BBR KJ5
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+0.00% +0.00 Updated 2 Nov 2026, 13:40 SGT
Financials
Annual Report 2025
Explore the statements
11 tablesConsolidated Statement of Comprehensive Income (Group)
26 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$'000 | 243,914 | 289,533 | PDF p. 32 |
| Cost of sales$'000 | (199,423) | (250,345) | PDF p. 32 |
| Gross profit$'000 | 44,491 | 39,188 | PDF p. 32 |
| Other operating income$'000 | 5,821 | 4,060 | PDF p. 32 |
| Other income$'000 | 383 | 27,515 | PDF p. 32 |
| Administrative costs$'000 | (4,865) | (3,871) | PDF p. 32 |
| Other operating costs$'000 | (21,575) | (33,600) | PDF p. 32 |
| Finance costs$'000 | (2,997) | (6,050) | PDF p. 32 |
| Share of results of joint ventures$'000 | 57 | 80 | PDF p. 32 |
| Share of results of an associate$'000 | (561) | 18 | PDF p. 32 |
| Profit before taxation and fair value change$'000 | 20,754 | 27,340 | PDF p. 32 |
| Fair value loss on investment property$'000 | (13,121) | (4,659) | PDF p. 32 |
| Profit before taxation$'000 | 7,633 | 22,681 | PDF p. 32 |
| Income tax expense$'000 | (3,246) | (2,749) | PDF p. 32 |
| Profit for the year$'000 | 4,387 | 19,932 | PDF p. 32 |
| Other comprehensive income | |||
| Foreign currency translation (loss)/gain$'000 | (119) | 59 | PDF p. 32 |
| Other comprehensive income for the year$'000 | (119) | 59 | PDF p. 32 |
| Total comprehensive income for the year$'000 | 4,268 | 19,991 | PDF p. 32 |
| Profit/(loss) attributable to | |||
| Equity holders of the Company$'000 | 4,468 | 21,128 | PDF p. 32 |
| Non-controlling interests$'000 | (81) | (1,196) | PDF p. 32 |
| Subtotal$'000 | 4,387 | 19,932 | PDF p. 32 |
| Total comprehensive income attributable to | |||
| Equity holders of the Company$'000 | 4,349 | 21,446 | PDF p. 32 |
| Non-controlling interests$'000 | (81) | (1,455) | PDF p. 32 |
| Subtotal$'000 | 4,268 | 19,991 | PDF p. 32 |
| Earnings per share (cents per share) | |||
| Basiccents per share | 1.39 | 6.55 | PDF p. 32 |
| Dilutedcents per share | 1.39 | 6.55 | PDF p. 32 |
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Definitions & sources
Original report: PDF p. 32 ↗
For the financial year ended 31 December 2025. Earnings per share in cents per share. No separate Company income statement is presented.
Statements of Financial Position – assets and current liabilities (Group and Company)
32 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Investment property$'000 | 64,945 | 77,949 | – | – | PDF p. 33 |
| Property, plant and equipment$'000 | 21,996 | 27,353 | 11,145 | 11,543 | PDF p. 33 |
| Right-of-use assets$'000 | 5,993 | 5,311 | 1,645 | 1,697 | PDF p. 33 |
| Investment in subsidiaries$'000 | – | – | 48,173 | 55,498 | PDF p. 33 |
| Investment in joint ventures$'000 | 725 | 743 | – | – | PDF p. 33 |
| Investment in associates$'000 | 1,713 | 2,243 | 260 | 260 | PDF p. 33 |
| Contract assets$'000 | 15,478 | 16,986 | – | – | PDF p. 33 |
| Subtotal$'000 | 110,850 | 130,585 | 61,223 | 68,998 | PDF p. 33 |
| Current assets | |||||
| Trade receivables$'000 | 12,092 | 34,942 | – | – | PDF p. 33 |
| Amounts due from subsidiaries$'000 | – | – | 18,237 | 21,167 | PDF p. 33 |
| Contract assets$'000 | 71,919 | 60,247 | – | – | PDF p. 33 |
| Properties held for sale$'000 | 92,637 | 93,042 | – | – | PDF p. 33 |
| Inventories$'000 | 2,602 | 2,998 | – | – | PDF p. 33 |
| Investment securities$'000 | 11 | 10 | – | – | PDF p. 33 |
| Other receivables$'000 | 2,171 | 1,950 | 364 | 1,973 | PDF p. 33 |
| Cash and bank balances$'000 | 61,282 | 83,636 | 14,245 | 329 | PDF p. 33 |
| Income tax recoverable$'000 | 30 | 149 | – | – | PDF p. 33 |
| Subtotal$'000 | 242,744 | 276,974 | 32,846 | 23,469 | PDF p. 33 |
| Asset held for sale$'000 | 5,050 | – | – | – | PDF p. 33 |
| Subtotal$'000 | 247,794 | 276,974 | 32,846 | 23,469 | PDF p. 33 |
| Assets | |||||
| Total assets$'000 | 358,644 | 407,559 | 94,069 | 92,467 | PDF p. 33 |
| Current liabilities | |||||
| Amounts due to subsidiaries$'000 | – | – | 22,745 | 26,366 | PDF p. 33 |
| Contract liabilities$'000 | 16,683 | 18,137 | – | – | PDF p. 33 |
| Trade and other payables$'000 | 65,425 | 65,493 | 238 | 478 | PDF p. 33 |
| Provisions$'000 | 3,989 | 4,599 | – | – | PDF p. 33 |
| Deferred income$'000 | 222 | 215 | – | – | PDF p. 33 |
| Other liabilities$'000 | 16,465 | 25,272 | 1,402 | 3,032 | PDF p. 33 |
| Lease liabilities$'000 | 4,417 | 4,011 | 30 | 29 | PDF p. 33 |
| Loans and borrowings$'000 | 8,678 | 85,182 | 3,522 | 502 | PDF p. 33 |
| Income tax payables$'000 | 4,516 | 4,306 | – | 5 | PDF p. 33 |
| Subtotal$'000 | 120,395 | 207,215 | 27,937 | 30,412 | PDF p. 33 |
| Net current assets/(liabilities)$'000 | 127,399 | 69,759 | 4,909 | (6,943) | PDF p. 33 |
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Definitions & sources
Original report: PDF p. 33 ↗
At 31 December 2025. Table continues on next page (non-current liabilities, equity).
