PacificRadiance RXS
Financials
ANNUAL REPORT 2025
Explore the statements
14 tablesConsolidated Income Statement (Group)
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| RevenueUS$'000 | 55,187 | 43,842 | PDF p. 47 |
| Cost of salesUS$'000 | (33,012) | (29,533) | PDF p. 47 |
| Gross profitUS$'000 | 22,175 | 14,309 | PDF p. 47 |
| Other operating incomeUS$'000 | 8,755 | 24,045 | PDF p. 47 |
| General administrative expensesUS$'000 | (13,021) | (13,579) | PDF p. 47 |
| Fair value loss on derivative warrant liabilitiesUS$'000 | (3,509) | (468) | PDF p. 47 |
| Other operating expensesUS$'000 | (813) | (939) | PDF p. 47 |
| Finance costsUS$'000 | (284) | (413) | PDF p. 47 |
| Share of results of associates and joint venturesUS$'000 | 710 | 1,207 | PDF p. 47 |
| Profit before taxationUS$'000 | 14,013 | 24,162 | PDF p. 47 |
| Tax creditUS$'000 | 1,788 | 1,693 | PDF p. 47 |
| Profit for the yearUS$'000 | 15,801 | 25,855 | PDF p. 47 |
| Profit for the year attributable to | |||
| Equity holders of the CompanyUS$'000 | 15,777 | 25,853 | PDF p. 47 |
| Non-controlling interestsUS$'000 | 24 | 2 | PDF p. 47 |
| SubtotalUS$'000 | 15,801 | 25,855 | PDF p. 47 |
| Earnings per share attributable to equity holders of the Company | |||
| BasicUS cents per share | 1.1 | 1.9 | PDF p. 47 |
| DilutedUS cents per share | 1.0 | 1.8 | PDF p. 47 |
Definitions & sources
Original report: PDF p. 47 ↗
Note column refs omitted from values. Currency US$'000 except EPS in US cents per share.
Consolidated Statement of Comprehensive Income (Group)
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit for the yearUS$'000 | 15,801 | 25,855 | PDF p. 48 |
| Other comprehensive income/(loss): Item that may be reclassified subsequently to profit or loss | |||
| – Foreign currency translationUS$'000 | 2,113 | (725) | PDF p. 48 |
| Comprehensive income | |||
| Other comprehensive income/(loss) for the year, net of taxUS$'000 | 2,113 | (725) | PDF p. 48 |
| Total comprehensive income for the yearUS$'000 | 17,914 | 25,130 | PDF p. 48 |
| Total comprehensive income for the year attributable to | |||
| Equity holders of the CompanyUS$'000 | 17,890 | 25,128 | PDF p. 48 |
| Non-controlling interestsUS$'000 | 24 | 2 | PDF p. 48 |
| SubtotalUS$'000 | 17,914 | 25,130 | PDF p. 48 |
Definitions & sources
Original report: PDF p. 48 ↗
The report presents no separate Company income statement or Company comprehensive income statement; Company profit appears only in the statement of changes in equity.
