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Financials
Annual Report 2025
Explore the statements
13 tablesConsolidated Statement of Profit or Loss and Other Comprehensive Income (Group)
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Continuing Operations | |||
| Revenue$'000 | 6,284 | 4,184 | PDF p. 73 |
| Cost of sales$'000 | (6,319) | (4,363) | PDF p. 73 |
| Gross result$'000 | (35) | (179) | PDF p. 73 |
| Other operating income (including interest income of $493,000 (2024: $846,000))$'000 | 515 | 852 | PDF p. 73 |
| Distribution and marketing costs$'000 | (2) | (5) | PDF p. 73 |
| Administrative expenses$'000 | (3,122) | (3,500) | PDF p. 73 |
| Other losses, net$'000 | (1,702) | (113) | PDF p. 73 |
| Finance costs$'000 | (313) | (408) | PDF p. 73 |
| Loss before taxation from continuing operations$'000 | (4,659) | (3,353) | PDF p. 73 |
| Income tax credit/ (expense)$'000 | 9 | (213) | PDF p. 73 |
| Loss from continuing operations, net of tax$'000 | (4,650) | (3,566) | PDF p. 73 |
| Discontinued operations | |||
| Loss from discontinued operations, net of tax$'000 | – | (416) | PDF p. 73 |
| Loss for the year$'000 | (4,650) | (3,982) | PDF p. 73 |
| Other comprehensive income/ (loss) - Items that may be reclassified subsequently to profit or loss | |||
| Effects of foreign currency translation and reclassification adjustments on disposal of subsidiary$'000 | 142 | (1) | PDF p. 73 |
| Other comprehensive income/ (loss) | |||
| Total comprehensive loss for the year$'000 | (4,508) | (3,983) | PDF p. 73 |
Definitions & sources
Original report: PDF p. 73 ↗
Amounts in $'000. Continuing Operations. Other operating income includes interest income of $493,000 (2024: $846,000).
Consolidated Statement of Profit or Loss and OCI - attribution and losses per share (Group)
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Loss attributable to: Owners of the Company | |||
| Loss from continuing operations, net of tax$'000 | (3,197) | (2,516) | PDF p. 74 |
| Loss from discontinued operations, net of tax$'000 | – | (416) | PDF p. 74 |
| Subtotal$'000 | (3,197) | (2,932) | PDF p. 74 |
| Loss attributable to: Non-controlling interests | |||
| Loss from continuing operations, net of tax$'000 | (1,453) | (1,050) | PDF p. 74 |
| Subtotal$'000 | (4,650) | (3,982) | PDF p. 74 |
| Total comprehensive loss attributable to: Owners of the Company | |||
| Loss from continuing operations, net of tax$'000 | (3,124) | (2,505) | PDF p. 74 |
| Loss from discontinued operations, net of tax$'000 | – | (416) | PDF p. 74 |
| Subtotal$'000 | (3,124) | (2,921) | PDF p. 74 |
| Total comprehensive loss attributable to: Non-controlling interests | |||
| Loss from continuing operations, net of tax$'000 | (1,384) | (1,062) | PDF p. 74 |
| Subtotal$'000 | (4,508) | (3,983) | PDF p. 74 |
| Losses per share (cents) - From continuing operations attributable to equity owners | |||
| Basic and dilutedcents per share | (3.16) | (2.48) | PDF p. 74 |
| Losses per share (cents) - From discontinued operations attributable to equity owners | |||
| Basic and dilutedcents per share | – | (0.41) | PDF p. 74 |
Definitions & sources
Original report: PDF p. 74 ↗
Amounts in $'000 except losses per share in cents.
