	(151)	(92)	PDF p. 73
Cash and cash equivalents at end of financial year$'000	7,988	6,931	PDF p. 73

Definitions & sources

Original report: PDF p. 73 ↗

Note column omitted.

Segmental revenue contribution ($'000), 2025 vs 2024

1 metrics

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Segmental revenue contribution ($'000), 2025 vs 2024 from Annual Report 2025
Metric / unit	2025Group, Projects	2024Group, Projects	2025Group, O&M Services	2024Group, O&M Services	2025Group, Total	2024Group, Total	Source
Operations and Financial Review
SEGMENTAL REVENUE CONTRIBUTION ($’000)$'000	36,200	44,365	15,207	14,771	51,407	59,136	PDF p. 13

Definitions & sources

Original report: PDF p. 13 ↗

Chart: values listed in print order under labels Projects, O & M Services, Total with 2025 and 2024 per pair. Pairing 2025/2024 follows the legend order.

Revenue by geography and year ($'000)

1 metrics

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Revenue by geography and year ($'000) from Annual Report 2025
Metric / unit	2025Group, Malaysia	2024Group, Malaysia	2025Group, PRC	2024Group, PRC	2025Group, Vietnam	2024Group, Vietnam	2025Group, Singapore	2024Group, Singapore	Source
Operations and Financial Review
REVENUE ($’000) BY GEOGRAPHY AND YEAR$'000	18,835	24,393	20,223	18,684	394	275	11,955	15,784	PDF p. 13

Definitions & sources

Original report: PDF p. 13 ↗

Chart: values in print order under Malaysia, PRC, Vietnam, Singapore, each 2025 then 2024.

Earnings per share (Note 23), Group

3 metrics

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Earnings per share (Note 23), Group from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Note 23 (Loss) / Earnings per share
Net (loss) / profit attributable to equity holders of the Company ($’000)$'000	(4,853)	1,007	PDF p. 111
Weighted average number of ordinary shares outstanding for basic earnings per sharenumber of shares	93,831,492	93,831,492	PDF p. 111
Basic and diluted (loss) / earnings per share (cents)cents	(5.17)	1.07	PDF p. 111

Definitions & sources

Original report: PDF p. 111 ↗

Diluted (loss) / earnings per share is the same as the basic (loss) / earnings per share as there were no share options, warrants or other compound financial instruments with dilutive effect granted during the financial year or outstanding at the end of the financial year.

Basic (loss) / earnings per share is calculated by dividing the net (loss) / profit attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the financial year.

Where the money comes from

Segment information

By business

Business segments 2025 (Note 26) 14 lines

Business segments 2025 (Note 26)
Item / unit	2025Projects	2025O&M Services	2025Eliminations	2025Total	Source
Revenue
Sales to external customers$’000	36,200	15,207	-	51,407	PDF p. 113
Results
Segment loss$’000	(2,090)	(81)	-	(2,171)	PDF p. 113
Expenses and income
Amortisation of intangible assets$’000	(302)	-	-	(302)	PDF p. 113
Depreciation of property, plant and equipment$’000	(192)	(305)	-	(497)	PDF p. 113
Depreciation of right-of-use assets$’000	(206)	(261)	-	(467)	PDF p. 113
Impairment loss on financial assets$’000	(333)	(415)	-	(748)	PDF p. 113
Finance costs$’000	(303)	(96)	51	(348)	PDF p. 113
Interest income$’000	22	23	-	45	PDF p. 113
Property, plant and equipment written off$’000	(10)	(10)	-	(20)	PDF p. 113
Assets
Segment assets$’000	69,553	8,667	-	78,220	PDF p. 113
Segment assets include: Additions to
- property, plant and equipment$’000	62	89	-	151	PDF p. 113
- right-of-use assets$’000	120	151	-	271	PDF p. 113
- intangible assets$’000	195	-	-	195	PDF p. 113
Liabilities
Segment liabilities$’000	45,531	4,183	-	49,614	PDF p. 113

Notes

Amounts in thousands of Singapore dollars ($’000). Group reportable segments for FY ended 31 December 2025.