Statements of Financial Position - Group
36 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Non-current assets | |||
| Property, plant and equipmentUS$'000 | 57,657 | 59,750 | PDF p. 49 |
| Investment in subsidiariesUS$'000 | – | – | PDF p. 49 |
| Investment in associatesUS$'000 | 11,733 | 6,347 | PDF p. 49 |
| Investment in joint venturesUS$'000 | 5,388 | 1,997 | PDF p. 49 |
| Club membershipsUS$'000 | – | 140 | PDF p. 49 |
| Amounts due from related companiesUS$'000 | 403 | 408 | PDF p. 49 |
| SubtotalUS$'000 | 75,181 | 68,642 | PDF p. 49 |
| Current assets | |||
| InventoriesUS$'000 | 6,668 | 215 | PDF p. 49 |
| Trade receivablesUS$'000 | 14,122 | 8,377 | PDF p. 49 |
| Other receivablesUS$'000 | 4,964 | 8,509 | PDF p. 49 |
| Amounts due from related companiesUS$'000 | 11,179 | 12,182 | PDF p. 49 |
| Dividends receivableUS$'000 | – | – | PDF p. 49 |
| Cash and bank balancesUS$'000 | 14,383 | 17,834 | PDF p. 49 |
| SubtotalUS$'000 | 51,316 | 47,117 | PDF p. 49 |
| Assets | |||
| Total assetsUS$'000 | 126,497 | 115,759 | PDF p. 49 |
| Current liabilities | |||
| Trade payablesUS$'000 | 4,302 | 7,241 | PDF p. 49 |
| Other liabilitiesUS$'000 | 12,514 | 16,867 | PDF p. 49 |
| Amounts due to related companiesUS$'000 | 2 | 1,450 | PDF p. 49 |
| Provision for taxationUS$'000 | 349 | 276 | PDF p. 49 |
| Lease liabilitiesUS$'000 | 476 | 421 | PDF p. 49 |
| SubtotalUS$'000 | 17,643 | 26,255 | PDF p. 49 |
| Net current assetsUS$'000 | 33,673 | 20,862 | PDF p. 49 |
| Non-current liabilities | |||
| ProvisionsUS$'000 | 268 | 253 | PDF p. 49 |
| Bank loansUS$'000 | – | – | PDF p. 49 |
| Lease liabilitiesUS$'000 | 6,694 | 6,591 | PDF p. 49 |
| Deferred tax liabilitiesUS$'000 | 491 | 2,345 | PDF p. 49 |
| Derivative warrant liabilitiesUS$'000 | 3,757 | 515 | PDF p. 49 |
| SubtotalUS$'000 | 11,210 | 9,704 | PDF p. 49 |
| Equity and liabilities | |||
| Net assetsUS$'000 | 97,644 | 79,800 | PDF p. 49 |
| Equity attributable to equity holders of the Company | |||
| Share capitalUS$'000 | 206,321 | 205,844 | PDF p. 49 |
| Treasury sharesUS$'000 | (2,135) | (2,135) | PDF p. 49 |
| Accumulated lossesUS$'000 | (102,209) | (117,439) | PDF p. 49 |
| Other reservesUS$'000 | (4,194) | (6,307) | PDF p. 49 |
| SubtotalUS$'000 | 97,783 | 79,963 | PDF p. 49 |
| Equity | |||
| Non-controlling interestsUS$'000 | (139) | (163) | PDF p. 49 |
| Total equityUS$'000 | 97,644 | 79,800 | PDF p. 49 |
Definitions & sources
Original report: PDF p. 49 ↗
As at 31 December 2025; US$'000. Company columns in separate table.
Statements of Financial Position - Company
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| Non-current assets | |||
| Investment in subsidiariesUS$'000 | 31,070 | 7,539 | PDF p. 49 |
| SubtotalUS$'000 | 31,070 | 7,539 | PDF p. 49 |
| Current assets | |||
| Other receivablesUS$'000 | 17 | 31 | PDF p. 49 |
| Amounts due from related companiesUS$'000 | 31,480 | 32,180 | PDF p. 49 |
| Dividends receivableUS$'000 | – | 3,800 | PDF p. 49 |
| Cash and bank balancesUS$'000 | 8,819 | 1,459 | PDF p. 49 |
| SubtotalUS$'000 | 40,316 | 37,470 | PDF p. 49 |
| Assets | |||
| Total assetsUS$'000 | 71,386 | 45,009 | PDF p. 49 |
| Current liabilities | |||
| Other liabilitiesUS$'000 | 522 | 388 | PDF p. 49 |
| Amounts due to related companiesUS$'000 | 2,896 | 7 | PDF p. 49 |
| SubtotalUS$'000 | 3,418 | 395 | PDF p. 49 |
| Net current assetsUS$'000 | 36,898 | 37,075 | PDF p. 49 |
| Non-current liabilities | |||
| Derivative warrant liabilitiesUS$'000 | 3,757 | 515 | PDF p. 49 |
| SubtotalUS$'000 | 3,757 | 515 | PDF p. 49 |
| Equity and liabilities | |||
| Net assetsUS$'000 | 64,211 | 44,099 | PDF p. 49 |
| Equity attributable to equity holders of the Company | |||
| Share capitalUS$'000 | 206,321 | 205,844 | PDF p. 49 |
| Treasury sharesUS$'000 | (2,135) | (2,135) | PDF p. 49 |
| Accumulated lossesUS$'000 | (139,912) | (159,547) | PDF p. 49 |
| Other reservesUS$'000 | (63) | (63) | PDF p. 49 |
| SubtotalUS$'000 | 64,211 | 44,099 | PDF p. 49 |
| Equity | |||
| Total equityUS$'000 | 64,211 | 44,099 | PDF p. 49 |
Definitions & sources
Original report: PDF p. 49 ↗
As at 31 December 2025; US$'000.
