Fu Yu F13
Financials
ANNUAL REPORT 2025
Explore the statements
15 tablesStatements of Financial Position
28 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$’000 | 51,512 | 58,603 | 34,264 | 39,069 | PDF p. 102 |
| Investment property$’000 | 5,917 | 5,842 | – | – | PDF p. 102 |
| Subsidiaries$’000 | – | – | 51,345 | 53,898 | PDF p. 102 |
| Intangible assets$’000 | 997 | – | 997 | – | PDF p. 102 |
| Other receivables$’000 | – | – | 11,868 | 17,109 | PDF p. 102 |
| Deferred tax assets$’000 | 715 | 806 | – | – | PDF p. 102 |
| Subtotal$’000 | 59,141 | 65,251 | 98,474 | 110,076 | PDF p. 102 |
| Current assets | |||||
| Trade and other receivables$’000 | 32,271 | 33,682 | 17,265 | 20,515 | PDF p. 102 |
| Inventories$’000 | 16,973 | 15,081 | 4,667 | 3,755 | PDF p. 102 |
| Cash and bank balances$’000 | 50,164 | 55,531 | 6,984 | 4,741 | PDF p. 102 |
| Contract assets$’000 | 6,202 | 4,007 | 1,188 | 1,190 | PDF p. 102 |
| Tax recoverable$’000 | 233 | 253 | – | – | PDF p. 102 |
| Subtotal$’000 | 105,843 | 108,554 | 30,104 | 30,201 | PDF p. 102 |
| Assets | |||||
| Total assets$’000 | 164,984 | 173,805 | 128,578 | 140,277 | PDF p. 102 |
| Equity attributable to equity holders of the Company | |||||
| Share capital$’000 | 103,770 | 103,770 | 103,770 | 103,770 | PDF p. 102 |
| Reserves$’000 | 24,421 | 32,395 | 6,586 | 19,168 | PDF p. 102 |
| Equity | |||||
| Total equity$’000 | 128,191 | 136,165 | 110,356 | 122,938 | PDF p. 102 |
| Non-current liabilities | |||||
| Loans and borrowings$’000 | 4,572 | 6,113 | 4,512 | 5,278 | PDF p. 102 |
| Provision$’000 | 1,214 | 1,186 | 1,214 | 1,186 | PDF p. 102 |
| Deferred tax liabilities$’000 | 1,591 | 1,357 | 901 | 720 | PDF p. 102 |
| Subtotal$’000 | 7,377 | 8,656 | 6,627 | 7,184 | PDF p. 102 |
| Current liabilities | |||||
| Trade and other payables$’000 | 25,449 | 25,898 | 11,002 | 9,461 | PDF p. 102 |
| Contract liabilities$’000 | 2,815 | 749 | 337 | 147 | PDF p. 102 |
| Loans and borrowings$’000 | 322 | 1,078 | 210 | 547 | PDF p. 102 |
| Tax payable$’000 | 830 | 1,259 | 46 | – | PDF p. 102 |
| Subtotal$’000 | 29,416 | 28,984 | 11,595 | 10,155 | PDF p. 102 |
| Liabilities | |||||
| Total liabilities$’000 | 36,793 | 37,640 | 18,222 | 17,339 | PDF p. 102 |
| Equity and liabilities | |||||
| Total equity and liabilities$’000 | 164,984 | 173,805 | 128,578 | 140,277 | PDF p. 102 |
Definitions & sources
Original report: PDF p. 102 ↗
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Profit or Loss and Other Comprehensive Income
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss | |||
| Revenue$’000 | 122,688 | 114,888 | PDF p. 103 |
| Cost of sales$’000 | (104,871) | (99,372) | PDF p. 103 |
| Gross profit$’000 | 17,817 | 15,516 | PDF p. 103 |
| Other income | |||
