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Financials
Annual Report 2025
Explore the statements
7 tablesConsolidated Statement of Profit or Loss and Other Comprehensive Income
35 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Continuing operations | |||
| Revenue$’000 | 39,114 | 29,957 | PDF p. 91 |
| Cost of sales$’000 | (31,133) | (22,670) | PDF p. 91 |
| Gross profit$’000 | 7,981 | 7,287 | PDF p. 91 |
| Other income$’000 | 7,011 | 11,242 | PDF p. 91 |
| Selling and distribution expenses$’000 | (2,118) | (1,980) | PDF p. 91 |
| General and administrative expenses$’000 | (4,793) | (4,678) | PDF p. 91 |
| Allowance for impairment losses on trade and other receivables$’000 | (2,703) | (1,579) | PDF p. 91 |
| Impairment losses on property, plant and equipment$’000 | (100) | (4,745) | PDF p. 91 |
| Impairment losses on goodwill$’000 | – | (26,855) | PDF p. 91 |
| Other operating expenses$’000 | (1,108) | (49) | PDF p. 91 |
| Results from operating activities$’000 | 4,170 | (21,357) | PDF p. 91 |
| Finance income$’000 | 134 | 173 | PDF p. 91 |
| Finance costs$’000 | (1,827) | (2,170) | PDF p. 91 |
| Net finance costs$’000 | (1,693) | (1,997) | PDF p. 91 |
| Share of loss from investment in associate$’000 | (857) | (914) | PDF p. 91 |
| Profit/(Loss) before taxation from continuing operations$’000 | 1,620 | (24,268) | PDF p. 91 |
| Income tax (expense)/credit$’000 | (59) | 232 | PDF p. 91 |
| Profit/(Loss) from continuing operations$’000 | 1,561 | (24,036) | PDF p. 91 |
| Discontinued operations | |||
| Profit for the year from discontinued operations, net of taxation$’000 | 6 | 9 | PDF p. 91 |
| Total profit | |||
| Profit/(Loss) for the year$’000 | 1,567 | (24,027) | PDF p. 91 |
| Other comprehensive loss — Items that are or may be reclassified to profit or loss | |||
| Subtotal$’000 | (668) | (255) | PDF p. 91 |
| Other comprehensive loss | |||
| Subtotal$’000 | (668) | (255) | PDF p. 91 |
| Total comprehensive income/(loss) | |||
| Total comprehensive income/(loss) for the financial year$’000 | 899 | (24,282) | PDF p. 91 |
| Profit/(Loss) attributable to: Continuing operations, net of taxation | |||
| Owners of the Company$’000 | (661) | (25,810) | PDF p. 91 |
| Non-controlling interests$’000 | 2,222 | 1,774 | PDF p. 91 |
| Subtotal$’000 | 1,561 | (24,036) | PDF p. 91 |
| Profit/(Loss) attributable to: Discontinued operations, net of taxation | |||
| Owners of the Company$’000 | 6 | 9 | PDF p. 91 |
| Profit/(Loss) for the financial year$’000 | 1,567 | (24,027) | PDF p. 91 |
| Total comprehensive income/(loss) attributable to | |||
| Owners of the Company$’000 | (1,323) | (26,056) | PDF p. 91 |
| Non-controlling interests$’000 | 2,222 | 1,774 | PDF p. 91 |
| Total comprehensive income/(loss) for the year$’000 | 899 | (24,282) | PDF p. 91 |
| (Loss)/Earnings per share attributable to owners of the Company | |||
| Basic loss per share from continuing operationscents per share | (0.04) | (1.68) | PDF p. 91 |
| Total basic loss per sharecents per share | (0.04) | (1.68) | PDF p. 91 |
| Diluted loss per share from continuing operationscents per share | (0.11) | (1.74) | PDF p. 91 |
| Total diluted loss per sharecents per share | (0.11) | (1.74) | PDF p. 91 |
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Definitions & sources
Original report: PDF p. 91 ↗
* Denotes amount < $0.01.
The accompanying notes form an integral part of and should be read in conjunction with these financial statements.