Consolidated Statement of Comprehensive Income (Group)
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, US$'000 | 2024Group, US$'000 | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit for the yearUS$'000 | 15,801 | 25,855 | PDF p. 48 |
| Other comprehensive income/(loss): Item that may be reclassified subsequently to profit or loss | |||
| – Foreign currency translationUS$'000 | 2,113 | (725) | PDF p. 48 |
| Other comprehensive income/(loss) | |||
| Other comprehensive income/(loss) for the year, net of taxUS$'000 | 2,113 | (725) | PDF p. 48 |
| Total comprehensive income | |||
| Total comprehensive income for the yearUS$'000 | 17,914 | 25,130 | PDF p. 48 |
| Total comprehensive income for the year attributable to | |||
| Equity holders of the CompanyUS$'000 | 17,890 | 25,128 | PDF p. 48 |
| Non-controlling interestsUS$'000 | 24 | 2 | PDF p. 48 |
Definitions & sources
Original report: PDF p. 48 ↗
Subtotal row 17,914 / 25,130 printed without label after attribution rows.
Consolidated Statement of Changes in Equity (Group) – year 2025
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital, US$'000 | 2025Group, Treasury shares, US$'000 | 2025Group, Accumulated losses, US$'000 | 2025Group, Total other reserves, US$'000 | 2025Group, Foreign currency translation reserve, US$'000 | 2025Group, Capital reserve, US$'000 | 2025Group, Total attributable to equity holders of the Company, US$'000 | 2025Group, Non-controlling interests, US$'000 | 2025Group, Total equity, US$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Movements 2025 | ||||||||||
| Balance at 1 January 2025US$'000 | 205,844 | (2,135) | (117,439) | (6,307) | (3,065) | (3,242) | 79,963 | (163) | 79,800 | PDF p. 50 |
| Profit for the yearUS$'000 | – | – | 15,777 | – | – | – | 15,777 | 24 | 15,801 | PDF p. 50 |
| Movements 2025 – Other comprehensive income | ||||||||||
| Foreign exchange translationUS$'000 | – | – | – | 2,113 | 2,113 | – | 2,113 | – | 2,113 | PDF p. 50 |
| Movements 2025 | ||||||||||
| Total comprehensive income for the yearUS$'000 | – | – | 15,777 | 2,113 | 2,113 | – | 17,890 | 24 | 17,914 | PDF p. 50 |
| Issue of share capitalUS$'000 | 477 | – | – | – | – | – | 477 | – | 477 | PDF p. 50 |
| Dividends paidUS$'000 | – | – | (547) | – | – | – | (547) | – | (547) | PDF p. 50 |
| Balance at 31 December 2025US$'000 | 206,321 | (2,135) | (102,209) | (4,194) | (952) | (3,242) | 97,783 | (139) | 97,644 | PDF p. 50 |
Definitions & sources
Original report: PDF p. 50 ↗
Total comprehensive income row label wraps: 'Total comprehensive income' / 'for the year'. Note references 30(a), 29(a), 19 as printed.