| Other income – Interest income$’000 | 1,367 | 335 | PDF p. 103 |
| Other income – Others$’000 | 2,825 | 2,225 | PDF p. 103 |
| Profit or loss | |||
| Selling and administrative expenses$’000 | (23,863) | (16,983) | PDF p. 103 |
| Net impairment losses on trade receivables$’000 | (1,501) | – | PDF p. 103 |
| Other expenses, net$’000 | (3,075) | (631) | PDF p. 103 |
| Results from operating activities$’000 | (6,430) | 462 | PDF p. 103 |
| Finance costs$’000 | (314) | (312) | PDF p. 103 |
| (Loss)/profit before tax$’000 | (6,744) | 150 | PDF p. 103 |
| Tax expense$’000 | (888) | (1,370) | PDF p. 103 |
| Loss from continuing operations$’000 | (7,632) | (1,220) | PDF p. 103 |
| Loss from discontinued operation$’000 | (507) | (3,260) | PDF p. 103 |
| Loss for the year attributable to owners of the Company$’000 | (8,139) | (4,480) | PDF p. 103 |
| Other comprehensive income | |||
| Foreign currency translation differences$’000 | 165 | 3,176 | PDF p. 103 |
| Total comprehensive loss for the year attributable to owners of the Company$’000 | (7,974) | (1,304) | PDF p. 103 |
| Loss per share | |||
| Basic loss per share (cents)cents per share | (1.07) | (0.59) | PDF p. 103 |
| Diluted loss per share (cents)cents per share | (1.07) | (0.59) | PDF p. 103 |
| Loss per share from continuing operations | |||
| Basic loss per share (cents)cents per share | (1.00) | (0.16) | PDF p. 103 |
| Diluted loss per share (cents)cents per share | (1.00) | (0.16) | PDF p. 103 |
Definitions & sources
Original report: PDF p. 103 ↗
Items that are or may be reclassified subsequently to profit or loss:
Consolidated Statement of Changes in Equity — Group FY2025
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, share capital $’000 | 2025Group, capital reserve $’000 | 2025Group, statutory reserve $’000 | 2025Group, revaluation reserve $’000 | 2025Group, foreign currency translation reserves $’000 | 2025Group, retained earnings $’000 | 2025Group, total equity $’000 | Source |
|---|---|---|---|---|---|---|---|---|
| 2025 opening balance | ||||||||
| At 1 January 2025$’000 | 103,770 | (415) | 4,278 | 789 | (29,324) | 57,067 | 136,165 | PDF p. 104 |
| 2025 total comprehensive loss for the year | ||||||||
| Loss for the year$’000 | – | – | – | – | – | (8,139) | (8,139) | PDF p. 104 |
| Other comprehensive income$’000 | – | – | – | – | 165 | – | 165 | PDF p. 104 |
| Foreign currency translation differences$’000 | – | – | – | – | 165 | – | 165 | PDF p. 104 |
| Total comprehensive income/(loss) for the year$’000 | – | – | – | – | 165 | (8,139) | (7,974) | PDF p. 104 |
| 2025 closing balance | ||||||||
| At 31 December 2025$’000 | 103,770 | (415) | 4,278 | 789 | (29,159) | 48,928 | 128,191 | PDF p. 104 |
Definitions & sources
Original report: PDF p. 104 ↗
Group equity components for FY2025.