Business segments 2024 (Note 26) 13 lines

Business segments 2024 (Note 26)
Item / unit	2024Projects	2024O&M Services	2024Eliminations	2024Total	Source
Revenue
Sales to external customers$’000	44,365	14,771	-	59,136	PDF p. 114
Results
Segment profit$’000	3,031	1,154	-	4,185	PDF p. 114
Expenses and income
Amortisation of intangible assets$’000	(324)	-	-	(324)	PDF p. 114
Depreciation of property, plant and equipment$’000	(219)	(256)	-	(475)	PDF p. 114
Depreciation of right-of-use assets$’000	(217)	(206)	-	(423)	PDF p. 114
Impairment loss on financial assets$’000	(3)	(18)	-	(21)	PDF p. 114
Finance costs$’000	(388)	(79)	71	(396)	PDF p. 114
Interest income$’000	28	25	-	53	PDF p. 114
Assets
Segment assets$’000	69,469	7,685	-	77,154	PDF p. 114
Segment assets include: Additions to
- property, plant and equipment$’000	38	336	-	374	PDF p. 114
- right-of-use assets$’000	24	580	-	604	PDF p. 114
- intangible assets$’000	93	-	-	93	PDF p. 114
Liabilities
Segment liabilities$’000	40,059	2,843	-	42,902	PDF p. 114

Notes

Amounts in thousands of Singapore dollars ($’000). Group reportable segments for FY ended 31 December 2024 (comparative).

Reconciliation: segment (loss)/profit to (loss)/profit before income tax 5 lines

Reconciliation: segment (loss)/profit to (loss)/profit before income tax
Item / unit	2025Group	2024Group	Source
Segment (loss) / profit
Segment (loss) / profit from the reportable segments$’000	(2,171)	4,185	PDF p. 115
Other income$’000	695	131	PDF p. 115
Administrative expenses$’000	(3,417)	(2,767)	PDF p. 115
Finance costs$’000	(929)	(813)	PDF p. 115
(Loss) / Profit before income tax$’000	(5,822)	736	PDF p. 115

Notes

Items added to / (deducted from) segment (loss)/profit to arrive at (loss)/profit before income tax per consolidated statement of profit or loss and other comprehensive income.

Other material information: capital additions (segment total vs unallocated) 6 lines

Other material information: capital additions (segment total vs unallocated)
Item / unit	2025Group	2024Group	Source
Additions to property, plant and equipment
Segment total (Additions to property, plant and equipment)$’000	151	374	PDF p. 115
Additions to property, plant and equipment: Unallocated
- Relates to general and corporate assets (PPE additions)$’000	46	25	PDF p. 115
Additions to property, plant and equipment
Total additions to property, plant and equipment (unlabelled)$’000	197	399	PDF p. 115
Additions to right-of-use assets
Segment total (Additions to right-of-use assets)$’000	271	604	PDF p. 115
Additions to right-of-use assets: Unallocated
- Relates to general and corporate assets (ROU additions)$’000	-	213	PDF p. 115
Additions to right-of-use assets
Total additions to right-of-use assets (unlabelled)$’000	271	817	PDF p. 115

Notes

Total lines are unlabelled subtotals in the source.

Other material information: depreciation, write-offs, interest income, finance costs (segment total vs unallocated) 15 lines

Other material information: depreciation, write-offs, interest income, finance costs (segment total vs unallocated)
Item / unit	2025Group	2024Group	Source
Depreciation of property, plant and equipment
Segment total (Depreciation of property, plant and equipment)$’000	(497)	(475)	PDF p. 116
Depreciation of property, plant and equipment: Unallocated
- Relates to general and corporate assets (PPE depreciation)$’000	(17)	(16)	PDF p. 116
Depreciation of property, plant and equipment
Total depreciation of property, plant and equipment (unlabelled)$’000	(514)	(491)	PDF p. 116
Depreciation of right-of-use assets
Segment total (Depreciation of right-of-use assets)$’000	(467)	(423)	PDF p. 116
Depreciation of right-of-use assets: Unallocated
- Relates to general and corporate assets (ROU depreciation)$’000	(69)	(48)	PDF p. 116
Depreciation of right-of-use assets
Total depreciation of right-of-use assets (unlabelled)$’000	(536)	(471)	PDF p. 116
Property, plant and equipment written off
Segment total (PPE written off)$’000	(20)	-	PDF p. 116
Property, plant and equipment written off: Unallocated
- Arising from general and corporate activities$’000	(401)	-	PDF p. 116
Property, plant and equipment written off
Total PPE written off (unlabelled)$’000	(421)	-	PDF p. 116
Interest income
Segment total (Interest income)$’000	45	53	PDF p. 116
Interest income: Unallocated
- Arising from general and corporate used bank balances$’000	-	6	PDF p. 116
Interest income
Total interest income (unlabelled)$’000	45	59	PDF p. 116
Finance costs
Segment total (Finance costs)$’000	(348)	(396)	PDF p. 116
Finance costs: Unallocated
- Relating to other financial liabilities, borrowings for general working capital purpose and lease liabilities for general and corporate assets$’000	(929)	(813)	PDF p. 116
Finance costs
Total finance costs (unlabelled)$’000	(1,277)	(1,209)	PDF p. 116

Notes

Total lines are unlabelled subtotals in the source.