Statements of Financial Position — Group
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Assets — Non-current assets | |||
| Property, plant and equipment$’000 | 26,527 | 23,619 | PDF p. 92 |
| Intangible assets$’000 | – | – | PDF p. 92 |
| Investment properties$’000 | 60,140 | 58,281 | PDF p. 92 |
| Investments in subsidiaries$’000 | – | – | PDF p. 92 |
| Investment in associate$’000 | 8,123 | 5,685 | PDF p. 92 |
| Assets | |||
| Total non-current assets$’000 | 94,790 | 87,585 | PDF p. 92 |
| Assets — Current assets | |||
| Inventories$’000 | 4,063 | 5,022 | PDF p. 92 |
| Trade and other receivables$’000 | 5,476 | 8,777 | PDF p. 92 |
| Other investment$’000 | 23 | – | PDF p. 92 |
| Cash and cash equivalents$’000 | 19,243 | 12,419 | PDF p. 92 |
| Assets | |||
| Total current assets$’000 | 28,805 | 26,218 | PDF p. 92 |
| Total assets$’000 | 123,595 | 113,803 | PDF p. 92 |
| Equity | |||
| Share capital$’000 | 127,127 | 127,127 | PDF p. 92 |
| Foreign currency translation reserve$’000 | (689) | (21) | PDF p. 92 |
| Other reserve$’000 | (6,852) | (6,852) | PDF p. 92 |
| Accumulated losses$’000 | (66,128) | (63,817) | PDF p. 92 |
| Subtotal$’000 | 53,458 | 56,437 | PDF p. 92 |
| Non-controlling interests$’000 | 977 | 3,547 | PDF p. 92 |
| Total equity$’000 | 54,435 | 59,984 | PDF p. 92 |
| Liabilities — Non-current liabilities | |||
| Loans and borrowings$’000 | 56,437 | 11,952 | PDF p. 92 |
| Trade and other payables$’000 | 137 | 106 | PDF p. 92 |
| Deferred tax liabilities$’000 | – | 67 | PDF p. 92 |
| Liabilities | |||
| Total non-current liabilities$’000 | 56,574 | 12,125 | PDF p. 92 |
| Liabilities — Current liabilities | |||
| Loans and borrowings$’000 | 2,265 | 32,430 | PDF p. 92 |
| Trade and other payables$’000 | 10,000 | 8,704 | PDF p. 92 |
| Current tax payable$’000 | 321 | 560 | PDF p. 92 |
| Liabilities | |||
| Total current liabilities$’000 | 12,586 | 41,694 | PDF p. 92 |
| Total liabilities$’000 | 69,160 | 53,819 | PDF p. 92 |
| Equity and liabilities | |||
| Total equity and liabilities$’000 | 123,595 | 113,803 | PDF p. 92 |
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Definitions & sources
Original report: PDF p. 92 ↗
The accompanying notes form an integral part of and should be read in conjunction with these financial statements.
Statements of Financial Position — Company
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| Assets — Non-current assets | |||
| Intangible assets$’000 | – | – | PDF p. 92 |
| Equity | |||
| Share capital$’000 | 127,127 | 127,127 | PDF p. 92 |
| Subtotal$’000 | 37,565 | 38,198 | PDF p. 92 |
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Definitions & sources
Original report: PDF p. 92 ↗
The accompanying notes form an integral part of and should be read in conjunction with these financial statements.
Consolidated Statement of Profit or Loss and Other Comprehensive Income
34 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Continuing operations | |||
| Revenue$’000 | 39,114 | 29,957 | PDF p. 91 |
| Cost of sales$’000 | (31,133) | (22,670) | PDF p. 91 |
| Gross profit$’000 | 7,981 | 7,287 | PDF p. 91 |
| Other income$’000 | 7,011 | 11,242 | PDF p. 91 |
| Selling and distribution expenses$’000 | (2,118) | (1,980) | PDF p. 91 |
| General and administrative expenses$’000 | (4,793) | (4,678) | PDF p. 91 |
| Allowance for impairment losses on trade and other receivables$’000 | (2,703) | (1,579) | PDF p. 91 |
| Impairment losses on property, plant and equipment$’000 | (100) | (4,745) | PDF p. 91 |
| Impairment losses on goodwill$’000 | – | (26,855) | PDF p. 91 |
| Other operating expenses$’000 | (1,108) | (49) | PDF p. 91 |
| Results from operating activities$’000 | 4,170 | (21,357) | PDF p. 91 |