Consolidated Statement of Changes in Equity — Group FY2024
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, share capital $’000 | 2024Group, capital reserve $’000 | 2024Group, statutory reserve $’000 | 2024Group, revaluation reserve $’000 | 2024Group, foreign currency translation reserves $’000 | 2024Group, share-based payment reserve $’000 | 2024Group, retained earnings $’000 | 2024Group, total equity $’000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2024 opening balance | |||||||||
| At 1 January 2024$’000 | 102,985 | (415) | 4,278 | 789 | (32,500) | 759 | 61,547 | 137,443 | PDF p. 104 |
| 2024 total comprehensive loss for the year | |||||||||
| Loss for the year$’000 | – | – | – | – | – | – | (4,480) | (4,480) | PDF p. 104 |
| Other comprehensive income$’000 | – | – | – | – | 3,176 | – | – | 3,176 | PDF p. 104 |
| Foreign currency translation differences$’000 | – | – | – | – | 3,176 | – | – | 3,176 | PDF p. 104 |
| Total comprehensive income/(loss) for the year$’000 | – | – | – | – | 3,176 | – | (4,480) | (1,304) | PDF p. 104 |
| 2024 transactions with owners, recognised directly in equity | |||||||||
| Issuance of new ordinary shares$’000 | 785 | – | – | – | – | – | – | 785 | PDF p. 104 |
| Equity-settled share-based payment transactions$’000 | – | – | – | – | – | (759) | – | (759) | PDF p. 104 |
| 2024 closing balance | |||||||||
| At 31 December 2024$’000 | 103,770 | (415) | 4,278 | 789 | (29,324) | – | 57,067 | 136,165 | PDF p. 104 |
Definitions & sources
Original report: PDF p. 104 ↗
Group equity components for FY2024, including the separately printed share-based payment reserve.
CONSOLIDATED STATEMENT OF CASH FLOWS
40 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| (Loss)/profit before tax from continuing operations$’000 | (6,744) | 150 | PDF p. 105 |
| Loss before tax from discontinued operation$’000 | (507) | (3,091) | PDF p. 105 |
| Cash flows used in operating activities | |||
| Subtotal$’000 | (7,251) | (2,941) | PDF p. 105 |
| Operating activities adjustments | |||
| Depreciation of property, plant and equipment and investment property$’000 | 7,670 | 8,374 | PDF p. 105 |
| Amortisation of intangible assets$’000 | 132 | – | PDF p. 105 |
| Finance costs$’000 | 314 | 320 | PDF p. 105 |
| Interest income$’000 | (1,367) | (1,661) | PDF p. 105 |
| Gain on disposal of property, plant and equipment$’000 | (122) | (192) | PDF p. 105 |
| Loss on lease modification$’000 | 153 | – | PDF p. 105 |
| Impairment of property, plant and equipment$’000 | 57 | 579 | PDF p. 105 |
| Property, plant and equipment written off$’000 | 475 | 185 | PDF p. 105 |
| Impairment of goodwill$’000 | – | 3,286 | PDF p. 105 |
| Impairment loss on trade receivables$’000 | 1,501 | – | PDF p. 105 |
| Bad debts written off$’000 | 233 | – | PDF p. 105 |
| Share-based payment transactions$’000 | – | (759) | PDF p. 105 |
| Operating activities | |||
| Operating cash flow before changes in working capital$’000 | 1,795 | 7,191 | PDF p. 105 |
| Changes in working capital | |||
| Trade and other receivables$’000 | (323) | (2,309) | PDF p. 105 |
| Contract assets$’000 | (2,195) | (2,118) | PDF p. 105 |
| Contract liabilities$’000 | 2,066 | 210 | PDF p. 105 |
| Inventories$’000 | (1,892) | (1,704) | PDF p. 105 |
| Trade and other payables$’000 | 65 | 2,580 | PDF p. 105 |
| Currency translation adjustments$’000 | 734 | 463 | PDF p. 105 |
| Operating activities | |||
| Cash generated from operations$’000 | 250 | 4,313 | PDF p. 105 |
| Tax paid$’000 | (1,558) | (728) | PDF p. 105 |
| Net cash (used in)/generated from operating activities$’000 | (1,308) | 3,585 | PDF p. 105 |
| Investing activities | |||
| Interest income received$’000 | 1,367 | 1,661 | PDF p. 105 |
| Proceeds from disposal of property, plant and equipment$’000 | 122 | 192 | PDF p. 105 |
| Purchase of property, plant and equipment$’000 | (2,443) | (6,940) | PDF p. 105 |
| Purchase of intangible assets$’000 | (792) | – | PDF p. 105 |
| Net cash used in investing activities$’000 | (1,746) | (5,087) | PDF p. 105 |
| Financing activities | |||
| Repayment of lease liabilities$’000 | (803) | (1,177) | PDF p. 105 |
| Repayment of bank loan$’000 | – | (3,341) | PDF p. 105 |
| Finance costs paid$’000 | (212) | (272) | PDF p. 105 |
| Deposits pledged$’000 | (325) | (6) | PDF p. 105 |
| Cash restricted-in-use$’000 | – | 5,066 | PDF p. 105 |
| Net cash (used in)/generated from financing activities$’000 | (1,340) | 270 | PDF p. 105 |
| Cash and cash equivalents | |||
| Net decrease in cash and cash equivalents$’000 | (4,394) | (1,232) | PDF p. 105 |
| Cash and cash equivalents at 1 January$’000 | 55,455 | 55,186 | PDF p. 105 |
| Effect of exchange rate fluctuations on cash held$’000 | (1,298) | 1,501 | PDF p. 105 |
| Cash and cash equivalents at 31 December$’000 | 49,763 | 55,455 | PDF p. 105 |
Definitions & sources
Original report: PDF p. 105 ↗
The statement footer reads: “The accompanying notes form an integral part of these financial statements.”