Statements of Financial Position - Assets
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current assets | |||||
| Cash and bank balances$'000 | 23,479 | 27,086 | 5,537 | 9,753 | PDF p. 75 |
| Trade receivables$'000 | 83 | 609 | 2 | 10 | PDF p. 75 |
| Other receivables and prepayments$'000 | 829 | 542 | 780 | 70 | PDF p. 75 |
| Inventories$'000 | 441 | 1,512 | – | – | PDF p. 75 |
| Total current assets$'000 | 24,832 | 29,749 | 6,319 | 9,833 | PDF p. 75 |
| Non-current assets | |||||
| Property, plant and equipment$'000 | 6,824 | 8,387 | 289 | 340 | PDF p. 75 |
| Right-of-use assets$'000 | 144 | 159 | – | 6 | PDF p. 75 |
| Goodwill on consolidation$'000 | – | – | – | – | PDF p. 75 |
| Investments in subsidiaries$'000 | – | – | 23,678 | 23,678 | PDF p. 75 |
| Investment in an associate$'000 | – | – | – | – | PDF p. 75 |
| Loans to a subsidiary$'000 | – | – | 5,433 | 4,954 | PDF p. 75 |
| Deferred tax assets$'000 | 58 | 54 | – | – | PDF p. 75 |
| Total non-current assets$'000 | 7,026 | 8,600 | 29,400 | 28,978 | PDF p. 75 |
| ASSETS | |||||
| Total assets$'000 | 31,858 | 38,349 | 35,719 | 38,811 | PDF p. 75 |
Definitions & sources
Original report: PDF p. 75 ↗
Amounts in $'000.
Statements of Financial Position - Liabilities and Equity
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current liabilities | |||||
| Bank borrowings$'000 | – | 736 | – | 469 | PDF p. 76 |
| Trade and other payables$'000 | 800 | 512 | 12,300 | 12,793 | PDF p. 76 |
| Loan from a third party$'000 | 462 | – | – | – | PDF p. 76 |
| Lease liabilities$'000 | 23 | 30 | – | 8 | PDF p. 76 |
| Income tax payable$'000 | – | 9 | – | – | PDF p. 76 |
| Total current liabilities$'000 | 1,285 | 1,287 | 12,300 | 13,270 | PDF p. 76 |
| Non-current liabilities | |||||
| Bank borrowings$'000 | – | – | – | – | PDF p. 76 |
| Lease liabilities$'000 | 46 | 61 | – | – | PDF p. 76 |
| Loans from non-controlling interests and a third party$'000 | 4,612 | 7,298 | – | – | PDF p. 76 |
| Employee benefit liability$'000 | 83 | 51 | – | – | PDF p. 76 |
| Total non-current liabilities$'000 | 4,741 | 7,410 | – | – | PDF p. 76 |
| LIABILITIES AND EQUITY | |||||
| Total liabilities$'000 | 6,026 | 8,697 | 12,300 | 13,270 | PDF p. 76 |
| Capital, reserves and non-controlling interests | |||||
| Share capital$'000 | 47,433 | 47,433 | 47,433 | 47,433 | PDF p. 76 |
| Treasury shares$'000 | (1,837) | (1,837) | (1,837) | (1,837) | PDF p. 76 |
| Foreign currency translation reserve$'000 | (86) | (159) | – | – | PDF p. 76 |
| Accumulated losses$'000 | (18,285) | (15,088) | (22,177) | (20,055) | PDF p. 76 |
| Equity attributable to owners of the Company$'000 | 27,225 | 30,349 | 23,419 | 25,541 | PDF p. 76 |
| Non-controlling interests$'000 | (1,393) | (697) | – | – | PDF p. 76 |
| Total equity$'000 | 25,832 | 29,652 | 23,419 | 25,541 | PDF p. 76 |
| Total liabilities and equity$'000 | 31,858 | 38,349 | 35,719 | 38,811 | PDF p. 76 |
Definitions & sources
Original report: PDF p. 76 ↗
Amounts in $'000.
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Group) - main statement
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $'000 | 2024Group, $'000 | Source |
|---|---|---|---|
| Profit or loss | |||
| Loss for the year$'000 | (4,650) | (3,982) | PDF p. 73 |
| Other comprehensive income/ (loss) - items that may be reclassified subsequently to profit or loss | |||
| Effects of foreign currency translation and reclassification adjustments on disposal of subsidiary$'000 | 142 | (1) | PDF p. 73 |
| Other comprehensive income | |||
| Total comprehensive loss for the year$'000 | (4,508) | (3,983) | PDF p. 73 |
Definitions & sources
Original report: PDF p. 73 ↗
Row for FX translation label wraps over two lines: 'Effects of foreign currency translation and reclassification' / 'adjustments on disposal of subsidiary'.
