Annual Report 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income | |||
| Revenue$’000 | 20,313 | 20,714 | PDF p. 65 |
| Cost of sales$’000 | (11,414) | (11,512) | PDF p. 65 |
| Gross profit$’000 | 8,899 | 9,202 | PDF p. 65 |
| Other income$’000 | 2,560 | 1,885 | PDF p. 65 |
| Other (losses)/gains | |||
| - Allowance for expected credit losses: - Trade receivables$’000 | (14) | – | PDF p. 65 |
| - Allowance for expected credit losses: - Non-trade receivables$’000 | (32) | – | PDF p. 65 |
| Subtotal$’000 | (46) | – | PDF p. 65 |
| - Others$’000 | 290 | 8,632 | PDF p. 65 |
| Expenses | |||
| - Selling and distribution$’000 | (3,339) | (3,615) | PDF p. 65 |
| - Administrative$’000 | (8,152) | (8,205) | PDF p. 65 |
| - Finance$’000 | (2,150) | (2,142) | PDF p. 65 |
| Subtotal$’000 | (13,641) | (13,962) | PDF p. 65 |
| Income | |||
| Share of profit of an associated company$’000 | – | 1,037 | PDF p. 65 |
| Share of profit of a joint-venture company$’000 | 15 | 1,135 | PDF p. 65 |
| (Loss)/profit before income tax$’000 | (1,923) | 7,929 | PDF p. 65 |
| Income tax (expense)/credit$’000 | (109) | 24 | PDF p. 65 |
| Net (loss)/profit$’000 | (2,032) | 7,953 | PDF p. 65 |
| Other comprehensive (loss)/income, net of tax | |||
| - Share of other comprehensive loss of an associated company - Currency translation differences$’000 | – | 1,992 | PDF p. 65 |
| - Reclassification of reserves resulted to disposal of an associated company$’000 | – | 201 | PDF p. 65 |
| - Currency translation difference arising from consolidation$’000 | (96) | (114) | PDF p. 65 |
| Other comprehensive (loss)/gain, net of tax$’000 | (96) | 2,079 | PDF p. 65 |
| Total comprehensive income | |||
| Total comprehensive (loss)/income$’000 | (2,128) | 10,032 | PDF p. 65 |
| (Loss)/profit attributable to | |||
| Equity holders of the Company$’000 | (1,323) | 8,115 | PDF p. 65 |
| Non-controlling interests$’000 | (709) | (162) | PDF p. 65 |
| Subtotal$’000 | (2,032) | 7,953 | PDF p. 65 |
| Total comprehensive (loss)/income attributable to | |||
| Equity holders of the Company$’000 | (1,436) | 10,293 | PDF p. 65 |
| Non-controlling interests$’000 | (692) | (261) | PDF p. 65 |
| Subtotal$’000 | (2,128) | 10,032 | PDF p. 65 |
| (Loss per share)/earnings per share attributable to equity holders of the Company | |||
| Basic and diluted (LPS)/EPScents per share | (0.63) | 3.87 | PDF p. 65 |
Original report: PDF p. 65 ↗
The report states: “The accompanying notes form an integral part of these financial statements.” The detailed EPS note says basic (losses)/earnings per share is calculated by dividing net (loss)/profit attributable to Company equity holders by weighted average ordinary shares outstanding; it reports no dilutive potential ordinary shares for the years ended 30 September 2025 and 2024 (physical page 89).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Assets — Current assets | |||||
| Cash and cash equivalents$’000 | 28,083 | 30,505 | 23,316 | 26,643 | PDF p. 66 |
| Trade and other receivables$’000 | 3,546 | 4,005 | 29,599 | 28,487 | PDF p. 66 |
| Inventories$’000 | 6,194 | 7,724 | – | – | PDF p. 66 |
| Subtotal$’000 | 37,823 | 42,234 | 52,915 | 55,130 | PDF p. 66 |
| Assets — Non-current assets | |||||
| Development properties$’000 | 50,869 | 52,293 | – | – | PDF p. 66 |
| Investment in an associated company$’000 | – | – | – | – | PDF p. 66 |
| Investment in a joint-venture company$’000 | 721 | 717 | – | – | PDF p. 66 |
| Investments in subsidiary corporations$’000 | – | – | 9,500 | 9,742 | PDF p. 66 |
| Investment property$’000 | 745 | – | – | – | PDF p. 66 |
| Property, plant and equipment$’000 | 7,727 | 8,762 | – | – | PDF p. 66 |
| Subtotal$’000 | 60,062 | 61,772 | 9,500 | 9,742 | PDF p. 66 |
| Assets | |||||
| Total assets$’000 | 97,885 | 104,006 | 62,415 | 64,872 | PDF p. 66 |
| Liabilities — Current liabilities | |||||
| Trade and other payables$’000 | 4,380 | 5,356 | 7,204 | 5,916 | PDF p. 66 |
| Provisions$’000 | 715 | 672 | – | – | PDF p. 66 |
| Bank borrowings$’000 | 223 | 591 | – | – | PDF p. 66 |