Statements of Financial Position – non-current liabilities and equity (Group and Company)
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Trade payables$'000 | 8,204 | 11,285 | – | – | PDF p. 34 |
| Provision$'000 | 6,769 | 6,453 | – | – | PDF p. 34 |
| Deferred income$'000 | 2,089 | 2,233 | – | – | PDF p. 34 |
| Deferred tax liabilities$'000 | 214 | 214 | – | – | PDF p. 34 |
| Lease liabilities$'000 | 11,420 | 13,813 | 1,902 | 1,932 | PDF p. 34 |
| Loans and borrowings$'000 | 79,442 | 39,585 | 5,578 | 6,100 | PDF p. 34 |
| Subtotal$'000 | 108,138 | 73,583 | 7,480 | 8,032 | PDF p. 34 |
| Liabilities | |||||
| Total liabilities$'000 | 228,533 | 280,798 | 35,417 | 38,444 | PDF p. 34 |
| Net assets | |||||
| Net assets$'000 | 130,111 | 126,761 | 58,652 | 54,023 | PDF p. 34 |
| Equity attributable to equity holders of the Company | |||||
| Share capital$'000 | 49,082 | 49,082 | 49,082 | 49,082 | PDF p. 34 |
| Treasury shares$'000 | (566) | (566) | (566) | (566) | PDF p. 34 |
| Retained earnings$'000 | 81,668 | 78,167 | 10,136 | 5,507 | PDF p. 34 |
| Foreign currency translation reserve$'000 | (1,160) | (1,041) | – | – | PDF p. 34 |
| Subtotal$'000 | 129,024 | 125,642 | 58,652 | 54,023 | PDF p. 34 |
| Equity | |||||
| Non-controlling interests$'000 | 1,087 | 1,119 | – | – | PDF p. 34 |
| Total equity$'000 | 130,111 | 126,761 | 58,652 | 54,023 | PDF p. 34 |
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Definitions & sources
Original report: PDF p. 34 ↗
As at 31 December 2025.
Consolidated Statement of Comprehensive Income
24 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, $'000 | 2024Group, year ended 31 December 2024, $'000 | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$'000 | 243,914 | 289,533 | PDF p. 32 |
| Cost of sales$'000 | (199,423) | (250,345) | PDF p. 32 |
| Gross profit$'000 | 44,491 | 39,188 | PDF p. 32 |
| Other operating income$'000 | 5,821 | 4,060 | PDF p. 32 |
| Other income$'000 | 383 | 27,515 | PDF p. 32 |
| Administrative costs$'000 | (4,865) | (3,871) | PDF p. 32 |
| Other operating costs$'000 | (21,575) | (33,600) | PDF p. 32 |
| Finance costs$'000 | (2,997) | (6,050) | PDF p. 32 |
| Share of results of joint ventures$'000 | 57 | 80 | PDF p. 32 |
| Share of results of an associate$'000 | (561) | 18 | PDF p. 32 |
| Profit before taxation and fair value change$'000 | 20,754 | 27,340 | PDF p. 32 |
| Fair value loss on investment property$'000 | (13,121) | (4,659) | PDF p. 32 |
| Profit before taxation$'000 | 7,633 | 22,681 | PDF p. 32 |
| Income tax expense$'000 | (3,246) | (2,749) | PDF p. 32 |
| Profit for the year$'000 | 4,387 | 19,932 | PDF p. 32 |
| Other comprehensive income - item that may be reclassified subsequently to profit or loss | |||
| Foreign currency translation (loss)/gain$'000 | (119) | 59 | PDF p. 32 |
| Other comprehensive income | |||
| Other comprehensive income for the year$'000 | (119) | 59 | PDF p. 32 |
| Total comprehensive income | |||
| Total comprehensive income for the year$'000 | 4,268 | 19,991 | PDF p. 32 |
| Profit/(loss) attributable to | |||
| Equity holders of the Company$'000 | 4,468 | 21,128 | PDF p. 32 |
| Non-controlling interests$'000 | (81) | (1,196) | PDF p. 32 |
| Total comprehensive income attributable to | |||
| Equity holders of the Company$'000 | 4,349 | 21,446 | PDF p. 32 |
| Non-controlling interests$'000 | (81) | (1,455) | PDF p. 32 |
| Earnings per share (cents per share) | |||
| Basiccents per share | 1.39 | 6.55 | PDF p. 32 |
| Dilutedcents per share | 1.39 | 6.55 | PDF p. 32 |
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Definitions & sources
Original report: PDF p. 32 ↗
Earnings per share in cents per share. The Company does not present a separate statement of comprehensive income; its profit equals total comprehensive income (see Company statement of changes in equity).