Consolidated Statement of Profit or Loss and OCI - attribution
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $'000 | 2024Group, $'000 | Source |
|---|---|---|---|
| Loss attributable to: Owners of the Company | |||
| Loss from continuing operations, net of tax$'000 | (3,197) | (2,516) | PDF p. 74 |
| Loss from discontinued operations, net of tax$'000 | – | (416) | PDF p. 74 |
| Loss attributable to: Non-controlling interests | |||
| Loss from continuing operations, net of tax$'000 | (1,453) | (1,050) | PDF p. 74 |
| Total comprehensive loss attributable to: Owners of the Company | |||
| Loss from continuing operations, net of tax$'000 | (3,124) | (2,505) | PDF p. 74 |
| Loss from discontinued operations, net of tax$'000 | – | (416) | PDF p. 74 |
| Total comprehensive loss attributable to: Non-controlling interests | |||
| Loss from continuing operations, net of tax$'000 | (1,384) | (1,062) | PDF p. 74 |
| Losses per share (cents) - from continuing operations attributable to equity owners | |||
| Basic and dilutedcents | (3.16) | (2.48) | PDF p. 74 |
| Losses per share (cents) - from discontinued operations attributable to equity owners | |||
| Basic and dilutedcents | – | (0.41) | PDF p. 74 |
Definitions & sources
Original report: PDF p. 74 ↗
Subtotal rows (3,197)/(2,932), (4,650)/(3,982), (3,124)/(2,921), (4,508)/(3,983) are printed unlabeled and are not extracted as labelled rows.
Consolidated Statement of Cash Flows (Group)
46 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $'000 | 2024Group, $'000 | Source |
|---|---|---|---|
| Operating activities | |||
| Loss before taxation from continuing operations$'000 | (4,659) | (3,353) | PDF p. 79 |
| Loss before taxation from discontinued operations$'000 | – | (416) | PDF p. 79 |
| Loss before taxation$'000 | (4,659) | (3,769) | PDF p. 79 |
| Operating activities - Adjustments for | |||
| Depreciation of property, plant and equipment$'000 | 482 | 436 | PDF p. 79 |
| Depreciation of right-of-use assets$'000 | 48 | 68 | PDF p. 79 |
| Allowance for expected credit loss on trade receivables$'000 | 106 | – | PDF p. 79 |
| Impairment loss on property, plant and equipment$'000 | 492 | – | PDF p. 79 |
| Interest expense on bank borrowings$'000 | 4 | 32 | PDF p. 79 |
| Interest expense on loans from non-controlling interests$'000 | 227 | 333 | PDF p. 79 |
| Interest expense on loans from a third party$'000 | 75 | 26 | PDF p. 79 |
| Interest expense on lease liabilities$'000 | 7 | 17 | PDF p. 79 |
| Interest income$'000 | (493) | (846) | PDF p. 79 |
| Gain on lease modification$'000 | (11) | – | PDF p. 79 |
| Post-employment benefit expenses$'000 | 39 | 10 | PDF p. 79 |
| Loss on disposal of subsidiary$'000 | – | 711 | PDF p. 79 |
| Gain on liquidation of subsidiary$'000 | – | (2) | PDF p. 79 |
| Unrealised exchange loss$'000 | 684 | – | PDF p. 79 |
| Operating activities | |||
| Operating cash flows before movements in working capital$'000 | (2,999) | (2,984) | PDF p. 79 |
| Decrease/ (Increase) in inventories$'000 | 1,179 | (1,363) | PDF p. 79 |
| Increase in contract assets$'000 | – | (1,255) | PDF p. 79 |
| Decrease in trade receivables$'000 | 463 | 991 | PDF p. 79 |
| Decrease/ (Increase) in other receivables and prepayments$'000 | 135 | (341) | PDF p. 79 |
| Increase in contract liabilities$'000 | – | 558 | PDF p. 79 |
| Increase/ (Decrease) in trade and other payables$'000 | 307 | (1,457) | PDF p. 79 |
