Annual Report 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Group income — FY2025 source | |||
| SalesUS dollars thousands | 860,468 | 788,663 | PDF p. 120 |
| Cost of salesUS dollars thousands | (794,045) | (730,170) | PDF p. 120 |
| Gross profitUS dollars thousands | 66,423 | 58,493 | PDF p. 120 |
| Other incomeUS dollars thousands | 11,892 | 19,042 | PDF p. 120 |
| InterestUS dollars thousands | 1,848 | 1,675 | PDF p. 120 |
| Other operatingUS dollars thousands | 10,044 | 17,367 | PDF p. 120 |
| Expenses: | |||
| Expenses: DistributionUS dollars thousands | (38,925) | (36,602) | PDF p. 120 Label p. 120 |
| AdministrativeUS dollars thousands | (9,698) | (9,649) | PDF p. 120 |
| FinanceUS dollars thousands | (11,187) | (12,211) | PDF p. 120 |
| Other: Loss allowance on trade and other receivablesUS dollars thousands | (2,626) | (1,060) | PDF p. 120 Label p. 120 |
| Other operatingUS dollars thousands | (12,176) | (17,351) | PDF p. 120 |
| Total expensesUS dollars thousands | (74,612) | (76,873) | PDF p. 120 |
| SubtotalUS dollars thousands | 3,703 | 662 | PDF p. 120 |
| Share of results of associated companies (after income tax)US dollars thousands | 20 | 75 | PDF p. 120 |
| Profit before income taxUS dollars thousands | 3,723 | 737 | PDF p. 120 |
| Income tax expenseUS dollars thousands | (974) | (1,041) | PDF p. 120 |
| Profit/(Loss) after income taxUS dollars thousands | 2,749 | (304) | PDF p. 120 |
| Attributable to: | |||
| Equity holders of the CompanyUS dollars thousands | 2,293 | 516 | PDF p. 120 |
| Expenses: | |||
| Non-controlling interestsUS dollars thousands | 456 | (820) | PDF p. 120 |
| SubtotalUS dollars thousands | 2,749 | (304) | PDF p. 120 |
| Earnings per share attributable to equity holders of the Company: | |||
| BasicUS cents per share | 0.25 | 0.06 | PDF p. 120 |
| Earnings/(loss) per share attributable to equity holders of the Company | |||
| DilutedUS cents per share | 0.25 | 0.06 | PDF p. 120 |
Original report: PDF p. 120 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Group comprehensive income — FY2025 source | |||
| Net profit/(loss) for the yearUS dollars thousands | 2,749 | (304) | PDF p. 121 |
| Items that will not be reclassifi ed subsequently to profi t or loss: | |||
| Defined benefit plans’ actuarial (loss)/gainUS dollars thousands | (110) | 58 | PDF p. 121 |
| Share of associated companies’ other comprehensive gain/(loss)US dollars thousands | 1 | (17) | PDF p. 121 |
| Fair value gain recognised on property, plant and equipment reclassified to investment propertiesUS dollars thousands | 686 | – | PDF p. 121 Label p. 121 |
| SubtotalUS dollars thousands | 577 | 41 | PDF p. 121 |
| Items that may be reclassifi ed subsequently to profi t or loss: | |||
| Share of associated companies’ other comprehensive income/(loss)US dollars thousands | 47 | (92) | PDF p. 121 |
| Currency translation differencesUS dollars thousands | 2,861 | (1,969) | PDF p. 121 |
| SubtotalUS dollars thousands | 2,908 | (2,061) | PDF p. 121 |
| Other comprehensive income/(loss) for the year, net of taxUS dollars thousands | 3,485 | (2,020) | PDF p. 121 |
| Total comprehensive income/(loss) for the yearUS dollars thousands | 6,234 | (2,324) | PDF p. 121 |
| Attributable to: | |||
| Equity holders of the CompanyUS dollars thousands | 5,659 | (1,936) | PDF p. 121 |
| Items that may be reclassifi ed subsequently to profi t or loss: | |||
| Non-controlling interestsUS dollars thousands | 575 | (388) | PDF p. 121 |
| SubtotalUS dollars thousands | 6,234 | (2,324) | PDF p. 121 |
Original report: PDF p. 121 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current assets | |||||
| Cash and cash equivalentsUS dollars thousands | 37,468 | 38,312 | 410 | 771 | PDF p. 122 |
| Trade and other receivablesUS dollars thousands | 193,517 | 174,019 | 47,653 | 37,308 | PDF p. 122 |
| InventoriesUS dollars thousands | 130,153 | 122,259 | – | – | PDF p. 122 |