Consolidated Statement of Cash Flows - operating activities
40 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, $'000 | 2024Group, year ended 31 December 2024, $'000 | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before taxation$'000 | 7,633 | 22,681 | PDF p. 38 |
| Adjustments for | |||
| Accreted interest$'000 | 403 | 266 | PDF p. 38 |
| Amortisation of capitalised contract costs$'000 | – | 1,045 | PDF p. 38 |
| Amortisation of capitalised fulfilment costs$'000 | – | 16,728 | PDF p. 38 |
| Amortisation of deferred income$'000 | (222) | (215) | PDF p. 38 |
| Depreciation of property, plant and equipment$'000 | 2,010 | 2,210 | PDF p. 38 |
| Depreciation of right-of-use assets$'000 | 1,852 | 1,557 | PDF p. 38 |
| Gain on disposal of property, plant and equipment$'000 | (272) | (204) | PDF p. 38 |
| Gain on lease termination$'000 | (1) | – | PDF p. 38 |
| Gain on disposal of a subsidiary$'000 | – | (7,067) | PDF p. 38 |
| Fair value loss on investment property$'000 | 13,121 | 4,659 | PDF p. 38 |
| Impairment loss on property, plant and equipment$'000 | 138 | 119 | PDF p. 38 |
| Impairment loss on right-of-use asset$'000 | 266 | – | PDF p. 38 |
| Interest expense$'000 | 2,594 | 5,784 | PDF p. 38 |
| Interest income$'000 | (399) | (848) | PDF p. 38 |
| Write-down of inventories$'000 | – | 13 | PDF p. 38 |
| Share of results of an associate$'000 | 561 | (18) | PDF p. 38 |
| Share of results of joint ventures$'000 | (57) | (80) | PDF p. 38 |
| Provisional bargain purchase on acquisition$'000 | – | (19,797) | PDF p. 38 |
| Provision for onerous contracts$'000 | 5,451 | 2,392 | PDF p. 38 |
| Provision for rectification costs$'000 | 1,329 | 1,838 | PDF p. 38 |
| Provision on trade receivables, other receivables and contract assets$'000 | 4,632 | 15,164 | PDF p. 38 |
| Bad debt written off$'000 | 83 | 261 | PDF p. 38 |
| Write-back of payables$'000 | (47) | (204) | PDF p. 38 |
| Write-down of properties held for sale$'000 | 427 | 12 | PDF p. 38 |
| Foreign exchange gain$'000 | (263) | (272) | PDF p. 38 |
| Cash flows from operating activities | |||
| Operating cash flows before working capital changes$'000 | 39,239 | 46,024 | PDF p. 38 |
| (Increase)/decrease in | |||
| Contract assets$'000 | (16,415) | 19,828 | PDF p. 38 |
| Trade receivables$'000 | 23,606 | (20,304) | PDF p. 38 |
| Development properties$'000 | – | (4,119) | PDF p. 38 |
| Inventories$'000 | 397 | (3) | PDF p. 38 |
| Other receivables$'000 | (149) | (6,609) | PDF p. 38 |
| Increase/(decrease) in | |||
| Contract liabilities$'000 | (6,199) | (4,662) | PDF p. 38 |
| Trade and other payables$'000 | (3,102) | 18,140 | PDF p. 38 |
| Provisions and other liabilities$'000 | (1,788) | 10,822 | PDF p. 38 |
| Cash flows from operating activities | |||
| Cash generated from operations$'000 | 35,589 | 59,117 | PDF p. 38 |
| Interest paid$'000 | (2,029) | (5,161) | PDF p. 38 |
| Interest received$'000 | 399 | 818 | PDF p. 38 |
| Income tax paid$'000 | (2,917) | (1,693) | PDF p. 38 |
| Net cash generated from operating activities$'000 | 31,042 | 53,081 | PDF p. 38 |
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Definitions & sources
Original report: PDF p. 38 ↗
No Company cash flow statement is presented; only a consolidated statement of cash flows is printed.