| Cash used in operations$'000 | (915) | (5,851) | PDF p. 79 |
| Income tax paid$'000 | – | (273) | PDF p. 79 |
| Interest received$'000 | 583 | 897 | PDF p. 79 |
| Net cash flows used in operating activities$'000 | (332) | (5,227) | PDF p. 79 |
| Investing activities | |||
| Net cash outflow arising on disposal of subsidiary, representing$'000 | – | (106) | PDF p. 80 |
| Purchase of property, plant and equipment$'000 | (96) | (716) | PDF p. 80 |
| Purchase of right-of-use assets$'000 | (24) | – | PDF p. 80 |
| Net cash flows used in investing activities$'000 | (120) | (822) | PDF p. 80 |
| Financing activities | |||
| Repayment of principal portion of bank borrowings$'000 | (736) | (1,316) | PDF p. 80 |
| Repayment of principal portion of lease liabilities$'000 | (25) | (72) | PDF p. 80 |
| Repayment of third-party loans$'000 | (1,949) | – | PDF p. 80 |
| (Loan to)/ Loan from non-controlling interests$'000 | (500) | 2,279 | PDF p. 80 |
| Loan from third party$'000 | 253 | 1,263 | PDF p. 80 |
| Interest paid on bank borrowings$'000 | (4) | (32) | PDF p. 80 |
| Interest paid on lease liabilities$'000 | (7) | (17) | PDF p. 80 |
| Interest paid on third party loans$'000 | (17) | – | PDF p. 80 |
| Decrease in pledged cash and bank balances and fixed deposits$'000 | – | 171 | PDF p. 80 |
| Net cash flows (used in)/ generated from financing activities$'000 | (2,985) | 2,276 | PDF p. 80 |
| Closing cash | |||
| Net decrease in cash and cash equivalents$'000 | (3,437) | (3,773) | PDF p. 80 |
| Cash and cash equivalents at beginning of the year$'000 | 27,086 | 30,783 | PDF p. 80 |
| Effects of exchange rate changes on the balance of cash held in foreign currencies$'000 | (170) | 76 | PDF p. 80 |
| Cash and cash equivalents at end of the year$'000 | 23,479 | 27,086 | PDF p. 80 |
Definitions & sources
Original report: PDF p. 79 ↗ PDF p. 80 ↗
Only a Group cash flow statement is printed; no Company cash flow statement.
Two rows wrap over two lines (disposal of subsidiary; effects of exchange rate changes); quote is the printed second line carrying values.
Statement of Changes in Equity - Group, FY2025
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital, $'000 | 2025Group, Treasury shares, $'000 | 2025Group, Foreign currency translation reserve, $'000 | 2025Group, Accumulated losses, $'000 | 2025Group, Attributable to equity holders of the Company, $'000 | 2025Group, Non-controlling interests, $'000 | 2025Group, Total equity, $'000 | Source |
|---|---|---|---|---|---|---|---|---|
| 2025 | ||||||||
| Balance as at 1 January 2025$'000 | 47,433 | (1,837) | (159) | (15,088) | 30,349 | (697) | 29,652 | PDF p. 77 |
| Loss for the year$'000 | – | – | – | (3,197) | (3,197) | (1,453) | (4,650) | PDF p. 77 |
| 2025 - Others | ||||||||
| Present value of loan from non-controlling interests (Note 26)$'000 | – | – | – | – | – | 688 | 688 | PDF p. 77 |
| Total others$'000 | – | – | – | – | – | 688 | 688 | PDF p. 77 |
| 2025 | ||||||||
| Balance as at 31 December 2025$'000 | 47,433 | (1,837) | (86) | (18,285) | 27,225 | (1,393) | 25,832 | PDF p. 77 |
Definitions & sources
Original report: PDF p. 77 ↗
Blank values = cell not printed in source (not inferred). Column header 'Attributable to equity holders of the Company' spans first five columns; 'Attributable to equity holders of the Company' subtotal column is printed.