Consolidated Statement of Changes in Equity (Group) – year 2024
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Share capital, US$'000 | 2024Group, Treasury shares, US$'000 | 2024Group, Accumulated losses, US$'000 | 2024Group, Total other reserves, US$'000 | 2024Group, Foreign currency translation reserve, US$'000 | 2024Group, Capital reserve, US$'000 | 2024Group, Total attributable to equity holders of the Company, US$'000 | 2024Group, Non-controlling interests, US$'000 | 2024Group, Total equity, US$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Movements 2024 | ||||||||||
| Balance at 1 January 2024US$'000 | 188,878 | (2,135) | (143,292) | (5,582) | (2,340) | (3,242) | 37,869 | (165) | 37,704 | PDF p. 50 |
| Profit for the yearUS$'000 | – | – | 25,853 | – | – | – | 25,853 | 2 | 25,855 | PDF p. 50 |
| Movements 2024 – Other comprehensive income | ||||||||||
| Foreign exchange translationUS$'000 | – | – | – | (725) | (725) | – | (725) | – | (725) | PDF p. 50 |
| Movements 2024 | ||||||||||
| Total comprehensive income for the yearUS$'000 | – | – | 25,853 | (725) | (725) | – | 25,128 | 2 | 25,130 | PDF p. 50 |
| Issue of share capitalUS$'000 | 16,966 | – | – | – | – | – | 16,966 | – | 16,966 | PDF p. 50 |
| Balance at 31 December 2024US$'000 | 205,844 | (2,135) | (117,439) | (6,307) | (3,065) | (3,242) | 79,963 | (163) | 79,800 | PDF p. 50 |
Definitions & sources
Original report: PDF p. 50 ↗
Non-controlling interests column is included as printed.
Statement of Changes in Equity (Company) – year 2025
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company, Share capital, US$'000 | 2025Company, Treasury shares, US$'000 | 2025Company, Accumulated losses, US$'000 | 2025Company, Total other reserves, US$'000 | 2025Company, Capital reserve, US$'000 | 2025Company, Total equity, US$'000 | Source |
|---|---|---|---|---|---|---|---|
| Movements 2025 | |||||||
| Profit for the yearUS$'000 | – | – | 20,182 | – | – | 20,182 | PDF p. 51 |
| Issue of share capitalUS$'000 | 477 | – | – | – | – | 477 | PDF p. 51 |
| Dividends paidUS$'000 | – | – | (547) | – | – | (547) | PDF p. 51 |
Definitions & sources
Original report: PDF p. 51 ↗
Opening and closing balance rows wrap over two lines. Balance at 1 January 2025: 205,844 (2,135) (159,547) (63) (63) 44,099 (quote: '2025 205,844 (2,135) (159,547) (63) (63) 44,099'). Balance at 31 December 2025: 206,321 (2,135) (139,912) (63) (63) 64,211. Total comprehensive income for the year: – – 20,182 – – 20,182.
Statement of Changes in Equity (Company) – year 2024
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Company, Share capital, US$'000 | 2024Company, Treasury shares, US$'000 | 2024Company, Accumulated losses, US$'000 | 2024Company, Total other reserves, US$'000 | 2024Company, Capital reserve, US$'000 | 2024Company, Total equity, US$'000 | Source |
|---|---|---|---|---|---|---|---|
| Movements 2024 | |||||||
| Profit for the yearUS$'000 | – | – | 968 | – | – | 968 | PDF p. 51 |
| Issue of share capitalUS$'000 | 16,966 | – | – | – | – | 16,966 | PDF p. 51 |
Definitions & sources
Original report: PDF p. 51 ↗
Opening balance at 1 January 2024 (wrapped row): 188,878 (2,135) (160,515) (63) (63) 26,165. Total comprehensive income: – – 968 – – 968. Balance at 31 December 2024: 205,844 (2,135) (159,547) (63) (63) 44,099.