Consolidated Statement of Cash Flows - investing and financing activities
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, $'000 | 2024Group, year ended 31 December 2024, $'000 | Source |
|---|---|---|---|
| Cash flows from investing activities | |||
| Additions to investment property$'000 | (117) | (119) | PDF p. 39 |
| Purchase of property, plant and equipment$'000 | (1,522) | (517) | PDF p. 39 |
| Proceeds from disposal of property, plant and equipment$'000 | 273 | 204 | PDF p. 39 |
| Distribution of profits from joint ventures$'000 | 79 | 13 | PDF p. 39 |
| Capital contribution into an associate$'000 | (31) | – | PDF p. 39 |
| Loan disbursed to Vendor$'000 | (10,000) | – | PDF p. 39 |
| Net cash outflow on acquisition of a subsidiary$'000 | – | (12,603) | PDF p. 39 |
| Net cash outflow on disposal of a subsidiary$'000 | – | (336) | PDF p. 39 |
| Net cash used in investing activities$'000 | (11,318) | (13,358) | PDF p. 39 |
| Cash flows from financing activities | |||
| Dividends paid on ordinary shares to equity holders of the Company$'000 | (967) | (967) | PDF p. 39 |
| Proceeds from short-term borrowings$'000 | 3,000 | 2,000 | PDF p. 39 |
| Repayments of short-term borrowings$'000 | (1,982) | (3,064) | PDF p. 39 |
| Proceeds from long-term borrowings$'000 | 25,000 | 38 | PDF p. 39 |
| Repayments of long-term borrowings$'000 | (56,018) | (15,595) | PDF p. 39 |
| Repayment of lease liabilities$'000 | (5,538) | (4,028) | PDF p. 39 |
| (Increase)/decrease in pledged deposits$'000 | (35) | 1,374 | PDF p. 39 |
| Repayment of loans due to non-controlling interests$'000 | (6,840) | – | PDF p. 39 |
| Capital contribution from a non-controlling interest$'000 | 49 | – | PDF p. 39 |
| Net cash used in financing activities$'000 | (43,331) | (20,242) | PDF p. 39 |
| Net change in cash | |||
| Net (decrease)/increase in cash and cash equivalents$'000 | (23,607) | 19,481 | PDF p. 39 |
| Net effect of exchange rate changes on cash and cash equivalents$'000 | (47) | 20 | PDF p. 39 |
| Cash and cash equivalents at beginning of the year$'000 | 76,439 | 56,938 | PDF p. 39 |
| Cash and cash equivalents at end of the year$'000 | 52,785 | 76,439 | PDF p. 39 |
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Definitions & sources
Original report: PDF p. 39 ↗
Continuation of the consolidated statement of cash flows from the previous page; note references printed in the Note column.
Company Statement of Changes in Equity - year ended 31 December 2025
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company - Share capital (Note 28), $'000 | 2025Company - Treasury shares (Note 29), $'000 | 2025Company - Retained earnings, $'000 | 2025Company - Total equity, $'000 | Source |
|---|---|---|---|---|---|
| Company | |||||
| At 1 January 2025$'000 | 49,082 | (566) | 5,507 | 54,023 | PDF p. 37 |
| Profit for the year, representing total comprehensive income for$'000 | – | – | 5,596 | 5,596 | PDF p. 37 |
| Distribution to owners | |||||
| Dividends paid on ordinary shares to equity holders of the Company (Note 37)$'000 | – | – | (967) | (967) | PDF p. 37 |
| Total transaction with owners in their capacity as owners$'000 | – | – | (967) | (967) | PDF p. 37 |
| Company | |||||
| At 31 December 2025$'000 | 49,082 | (566) | 10,136 | 58,652 | PDF p. 37 |
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Definitions & sources
Original report: PDF p. 37 ↗
Company has no non-controlling interests or reserves column. Page prints 2025 and 2024 movements in one table; 2024 is extracted separately.
Company Statement of Changes in Equity - year ended 31 December 2024
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Company - Share capital (Note 28), $'000 | 2024Company - Treasury shares (Note 29), $'000 | 2024Company - Retained earnings, $'000 | 2024Company - Total equity, $'000 | Source |
|---|---|---|---|---|---|
| Company | |||||
| At 1 January 2024$'000 | 49,082 | (566) | 2,702 | 51,218 | PDF p. 37 |
| Profit for the year, representing total comprehensive income for$'000 | – | – | 3,772 | 3,772 | PDF p. 37 |
| Distribution to owners | |||||
| Dividends paid on ordinary shares to equity holders of the$'000 | – | – | (967) | (967) | PDF p. 37 |
| Total transaction with owners in their capacity as owners$'000 | – | – | (967) | (967) | PDF p. 37 |
| Company | |||||
| At 31 December 2024$'000 | 49,082 | (566) | 5,507 | 54,023 | PDF p. 37 |
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Definitions & sources
Original report: PDF p. 37 ↗
Comparative-year Company movements, printed on the same page below the 2025 movements.