| Finance income$’000 | 134 | 173 | PDF p. 91 |
| Finance costs$’000 | (1,827) | (2,170) | PDF p. 91 |
| Net finance costs$’000 | (1,693) | (1,997) | PDF p. 91 |
| Share of loss from investment in associate$’000 | (857) | (914) | PDF p. 91 |
| Profit/(Loss) before taxation from continuing operations$’000 | 1,620 | (24,268) | PDF p. 91 |
| Income tax (expense)/credit$’000 | (59) | 232 | PDF p. 91 |
| Profit/(Loss) from continuing operations$’000 | 1,561 | (24,036) | PDF p. 91 |
| Discontinued operations | |||
| Profit for the year from discontinued operations, net of taxation$’000 | 6 | 9 | PDF p. 91 |
| Profit for the year | |||
| Profit/(Loss) for the year$’000 | 1,567 | (24,027) | PDF p. 91 |
| Other comprehensive loss; items that are or may be reclassified to profit or loss | |||
| Translation differences relating to financial statements of foreign operations and a subsidiary with functional currency in foreign currency$’000 | (668) | (255) | PDF p. 91 |
| Other comprehensive loss | |||
| Total comprehensive income/(loss) for the financial year$’000 | 899 | (24,282) | PDF p. 91 |
| Profit/(Loss) attributable to: Continuing operations, net of taxation | |||
| Owners of the Company$’000 | (661) | (25,810) | PDF p. 91 |
| Non-controlling interests$’000 | 2,222 | 1,774 | PDF p. 91 |
| Profit/(Loss) for the financial year$’000 | 1,561 | (24,036) | PDF p. 91 |
| Profit/(Loss) attributable to: Discontinued operations, net of taxation | |||
| Owners of the Company$’000 | 6 | 9 | PDF p. 91 |
| Profit/(Loss) for the financial year$’000 | 1,567 | (24,027) | PDF p. 91 |
| Total comprehensive income/(loss) attributable to | |||
| Owners of the Company$’000 | (1,323) | (26,056) | PDF p. 91 |
| Non-controlling interests$’000 | 2,222 | 1,774 | PDF p. 91 |
| Total comprehensive income/(loss) for the year$’000 | 899 | (24,282) | PDF p. 91 |
| (Loss)/Earnings per share attributable to owners of the Company | |||
| Basic loss per share from continuing operationscents | (0.04) | (1.68) | PDF p. 91 |
| Total basic loss per sharecents | (0.04) | (1.68) | PDF p. 91 |
| Diluted loss per share from continuing operationscents | (0.11) | (1.74) | PDF p. 91 |
| Total diluted loss per sharecents | (0.11) | (1.74) | PDF p. 91 |
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Definitions & sources
Original report: PDF p. 91 ↗
* Denotes amount < $0.01.
The accompanying notes form an integral part of and should be read in conjunction with these financial statements.
Consolidated Statement of Cash Flows
52 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit/(Loss) after taxation from continuing operations$’000 | 1,561 | (24,036) | PDF p. 95 |
| Profit after taxation from discontinued operations$’000 | 6 | 9 | PDF p. 95 |
| Profit/(Loss) for the year$’000 | 1,567 | (24,027) | PDF p. 95 |
| Adjustments for | |||
| Reversal of allowance for write-down of inventories$’000 | (661) | (1,460) | PDF p. 95 |
| Depreciation of property, plant and equipment$’000 | 2,788 | 3,354 | PDF p. 95 |
| Fair value gain arising from financial assets at FVTPL$’000 | (3) | – | PDF p. 95 |
| Fair value loss/(gain) on precious metal, net$’000 | 101 | (200) | PDF p. 95 |
| Fair value gain on investment properties$’000 | (4,696) | (3,286) | PDF p. 95 |
| Gain on disposal of investment properties$’000 | (281) | (319) | PDF p. 95 |
| Finance costs$’000 | 1,827 | 2,170 | PDF p. 95 |
| Finance income$’000 | (134) | (173) | PDF p. 95 |
| Gain on disposal of property, plant and equipment$’000 | (8) | (9) | PDF p. 95 |
| Impairment losses on goodwill$’000 | – | 26,855 | PDF p. 95 |
| Impairment losses on property, plant and equipment$’000 | 100 | 4,745 | PDF p. 95 |