| Financial assets, at fair value through profit or lossUS dollars thousands | 5,027 | 9,676 | – | – | PDF p. 122 |
| Finance lease receivablesUS dollars thousands | 6,261 | – | – | – | PDF p. 122 |
| Other current assetsUS dollars thousands | 6,635 | 5,388 | 356 | 341 | PDF p. 122 |
| SubtotalUS dollars thousands | 379,061 | 349,654 | 48,419 | 38,420 | PDF p. 122 |
| Non-current assets | |||||
| Loans and other receivablesUS dollars thousands | – | – | 15,741 | 27,776 | PDF p. 122 |
| Financial assets, at fair value through profit or lossUS dollars thousands | 22,139 | 20,373 | – | – | PDF p. 122 |
| Investments in associated companiesUS dollars thousands | 2,802 | 2,752 | 1,413 | 1,413 | PDF p. 122 |
| Investment in joint ventureUS dollars thousands | – | – | – | – | PDF p. 122 |
| Investments in subsidiariesUS dollars thousands | – | – | 64,190 | 63,591 | PDF p. 122 |
| Property, plant and equipmentUS dollars thousands | 24,416 | 27,086 | 600 | 555 | PDF p. 122 |
| Investment propertiesUS dollars thousands | 9,864 | 6,463 | – | – | PDF p. 122 |
| Intangible assetsUS dollars thousands | 3,282 | 3,314 | 28 | 24 | PDF p. 122 |
| Finance lease receivablesUS dollars thousands | 11,934 | – | – | – | PDF p. 122 |
| Other assetsUS dollars thousands | 927 | 962 | – | – | PDF p. 122 |
| Deferred income tax assetsUS dollars thousands | 1,874 | 1,524 | – | – | PDF p. 122 |
| SubtotalUS dollars thousands | 77,238 | 62,474 | 81,972 | 93,359 | PDF p. 122 |
| Total assetsUS dollars thousands | 456,299 | 412,128 | 130,391 | 131,779 | PDF p. 122 |
| Current liabilities | |||||
| LIABILITIES Current liabilities Trade and other payablesUS dollars thousands | 108,823 | 104,440 | 11,716 | 10,619 | PDF p. 122 Label p. 122 |
| Current income tax liabilitiesUS dollars thousands | 1,161 | 588 | – | – | PDF p. 122 |
| BorrowingsUS dollars thousands | 182,694 | 168,926 | – | 9,573 | PDF p. 122 |
| SubtotalUS dollars thousands | 292,678 | 273,954 | 11,716 | 20,192 | PDF p. 122 |
| Non-current liabilities | |||||
| Other payablesUS dollars thousands | – | – | 13,888 | 14,364 | PDF p. 122 |
| BorrowingsUS dollars thousands | 22,308 | 3,028 | 6,231 | – | PDF p. 122 |
| Defined benefit plans liabilitiesUS dollars thousands | 374 | 210 | – | – | PDF p. 122 |
| Deferred income tax liabilitiesUS dollars thousands | 1,674 | 1,547 | 976 | 864 | PDF p. 122 |
| SubtotalUS dollars thousands | 24,356 | 4,785 | 21,095 | 15,228 | PDF p. 122 |
| Total liabilitiesUS dollars thousands | 317,034 | 278,739 | 32,811 | 35,420 | PDF p. 122 |
| NET ASSETSUS dollars thousands | 139,265 | 133,389 | 97,580 | 96,359 | PDF p. 122 |
| EQUITY | |||||
| Capital and reserves attributable to equity holders of the Company Share capitalUS dollars thousands | 72,648 | 72,648 | 72,648 | 72,648 | PDF p. 122 Label p. 122 |
| Capital and reserves attributable to equity holders of the Company | |||||
| Treasury sharesUS dollars thousands | (70) | (70) | (70) | (70) | PDF p. 122 |
| Capital reserveUS dollars thousands | 1,602 | 1,602 | 518 | 518 | PDF p. 122 |
| Defined benefit plans reserveUS dollars thousands | 336 | 446 | – | – | PDF p. 122 |
| Fair value reserveUS dollars thousands | (56) | (742) | – | – | PDF p. 122 |
| Revaluation reserveUS dollars thousands | 232 | 227 | – | – | PDF p. 122 |
| Other reserveUS dollars thousands | 2,731 | 2,771 | – | – | PDF p. 122 |
| Currency translation reserveUS dollars thousands | 3,124 | 339 | – | – | PDF p. 122 |
| Retained earningsUS dollars thousands | 52,370 | 50,077 | 24,484 | 23,263 | PDF p. 122 |
| SubtotalUS dollars thousands | 132,917 | 127,298 | 97,580 | 96,359 | PDF p. 122 |
| Non-controlling interestsUS dollars thousands | 6,348 | 6,091 | – | – | PDF p. 122 |
| TOTAL EQUITYUS dollars thousands | 139,265 | 133,389 | 97,580 | 96,359 | PDF p. 122 |