Present value of loan label wraps: 'Present value of loan from non-controlling' / 'interests (Note 26)'.
Statement of Changes in Equity - Group, FY2024 comparative
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Share capital, $'000 | 2024Group, Treasury shares, $'000 | 2024Group, Foreign currency translation reserve, $'000 | 2024Group, Accumulated losses, $'000 | 2024Group, Attributable to equity holders of the Company, $'000 | 2024Group, Non-controlling interests, $'000 | 2024Group, Total equity, $'000 | Source |
|---|---|---|---|---|---|---|---|---|
| 2024 | ||||||||
| Balance as at 1 January 2024$'000 | 47,433 | (1,837) | (158) | (12,156) | 33,282 | 212 | 33,494 | PDF p. 77 |
| Loss for the year$'000 | – | – | – | (2,932) | (2,932) | (1,050) | (3,982) | PDF p. 77 |
| Other comprehensive income for the year$'000 | – | – | 11 | – | 11 | (12) | (1) | PDF p. 77 |
| Total comprehensive loss for the year$'000 | – | – | 11 | (2,932) | (2,921) | (1,062) | (3,983) | PDF p. 77 |
| 2024 - Others | ||||||||
| Deemed control of new subsidiary$'000 | – | – | (12) | – | (12) | (1) | (13) | PDF p. 77 |
| Present value of loan from non-controlling interests (Note 26)$'000 | – | – | – | – | – | 154 | 154 | PDF p. 77 |
| Total others$'000 | – | – | (12) | – | (12) | 153 | 141 | PDF p. 77 |
| 2024 | ||||||||
| Balance as at 31 December 2024$'000 | 47,433 | (1,837) | (159) | (15,088) | 30,349 | (697) | 29,652 | PDF p. 77 |
Definitions & sources
Original report: PDF p. 77 ↗
Statement of Changes in Equity - Company
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company, Share capital, $'000 | 2025Company, Treasury shares, $'000 | 2025Company, Accumulated losses, $'000 | 2025Company, Total, $'000 | Source |
|---|---|---|---|---|---|
| FY2024 (opening) | |||||
| Balance as at 1 January 2024$'000 | 47,433 | (1,837) | (16,790) | 28,806 | PDF p. 78 |
| FY2024 | |||||
| Loss for the year, representing total comprehensive loss for the year$'000 | – | – | (3,265) | (3,265) | PDF p. 78 |
| FY2024 closing / FY2025 opening | |||||
| Balance as at 31 December 2024 and 1 January 2025$'000 | 47,433 | (1,837) | (20,055) | 25,541 | PDF p. 78 |
| FY2025 | |||||
| Loss for the year, representing total comprehensive loss for the year$'000 | – | – | (2,122) | (2,122) | PDF p. 78 |
| FY2025 closing | |||||
| Balance as at 31 December 2025$'000 | 47,433 | (1,837) | (22,177) | 23,419 | PDF p. 78 |
Definitions & sources
Original report: PDF p. 78 ↗
Company statement covers both FY2024 and FY2025 in one sequence; column year labelled 2025 as the latest year; rows carry the period in section.