| Income tax expense/(credit)$’000 | 59 | (232) | PDF p. 95 |
| Inventories written off$’000 | 175 | 30 | PDF p. 95 |
| Property, plant and equipment written off$’000 | 18 | – | PDF p. 95 |
| Waiver of debt from a vendor$’000 | (29) | (65) | PDF p. 95 |
| Allowance for impairment losses on trade and other receivables, net$’000 | 2,687 | 1,617 | PDF p. 95 |
| Provision for demolition costs$’000 | 985 | – | PDF p. 95 |
| Compensation receivable from a director of a subsidiary$’000 | – | (6,066) | PDF p. 95 |
| Share of loss from investment in associate$’000 | 857 | 914 | PDF p. 95 |
| Adjustments subtotal$’000 | 5,352 | 3,848 | PDF p. 95 |
| Changes in working capital | |||
| Inventories$’000 | 1,144 | 1,030 | PDF p. 95 |
| Trade and other receivables$’000 | 503 | (424) | PDF p. 95 |
| Trade and other payables$’000 | 435 | (2,570) | PDF p. 95 |
| Operating activities | |||
| Cash generated from operations$’000 | 7,434 | 1,884 | PDF p. 95 |
| Income taxes paid$’000 | (365) | (16) | PDF p. 95 |
| Net cash generated from operating activities$’000 | 7,069 | 1,868 | PDF p. 95 |
| Investing activities | |||
| Purchase of property, plant and equipment$’000 | (1,627) | (481) | PDF p. 95 |
| Interest received$’000 | 90 | 183 | PDF p. 95 |
| Additional investment in an associate$’000 | (3,295) | (3,161) | PDF p. 95 |
| Additional investment in a subsidiary$’000 | (4,948) | (754) | PDF p. 95 |
| Purchase of money market fund$’000 | (331) | – | PDF p. 95 |
| Proceeds from disposal of other investment – money market fund$’000 | 311 | – | PDF p. 95 |
| Proceeds from disposal of property, plant and equipment$’000 | 8 | 23 | PDF p. 95 |
| Proceeds from disposal of investment properties$’000 | 3,118 | 4,390 | PDF p. 95 |
| Net cash (used in)/generated from investing activities$’000 | (6,674) | 200 | PDF p. 95 |
| Financing activities | |||
| Deposit pledged$’000 | 65 | 225 | PDF p. 96 |
| Dividend paid$’000 | (1,500) | (1,172) | PDF p. 96 |
| Interest paid$’000 | (1,666) | (2,024) | PDF p. 96 |
| (Repayment of)/Loan from a non-controlling interest$’000 | (637) | 637 | PDF p. 96 |
| Repayment of lease liabilities$’000 | (518) | (464) | PDF p. 96 |
| Proceeds from long-term loans and borrowings$’000 | 27,000 | 2,301 | PDF p. 96 |
| Proceeds from short-term loans and borrowings$’000 | 7,295 | 13,751 | PDF p. 96 |
| Repayment of long-term loans and borrowings$’000 | (14,075) | (6,188) | PDF p. 96 |
| Repayment of short-term loans and borrowings$’000 | (9,575) | (12,603) | PDF p. 96 |
| Net cash generated from/(used in) financing activities$’000 | 6,389 | (5,537) | PDF p. 96 |
| Cash and cash equivalents | |||
| Net increase/(decrease) in cash and cash equivalents$’000 | 6,784 | (3,469) | PDF p. 96 |
| Cash and cash equivalents at beginning of financial year$’000 | 10,954 | 13,999 | PDF p. 96 |
| Effect of exchange rate fluctuations on cash held$’000 | 105 | 424 | PDF p. 96 |
| Cash and cash equivalents at end of financial year$’000 | 17,843 | 10,954 | PDF p. 96 |
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Definitions & sources
Original report: PDF p. 95 ↗ PDF p. 96 ↗
Non-cash transactions: During the financial year, the Group acquired property, plant and equipment with an aggregate cost of $6,151,000 (2024: $974,000), of which $22,000 (2024: $Nil) of addition under right-of-use assets, $Nil (2024: $493,000) were acquired under finance leases and $4,502,000 (2024: $Nil) were acquired under mortgage loan.
The Group’s reconciliation of liabilities to cash flows arising from financing activities is disclosed in the following page.
The accompanying notes form an integral part of and should be read in conjunction with these financial statements.