Reconciliation: segment assets to total assets 7 lines

Reconciliation: segment assets to total assets
Item / unit	2025Group	2024Group	Source
Segment assets
Segment assets for reportable segments$’000	78,220	77,154	PDF p. 117
Unallocated assets
- Property, plant and equipment$’000	74	1,786	PDF p. 117
- Right-of-use assets$’000	125	194	PDF p. 117
- Other receivables$’000	244	108	PDF p. 117
- Cash and cash equivalents$’000	774	133	PDF p. 117
- Asset held for sale$’000	1,251	-	PDF p. 117
Segment assets
Total assets (unlabelled)$’000	80,688	79,375	PDF p. 117

Notes

Final total line unlabelled in source.

Reconciliation: segment liabilities to total liabilities 6 lines

Reconciliation: segment liabilities to total liabilities
Item / unit	2025Group	2024Group	Source
Segment liabilities
Segment liabilities for reportable segments$’000	49,614	42,902	PDF p. 117
Unallocated liabilities
- Other payables$’000	3,230	2,530	PDF p. 117
- Lease liabilities$’000	130	196	PDF p. 117
- Other financial liabilities (Note 14)$’000	3,307	3,498	PDF p. 117
- Bank borrowing related to asset held for sale$’000	613	-	PDF p. 117
Segment liabilities
Total liabilities (unlabelled)$’000	56,894	49,126	PDF p. 117

Notes

Final total line unlabelled in source.

By geography

Geographical segments: revenue and non-current assets 5 lines

Geographical segments: revenue and non-current assets
Item / unit	2025Revenue (Note 17)	2024Revenue (Note 17)	2025Non-current assets	2024Non-current assets	Source
Geographical segments
PRC$’000	20,223	18,684	1,350	1,482	PDF p. 118
Malaysia$’000	18,835	24,393	2,004	4,050	PDF p. 118
Singapore$’000	11,955	15,784	1,405	1,504	PDF p. 118
Vietnam$’000	394	275	12,627	13,881	PDF p. 118
Total (unlabelled)$’000	51,407	59,136	17,386	20,917	PDF p. 118

Notes

Revenue and non-current assets information based on the geographical location of contracting customers (regardless of projects location for contract revenue) / assets.

Non-current assets presented above include property, plant and equipment, right-of-use assets and intangible assets based on the location of the assets.

Total row is unlabelled in source.

Debt

Borrowings

Borrowing notes 7 tables

Borrowings - Group, 2025 (secured)

Borrowings - Group, 2025 (secured)
Item / unit	2025Group Current $'000	2025Group Non-current $'000	2025Group Total $'000	Source
Secured
Bank overdraft (Note 10)$'000	1,294	-	1,294	PDF p. 99
Term loan II (i)$'000	614	-	614	PDF p. 99
Term loan IV (i)$'000	1,914	-	1,914	PDF p. 99
Term loan V (i)$'000	183	-	183	PDF p. 99
Revolving credit$'000	500	-	500	PDF p. 99
Banker acceptances$'000	238	-	238	PDF p. 99
Trust receipts (ii)$'000	2,280	-	2,280	PDF p. 99
Total borrowings$'000	7,023	-	7,023	PDF p. 99

Notes

All borrowings are secured. Final maturity dates printed in row labels' quotes. (i) Term Loans I and II secured by pledges over Group's freehold lands/buildings and leasehold lands and buildings; Company provided corporate guarantees for Term Loans I, II and III. Term Loan IV (Darco Ba Lai) covenant breach: outstanding $1,914,000, incl. $1,719,000 originally repayable after one year, reclassified from non-current to current. Term Loan II presented as current as land is held for sale. (ii) Trust receipts drawn for 45 to 180 days (2024: 14 to 180 days), effective interest 3.60% to 7.02% (2024: 4.25% to 7.61%) p.a., secured by corporate guarantees from the Company.