Financial Highlights (five-year)
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group, Restated | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Financial Highlights | ||||||
| Loss after tax (S$’000)S$’000 | (2,335) | (6,261) | (4,443) | (3,982) | (4,650) | PDF p. 10 |
| Shareholders’ equity attributed to owners of Company (S$’000)S$’000 | 43,908 | 36,791 | 33,282 | 30,349 | 27,225 | PDF p. 10 |
| Cash and bank balances (S$’000)S$’000 | 19,245 | 23,067 | 30,954 | 27,086 | 23,479 | PDF p. 10 |
| Net asset value attributed to owners of Company per share “NAV” (cents)cents | 43.36 | 36.33 | 32.87 | 29.97 | 26.88 | PDF p. 10 |
| Current ratio (times)times | 2.03 | 12.57 | 6.71 | 23.11 | 19.32 | PDF p. 10 |
Definitions & sources
Original report: PDF p. 10 ↗
* Revenue from the Group’s Continuing operations
# EPS from the Group’s Continuing operations
2023 column labelled 'Restated'
Note 11 Losses per share – losses and share count (Group)
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Losses for basic and diluted losses per share [loss for the year attributable to owners of the Company] | |||
| Continuing operations$’000 | (3,197) | (2,516) | PDF p. 111 |
| Discontinued operations$’000 | – | (416) | PDF p. 111 |
| Number of shares | |||
| Number of ordinary shares outstanding* for the purposes of basic losses per share (‘000)’000 shares | 101,268 | 101,268 | PDF p. 111 |
Definitions & sources
Original report: PDF p. 111 ↗
* Excludes treasury shares
Note 11 Losses per share (cents)
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Losses per share - Continuing operations | |||
| (i) Based on weighted average number of ordinary in issue (Continuing operations)cents | (3.16) | (2.48) | PDF p. 112 |
| (ii) On a fully diluted basis (Continuing operations)cents | (3.16) | (2.48) | PDF p. 112 |
| Losses per share - Discontinued operations | |||
| (i) Based on weighted average number of ordinary in issue (Discontinued operations)cents | – | (0.41) | PDF p. 112 |
| (ii) On a fully diluted basis (Discontinued operations)cents | – | (0.41) | PDF p. 112 |
Definitions & sources
Original report: PDF p. 112 ↗
Basic losses per share is based on loss attributable to owners of the Company divided by the weighted average number of ordinary shares of 101,268,367 (2024: 101,268,367). Diluted is the same as basic as the Company did not have potentially dilutive ordinary shares as at 31 December 2025 and 31 December 2024. No share option was granted.
Where the money comes from
Segment information
By business
Analysis by business segment – revenue, results, assets and liabilities (Continuing Operations) 8 lines
| Item / unit | 2025ESM, 12 months ended 31.12.2025 | 2024ESM, 12 months ended 31.12.2024 | 2025Agri-Tech, 12 months ended 31.12.2025 | 2024Agri-Tech, 12 months ended 31.12.2024 | 2025Corporate / Unallocated, 12 months ended 31.12.2025 | 2024Corporate / Unallocated, 12 months ended 31.12.2024 | 2025Total, 12 months ended 31.12.2025 | 2024Total, 12 months ended 31.12.2024 | Source |
|---|---|---|---|---|---|---|---|---|---|
| Continuing Operations | |||||||||
| Revenue$'000 | – | 363 | 6,284 | 3,821 | – | – | 6,284 | 4,184 | PDF p. 156 |
| Segment results | |||||||||
| Segment results$'000 | (877) | (408) | (2,474) | (1,532) | (1,488) | (1,851) | (4,839) | (3,791) | PDF p. 156 |
| Interest income$'000 | 341 | 483 | 5 | 5 | 147 | 358 | 493 | 846 | PDF p. 156 |
| Interest expense$'000 | (1) | (17) | (309) | (375) | (3) | (16) | (313) | (408) | PDF p. 156 |
| Income tax expense$'000 | – | (273) | 9 | 60 | – | – | 9 | (213) | PDF p. 156 |
| Assets | |||||||||
| Segment assets$'000 | – | 17,067 | 8,590 | 11,058 | 23,210 | 10,170 | 31,800 | 38,295 | PDF p. 156 |
| Deferred tax assets$'000 | – | – | 58 | 54 | – | – | 58 | 54 | PDF p. 156 |
| Liabilities | |||||||||
| Segment liabilities$'000 | – | 314 | 5,295 | 7,495 | 731 | 888 | 6,026 | 8,697 | PDF p. 156 |
Notes
Loss before taxation, loss from continuing operations net of tax, loss from discontinued operations and subtotal rows for assets/liabilities have wrapped labels and were not extracted as rows; Total loss for the year: ESM (537)/(631), Agri-Tech (2,769)/(1,842), Corporate (1,344)/(1,509), Total (4,650)/(3,982).
* During the financial year ended 31 December 2025, all assets and liabilities previously attributable to the ESM segment have been centrally managed and are no longer separately reviewed by the chief operating decision maker. Accordingly, these balances have been presented within the “Corporate/ Unallocated” segment as at 31 December 2025. Comparative information has not been restated as the change reflects the current internal reporting structure and monitoring by management.