Income Statement Summary
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY2025 | 2024FY2024 | Source |
|---|---|---|---|
| Income Statement Summary | |||
| RevenueS$ million | 122.7 | 114.9 | PDF p. 10 |
| Gross Profit Margin% | 14.5 | 13.5 | PDF p. 10 |
| (Loss)/Profit from continuing operations, before taxS$ million | (6.7) | 0.2 | PDF p. 10 |
| Operating (loss)/profit from continuing operations*S$ million | (3.9) | 0.3 | PDF p. 10 |
| Loss from continuing operationsS$ million | (7.6) | (1.2) | PDF p. 10 |
| Loss from discontinued operationsS$ million | (0.5) | (3.3) | PDF p. 10 |
| Net LossS$ million | (8.1) | (4.5) | PDF p. 10 |
| EBITDA from continuing operationsS$ million | 1.3 | 8.8 | PDF p. 10 |
| Earnings Per Share (Cents) from continuing operationscents | (1.0) | (0.2) | PDF p. 10 |
Definitions & sources
Original report: PDF p. 10 ↗
* (Loss)/Profit Before Tax excluding foreign exchange impact & finance costs
Balance Sheet Summary
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025As at 31-Dec-25 | 2024As at 31-Dec-24 | Source |
|---|---|---|---|
| Balance Sheet Summary | |||
| Total Non-Current AssetsS$ million | 59.1 | 65.3 | PDF p. 10 |
| Total Current AssetsS$ million | 105.8 | 108.6 | PDF p. 10 |
| Total Non-Current LiabilitiesS$ million | 7.4 | 8.7 | PDF p. 10 |
| Total Current LiabilitiesS$ million | 29.4 | 29.0 | PDF p. 10 |
| Shareholders’ EquityS$ million | 128.2 | 136.2 | PDF p. 10 |
| Cash and bank balancesS$ million | 50.2 | 55.5 | PDF p. 10 |
| NAV per share (cents)cents | 16.8 | 17.9 | PDF p. 10 |
Definitions & sources
Original report: PDF p. 10 ↗
Key Financial Ratios
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY2025 | 2024FY2024 | Source |
|---|---|---|---|
| Key Financial Ratios | |||
| Gearingas printed (no unit specified) | Net Cash | Net Cash | PDF p. 10 |
| Return on Equity% | -6.3 | -3.3 | PDF p. 10 |
Definitions & sources
Original report: PDF p. 10 ↗
Five-year financial highlights charts
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021FY2021 | 2022FY2022 | 2023FY2023 | 2024FY2024 | 2025FY2025 | Source |
|---|---|---|---|---|---|---|
| FY2021–FY2025 chart | ||||||
| Revenue$ million | 195.5 | 240.1 | 190.4 | 191.3 | 122.7 | PDF p. 10 |
| Gross Profit Margin% | 18.6 | 15.7 | 7.0 | 8.90 | 14.5 | PDF p. 10 |
| Net Profit/(Loss)$ million | 17.6 | 14.6 | (10.1) | (4.5) | (8.1) | PDF p. 10 |
| Dividend Per Sharecents/share | 4.95 | 1.0 | Nil | Nil | Nil | PDF p. 10 |
Definitions & sources
Original report: PDF p. 10 ↗
Revenue, gross profit margin and net profit/loss include discontinued supply-chain management operations. FY2021 dividend includes3.3 cents special dividend. Original Nil means the report prints no dividend for that year.