Financial Review — Revenue and results by business, FY2023–FY2025
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group; excluding discontinued operations where marked * | 2024Group; excluding discontinued operations where marked * | 2025Group; excluding discontinued operations where marked * | Source |
|---|---|---|---|---|
| Revenue — Healthcare Business | ||||
| Manufacturing & Trading of Healthcare ProductS$ million | 4.0 | 2.5 | 0.7 | PDF p. 15 |
| Revenue — Property Business | ||||
| Property Investments & ManagementS$ million | 1.8 | 1.6 | 1.5 | PDF p. 15 |
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Definitions & sources
Original report: PDF p. 15 ↗
Chart years are printed in ascending vertical order: 2023, 2024, 2025. Revenue chart footnote: “* Excluding discontinued operations.” The chart also prints historical total revenue for FY2024 and FY2023, and total profit before tax and profit for FY2024 and FY2023; these are captured in the related full row quotes where present.
Basic and diluted loss/earnings per share
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Basic loss/earnings per share attributable to owners of the Company | |||
| Basic loss per share from continuing operationscents per share | (0.04) | (1.68) | PDF p. 91 |
| Total basic loss per sharecents per share | (0.04) | (1.68) | PDF p. 91 |
| Diluted loss/earnings per share attributable to owners of the Company | |||
| Diluted loss per share from continuing operationscents per share | (0.11) | (1.74) | PDF p. 91 |
| Total diluted loss per sharecents per share | (0.11) | (1.74) | PDF p. 91 |
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Definitions & sources
Original report: PDF p. 91 ↗
Footnote: “* Denotes amount < $0.01”. The report states on page 173 that the 2024 diluted loss per share was restated for potential dilution from full conversion of RCPS held in PCSB. Previously reported diluted loss per share from continuing operations was (1.68) cents; restated was (1.74) cents.
Where the money comes from
Segment information
By business
Operating segments – 31 December 2025 (by business segment) 18 lines
| Item / unit | 2025Trading, recycling and refining of e-waste/metals | 2025Property investments and management | 2025Manufacturing and trading of healthcare products | 2025Others | 2025Total | Source |
|---|---|---|---|---|---|---|
| 31 December 2025 | ||||||
| Revenue from contracts with customers$'000 | 36,309 | – | 654 | – | 36,963 | PDF p. 151 |
| Rental income$'000 | 605 | 1,546 | – | – | 2,151 | PDF p. 151 |
| Depreciation of property, plant and equipment$'000 | (2,420) | – | (236) | – | (2,656) | PDF p. 151 |
| Share of loss of associate (net of taxation)$'000 | – | – | (857) | – | (857) | PDF p. 151 |
| Other material non-cash items | ||||||
| – Fair value loss on precious metal, net$'000 | (101) | – | – | – | (101) | PDF p. 151 |
| – Fair value gain on investment properties$'000 | – | 4,696 | – | – | 4,696 | PDF p. 151 |
| – Finance costs$'000 | (551) | (1,247) | (15) | – | (1,813) | PDF p. 151 |
| – Gain on disposal of investment properties$'000 | – | 281 | – | – | 281 | PDF p. 151 |
| – Property, plant and equipment written off$'000 | (17) | – | – | – | (17) | PDF p. 151 |
| – Inventories written off$'000 | (121) | – | (54) | – | (175) | PDF p. 151 |
| – Reversal of write-down of inventories$'000 | 18 | – | 643 | – | 661 | PDF p. 151 |
| – Waiver of debt from a vendor$'000 | – | – | 29 | – | 29 | PDF p. 151 |
| – Income tax credit/(expense)$'000 | 8 | (67) | – | – | (59) | PDF p. 151 |
| – Provision for demolition costs$'000 | (985) | – | – | – | (985) | PDF p. 151 |
| 31 December 2025 | ||||||
| Reportable segment assets$'000 | 30,809 | 60,161 | 4,617 | 4 | 95,591 | PDF p. 151 |
| Investment in associate$'000 | – | – | 8,123 | – | 8,123 | PDF p. 151 |
| Capital expenditure$'000 | 6,097 | – | – | – | 6,097 | PDF p. 151 |
| Reportable segment liabilities$'000 | 21,749 | 43,182 | 517 | 2,565 | 68,013 | PDF p. 151 |
Notes
* Denotes amount < $1,000
Reportable segment profit/(loss) before taxation and finance costs (wrapped row): 4,903 | 5,963 | (2,964) | (27) | 7,875 (Trading/recycling; Property; Manufacturing healthcare; Others; Total). Finance income, gain on disposal of PPE and allowance for impairment losses rows not itemised due to wrapped/asterisk cells.