Current and deferred tax liabilities: all dashes.
Analysis by business segment – other information (Continuing Operations) 1 lines
| Item / unit | 2025ESM, 12 months ended 31.12.2025 | 2024ESM, 12 months ended 31.12.2024 | 2025Agri-Tech, 12 months ended 31.12.2025 | 2024Agri-Tech, 12 months ended 31.12.2024 | 2025Corporate / Unallocated, 12 months ended 31.12.2025 | 2024Corporate / Unallocated, 12 months ended 31.12.2024 | 2025Total, 12 months ended 31.12.2025 | 2024Total, 12 months ended 31.12.2024 | Source |
|---|---|---|---|---|---|---|---|---|---|
| Other information (Continuing Operations) | |||||||||
| Capital additions - Property, plant and equipment$'000 | – | – | 96 | 716 | – | – | 96 | 716 | PDF p. 157 |
Notes
Depreciation row label wraps ('Depreciation and amortisation'); quote is the value line from the page text where the label text is split. Other lines on the page: Allowance for expected credit loss on trade receivables (Agri-Tech 106 / –; Corporate – / 5; Total 106 / 5), Impairment loss on PPE (Agri-Tech 492; Total 492 / –), Gain on liquidation of a subsidiary (printed (2) and (2) total, column alignment unclear), and a second 'Other information' block (apparently discontinued): Capital additions PPE ESM 2024 1; Loss on disposal of subsidiary 711; Depreciation and amortisation 5.
* During the financial year ended 31 December 2025, all assets and liabilities previously attributable to the ESM segment have been centrally managed and are no longer separately reviewed by the chief operating decision maker. Accordingly, these balances have been presented within the “Corporate/ Unallocated” segment as at 31 December 2025. Comparative information has not been restated as the change reflects the current internal reporting structure and monitoring by management.
By geography
Geographical analysis – revenue from continuing operations by customer location 4 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue from continuing operations | |||
| Indonesia$'000 | 6,284 | 3,821 | PDF p. 158 |
| China$'000 | – | 315 | PDF p. 158 |
| Singapore$'000 | – | 1 | PDF p. 158 |
| Other Asian Countries$'000 | – | 47 | PDF p. 158 |
Notes
Total printed: 6,284 (2025) and 4,184 (2024). Based on geographical presence of the customers.
Geographical analysis – non-current operating assets by location 2 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Non-current operating assets | |||
| Singapore$'000 | 295 | 354 | PDF p. 158 |
| Indonesia$'000 | 6,673 | 8,192 | PDF p. 158 |
Notes
Total printed: 6,968 (2025) and 8,546 (2024). Carrying amount of non-current assets in the geographical area in which the amounts are located.
Debt
Borrowings
Borrowing notes 5 tables
Bank borrowings
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Bank borrowings | |||||
| Bank loan A$'000 | – | 469 | – | 469 | PDF p. 134 |
| Bank loan B$'000 | – | 267 | – | – | PDF p. 134 |
| Classified as | |||||
| Current portion$'000 | – | 736 | – | 469 | PDF p. 134 |
| Non-current portion$'000 | – | – | – | – | PDF p. 134 |
Notes
Bank loan A: temporary bridging loan drawn by the Company, secured by a corporate guarantee issued by a subsidiary; 47 monthly instalments of $52,083 from 1 October 2021 and final instalment of $52,083 on 1 September 2025; fixed interest rate 2.00% (2024: 2.00%) per annum.
Bank loan B: temporary bridging loan drawn by a subsidiary, secured by a corporate guarantee issued by the Company; 47 monthly instalments of $44,933 from 1 June 2021 and final instalment of $44,933 on 1 May 2025; fixed interest rate 3.00% (2024: 3.00%) per annum.
The above loans were fully repaid during the financial year ended 31 December 2025. As at 31 December 2025, the Group has no outstanding bank borrowings.