Income statement summary — FY2025 vs FY2024 change
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; change FY2025 vs FY2024 | Source |
|---|---|---|
| FY2025 vs FY2024 change | ||
| Revenue% | 6.8 | PDF p. 10 |
| Gross Profit Marginpercentage points | 1.0 | PDF p. 10 |
| (Loss)/Profit from continuing operations, before tax% | N.M. | PDF p. 10 |
| Operating (loss)/profit from continuing operations*% | N.M. | PDF p. 10 |
| Loss from continuing operations% | N.M. | PDF p. 10 |
| Loss from discontinued operations% | -84.8 | PDF p. 10 |
| Net Loss% | 80.0 | PDF p. 10 |
| EBITDA from continuing operations% | -84.1 | PDF p. 10 |
| Earnings Per Share (Cents) from continuing operations% | N.M. | PDF p. 10 |
Definitions & sources
Original report: PDF p. 10 ↗
Gross profit margin change is measured in percentage points. N.M. retains the original not-meaningful notation.
Investments in subsidiaries — Company
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| Note 5 | |||
| Equity investments, at costSGD thousands | 107,960 | 107,960 | PDF p. 123 |
| Forgiveness of amounts due from subsidiariesSGD thousands | 12,802 | 12,802 | PDF p. 123 |
| Subtotal before impairmentSGD thousands | 120,762 | 120,762 | PDF p. 123 |
| Impairment lossesSGD thousands | (69,417) | (66,864) | PDF p. 123 |
| Carrying amountSGD thousands | 51,345 | 53,898 | PDF p. 123 |
Definitions & sources
Original report: PDF p. 123 ↗
Subsidiary investment impairment allowance — Company
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| Note 5 | |||
| At 1 JanuarySGD thousands | 66,864 | 66,864 | PDF p. 124 |
| Impairment loss recognisedSGD thousands | 2,553 | – | PDF p. 124 |
| At 31 DecemberSGD thousands | 69,417 | 66,864 | PDF p. 124 |
Definitions & sources
Original report: PDF p. 124 ↗
Investment property — Group
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cost | |||
| At 1 JanuarySGD thousands | 8,635 | 8,144 | PDF p. 122 |
| Currency realignmentSGD thousands | 343 | 491 | PDF p. 122 |
| At 31 DecemberSGD thousands | 8,978 | 8,635 | PDF p. 122 |
| Accumulated depreciation | |||
| At 1 JanuarySGD thousands | 2,793 | 2,492 | PDF p. 122 |
| Depreciation for the yearSGD thousands | 152 | 145 | PDF p. 122 |
| Currency realignmentSGD thousands | 116 | 156 | PDF p. 122 |
| At 31 DecemberSGD thousands | 3,061 | 2,793 | PDF p. 122 |
| Carrying amount | |||
| At 31 DecemberSGD thousands | 5,917 | 5,842 | PDF p. 122 |
Definitions & sources
Original report: PDF p. 122 ↗
Original dated movements from Note 4; the prior 31 December closing amount is the following 1 January opening amount. Buildings are leased to third parties.
Investment property fair value — Group
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Note 4 | |||
| Fair valueSGD | 7,443,000 | 7,158,000 | PDF p. 123 |
Definitions & sources
Original report: PDF p. 123 ↗
Level 3 fair value; amounts are in SGD dollars.