Operating segments – 31 December 2024 (Restated) (by business segment) 17 lines
| Item / unit | 2024Trading, recycling and refining of e-waste/metals (Restated) | 2024Property investments and management (Restated) | 2024Manufacturing and trading of healthcare products (Restated) | 2024Others (Restated) | 2024Total (Restated) | Source |
|---|---|---|---|---|---|---|
| 31 December 2024 (Restated) | ||||||
| Revenue from contracts with customers$'000 | 25,302 | – | 2,511 | – | 27,813 | PDF p. 152 |
| Rental income$'000 | 555 | 1,589 | – | – | 2,144 | PDF p. 152 |
| Depreciation of property, plant and equipment$'000 | (2,489) | – | (765) | – | (3,254) | PDF p. 152 |
| Share of loss of associate (net of taxation)$'000 | – | – | (914) | – | (914) | PDF p. 152 |
| Other material non-cash items | ||||||
| – Fair value gain on precious metal, net$'000 | 200 | – | – | – | 200 | PDF p. 152 |
| – Fair value gain on investment properties$'000 | – | 3,286 | – | – | 3,286 | PDF p. 152 |
| – Finance income$'000 | 102 | 38 | 18 | – | 158 | PDF p. 152 |
| – Finance costs$'000 | (671) | (1,469) | (21) | – | (2,161) | PDF p. 152 |
| – Gain on disposal of investment properties$'000 | – | 319 | – | – | 319 | PDF p. 152 |
| – Inventories written off$'000 | (30) | – | – | – | (30) | PDF p. 152 |
| – Reversal of write-down of inventories$'000 | 13 | – | 1,447 | – | 1,460 | PDF p. 152 |
| – Waiver of debt from a vendor$'000 | – | – | 65 | – | 65 | PDF p. 152 |
| – Impairment loss on goodwill$'000 | – | – | (26,855) | – | (26,855) | PDF p. 152 |
| 31 December 2024 (Restated) | ||||||
| Reportable segment assets$'000 | 28,781 | 58,313 | 7,881 | 10 | 94,985 | PDF p. 152 |
| Investment in associate$'000 | – | – | 5,685 | – | 5,685 | PDF p. 152 |
| Capital expenditure$'000 | 243 | – | 36 | – | 279 | PDF p. 152 |
| Reportable segment liabilities$'000 | 20,397 | 27,452 | 1,513 | 2,580 | 51,942 | PDF p. 152 |
Notes
* Denotes amount < $1,000
Reportable segment profit/(loss) before taxation and finance costs (wrapped row): 5,148 | 4,598 | (27,659) | (12) | (17,925). Other wrapped rows (gain on disposal of PPE, compensation receivable from a director of a subsidiary, allowance for impairment, income tax, impairment of PPE) not itemised.
Reconciliations of reportable segment revenues, profit or loss, assets and liabilities 14 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue | |||
| Total revenue for reportable segments$'000 | 39,114 | 29,957 | PDF p. 153 |
| Consolidated revenue$'000 | 39,114 | 29,957 | PDF p. 153 |
| Profit or loss | |||
| Total profit/(loss) for reportable segments before tax and finance costs$'000 | 7,875 | (17,925) | PDF p. 153 |
| Elimination of discontinued operations$'000 | (6) | (9) | PDF p. 153 |
| Profit or loss – Unallocated amounts | |||
| – Other corporate expenses$'000 | (5,392) | (5,420) | PDF p. 153 |
| Profit or loss | |||
| Share of loss from investment in associate$'000 | (857) | (914) | PDF p. 153 |
| Consolidated profit before taxation from continuing operations$'000 | 1,620 | (24,268) | PDF p. 153 |
| Assets | |||
| Total assets for reportable segments$'000 | 95,591 | 94,985 | PDF p. 153 |
| Other unallocated amounts*$'000 | 19,881 | 13,133 | PDF p. 153 |
| Investment in associate$'000 | 8,123 | 5,685 | PDF p. 153 |
| Consolidated total assets$'000 | 123,595 | 113,803 | PDF p. 153 |
| Liabilities | |||
| Total liabilities for reportable segments$'000 | 68,013 | 51,942 | PDF p. 153 |
| Other unallocated amounts$'000 | 1,147 | 1,877 | PDF p. 153 |
| Consolidated total liabilities$'000 | 69,160 | 53,819 | PDF p. 153 |
Notes
* Unallocated assets are mainly related to cash and cash equivalents, a portion of the plant and equipment and other receivables which are utilised by more than one segment of the Group.