Consolidated Cash Flow Statement (Group) – operating and investing
40 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, US$'000 | 2024Group, US$'000 | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before taxationUS$'000 | 14,013 | 24,162 | PDF p. 52 |
| Adjustments for | |||
| Depreciation of property, plant and equipmentUS$'000 | 5,440 | 4,703 | PDF p. 52 |
| Finance costsUS$'000 | 284 | 413 | PDF p. 52 |
| Interest incomeUS$'000 | (654) | (174) | PDF p. 52 |
| Share of results of associates and joint venturesUS$'000 | (710) | (1,207) | PDF p. 52 |
| (Gain)/Loss on disposal of property, plant and equipmentUS$'000 | (2) | 4 | PDF p. 52 |
| Gain on sale of investment in joint ventures, netUS$'000 | (150) | – | PDF p. 52 |
| Gain on control of subsidiary (formerly joint venture)US$'000 | (11) | – | PDF p. 52 |
| Gain on sale of held for trading investment securitiesUS$'000 | – | (18) | PDF p. 52 |
| Gain on recognition of deferred gain on sale of vesselsUS$'000 | – | (4,282) | PDF p. 52 |
| Gain on debt forgiveness of amounts due to related companiesUS$'000 | (27) | (1,835) | PDF p. 52 |
| Gain on debt forgiveness of bank loansUS$'000 | – | (10,800) | PDF p. 52 |
| Gain on trade payables no longer payableUS$'000 | – | (100) | PDF p. 52 |
| Return of capital from joint venturesUS$'000 | (99) | – | PDF p. 52 |
| Impairment of investment in club membershipsUS$'000 | 140 | – | PDF p. 52 |
| Impairment of doubtful receivables, netUS$'000 | 111 | 71 | PDF p. 52 |
| Write-back of amounts due from related companies, netUS$'000 | (676) | (608) | PDF p. 52 |
| (Write-back)/Impairment of property, plant and equipmentUS$'000 | (862) | 481 | PDF p. 52 |
| Write-back of investment in associatesUS$'000 | (5,386) | (5,510) | PDF p. 52 |
| Fair value loss on derivative warrant liabilitiesUS$'000 | 3,509 | 468 | PDF p. 52 |
| Exchange differencesUS$'000 | 75 | 731 | PDF p. 52 |
| Cash flows from operating activities | |||
| Operating cash flows before changes in working capitalUS$'000 | 14,995 | 6,499 | PDF p. 52 |
| Increase in trade and other receivablesUS$'000 | (1,815) | (1,442) | PDF p. 52 |
| (Increase)/Decrease in amounts due from related companies, netUS$'000 | (3,202) | 3,801 | PDF p. 52 |
| Increase in inventoriesUS$'000 | (3,896) | (98) | PDF p. 52 |
| (Decrease)/Increase in trade payables and other liabilitiesUS$'000 | (8,079) | 7,207 | PDF p. 52 |
| Cash (used in)/generated from operationsUS$'000 | (1,997) | 15,967 | PDF p. 52 |
| Taxes paidUS$'000 | (26) | (171) | PDF p. 52 |
| Interest paidUS$'000 | (284) | (413) | PDF p. 52 |
| Interest receivedUS$'000 | 654 | 174 | PDF p. 52 |
| Net cash flows (used in)/generated from operating activitiesUS$'000 | (1,653) | 15,557 | PDF p. 52 |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipmentUS$'000 | (2,516) | (20,031) | PDF p. 52 |
| Proceeds from property, plant and equipmentUS$'000 | 2 | 112 | PDF p. 52 |
| Gain on control of subsidiary (formerly joint venture)US$'000 | 25 | – | PDF p. 52 |
| Investment in joint venturesUS$'000 | – | (14) | PDF p. 52 |
| Proceeds from sale of joint venturesUS$'000 | 150 | – | PDF p. 52 |
| Return of capital from joint venturesUS$'000 | 99 | – | PDF p. 52 |
| Repayment of loans by joint venturesUS$'000 | 772 | – | PDF p. 52 |
| Proceeds from sale of held for trading securitiesUS$'000 | – | 63 | PDF p. 52 |
| Net cash flows used in investing activitiesUS$'000 | (1,468) | (19,870) | PDF p. 52 |
Definitions & sources
Original report: PDF p. 52 ↗
Note column references printed beside some rows (e.g. 11, 5, 8) are not values.