Original report: PDF p. 122 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / Share capital | 2025Group / Treasury shares | 2025Group / Capital reserve | 2025Group / Defined benefit plans reserve | 2025Group / Fair value reserve | 2025Group / Revaluation reserve | 2025Group / Other reserve | 2025Group / Currency translation reserve | 2025Group / Retained earnings | 2025Group / Total attributable to equity holders | 2025Group / Non-controlling interests | 2025Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2025 source / ending 2025 | |||||||||||||
| Balance at 1 January 2025US dollars thousands | 72,648 | (70) | 1,602 | 446 | (742) | 227 | 2,771 | 339 | 50,077 | 127,298 | 6,091 | 133,389 | PDF p. 123 |
| Profit for the yearUS dollars thousands | – | – | – | – | – | – | – | – | 2,293 | 2,293 | 456 | 2,749 | PDF p. 123 |
| Other comprehensive income/(loss): | |||||||||||||
| Defined benefit plans’ actuarial lossUS dollars thousands | – | – | – | (110) | – | – | – | – | – | (110) | – | (110) | PDF p. 123 |
| Group changes in equity — FY2025 source / ending 2025 | |||||||||||||
| Share of associated companies’ other comprehensive incomeUS dollars thousands | – | – | – | – | – | 1 | – | 47 | – | 48 | – | 48 | PDF p. 123 Label p. 123 |
| Fair value gain recognised on property, plant and equipment reclassified to investment propertiesUS dollars thousands | – | – | – | – | 686 | – | – | – | – | 686 | – | 686 | PDF p. 123 Label p. 123 |
| Currency translation differencesUS dollars thousands | – | – | – | – | – | 4 | – | 2,738 | – | 2,742 | 119 | 2,861 | PDF p. 123 |
| Other comprehensive income for the year, net of taxUS dollars thousands | – | – | – | (110) | 686 | 5 | – | 2,785 | – | 3,366 | 119 | 3,485 | PDF p. 123 Label p. 123 |
| Total comprehensive income for the yearUS dollars thousands | – | – | – | (110) | 686 | 5 | – | 2,785 | 2,293 | 5,659 | 575 | 6,234 | PDF p. 123 |
| Others: Acquisition of additional interests in subsidiaries from non-controlling interestsUS dollars thousands | – | – | – | – | – | – | (38) | – | – | (38) | 32 | (6) | PDF p. 123 Label p. 123 |
| Closure of subsidiariesUS dollars thousands | – | – | – | – | – | – | – | – | – | – | (126) | (126) | PDF p. 123 |
| Disposal of interest in a subsidiaryUS dollars thousands | – | – | – | – | – | – | (2) | – | – | (2) | 60 | 58 | PDF p. 123 |
| Dividend paid to non-controlling interests of subsidiariesUS dollars thousands | – | – | – | – | – | – | – | – | – | – | (284) | (284) | PDF p. 123 Label p. 123 |
| Total othersUS dollars thousands | – | – | – | – | – | – | (40) | – | – | (40) | (318) | (358) | PDF p. 123 |
| Balance at 31 December 2025US dollars thousands | 72,648 | (70) | 1,602 | 336 | (56) | 232 | 2,731 | 3,124 | 52,370 | 132,917 | 6,348 | 139,265 | PDF p. 123 |
Original report: PDF p. 123 ↗
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| Metric / unit | 2024Group / Share capital | 2024Group / Treasury shares | 2024Group / Capital reserve | 2024Group / Defined benefit plans reserve | 2024Group / Fair value reserve | 2024Group / Revaluation reserve | 2024Group / Other reserve | 2024Group / Currency translation reserve | 2024Group / Retained earnings | 2024Group / Total attributable to equity holders | 2024Group / Non-controlling interests | 2024Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2025 source / ending 2024 | |||||||||||||
| Balance at 1 January 2024US dollars thousands | 72,648 | (70) | 1,610 | 388 | (742) | 237 | (1,862) | 2,965 | 49,561 | 124,735 | 7,098 | 131,833 | PDF p. 124 |
| Profit/(loss) for the yearUS dollars thousands | – | – | – | – | – | – | – | – | 516 | 516 | (820) | (304) | PDF p. 124 |
| Other comprehensive income/(loss): | |||||||||||||
| Defined benefit plans’ actuarial gainUS dollars thousands | – | – | – | 58 | – | – | – | – | – | 58 | – | 58 | PDF p. 124 |
| Group changes in equity — FY2025 source / ending 2024 | |||||||||||||
| Share of associated companies’ other comprehensive lossUS dollars thousands | – | – | (8) | – | – | (8) | – | (93) | – | (109) | – | (109) | PDF p. 124 Label p. 124 |
| Currency translation differencesUS dollars thousands | – | – | – | – | – | (2) | – | (2,399) | – | (2,401) | 432 | (1,969) | PDF p. 124 |