Debt
Borrowings
Contractual maturities of financial liabilities - Group (undiscounted, 31 December
| Item / unit | 202531 Dec 2025, Carrying amount | 202531 Dec 2025, Contractual cash flows | 202531 Dec 2025, Within 1 year | 202531 Dec 2025, Within 2 to 5 years | 202531 Dec 2025, More than 5 years | 202431 Dec 2024, Carrying amount | 202431 Dec 2024, Contractual cash flows | 202431 Dec 2024, Within 1 year | 202431 Dec 2024, Within 2 to 5 years | 202431 Dec 2024, More than 5 years | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 December | |||||||||||
| Secured bank loans$'000 | 53,606 | (57,175) | (3,249) | (47,217) | (6,709) | 36,275 | (38,354) | (30,470) | (3,981) | (3,903) | PDF p. 163 |
| Lease liabilities$'000 | 5,096 | (6,164) | (640) | (2,370) | (3,154) | 5,736 | (6,999) | (721) | (2,671) | (3,607) | PDF p. 163 |
| Invoice financing$'000 | 2,371 | (2,371) | (2,371) | – | – | PDF p. 163 | |||||
Notes
Gross undiscounted amounts including contractual interest payments, excluding netting agreements. Table also includes trade and other payables (not debt).
Gross undiscounted amounts including contractual interest payments.
Contractual maturities of lease liabilities - Company
| Item / unit | 202531 Dec 2025, Carrying amount | 202531 Dec 2025, Contractual cash flows | 202531 Dec 2025, Within 1 year | 202531 Dec 2025, Within 2 to 5 years | 202531 Dec 2025, More than 5 years | Source |
|---|---|---|---|---|---|---|
| 31 December 2025 | ||||||
| Lease liabilities$'000 | 342 | (372) | (91) | (281) | – | PDF p. 163 |
Notes
31 December 2024 Company lease liabilities: carrying 428; contractual (473); within 1 year (101); 2 to 5 years (372); more than 5 years –. Intra-group financial guarantees omitted (not borrowings).
Borrowing notes 3 tables
Loans and borrowings
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Company, $'000 | 2024Company, $'000 | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Secured bank loans$'000 | 51,810 | 6,743 | – | – | PDF p. 142 |
| Lease liabilities (Note 26)$'000 | 4,627 | 5,209 | 263 | 342 | PDF p. 142 |
| Current liabilities | |||||
| Secured bank loans$'000 | 1,796 | 29,532 | – | – | PDF p. 142 |
| Secured invoice financing$'000 | – | 2,371 | – | – | PDF p. 142 |
| Lease liabilities (Note 26)$'000 | 469 | 527 | 79 | 86 | PDF p. 142 |
| Total | |||||
| Total loan and borrowings$'000 | 58,702 | 44,382 | 342 | 428 | PDF p. 142 |
Notes
Total non-current: Group 56,437 (2025) / 11,952 (2024); Company 263 / 342. Total current: Group 2,265 / 32,430; Company 79 / 86.
All bank loans and invoice financing are labelled secured; no unsecured borrowings printed.