Lease liabilities (current/non-current)
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Classified as | |||||
| Current portion$'000 | 23 | 30 | – | 8 | PDF p. 136 |
| Non-current portion$'000 | 46 | 61 | – | – | PDF p. 136 |
Notes
Total lease liabilities: Group 69 (2025), 91 (2024); Company – (2025), 8 (2024).
Loans from non-controlling interests and a third party
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Current | |||
| Third party$'000 | 462 | – | PDF p. 137 |
| Non-current: Non-controlling interests | |||
| Loan 1$'000 | 850 | 980 | PDF p. 137 |
| Loan 2$'000 | 1,276 | 1,470 | PDF p. 137 |
| Loan 3$'000 | 1,191 | 1,318 | PDF p. 137 |
| Loan 4$'000 | 936 | 998 | PDF p. 137 |
| Loan 5$'000 | 78 | 1,000 | PDF p. 137 |
| Loan 6$'000 | 199 | 243 | PDF p. 137 |
Notes
Non-controlling interests loans subtotal 4,530 (2025), 6,009 (2024); non-current third party 82 (2025), 1,289 (2024); total non-current 4,612 (2025), 7,298 (2024); total 5,074 (2025), 7,298 (2024).
NCI loans not repayable within 12 months; discounted at market rate of 7.75% (2024: 7.75%). Third-party loan is non-trade, unsecured, interest-bearing at 5% (2024: 5%); portion expected to be repaid within twelve months classified as current.
Liquidity and interest risk analysis – Group 2025 financial liabilities (undiscounted)
| Item / unit | 2025Group: Weighted average effective interest rate % p.a. | 2025Group: On demand or within 1 year | 2025Group: Within 2 to 5 years | 2025Group: After 5 years | 2025Group: Adjustment | 2025Group: Carrying amount | Source |
|---|---|---|---|---|---|---|---|
| Financial liabilities 2025 | |||||||
| Loans from a third partyrate % per annum; $'000 | 5 | 462 | 82 | – | – | 544 | PDF p. 150 |
Notes
Table is based on undiscounted cash flows including interest and principal. Trade and other payables 800 (non-interest bearing) also listed; Total financial liabilities: 1,290 / 5,307 / – / (654) / 5,943.
Liquidity and interest risk analysis – Group 2024 financial liabilities (undiscounted)
| Item / unit | 2024Group: Weighted average effective interest rate % p.a. | 2024Group: On demand or within 1 year | 2024Group: Within 2 to 5 years | 2024Group: After 5 years | 2024Group: Adjustment | 2024Group: Carrying amount | Source |
|---|---|---|---|---|---|---|---|
| Financial liabilities 2024 | |||||||
| Loans from non-controlling interestsrate % per annum; $'000 | 7.75 | – | 6,142 | – | (133) | 6,009 | PDF p. 151 |
| Loans from a third partyrate % per annum; $'000 | 5 | – | 1,289 | – | – | 1,289 | PDF p. 151 |
Notes
Total financial liabilities 2024: 1,294 / 7,502 / – / (159) / 8,637; trade and other payables 512 non-interest bearing.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a fixed dividend policy. The form, frequency and amount of dividends will depend on the Company’s earnings, general financial condition, results of operations, capital requirements, cash flow, general business condition, development plans and other factors as the Directors may deem appropriate. Notwithstanding the foregoing, any pay-out of dividends would be clearly communicated to Shareholders via announcements released on SGXNET. | Company policy | PDF p. 44 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend for FY2025 | No dividend has been declared or recommended for FY2025 as the Group has incurred losses for FY2025. | Group, FY2025 | PDF p. 44 |
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 | NEXIA SINGAPORE PAC | Group and Company, FY2025 | PDF p. 72 |
| Engagement partner | Chang Fook Kay | Group and Company, FY2025 | PDF p. 72 |
| Date | March 31, 2026 | Independent auditor's report · As at 2026-03-31 | PDF p. 72 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern | The Group incurred a net loss of $4,650,000 (2024: $3,982,000) and recorded net cash outflows from operating activities of $332,000 (2024: $5,227,000) for the financial year ended 31 December 2025. | Group, FY2025 | PDF p. 81 |
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.