Key Financial Highlights (five-year summary)
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group FY2021 | 2022Group FY2022 | 2023Group FY2023 | 2024Group FY2024 | 2025Group FY2025 | Source |
|---|---|---|---|---|---|---|
| Key financial highlights | ||||||
| Revenue$'000 | 179,954 | 170,485 | 237,297 | 289,533 | 243,914 | PDF p. 9 |
| Gross Profit$'000 | 20,968 | 26,962 | 36,543 | 39,188 | 44,491 | PDF p. 9 |
| Profit/(Loss) Before Taxation$'000 | (215) | 5,248 | 10,918 | 22,681 | 7,633 | PDF p. 9 |
| Earnings/(Loss) Per ShareCents | 0.50 | 1.76 | 1.98 | 6.55 | 1.39 | PDF p. 9 |
| Dividend Per ShareCents | 0.30 | 0.30 | 0.3 | 0.3 | 0.3 | PDF p. 9 |
| Dividend Payout% | 60.0 | 17.0 | 15.2 | 4.6 | 21.6 | PDF p. 9 |
| Net Assets (NAV)$'000 | 96,471 | 100,376 | 105,163 | 125,642 | 129,024 | PDF p. 9 |
| NAV Per ShareCents | 29.92 | 31.14 | 32.62 | 38.97 | 40.02 | PDF p. 9 |
| Net Debt To Equity1% | 59.9 | 55.7 | 41.1 | 13.9 | 8.8 | PDF p. 9 |
| Return On Equity2% | – | 5.3 | 7.9 | 15.7 | 3.4 | PDF p. 9 |
| Return On Total Assets3% | – | 1.6 | 2.3 | 4.9 | 1.2 | PDF p. 9 |
| Revenue by Business Segment | ||||||
| General Construction$'000 | 67,779 | 33,033 | 51,272 | 157,476 | 110,426 | PDF p. 9 |
| Specialised Engineering$'000 | 102,096 | 89,421 | 69,111 | 71,548 | 93,534 | PDF p. 9 |
| Property Development & Investment$'000 | 5,895 | 44,582 | 112,300 | 34,568 | – | PDF p. 9 |
| Green Technology$'000 | 4,090 | 3,379 | 4,572 | 5,559 | 3,237 | PDF p. 9 |
| Accommodation Solutions$'000 | – | – | – | 20,354 | 36,689 | PDF p. 9 |
| Revenue by Geographical Segment | ||||||
| Singapore$'000 | 133,516 | 129,478 | 207,116 | 264,927 | 226,113 | PDF p. 9 |
| Malaysia$'000 | 36,624 | 22,554 | 18,328 | 19,070 | 17,801 | PDF p. 9 |
| Thailand$'000 | 9,814 | 18,453 | 11,853 | 5,536 | – | PDF p. 9 |
| Key financial highlights | ||||||
| Profit/(Loss) Attributable to Equity Holders of the Company$'000 | 1,598 | 5,688 | 6,376 | 21,128 | 4,468 | PDF p. 9 |
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Definitions & sources
Original report: PDF p. 9 ↗
1. Net Debt To Equity = Current and non-current loans and borrowings (excluding loans from non-controlling interest) less cash and cash equivalents divided by total equity
2. Return On Equity = PAT divided by total equity
3. Return On Total Assets = PAT divided by total assets
The label 'Profit/(Loss) Attributable to Equity Holders of the Company' wraps over two lines; the quote is the numeric line.
Earnings per share computation (Note 9)
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group 2025 | 2024Group 2024 | Source |
|---|---|---|---|
| Note 9 Earnings per share | |||
| Weighted average number of ordinary shares for the basic and diluted earnings per share computationNumber of shares '000 | 322,386 | 322,386 | PDF p. 69 |
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Definitions & sources
Original report: PDF p. 69 ↗
The basic and diluted earnings per share for the financial years ended 31 December 2025 and 2024 are the same as there are no potential dilutive ordinary shares in existence.
As at the end of the financial year, there are no unissued shares of the Company under option.
Earnings per share (statement of comprehensive income)
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group 2025 | 2024Group 2024 | Source |
|---|---|---|---|
| Earnings per share (cents per share) | |||
| Basiccents per share | 1.39 | 6.55 | PDF p. 32 |
| Dilutedcents per share | 1.39 | 6.55 | PDF p. 32 |
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Definitions & sources
Original report: PDF p. 32 ↗
Where the money comes from
Segment information
By business
Note 36(a) Analysis by business segment – 31 December 25 lines
| Item / unit | 2025Specialised engineering | 2025General construction | 2025Property development | 2025Green technology | 2025Accommodation solutions | 2025Total | 2024Specialised engineering | 2024General construction | 2024Property development | 2024Green technology | 2024Accommodation solutions | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||
| External revenue$’000 | 93,534 | 110,426 | – | 3,237 | 36,689 | 243,886 | 71,548 | 157,476 | 34,568 | 5,559 | 20,354 | 289,505 | PDF p. 120PDF p. 122 |
| Inter-segment revenue$’000 | – | 7,119 | – | 242 | 10,685 | 18,046 | 316 | 14,407 | – | 156 | 4,519 | 19,398 | PDF p. 120PDF p. 122 |