| Lease liability$’000 | 63 | 60 | – | – | PDF p. 66 |
| Current income tax liabilities$’000 | 75 | 129 | – | – | PDF p. 66 |
| Subtotal$’000 | 5,456 | 6,808 | 7,204 | 5,916 | PDF p. 66 |
| Liabilities — Non-current liabilities | |||||
| Other payables$’000 | 27,909 | 28,281 | – | – | PDF p. 66 |
| Provisions$’000 | 153 | 156 | – | – | PDF p. 66 |
| Bank borrowings$’000 | 48 | 131 | – | – | PDF p. 66 |
| Lease liability$’000 | 1,241 | 1,316 | – | – | PDF p. 66 |
| Deferred income tax liabilities$’000 | 80 | 90 | – | – | PDF p. 66 |
| Subtotal$’000 | 29,431 | 29,974 | – | – | PDF p. 66 |
| Liabilities | |||||
| Total liabilities$’000 | 34,887 | 36,782 | 7,204 | 5,916 | PDF p. 66 |
| Equity | |||||
| NET ASSETS$’000 | 62,998 | 67,224 | 55,211 | 58,956 | PDF p. 66 |
| Equity — Capital and reserves attributable to equity holders of the Company | |||||
| Share capital$’000 | 32,315 | 32,315 | 32,315 | 32,315 | PDF p. 66 |
| Asset revaluation reserve$’000 | – | – | – | – | PDF p. 66 |
| Currency translation reserve$’000 | 226 | 339 | – | – | PDF p. 66 |
| Retained profits$’000 | 32,784 | 36,205 | 22,896 | 26,641 | PDF p. 66 |
| Subtotal$’000 | 65,325 | 68,859 | 55,211 | 58,956 | PDF p. 66 |
| Equity | |||||
| Non-controlling interests$’000 | (2,327) | (1,635) | – | – | PDF p. 66 |
| Total equity$’000 | 62,998 | 67,224 | 55,211 | 58,956 | PDF p. 66 |
Original report: PDF p. 66 ↗
The report states: “The accompanying notes form an integral part of these financial statements.”
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss | |||
| Revenue$’000 | 20,313 | 20,714 | PDF p. 65 |
| Cost of sales$’000 | (11,414) | (11,512) | PDF p. 65 |
| Gross profit$’000 | 8,899 | 9,202 | PDF p. 65 |
| Other income$’000 | 2,560 | 1,885 | PDF p. 65 |
| Other losses/gains | |||
| Trade receivables allowance for expected credit losses$’000 | (14) | – | PDF p. 65 |
| Non-trade receivables allowance for expected credit losses$’000 | (32) | – | PDF p. 65 |
| Allowance for expected credit losses subtotal$’000 | (46) | – | PDF p. 65 |
| Others$’000 | 290 | 8,632 | PDF p. 65 |
| Expenses | |||
| Selling and distribution$’000 | (3,339) | (3,615) | PDF p. 65 |
| Administrative$’000 | (8,152) | (8,205) | PDF p. 65 |
| Finance$’000 | (2,150) | (2,142) | PDF p. 65 |
| Expenses subtotal$’000 | (13,641) | (13,962) | PDF p. 65 |
| Profit or loss | |||
| Share of profit of an associated company$’000 | – | 1,037 | PDF p. 65 |
| Share of profit of a joint-venture company$’000 | 15 | 1,135 | PDF p. 65 |
| (Loss)/profit before income tax$’000 | (1,923) | 7,929 | PDF p. 65 |
| Income tax (expense)/credit$’000 | (109) | 24 | PDF p. 65 |
| Net (loss)/profit$’000 | (2,032) | 7,953 | PDF p. 65 |
| Other comprehensive loss/income | |||
| Share of other comprehensive loss of an associated company - Currency translation differences$’000 | – | 1,992 | PDF p. 65 |
| Reclassification of reserves resulted to disposal of an associated company$’000 | – | 201 | PDF p. 65 |
| Currency translation difference arising from consolidation$’000 | (96) | (114) | PDF p. 65 |
| Other comprehensive (loss)/gain, net of tax$’000 | (96) | 2,079 | PDF p. 65 |
| Total comprehensive income | |||
| Total comprehensive (loss)/income$’000 | (2,128) | 10,032 | PDF p. 65 |
| (Loss)/profit attributable to | |||
| Equity holders of the Company$’000 | (1,323) | 8,115 | PDF p. 65 |
| Non-controlling interests$’000 | (709) | (162) | PDF p. 65 |
| Attributable subtotal$’000 | (2,032) | 7,953 | PDF p. 65 |
| Total comprehensive (loss)/income attributable to | |||
| Equity holders of the Company$’000 | (1,436) | 10,293 | PDF p. 65 |
| Non-controlling interests$’000 | (692) | (261) | PDF p. 65 |
| Attributable subtotal$’000 | (2,128) | 10,032 | PDF p. 65 |
| (Loss per share)/earnings per share | |||
| Basic and diluted (LPS)/EPScents per share | (0.63) | 3.87 | PDF p. 65 |
Original report: PDF p. 65 ↗
No separate Company comprehensive income statement is presented; the report identifies this as the consolidated statement of comprehensive income for the Group.