Consolidated Cash Flow Statement (Group) – financing and closing cash
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, US$'000 | 2024Group, US$'000 | Source |
|---|---|---|---|
| Cash flows from financing activities | |||
| Payment of principal portion of lease liabilitiesUS$'000 | (451) | (1,042) | PDF p. 53 |
| Repayment of bank loansUS$'000 | – | (19,519) | PDF p. 53 |
| Partial redemption of perpetual securitiesUS$'000 | – | (744) | PDF p. 53 |
| Proceeds from issuance of new shares upon conversion of derivative warrant liabilitiesUS$'000 | 477 | 16,966 | PDF p. 53 |
| Dividends paidUS$'000 | (547) | – | PDF p. 53 |
| Decrease in restricted cash and bank balanceUS$'000 | – | 2,021 | PDF p. 53 |
| Net cash flows used in financing activitiesUS$'000 | (521) | (2,318) | PDF p. 53 |
| Cash and cash equivalents | |||
| Net decrease in cash and bank balancesUS$'000 | (3,642) | (6,631) | PDF p. 53 |
| Effect of exchange rate changes on cash and bank balancesUS$'000 | 191 | (190) | PDF p. 53 |
| Cash and bank balances at 1 JanuaryUS$'000 | 17,834 | 24,655 | PDF p. 53 |
| Cash and bank balances at 31 DecemberUS$'000 | 14,383 | 17,834 | PDF p. 53 |
Definitions & sources
Original report: PDF p. 53 ↗
Continuation of the cash flow statement from page 52.
Earnings per share and weighted average shares (Note 10)
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per share | |||
| Profit for the year attributable to equity holders of the CompanyUS$'000 | 15,777 | 25,853 | PDF p. 76 |
| Weighted average number of ordinary shares | |||
| – On a fully diluted basis'000 shares | 1,509,215 | 1,429,205 | PDF p. 76 |
Definitions & sources
Original report: PDF p. 76 ↗
Basic EPS = profit attributable to equity holders / weighted average ordinary shares; diluted adds weighted average shares from conversion of all dilutive potential ordinary shares. Weighted average takes into account treasury shares transactions.
Earnings per share – consolidated income statement
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per share attributable to equity holders of the Company (US cents per share) | |||
| BasicUS cents per share | 1.1 | 1.9 | PDF p. 47 |
| DilutedUS cents per share | 1.0 | 1.8 | PDF p. 47 |
Definitions & sources
Original report: PDF p. 47 ↗
Dividends on ordinary shares (Note 19)
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group and Company | 2024Group and Company | Source |
|---|---|---|---|
| Proposed dividends on ordinary shares | |||
| Final cash dividendUS$'000 | 2,000 | 530 | PDF p. 89 |
Definitions & sources
Original report: PDF p. 89 ↗
A final tax exempt one-tier cash dividend of 0.175 SGD cents per share (2024: 0.05 SGD cents per share) in respect of the financial year ended 31 December 2025 has been proposed by the Company for approval by shareholders at the next annual general meeting to be convened. The proposed dividend was not recognised as dividend payable in the statement of financial position of the Company as at 31 December 2025.
Where the money comes from
Segment information
By business
Segment information 2025 - business segments 15 lines
| Item / unit | 2025Ship Management, US$'000 | 2025Shipyard, US$'000 | 2025Total, US$'000 | Source |
|---|---|---|---|---|
| Revenue | ||||
| SalesUS$'000 | 28,166 | 27,040 | 55,206 | PDF p. 112 |
| Inter-segment sales (Note A)US$'000 | – | (19) | (19) | PDF p. 112 |
| Sales to external customersUS$'000 | 28,166 | 27,021 | 55,187 | PDF p. 112 |
| Results | ||||
| Interest incomeUS$'000 | 540 | 114 | 654 | PDF p. 112 |
| Finance costsUS$'000 | (1) | (283) | (284) | PDF p. 112 |
| Depreciation and amortisationUS$'000 | (2,556) | (2,884) | (5,440) | PDF p. 112 |
| Share of results of associates and joint venturesUS$'000 | 710 | – | 710 | PDF p. 112 |
| Impairment of doubtful trade receivables, netUS$'000 | (85) | (26) | (111) | PDF p. 112 |
| Write-back of amounts due from related companies, netUS$'000 | 676 | – | 676 | PDF p. 112 |
| Segment profit before taxation (Note C)US$'000 | 13,693 | 3,829 | 17,522 | PDF p. 112 |
| Segment assets | ||||
| Investment in associatesUS$'000 | 11,733 | – | 11,733 | PDF p. 112 |
| Investment in joint venturesUS$'000 | 5,388 | – | 5,388 | PDF p. 112 |
| Additions to non-current assets (Note B)US$'000 | 1,492 | 1,024 | 2,516 | PDF p. 112 |
| Segment assetsUS$'000 | 72,763 | 53,734 | 126,497 | PDF p. 112 |
| Segment liabilities | ||||
| Segment liabilitiesUS$'000 | 15,828 | 13,025 | 28,853 | PDF p. 112 |
Notes
Note A: Inter-segment sales are eliminated on consolidation.