| Total revenue$’000 | 93,534 | 117,545 | – | 3,479 | 47,374 | 261,932 | 71,864 | 171,883 | 34,568 | 5,715 | 24,873 | 308,903 | PDF p. 120PDF p. 122 |
| Results | |||||||||||||
| Interest income$’000 | (84) | (93) | (85) | – | (134) | (396) | (47) | (465) | (279) | – | (57) | (848) | PDF p. 121PDF p. 122 |
| Interest expense$’000 | 489 | 52 | 1,064 | – | 653 | 2,258 | 1,188 | 69 | 3,667 | – | 609 | 5,533 | PDF p. 121PDF p. 122 |
| Depreciation of property, plant and equipment$’000 | 627 | 127 | – | 680 | 116 | 1,550 | 979 | 131 | – | 625 | 56 | 1,791 | PDF p. 121PDF p. 122 |
| Depreciation of right-of-use assets$’000 | 1,697 | 103 | – | – | – | 1,800 | PDF p. 121 | ||||||
| Share of results of associates$’000 | 561 | – | – | – | – | 561 | (18) | – | – | – | – | (18) | PDF p. 121PDF p. 122 |
| Share of results of joint ventures$’000 | 4 | (79) | 18 | – | – | (57) | (2) | (13) | (65) | – | – | (80) | PDF p. 121PDF p. 122 |
| Other non-cash items | |||||||||||||
| Write-down of properties held for sale$’000 | 427 | – | – | – | – | 427 | PDF p. 121 | ||||||
| Impairment loss on property, plant and equipment$’000 | 138 | – | – | – | – | 138 | 119 | – | – | – | – | 119 | PDF p. 121PDF p. 122 |
| Impairment loss on right-of-use assets$’000 | 266 | – | – | – | – | 266 | PDF p. 121 | ||||||
| Amortisation of deferred income$’000 | – | – | – | (222) | – | (222) | PDF p. 121 | ||||||
| Accreted interest$’000 | – | – | – | 86 | 317 | 403 | PDF p. 121 | ||||||
| Provision on trade receivables, other receivables and contract assets$’000 | 5,342 | (661) | – | (49) | – | 4,632 | 5,534 | 1,103 | – | 33 | – | 6,670 | PDF p. 121PDF p. 122 |
| Bad debt written off$’000 | 83 | – | – | – | – | 83 | 9 | – | – | – | – | 9 | PDF p. 121PDF p. 122 |
| Fair value loss on investment property$’000 | – | – | – | – | 13,121 | 13,121 | PDF p. 121 | ||||||
| Results | |||||||||||||
| Segment loss/(profit) before taxation$’000 | 972 | 1,673 | 39 | (954) | (13,270) | (11,540) | 4,211 | (4,402) | (2,715) | (1,758) | (29,959) | (34,623) | PDF p. 121PDF p. 122 |
| Income tax (credit)/expense$’000 | (359) | – | – | – | 3,610 | 3,251 | PDF p. 121 | ||||||
| Assets | |||||||||||||
| Investments in associates$’000 | 1,682 | 31 | – | – | – | 1,713 | 2,243 | – | – | – | – | 2,243 | PDF p. 121PDF p. 122 |
| Additions to property, plant and equipment$’000 | 1,101 | 21 | – | 178 | 159 | 1,459 | 70 | 159 | – | 96 | 91 | 416 | PDF p. 121PDF p. 122 |
| Segment assets$’000 | 65,808 | 47,902 | 135,163 | 8,002 | 74,699 | 331,574 | 53,062 | 62,580 | 176,770 | 9,240 | 92,163 | 393,815 | PDF p. 121PDF p. 122 |
| Liabilities | |||||||||||||
| Segment liabilities$’000 | 48,237 | 48,977 | 85,660 | 2,874 | 30,389 | 216,137 | 34,886 | 64,903 | 158,688 | 3,168 | 7,071 | 268,716 | PDF p. 121PDF p. 122 |
| Other non-cash items | |||||||||||||
| Gain on disposal of a subsidiary$’000 | (7,067) | – | – | – | – | (7,067) | PDF p. 122 | ||||||
| Results | |||||||||||||
| Income tax expense$’000 | 330 | – | 117 | – | 2,302 | 2,749 | PDF p. 122 | ||||||
Notes
Units $’000. Printed on pages 118 (revenue) and 119 (results, assets, liabilities); physical pages 120-121. Segment loss/(profit) sign convention as printed.
Units $’000. Segment loss/(profit) sign convention as printed.
Note 36(a) Reconciliations of segment revenue, profit before taxation, assets and liabilities 10 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue | |||
| Total revenue for reportable segments$’000 | 261,932 | 308,903 | PDF p. 123 |
| Management fee from an associate$’000 | 28 | 28 | PDF p. 123 |
| Elimination of intersegment revenue$’000 | (18,046) | (19,398) | PDF p. 123 |
| Profit before taxation | |||
| Total profit before taxation for reportable segments$’000 | 11,540 | 34,623 | PDF p. 123 |
| - Other corporate income$’000 | 226 | 627 | PDF p. 123 |
| - Other corporate expenses$’000 | (4,161) | (12,597) | PDF p. 123 |
| Assets | |||
| Total assets for reportable segments$’000 | 331,574 | 393,815 | PDF p. 123 |
| Other unallocated amounts (assets)$’000 | 27,070 | 13,744 | PDF p. 123 |
| Liabilities | |||
| Total liabilities for reportable segments$’000 | 216,137 | 268,716 | PDF p. 123 |
| Other unallocated amounts (liabilities)$’000 | 12,396 | 12,082 | PDF p. 123 |
Notes
Units $’000.