Terms and conditions of outstanding loans and borrowings (Group; face value and carrying amount)
| Item / unit | 2025Face value, $'000 | 2025Carrying amount, $'000 | 2024Face value, $'000 | 2024Carrying amount, $'000 | Source |
|---|---|---|---|---|---|
| Group (SORA@ + 1.50% – 2.00%; maturity 2025; notes (b)(c)(e)(f)) | |||||
| $ floating rate loans I$'000 | – | – | 26,849 | 26,849 | PDF p. 143 |
| Group (SORA@ + 0.80% – 2.75%; maturity 2026; notes (a)(e)(f)) | |||||
| $ floating rate loan II$'000 | 77 | 77 | 924 | 924 | PDF p. 143 |
| $ floating rate loan III$'000 | 900 | 900 | 1,700 | 1,700 | PDF p. 143 |
| Group (EBR# – 2.70%, SORA@ + 0.80%; maturity 2034; notes (a)(d)) | |||||
| $ floating rate loan IV$'000 | 3,775 | 3,775 | 4,117 | 4,117 | PDF p. 143 |
| Group (SORA@ +1.00%; maturity 2035; notes (a)(d)) | |||||
| $ floating rate loan V$'000 | 1,978 | 1,978 | 2,162 | 2,162 | PDF p. 143 |
| Group (SORA@ +0.65%; maturity 2040; notes (a)(f)) | |||||
| $ floating rate loan VI$'000 | 4,343 | 4,343 | – | – | PDF p. 143 |
| Group (2.00%; maturity 2025; notes (c)(e)(f)) | |||||
| $ fixed rate loan I$'000 | – | – | 524 | 524 | PDF p. 143 |
| Group (2.95%; maturity 2027; notes (b)(c)(e)(f)) | |||||
| $ fixed rate loan II$'000 | 42,533 | 42,533 | – | – | PDF p. 143 |
| Group (1.95% – 2.94%; maturity 2029 – 2031; notes (h)(g)(i)) | |||||
| $ lease liabilities I$'000 | 418 | 374 | 507 | 460 | PDF p. 143 |
| Group (3.27% – 6.55%; maturity 2026 – 2041) | |||||
| $ lease liabilities II$'000 | 5,460 | 4,722 | 5,912 | 5,275 | PDF p. 143 |
| Group (COF^ + 2.00%; maturity 2024 – 2025; note (f)) | |||||
| US$ invoice financing I$'000 | – | – | 1,509 | 1,503 | PDF p. 143 |
| Group (COF^ + 1.50%; maturity 2024 – 2025; note (f)) | |||||
| US$ invoice financing II$'000 | – | – | 875 | 868 | PDF p. 143 |
| Company (3.27%; maturity 2026) | |||||
| $ lease liabilities$'000 | 1 | 1 | 13 | 11 | PDF p. 143 |
| Company (1.95% – 2.94%; maturity 2029 – 2031; note (i)) | |||||
| $ lease liabilities$'000 | 371 | 341 | 461 | 417 | PDF p. 143 |
Notes
Group total: face value 59,484 (2025), 45,079 (2024); carrying amount 58,702 (2025), 44,382 (2024). Company total: face 372 / 474; carrying 342 / 428.
Loan IV rate printed over two lines: 'EBR# – 2.70%, SORA@ + 0.80%'.
^ The respective bank’s cost of funds. # The respective bank’s enterprise base rate. @ 3-months compounded Singapore Overnight Rate Average.
Securities: (a) first legal mortgages over certain leasehold properties $18,144,000 (2024: $13,343,000); (b) first legal mortgages over all investment properties $60,140,000 (2024: $58,281,000); (c) fixed deposits $1,400,000 (2024: $1,465,000); (d) guarantees by a subsidiary; (e) guarantees by the Executive Chairman; (f) guarantees by the Company (Note 31); (g) PPE $561,000 (2024: $630,000); (h) guarantee by a director of a subsidiary; (i) PPE $514,000 (2024: $574,000).
Values are four columns in order: 2025 face value, 2025 carrying amount, 2024 face value, 2024 carrying amount. Nominal interest rate and year of maturity are in the section text.
Interest rate profile of interest-bearing instruments
| Item / unit | 2025Group, nominal amount, $'000 | 2024Group, nominal amount, $'000 | 2025Company, nominal amount, $'000 | 2024Company, nominal amount, $'000 | Source |
|---|---|---|---|---|---|
| Fixed rate instruments | |||||
| Financial liabilities$'000 | (47,629) | (5,822) | (39,666) | (19,172) | PDF p. 164 |
| Variable rate instruments | |||||
| Financial liabilities$'000 | (11,073) | (38,560) | (2,590) | (2,590) | PDF p. 164 |
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 11.6 Dividend Policy | The Company does not have a formal dividend policy but the Board seeks to balance dividend return to shareholders with the need for long-term sustainable growth and the requirements for short term cash and capital expenditure requirements in proposing a dividend. | Company, FY2025 | PDF p. 74 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| No Dividend has been recommended for FY2025 | No Dividend has been recommended for FY2025 | Company, FY2025 | PDF p. 74 |
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 |
|---|---|---|---|
| FORVIS MAZARS LLP | FORVIS MAZARS LLP | Group | PDF p. 90 |
| Engagement partner | Tan Chee Tyan | Group | PDF p. 90 |
| Opinion | In our opinion, the accompanying financial statements of the Group and the statement of financial position of the Company are properly drawn up | Group and Company · As at 2025-12-31 | PDF p. 84 |
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.