The statement’s other comprehensive income section is headed “Items that may be reclassified subsequently to profit or loss.”
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net (loss)/profit$’000 | (2,032) | 7,953 | PDF p. 68 |
| Adjustments for | |||
| Income tax expense/(credit)$’000 | 109 | (24) | PDF p. 68 |
| Depreciation of property, plant and equipment$’000 | 524 | 769 | PDF p. 68 |
| Depreciation of investment property$’000 | 28 | – | PDF p. 68 |
| Gain on amortisation of interest-free non-current payables$’000 | (2,008) | (1,985) | PDF p. 68 |
| Gain on disposal of property, plant and equipment$’000 | – | (2) | PDF p. 68 |
| Gain on disposal of development properties$’000 | – | (259) | PDF p. 68 |
| Gain on disposal of interest in an associated company$’000 | – | (4,638) | PDF p. 68 |
| Written-off of property, plant and equipment$’000 | 39 | – | PDF p. 68 |
| Written-off of development costs associated with development properties$’000 | 706 | – | PDF p. 68 |
| Impairment loss on goodwill$’000 | 9 | – | PDF p. 68 |
| Interest income$’000 | (589) | (1) | PDF p. 68 |
| Finance expense$’000 | 2,150 | 2,142 | PDF p. 68 |
| Share of profit of an associated company$’000 | – | (1,037) | PDF p. 68 |
| Share of profit of a joint venture company$’000 | (15) | (1,135) | PDF p. 68 |
| Unrealised currency translation losses/(gains)$’000 | 296 | (2,385) | PDF p. 68 |
| Adjustments subtotal$’000 | (783) | (602) | PDF p. 68 |
| Change in working capital | |||
| Development properties$’000 | (108) | 301 | PDF p. 68 |
| Inventories$’000 | 1,530 | 160 | PDF p. 68 |
| Trade and other receivables$’000 | 459 | 106 | PDF p. 68 |
| Trade and other payables$’000 | (615) | 340 | PDF p. 68 |
| Operating activities | |||
| Cash generated from operations$’000 | 483 | 305 | PDF p. 68 |
| Income tax paid$’000 | (173) | (246) | PDF p. 68 |
| Net cash provided by operating activities$’000 | 310 | 59 | PDF p. 68 |
| Investing activities | |||
| Additions to property, plant and equipment$’000 | (297) | (24) | PDF p. 68 |
| Repayment from a joint-venture company$’000 | – | 3,602 | PDF p. 68 |
| Disposal of property, plant and equipment$’000 | – | 2 | PDF p. 68 |
| Disposal of development properties$’000 | – | 560 | PDF p. 68 |
| Disposal of interest in an associated company$’000 | – | 26,270 | PDF p. 68 |
| Interest received$’000 | 589 | 1 | PDF p. 68 |
| Net cash provided by investing activities$’000 | 292 | 30,411 | PDF p. 68 |
| Financing activities | |||
| Proceeds from bank borrowings$’000 | 187 | – | PDF p. 68 |
| Repayment of bank borrowings$’000 | (638) | (677) | PDF p. 68 |
| Repayment of bills payable$’000 | (330) | (1,396) | PDF p. 68 |
| Repayment of lease liability$’000 | (72) | (61) | PDF p. 68 |
| Dividends paid to equity holders of the Company$’000 | (2,098) | (629) | PDF p. 68 |
| Interest paid$’000 | (71) | (183) | PDF p. 68 |
| Net cash used in financing activities$’000 | (3,022) | (2,946) | PDF p. 68 |
| Cash and cash equivalents | |||
| Net (decrease)/increase in cash and cash equivalents$’000 | (2,420) | 27,524 | PDF p. 68 |
| Beginning of the financial year$’000 | 30,505 | 2,989 | PDF p. 68 |
| Effects of currency translation on cash and cash equivalents$’000 | (2) | (8) | PDF p. 68 |
| End of the financial year$’000 | 28,083 | 30,505 | PDF p. 68 |
Original report: PDF p. 68 ↗
The statement is the consolidated statement of cash flows for the Group and presents no Company cash flow column.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Per-share data | |||
| Basic and diluted (LPS)/EPScents per share | (0.63) | 3.87 | PDF p. 65 |
Original report: PDF p. 65 ↗