Note 36(a) Other material items – reportable segment totals, adjustments and entity totals 5 lines
| Item / unit | 2025Reportable segment totals | 2025Adjustments | 2025Entity totals | 2024Reportable segment totals | 2024Adjustments | 2024Entity totals | Source |
|---|---|---|---|---|---|---|---|
| Other material items | |||||||
| Interest expense$’000 | 2,258 | 336 | 2,594 | 5,533 | 251 | 5,784 | PDF p. 124 |
| Depreciation of property, plant and equipment$’000 | 1,550 | 460 | 2,010 | 1,791 | 419 | 2,210 | PDF p. 124 |
| Depreciation of right-of-use assets$’000 | 1,800 | 52 | 1,852 | 1,505 | 52 | 1,557 | PDF p. 124 |
| Additions to property, plant and equipment$’000 | 1,459 | 63 | 1,522 | 416 | 101 | 517 | PDF p. 124 |
| Income tax expense$’000 | 3,251 | (5) | 3,246 | 2,749 | – | 2,749 | PDF p. 124 |
Notes
Units $’000. The adjustments are unallocated items comprising mainly corporate assets, liabilities and expenses.
By geography
Note 36(b) Analysis by geographical segment 5 lines
| Item / unit | 2025Revenue | 2024Revenue | 2025Non-current assets | 2024Non-current assets | Source |
|---|---|---|---|---|---|
| Countries | |||||
| Singapore$’000 | 226,113 | 264,927 | 105,860 | 118,453 | PDF p. 125 |
| Malaysia$’000 | 17,801 | 19,070 | 3,308 | 9,889 | PDF p. 125 |
| Thailand$’000 | – | 5,536 | – | – | PDF p. 125 |
| Others$’000 | – | – | 1,682 | 2,243 | PDF p. 125 |
| Total$’000 | 243,914 | 289,533 | 110,850 | 130,585 | PDF p. 125 |
Notes
Units $’000. Major customers: revenue from three major customers (2024: one major customer) amounted to $115,199,000 (2024: $87,601,000) arising from general construction and specialised engineering (2024: general construction).
Debt
Borrowings
Liquidity risk maturity profile – Group 2025 (undiscounted)
| Item / unit | 2025Group Within 1 year | 2025Group 1-5 years | 2025Group After 5 years | 2025Group Total | Source |
|---|---|---|---|---|---|
| Group 2025 Financial liabilities | |||||
| Lease liabilities$'000 | 5,001 | 10,456 | 2,918 | 18,375 | PDF p. 112 |
| Loans and borrowings$'000 | 10,386 | 81,053 | 3,594 | 95,033 | PDF p. 112 |
Notes
Contractual undiscounted repayment amounts.
Liquidity risk maturity profile – Group 2024 (undiscounted)
| Item / unit | 2024Group Within 1 year | 2024Group 1-5 years | 2024Group After 5 years | 2024Group Total | Source |
|---|---|---|---|---|---|
| Group 2024 Financial liabilities | |||||
| Lease liabilities$'000 | 4,700 | 11,507 | 4,732 | 20,939 | PDF p. 112 |
| Loans and borrowings$'000 | 87,110 | 35,000 | 6,946 | 129,056 | PDF p. 112 |
Notes
Contractual undiscounted repayment amounts.
Liquidity risk maturity profile – Company 2025 and 2024 (undiscounted)
| Item / unit | 2025Company Within 1 year | 2025Company 1-5 years | 2025Company After 5 years | 2025Company Total | Source |
|---|---|---|---|---|---|
| Company 2025 Financial liabilities | |||||
| Lease liabilities$'000 | 109 | 437 | 2,918 | 3,464 | PDF p. 113 |
| Loans and borrowings$'000 | 3,826 | 3,027 | 3,594 | 10,447 | PDF p. 113 |
| Company 2024 Financial liabilities (columns are 2024 for this row) | |||||
| Lease liabilities$'000 | 109 | 437 | 3,027 | 3,573 | PDF p. 113 |
| Loans and borrowings$'000 | 757 | 3,027 | 4,350 | 8,134 | PDF p. 113 |
Notes
The first two rows are 2025; the last two rows are the 2024 comparatives under the same bucket columns.
Page 114: In 2024, approximately 0.3% of the Group’s borrowings were at fixed rates of interest.
Borrowing notes 2 tables
Loans and borrowings
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current | |||||
| Long-term borrowings (secured)$'000 | 55,578 | 8,881 | 5,578 | 6,100 | PDF p. 99 |
| Loans from non-controlling interests$'000 | 23,864 | 30,704 | – | – | PDF p. 99 |
| Current | |||||
| Short-term borrowings (unsecured)$'000 | 4,635 | 3,550 | 3,000 | – | PDF p. 99 |
| Current portion of long-term borrowings (secured)$'000 | 4,043 | 81,632 | 522 | 502 | PDF p. 99 |
| Total | |||||
| Total loans and borrowings$'000 | 88,120 | 124,767 | 9,100 | 6,602 | PDF p. 99 |
Notes
Non-current subtotal: Group 79,442 / 39,585; Company 5,578 / 6,100. Current subtotal: Group 8,678 / 85,182; Company 3,522 / 502.