Investment property schedule — Senai, Malaysia
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | Source |
|---|---|---|
| 21, Jalan Teknologi 4, Taman Teknologi Johor, 81400 Senai, Johor Darul Takzim, Malaysia | ||
| Leasehold land areasqm | 34,000 | PDF p. 123 |
| Senai investment property | ||
| Build-up areasqm | 15,589 | PDF p. 123 |
| Group interest% | 100 | PDF p. 123 |
Definitions & sources
Original report: PDF p. 123 ↗
As at 31 December 2025. Leasehold: 60 years expiring on 31 March 2066.
Where the money comes from
Segment information
By business
Operating segments - other segment information: assets, liabilities, capital expenditure 5 lines
| Item / unit | 2025Manufacturing Segment - Singapore | 2024Manufacturing Segment - Singapore | 2025Manufacturing Segment - People's Republic of China | 2024Manufacturing Segment - People's Republic of China | 2025Manufacturing Segment - Malaysia | 2024Manufacturing Segment - Malaysia | 2025Total for Manufacturing Segment | 2024Total for Manufacturing Segment | 2025Supply Chain Management Services Segment (Discontinued) - Singapore | 2024Supply Chain Management Services Segment (Discontinued) - Singapore | 2025Total operations before adjustment | 2024Total operations before adjustment | 2025Adjustment and eliminations | 2024Adjustment and eliminations | 2025Group total operations | 2024Group total operations | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Other segment information | |||||||||||||||||
| Non-current assets$'000 | 90,351 | 124,093 | 3,789 | 6,172 | 19,882 | 19,373 | 114,022 | 149,638 | – | 24 | 114,022 | 149,662 | (55,596) | (85,217) | 58,426 | 64,445 | PDF p. 147 |
| Capital expenditure$'000 | 1,943 | 6,056 | 444 | 938 | 1,443 | 2,395 | 3,830 | 9,389 | – | – | 3,830 | 9,389 | (370) | – | 3,460 | 9,389 | PDF p. 147 |
| Share-based payment$'000 | – | (759) | – | – | – | – | – | (759) | – | – | – | (759) | – | – | – | (759) | PDF p. 147 |
| Segment reporting assets$'000 | 184,152 | 171,922 | 31,024 | 32,672 | 50,337 | 46,987 | 265,513 | 251,581 | 290 | 32,277 | 265,803 | 283,858 | (101,767) | (111,112) | 164,036 | 172,746 | PDF p. 147 |
| Segment reporting liabilities$'000 | 47,249 | 23,294 | 42,875 | 39,790 | 7,203 | 6,910 | 97,327 | 69,994 | 189 | 3,111 | 97,516 | 73,105 | (63,144) | (38,081) | 34,372 | 35,024 | PDF p. 147 |
Notes
Group-only reconciliation lines printed in the last two columns: Loss before income tax (7,251) (2,941); Tax expense (888) (1,539); Net loss for the year (8,139) (4,480); Unallocated assets 715 (2025) 806 (2024) for non-current assets, Total non-current assets 59,141 65,251; Unallocated assets 948 1,059, Total assets 164,984 173,805; Unallocated liabilities 2,421 2,616, Total liabilities 36,793 37,640.
* After excluding depreciation, amortisation, impairment of goodwill, impairment of PPE, impairment on trade receivables, interest income, finance cost, property, plant and equipment written off and foreign exchange (loss)/gain (net).
Concentration of revenue by attributable segment 4 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Concentration of revenue - Supply chain management services | |||
| Customer 1$'000 | – | 24,095 | PDF p. 145 |
| Customer 2$'000 | – | 22,707 | PDF p. 145 |
| Concentration of revenue - Manufacturing | |||
| Customer 3$'000 | 26,850 | 22,972 | PDF p. 145 |
| Customer 4$'000 | 14,616 | 16,933 | PDF p. 145 |
Notes
Total 41,466 (2025) and 86,707 (2024). Revenue is derived from 2 (2024: 3) external customers who individually contributed 10% or more of Group revenue.