(Loss per share)(“LPS”)/earnings per share (“EPS”) for (loss)/profit attributable to equity holders of the Company (cents per share).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Dividends | |||
| Final one-tier tax exempt dividend paid in respect of the previous financial year of $0.002 (2024: $0.003), and special one-tier tax exempt dividend of $0.008 (2024: Nil) per ordinary share$’000 | 2,098 | 629 | PDF p. 109 |
Original report: PDF p. 109 ↗
At the Annual General Meeting to be held on 23 January 2026, a final one-tier tax exempt dividend of $0.005 per share, amounting a total of $1,049,000 will be recommended. These financial statements do not reflect this dividend, which will be accounted for in shareholders’ equity as an appropriation of retained profits in the next financial year ending 30 September 2026.
Where the money comes from
| Item / unit | 2025Trading, $'000 | 2025Property development, $'000 | 2025Unallocated, $'000 | 2025Total, $'000 | 2024Trading, $'000 | 2024Property development, $'000 | 2024Unallocated, $'000 | 2024Total, $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| Sales | |||||||||
| Total segment sales$'000 | 20,325 | – | – | 20,325 | 20,783 | – | – | 20,783 | PDF p. 120PDF p. 121 |
| Inter-segment sales$'000 | (12) | – | – | (12) | (69) | – | – | (69) | PDF p. 120PDF p. 121 |
| Sales to external parties$'000 | 20,313 | – | – | 20,313 | 20,714 | – | – | 20,714 | PDF p. 120PDF p. 121 |
| Expenses | |||||||||
| Purchases of inventories$'000 | (11,004) | – | – | (11,004) | (11,116) | – | – | (11,116) | PDF p. 120PDF p. 121 |
| Employee compensation$'000 | (4,916) | (98) | – | (5,014) | (4,732) | (61) | – | (4,793) | PDF p. 120PDF p. 121 |
| Results | |||||||||
| Segment profit/(loss)$'000 | 625 | (340) | (1,432) | (1,147) | PDF p. 120 | ||||
| Interest income$'000 | 110 | – | 479 | 589 | – | 1 | – | 1 | PDF p. 120PDF p. 121 |
| Share of profit of a joint-venture company$'000 | – | – | 15 | 15 | – | – | 1,135 | 1,135 | PDF p. 120PDF p. 121 |
| Depreciation of property, plant and equipment$'000 | (521) | (3) | – | (524) | (542) | (227) | – | (769) | PDF p. 120PDF p. 121 |
| Interest expense$'000 | (71) | – | – | (71) | (183) | – | – | (183) | PDF p. 120PDF p. 121 |
| Goodwill impairment$'000 | (9) | – | – | (9) | PDF p. 120 | ||||
| Written-off of development cost associated with the development properties$'000 | – | (706) | – | (706) | PDF p. 120 | ||||
| Amortised interest on non-current payables$'000 | – | (2,078) | – | (2,078) | (89) | (1,870) | – | (1,959) | PDF p. 120PDF p. 121 |
| Gain on amortisation of interest-free non-current payables$'000 | – | 2,008 | – | 2,008 | 90 | 1,895 | – | 1,985 | PDF p. 120PDF p. 121 |
| Assets | |||||||||
| Segment assets includes:$'000 | 18,481 | 54,094 | 25,310 | 97,885 | PDF p. 120 | ||||
| Investment in a joint-venture company$'000 | – | – | 721 | 721 | – | – | 717 | 717 | PDF p. 120PDF p. 121 |
| Additions to | |||||||||
| - Property, plant and equipment$'000 | 295 | 2 | – | 297 | 64 | – | – | 64 | PDF p. 120PDF p. 121 |
| Liabilities | |||||||||
| Segment liabilities$'000 | 5,718 | 28,462 | 707 | 34,887 | 8,088 | 27,563 | 1,131 | 36,782 | PDF p. 120PDF p. 121 |
| Results | |||||||||
| Segment profit$'000 | 518 | 114 | 1,412 | 2,044 | PDF p. 121 | ||||
| Gain on disposal of interest in an associated company$'000 | – | – | 4,638 | 4,638 | PDF p. 121 | ||||
| Share of profit of an associated company$'000 | – | – | 1,037 | 1,037 | PDF p. 121 | ||||
| Assets | |||||||||
| Segment assets$'000 | 24,207 | 52,550 | 27,249 | 104,006 | PDF p. 121 | ||||
Segments: Trading (electrical and electronic home appliances, kitchen and bathroom fixtures and accessories) and Property development.