Page 100: Group has undrawn credit facilities of $85,106,000 (2024: $28,504,000). Short-term borrowings (unsecured) include revolving credit facility and banker acceptance. Revolving credit facility of $3,000,000 (2024: $2,000,000) bears an average interest rate of 2.29% (2024: 4.63%) per annum, refinanced on 1-3 monthly basis. Banker acceptance bears interest 3.0% to 4.0% (2024: 3.0% - 4.0%) per annum, repayable within 6 months.
Loans from non-controlling interests are non-trade, unsecured, non-interest bearing, not expected to be repaid within 12 months (page 102).
Long-term borrowings (secured) by term loan
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current | |||||
| Term loan 1$'000 | 5,578 | 6,100 | 5,578 | 6,100 | PDF p. 100 |
| Term loan 2$'000 | 50,000 | – | – | – | PDF p. 100 |
| Term loan 3$'000 | – | 2,781 | – | – | PDF p. 100 |
| Current | |||||
| Term loan 1$'000 | 522 | 502 | 522 | 502 | PDF p. 100 |
| Term loan 2$'000 | – | 72,628 | – | – | PDF p. 100 |
| Term loan 3$'000 | 2,898 | 154 | – | – | PDF p. 100 |
| Term loan 4$'000 | 623 | 8,070 | – | – | PDF p. 100 |
| Temporary Bridging Loan$'000 | – | 278 | – | – | PDF p. 100 |
| Total | |||||
| Total long-term borrowings$'000 | 59,621 | 90,513 | 6,100 | 6,602 | PDF p. 100 |
Notes
Interest rates/currency (pp.100-102): Term loan 1 SGD, average 4.0% (2024: 2.49%), 240 monthly instalments from 9 Oct 2015, secured on leasehold property carrying amount $10,820,000 (2024: $11,161,000). Term loan 2 SGD land and development charge loan, average 3.8% (2024: 4.8%); $47,628,000 repaid Jan 2025, $25,000,000 refinanced as revolving credit facility on 24 March 2025 plus additional $25,000,000 drawn; total RCF drawdown limit $75,000,000, final maturity 31 January 2030; RCF average rate 2.5%. Term loan 3 Malaysia Ringgit denominated, average 5.6% (2024: 5.6%), 180 monthly instalments from 2 March 2023, presented as current as property held for sale. Term loan 4 SGD, average 3.3% (2024: 4.9%), fully repaid on 9 January 2026. Temporary Bridging Loan fixed 2.0% per annum, fully repaid 3 February 2025.
Subtotals: non-current Group 55,578 / 8,881; Company 5,578 / 6,100. Current Group 4,043 / 81,632; Company 522 / 502.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | The Company does not have a fixed dividend policy in place. In determining the annual dividend payout, the Board will consider setting aside sufficient funds for investments, capital expenditure, equity contribution for property development projects, working capital and other requirements as the Board may deem fit for the best interests of the Company and the Group. | Company | PDF p. 151 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Final exempt (one-tier) dividend for 2025 | 0.3 cents per share | FY2025 proposed final dividend, subject to shareholders' approval at AGM; comparative 2024: 0.3 cents | PDF p. 125 |
| Final exempt (one-tier) dividend for 2024 | 0.3 cents per share | FY2024 final dividend declared and paid in 2025; comparative 2023: 0.3 cents | PDF p. 125 |
| Record Date | 14 May 2026 | FY2025 proposed first and final dividend · As at 2026-05-14 | PDF p. 183 |
| Proposed Dividend payment date | Tuesday, 26 May 2026 | FY2025 proposed first and final dividend · As at 2026-05-26 | PDF p. 183 |
| Dividend Per Share | 0.3 cents per share | FY2025 (comparative FY2024: 0.3) | PDF p. 9 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Payout | 21.6% | FY2025 (comparative FY2024: 4.6) | PDF p. 9 |
| Dividend payout narrative | A dividend of 0.3 cents has been proposed for FY2025 representing a dividend payout of approximately 22% of its current earnings. | FY2025 | PDF p. 151 |
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 |
|---|---|---|---|
| Ernst & Young LLP | Ernst & Young LLP | Group | PDF p. 31 |
| Engagement partner | Alvin Phua Chun Yen | Group | PDF p. 31 |
| Opinion | true and fair view | Group and Company | PDF p. 27 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Revenue recognition on construction contracts | Accordingly, we identified revenue recognition on construction contracts to be a key audit matter. | Group | PDF p. 28 |
| Provision for expected credit losses on trade receivables and contract assets | Accordingly, we identified the recoverability of trade receivables and contract assets to be a key audit matter. | Group | PDF p. 28 |
| Valuation of bargain purchase, tangible assets and liabilities through business combination | The identification of such assets and liabilities, including contingent assets and liabilities and their measurement at fair value is inherently judgmental, thus we considered this area to be a key audit matter. | Group | PDF p. 29 |
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.