Borrowings - Group, 2024 (secured)

Borrowings - Group, 2024 (secured)
Item / unit	2024Group Current $'000	2024Group Non-current $'000	2024Group Total $'000	Source
Secured
Bank overdraft (Note 10)$'000	115	-	115	PDF p. 99
Term loan I (i)$'000	7	50	57	PDF p. 99
Term loan II (i)$'000	59	587	646	PDF p. 99
Term loan III (i)$'000	157	-	157	PDF p. 99
Term loan IV (i)$'000	2,192	-	2,192	PDF p. 99
Term loan V (i)$'000	329	-	329	PDF p. 99
Trust receipts (ii)$'000	1,754	-	1,754	PDF p. 99
Total borrowings$'000	4,613	637	5,250	PDF p. 99

Notes

All borrowings secured. See 2025 table notes for footnotes (i) and (ii).

Term loan interest rates (per annum)

Term loan interest rates (per annum)
Item / unit	2025Group interest rate p.a.	2024Group interest rate p.a.	Source
Term loans
Term loan I% p.a.	4.35	4.60	PDF p. 100
Term loan II% p.a.	4.42	4.40	PDF p. 100
Term loan III% p.a.	2.50	2.50	PDF p. 100
Term loan IV% p.a.	7.10	7.10	PDF p. 100
Term loan V% p.a.	2.85	2.85	PDF p. 100

Notes

Overdrafts (floating): effective 7.45% (2024: 7.70%). Revolving credit (floating, PV): effective 3.55%. Banker acceptances (fixed, DWS): 88 to 90 days, effective 3.40% to 3.44%. Trust receipts: 3.60% to 7.02% (2024: 4.25% to 7.61%).

Lease liabilities

Lease liabilities
Item / unit	2025Group $'000	2024Group $'000	2025Company $'000	2024Company $'000	Source
Lease liabilities
Current liabilities$'000	510	536	66	63	PDF p. 101
Non-current liabilities$'000	228	526	51	117	PDF p. 101
Total lease liabilities$'000	738	1,062	117	180	PDF p. 101

Reconciliation of liabilities arising from financing activities

Reconciliation of liabilities arising from financing activities
Item / unit	2025Group As at 1 January $'000	2025Group Financing cash flows $'000	2025Group New leases and modifications $'000	2025Group Expiry / Early Termination $'000	2025Group Accretion of interests $'000	2025Group Currency translation difference $'000	2025Group As at 31 December $'000	Source
2025
Borrowings #$'000	5,135	890	-	-	-	(296)	5,729	PDF p. 101
Lease liabilities (Note 13)$'000	1,062	(637)	271	(20)	38	24	738	PDF p. 101

Notes

Borrowings # excludes bank overdraft as it forms part of cash and cash equivalents (Note 10). 2024 comparative: Borrowings 4,722; 368; -; -; -; 45; 5,135. Lease liabilities 706; (511); 817; (13); 45; 18; 1,062.

Borrowings by currency (Group, financial liabilities)

Borrowings by currency (Group, financial liabilities)
Item / unit	2025Group SGD $'000	2025Group USD $'000	2025Group MYR $'000	2025Group RMB $'000	2025Group Others $'000	2025Group Total $'000	Source
2025 Financial liabilities
Borrowings$'000	(607)	(1,949)	(2,145)	(183)	(2,139)	(7,023)	PDF p. 120

Notes

Others are denominated in Euros and Vietnamese Dong. 2024 row (page 121): Borrowings (157) (1,754) (818) (329) (2,192) (5,250) in the same column order.

Interest rate profile - Borrowings fixed vs variable (carrying amount)

Interest rate profile - Borrowings fixed vs variable (carrying amount)
Item / unit	2025Group carrying amount $'000	2024Group carrying amount $'000	2025Company carrying amount $'000	2024Company carrying amount $'000	Source
Fixed rate instruments - Financial liabilities
- Borrowings (Note 12)$'000	(421)	(486)	-	-	PDF p. 124
Variable rate instruments - Financial liabilities
- Borrowings (Note 12)$'000	(6,602)	(4,764)	-	-	PDF p. 124

Notes

Fixed rate lease liabilities: (738) (1,062) (117) (180).

Payout

Dividends & distributions

Dividend policy

Item	Value	Period / scope	Source
Dividend Policy	The Company does not have a formal dividend policy.	FY2025	PDF p. 43

Dividends declared and proposed

Item	Value	Period / scope	Source
Dividends not declared for FY2025	Dividends were not declared or paid for FY2025 in view that the Company would need to conserve	FY2025	PDF p. 43

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
Independent auditor	Crowe Horwath First Trust LLP	Group	PDF p. 66
Engagement partner	Adeline Ng Cheah Chen	Group	PDF p. 66
Opinion	properly drawn up in accordance with the provisions of the Companies Act 1967 (“the Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view	Group and Company · As at 2025-12-31	PDF p. 61

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.