By geography
Operating segments - revenue and expenses (Manufacturing by geography, Supply Chain Management Services discontinued, Group) 10 lines
| Item / unit | 2025Manufacturing Segment - Singapore | 2024Manufacturing Segment - Singapore | 2025Manufacturing Segment - People's Republic of China | 2024Manufacturing Segment - People's Republic of China | 2025Manufacturing Segment - Malaysia | 2024Manufacturing Segment - Malaysia | 2025Total for Manufacturing Segment | 2024Total for Manufacturing Segment | 2025Supply Chain Management Services Segment (Discontinued) - Singapore | 2024Supply Chain Management Services Segment (Discontinued) - Singapore | 2025Total operations before adjustment | 2024Total operations before adjustment | 2025Adjustment and eliminations | 2024Adjustment and eliminations | 2025Group total operations | 2024Group total operations | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue and expenses | |||||||||||||||||
| Total external revenue$'000 | 56,775 | 46,209 | 32,800 | 32,098 | 33,113 | 36,581 | 122,688 | 114,888 | – | 76,395 | 122,688 | 191,283 | – | – | 122,688 | 191,283 | PDF p. 146 |
| Inter-segment revenue$'000 | 1,100 | 635 | 3,642 | 698 | 1,468 | 329 | 6,210 | 1,662 | – | – | 6,210 | 1,662 | (6,210) | (1,662) | – | – | PDF p. 146 |
| Segment (loss)/profit before tax*$'000 | (3,445) | 589 | (3,618) | (1,404) | 4,568 | 5,947 | (2,495) | 5,132 | (397) | (1,099) | (2,892) | 4,033 | 6,966 | 3,957 | 4,074 | 7,990 | PDF p. 146 |
| Depreciation of property, plant and equipment and investment property$'000 | (4,255) | (4,235) | (1,900) | (2,386) | (1,578) | (1,786) | (7,733) | (8,407) | – | (23) | (7,733) | (8,430) | 63 | 56 | (7,670) | (8,374) | PDF p. 146 |
| Amortisation of intangible assets$'000 | (132) | – | – | – | – | – | (132) | – | – | – | (132) | – | – | – | (132) | – | PDF p. 146 |
| Impairment of goodwill$'000 | – | – | – | – | – | – | – | – | – | (3,286) | – | (3,286) | – | – | – | (3,286) | PDF p. 146 |
| Impairment of PPE$'000 | (57) | – | – | (579) | – | – | (57) | (579) | – | – | (57) | (579) | – | – | (57) | (579) | PDF p. 146 |
| Interest income$'000 | 1,153 | 173 | 28 | 78 | 186 | 110 | 1,367 | 361 | – | 1,326 | 1,367 | 1,687 | – | (26) | 1,367 | 1,661 | PDF p. 146 |
| Finance cost$'000 | (287) | (312) | (17) | (24) | (11) | (10) | (315) | (346) | – | (8) | (315) | (354) | 1 | 34 | (314) | (320) | PDF p. 146 |
| Foreign exchange (loss)/gain (net)$'000 | (2,389) | 1,137 | 730 | (583) | (884) | (421) | (2,543) | 133 | – | 19 | (2,543) | 152 | – | – | (2,543) | 152 | PDF p. 146 |
Notes
* After excluding depreciation, amortisation, impairment of goodwill, impairment of PPE, impairment on trade receivables, interest income, finance cost, property, plant and equipment written off and foreign exchange (loss)/gain (net).
Rows for Impairment on trade receivables and PPE written off are on the same page but omitted from this table's extraction; an unlabelled subtotal row (e.g. (11,278) (2,833) ... (7,251) (2,941)) is also not extracted. Segment pricing: inter-segment pricing based on terms agreed by counterparties. Geographical segments are based on location of assets.