Note B: Additions to non-current assets are primarily due to capital expenditure for vessel enhancement and factory conversion.
Note C: Segment profit excludes fair value loss on the Warrants. Upon conversion of the Warrants, the fair value of the Warrants will be reclassified to share capital.
Segment information 2024 - business segments 14 lines
| Item / unit | 2024Ship Management, US$'000 | 2024Shipyard, US$'000 | 2024Total, US$'000 | Source |
|---|---|---|---|---|
| Revenue | ||||
| SalesUS$'000 | 25,321 | 18,546 | 43,867 | PDF p. 113 |
| Inter-segment sales (Note A)US$'000 | (25) | – | (25) | PDF p. 113 |
| Sales to external customersUS$'000 | 25,296 | 18,546 | 43,842 | PDF p. 113 |
| Results | ||||
| Interest incomeUS$'000 | 172 | 2 | 174 | PDF p. 113 |
| Finance costsUS$'000 | (21) | (392) | (413) | PDF p. 113 |
| Depreciation and amortisationUS$'000 | (1,933) | (2,770) | (4,703) | PDF p. 113 |
| Share of results of associates and joint venturesUS$'000 | 1,207 | – | 1,207 | PDF p. 113 |
| Write-back of amounts due from related companies, netUS$'000 | 400 | 208 | 608 | PDF p. 113 |
| Segment profit before taxation (Note C)US$'000 | 11,875 | 12,756 | 24,631 | PDF p. 113 |
| Segment assets | ||||
| Investment in associatesUS$'000 | 6,347 | – | 6,347 | PDF p. 113 |
| Investment in joint venturesUS$'000 | 1,997 | – | 1,997 | PDF p. 113 |
| Additions to non-current assets (Note B)US$'000 | 17,070 | 2,961 | 20,031 | PDF p. 113 |
| Segment assetsUS$'000 | 70,412 | 45,347 | 115,759 | PDF p. 113 |
| Segment liabilities | ||||
| Segment liabilitiesUS$'000 | 6,458 | 29,501 | 35,959 | PDF p. 113 |
Notes
Note A: Inter-segment sales are eliminated on consolidation.
Note B: Additions to non-current assets are primarily due to capital expenditure for vessel enhancement and factory conversion.
Note C: Segment profit excludes fair value loss on the Warrants. Upon conversion of the Warrants, the fair value of the Warrants will be reclassified to share capital.
By geography
Geographical information - revenue and non-current assets 4 lines
| Item / unit | 2025Revenue, US$'000 | 2024Revenue, US$'000 | 2025Non-current assets, US$'000 | 2024Non-current assets, US$'000 | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| Asia(1)US$'000 | – | 7,799 | – | – | PDF p. 113 |
| SingaporeUS$'000 | 37,675 | 28,789 | 57,657 | 59,890 | PDF p. 113 |
| Middle EastUS$'000 | 17,512 | 7,254 | – | – | PDF p. 113 |
| Total (unlabelled)US$'000 | 55,187 | 43,842 | 57,657 | 59,890 | PDF p. 113 |
Notes
(1) Asia includes Brunei and Thailand.
Revenue is based on the geographical location in which the services are performed. Non-current assets are based on the geographical location of the companies that own the assets. Non-current assets consist of property, plant and equipment and club memberships as presented in the consolidated statements of financial position.
Debt
Borrowings
Liquidity risk: Group contractual undiscounted maturity of lease liabilities
| Item / unit | 2025One year or less, US$'000 | 2025One to five years, US$'000 | 2025Over five years, US$'000 | 2025Total, US$'000 | Source |
|---|---|---|---|---|---|
| 2025 Financial liabilities | |||||
| Lease liabilitiesUS$'000 | 752 | 3,008 | 5,264 | 9,024 | PDF p. 105 |
Notes
Contractual undiscounted repayment obligations. No bank loans outstanding in 2025 or 2024, so no borrowings maturity row.