Continuation of Note 34 segment information; 2024 comparative.
Debt
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Bank borrowings | |||
| Current$'000 | 223 | 591 | PDF p. 105 |
| Non-current$'000 | 48 | 131 | PDF p. 105 |
Out of the total bank borrowings of $271,000 (2024: $722,000), $131,000 (2024: $722,000) is carried at fixed interest rate of 2% per annum, while the remaining borrowing of $140,000 (2024: Nil) is carried at floating interest rates ranging from 2.70% to 3.60% per annum.
(a) Bank borrowings of the Group are secured over corporate guarantees (Note 29).
Total bank borrowings printed: 271 (2025), 722 (2024).
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Fair values of non-current bank borrowings | |||
| Bank borrowings (fair value)$'000 | 47 | 126 | PDF p. 106 |
| Discount rates | |||
| Bank borrowings (market borrowing rate)% | 2.4 | 2.0 | PDF p. 106 |
Fair values are within Level 2 of the fair value hierarchy; discounted at market borrowing rates of equivalent instruments.
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Lease liability | |||
| Current$'000 | 63 | 60 | PDF p. 106 |
| Non-current$'000 | 1,241 | 1,316 | PDF p. 106 |
| Minimum lease payment due | |||
| - Not later than 1 year$'000 | 117 | 117 | PDF p. 106 |
| - Between 1 and 5 years$'000 | 468 | 468 | PDF p. 106 |
| - Later than 5 years$'000 | 1,207 | 1,325 | PDF p. 106 |
| Less: Future finance charges$'000 | (488) | (534) | PDF p. 106 |
| Present value of lease liability$'000 | 1,304 | 1,376 | PDF p. 106 |
Total current plus non-current lease liability printed as 1,304 (2025) and 1,376 (2024); total minimum lease payments 1,792 (2025), 1,910 (2024).
The Group leases land from non-related parties; the lease expires on 15 February 2041.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a fixed dividend policy in place. The Company may declare an annual dividend with the approval of the shareholders in a general meeting, but the amount of such dividend shall not exceed the amount recommended by the Board. The Board may also declare an interim dividend without the approval of the shareholders. | Company | PDF p. 55 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| To declare a final one-tier tax exempt dividend of 0.5 cents per share for the financial year ended 30 September 2025 | 0.5 cents per share | FY2025 final dividend proposed, one-tier tax exempt, subject to shareholder approval at AGM on 23 January 2026 | PDF p. 127 |
| final one-tier tax exempt dividend of $0.005 per share, amounting a total of $1,049,000 | $1,049,000 | FY2025 proposed final dividend total, Group | PDF p. 109 |
| Final one-tier tax exempt dividend paid in respect of the previous financial year | $0.002 (2024: $0.003) | Final dividend paid during FY2025 in respect of FY2024 ($0.002) vs paid in FY2024 in respect of FY2023 ($0.003); Group | PDF p. 109 |
| special one-tier tax exempt dividend | $0.008 (2024: Nil) | Special dividend paid during FY2025; comparative 2024 Nil; Group | PDF p. 109 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | CLA Global TS Public Accounting Corporation | Group | PDF p. 64 |
| Engagement director | Lim Hui Ki | Group | PDF p. 64 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 | Group and Company | PDF p. 61 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Development properties | Development properties | Group | PDF p. 62 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.