Maximum exposure to credit risk from trade and other receivables and contract assets by geographical area 7 lines
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Geographical areas | |||||
| Singapore$'000 | 14,155 | 13,126 | 9,638 | 10,006 | PDF p. 148 |
| China$'000 | 8,693 | 10,007 | 190 | 382 | PDF p. 148 |
| Malaysia$'000 | 4,756 | 3,345 | 601 | 564 | PDF p. 148 |
| United States$'000 | 5,009 | 5,237 | 642 | 614 | PDF p. 148 |
| Italy$'000 | 95 | 854 | 95 | 854 | PDF p. 148 |
| Denmark$'000 | – | 727 | – | 83 | PDF p. 148 |
| Others$'000 | 2,754 | 1,687 | 1,259 | 775 | PDF p. 148 |
Notes
Total 35,462 (Group 2025), 34,983 (Group 2024), 12,425 (Company 2025), 13,278 (Company 2024). Excludes prepayments and advances to suppliers and amounts due from subsidiaries.
Debt
Borrowings
Borrowing notes 1 tables
Loans and borrowings - lease liabilities, non-current and current
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Lease liabilities$’000 | 4,572 | 6,113 | 4,512 | 5,278 | PDF p. 130 |
| Current liabilities | |||||
| Lease liabilities$’000 | 322 | 1,078 | 210 | 547 | PDF p. 130 |
Notes
No bank loans outstanding at 31 December 2025 or 2024 (bank loans balance shown as – in reconciliation). No secured/unsecured split printed.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company has in place a dividend policy of declaring and proposing at least 50% of its profit after income tax attributable to the owners of the Company as dividends, unless: (i) any reinvestment of the profit for capital expenditure, expansion or diversification purposes is more than 50% of the profit; (ii) there is insufficient profit at the Company level; or (iii) there are insufficient funds at the Company level to pay for the dividends, under which conditions, any proposed dividends will be decided by the Board taking into account the above conditions. | Company | PDF p. 89 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| No dividend has been recommended or declared for FY2025 | No dividend has been recommended or declared for FY2025 as the Company is in a loss-making position. | FY2025 | PDF p. 89 |
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 | Baker Tilly TFW LLP | Group | PDF p. 101 |
| Engagement partner | Guo Shuqi | Group | PDF p. 101 |
| Qualified Opinion | Qualified Opinion | Group | PDF p. 98 |
| Ongoing internal review into the termination of the former Group Chief Executive Officer | we were unable to obtain sufficient appropriate audit evidence to determine whether any adjustments were necessary to the carrying amounts and related disclosures in respect of the remuneration of the former GCEO and two former senior management personnel | Group and Company | PDF p. 98 |
| Settlement expenses relating to the closure of investigations into affairs of Fu Yu Supply Chain Solutions Pte. Ltd. | we were unable to determine whether a present obligation existed as of the reporting date or whether the settlement amounts meet the recognition and measurement criteria set out in SFRS(I)1-37 | Group and Company | PDF p. 98 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment assessment on the Group’s property, plant and equipment (“PPE”) | We identified this as a key audit matter due to the significant judgment required in determining the appropriate valuation methodologies and the sensitivity of the underlying assumptions used in the fair value estimations. | Group | PDF p. 99 |
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.
The FY2025 financial statements carry a qualified audit opinion. The auditor could not determine whether adjustments were needed for former executive remuneration/share awards, related legal claims and subsidiary settlement expenses; see the original auditor report on PDF page98.
Balance sheets present Group and Company figures; profit/loss, comprehensive income, changes in equity and cashflows are Group-only.
Historical revenue, profit and gross-margin charts include discontinued supply-chain management operations. FY2024 chart revenue191.3m therefore differs in scope from continuing-operations revenue114.9m in the summary.
FY2021 dividend4.95 cents includes a special dividend3.3 cents. Original Nil, Net Cash, N.M. and dash notation is retained.
Operating result in the summary excludes foreign-exchange impact and finance costs, as defined by the report.
Separate original historical annual reports remain pending; earlier comparisons are taken from this FY2025 report.
Notes 4 and 5 include the Senai investment-property schedule, property carrying/fair values and Company subsidiary investment/impairment amounts; these are distinct from Group consolidated assets.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.