Liquidity risk: Group contractual undiscounted maturity of lease liabilities
| Item / unit | 2025One year or less, US$'000 | 2025One to five years, US$'000 | 2025Over five years, US$'000 | 2025Total, US$'000 | 2024One year or less, US$'000 | 2024One to five years, US$'000 | 2024Over five years, US$'000 | 2024Total, US$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| Financial liabilities | |||||||||
| Lease liabilitiesUS$'000 | 752 | 3,008 | 5,264 | 9,024 | 691 | 2,765 | 5,530 | 8,986 | PDF p. 105 |
Notes
Contractual undiscounted repayment obligations. No bank loans outstanding in 2025 or 2024, so no borrowings maturity row.
Contractual undiscounted repayment obligations.
Borrowing notes 3 tables
Bank loans
| Item / unit | 2025US$'000 | 2024US$'000 | Source |
|---|---|---|---|
| Bank loans | |||
| Bank loans – currentUS$'000 | – | – | PDF p. 91 |
| Bank loans – non-currentUS$'000 | – | – | PDF p. 91 |
Notes
During the previous financial year, CrestSA Marine & Offshore Pte Ltd repaid US$20.2 million of bank loans secured by property and certain equipment (the Property Loan); the remaining US$10.8 million was written off by the lender as gain on debt forgiveness.
Note 34(c): no bank loans with floating interest rates as at 31 December 2025 and 2024. No interest rate range or currency denomination of borrowings is disclosed since there were no borrowings outstanding.
Reconciliation of bank loans, 1 January 2024 to 31 December 2024
| Item / unit | 20241 January 2024 balance, US$'000 | 2024cash flows, US$'000 | 2024non-cash Other(1), US$'000 | 202431 December 2024 balance, US$'000 | Source |
|---|---|---|---|---|---|
| Bank loans | |||||
| – currentUS$'000 | 2,021 | (2,021) | – | – | PDF p. 91 |
| – non-currentUS$'000 | 28,298 | (17,498) | (10,800) | – | PDF p. 91 |
Notes
Foreign exchange column printed as '–' for both rows (not extracted as separate column).
(1) Amount relates to gain on debt forgiveness of bank loans of US$10,800,000 (Note 5).
Lease liabilities
| Item / unit | 2025US$'000 | 2024US$'000 | Source |
|---|---|---|---|
| Lease liabilities | |||
| Lease liabilitiesUS$'000 | 7,170 | 7,012 | PDF p. 92 |
| Less: Current portionUS$'000 | (476) | (421) | PDF p. 92 |
| Lease liabilities – Non-current portionUS$'000 | 6,694 | 6,591 | PDF p. 92 |
Notes
Printed under the heading '24. BANK LOANS (CONT'D)' on page 92 but belongs to Note 25 Lease liabilities.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a fixed dividend policy in place. The Company may declare an annual dividend with the approval of the shareholders in a general meeting, but the amount of such dividend shall not exceed the amount recommended by the Board. The Board may also declare an interim dividend without the approval of the shareholders. | Company | PDF p. 37 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| A final tax exempt one-tier cash dividend | 0.175 SGD cents per share | Proposed final dividend for FY2025, one-tier tax exempt; subject to shareholder approval at next AGM | PDF p. 89 |
| A final tax exempt one-tier cash dividend | 0.05 SGD cents per share | Comparative FY2024 final dividend, one-tier tax exempt | PDF p. 89 |
| Final cash dividend | 2,000 US$'000 | Group and Company, 2025 proposed | PDF p. 89 |
| Final cash dividend | 530 US$'000 | Group and Company, 2024 comparative | 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 | PKF-CAP LLP | Group | PDF p. 46 |
| Engagement partner | Chew Wei Jim | Group | PDF p. 46 |
| Opinion | In our opinion, the accompanying consolidated financial statements of the Group, and the statement of financial position and the statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Singapore Companies Act 1967 | Group and Company | PDF p. 43 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Recoverability of receivables, including related party balances | The assessment of recoverability of trade receivables, other receivables, and amounts due from related companies is considered a key audit matter | Group | PDF p. 44 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern basis of preparation | The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. | Group | PDF p. 54 |
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.