| Other comprehensive loss for the year, net of taxUS dollars thousands | – | – | (8) | 58 | – | (10) | – | (2,492) | – | (2,452) | 432 | (2,020) | PDF p. 124 Label p. 124 |
| Total comprehensive loss for the yearUS dollars thousands | – | – | (8) | 58 | – | (10) | – | (2,492) | 516 | (1,936) | (388) | (2,324) | PDF p. 124 |
| Others: Fair value accounting for investment in subsidiaries by non-controlling interests upon completion of reverse takeoverUS dollars thousands | – | – | – | – | – | – | 4,561 | (134) | – | 4,427 | 1,128 | 5,555 | PDF p. 124 Label p. 124 |
| Acquisition of additional interest in a subsidiary from non-controlling interestUS dollars thousands | – | – | – | – | – | – | 72 | – | – | 72 | (1,226) | (1,154) | PDF p. 124 Label p. 124 |
| Investments in subsidiaries by non-controlling interestsUS dollars thousands | – | – | – | – | – | – | – | – | – | – | 80 | 80 | PDF p. 124 Label p. 124 |
| Dividend paid to non-controlling interests of subsidiariesUS dollars thousands | – | – | – | – | – | – | – | – | – | – | (601) | (601) | PDF p. 124 Label p. 124 |
| Total othersUS dollars thousands | – | – | – | – | – | – | 4,633 | (134) | – | 4,499 | (619) | 3,880 | PDF p. 124 |
| Balance at 31 December 2024US dollars thousands | 72,648 | (70) | 1,602 | 446 | (742) | 227 | 2,771 | 339 | 50,077 | 127,298 | 6,091 | 133,389 | PDF p. 124 |
Original report: PDF p. 124 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash fl ows from operating activities | |||
| Profit before income taxUS dollars thousands | 3,723 | 737 | PDF p. 125 |
| Adjustments for: | |||
| Amortisation of computer software license costsUS dollars thousands | 81 | 65 | PDF p. 125 |
| Amortisation of trademark and know-howUS dollars thousands | 4 | 4 | PDF p. 125 |
| Depreciation of property, plant and equipmentUS dollars thousands | 2,260 | 2,711 | PDF p. 125 |
| Computer software licenses written offUS dollars thousands | – | 28 | PDF p. 125 |
| Gain on sale of trademarkUS dollars thousands | (21) | – | PDF p. 125 |
| Gain on disposal of property, plant and equipmentUS dollars thousands | (65) | (13) | PDF p. 125 |
| Fair value gain on investment propertiesUS dollars thousands | (80) | (61) | PDF p. 125 |
| Fair value gain on financial assets, at fair value through profit or lossUS dollars thousands | (285) | (7,527) | PDF p. 125 |
| Fair value (gain)/loss on derivative financial instrumentsUS dollars thousands | (19) | 90 | PDF p. 125 |
| Gain on sale of financial assets, at fair value through profit or lossUS dollars thousands | (45) | (165) | PDF p. 125 |
| Dividend income from financial assets, at fair value through profit or lossUS dollars thousands | (26) | (26) | PDF p. 125 Label p. 125 |
| Loss on dilution of interest in an associated companyUS dollars thousands | 7 | 7 | PDF p. 125 |
| Gain on closure/disposal of subsidiariesUS dollars thousands | (1) | – | PDF p. 125 |
| Fair value accounting loss on reverse takeover of investment in subsidiariesUS dollars thousands | – | 3,656 | PDF p. 125 Label p. 125 |
| Impairment of goodwill arising from acquisition of subsidiaryUS dollars thousands | 142 | – | PDF p. 125 |
| Provision for defined benefit plans liabilitiesUS dollars thousands | 445 | 656 | PDF p. 125 |
| Interest incomeUS dollars thousands | (1,860) | (1,675) | PDF p. 125 |
| Interest expensesUS dollars thousands | 11,187 | 12,211 | PDF p. 125 |
| Share of results of associated companiesUS dollars thousands | (20) | (75) | PDF p. 125 |
| Operating cash flow before working capital changesUS dollars thousands | 15,427 | 10,623 | PDF p. 125 |
| Changes in working capital | |||
| Changes in working capital Trade and other receivablesUS dollars thousands | (12,615) | (17,547) | PDF p. 125 Label p. 125 |
| InventoriesUS dollars thousands | (5,567) | 2,284 | PDF p. 125 |
| Financial assets, at fair value through profit or lossUS dollars thousands | 4,676 | (2,021) | PDF p. 125 |
| Finance lease receivablesUS dollars thousands | 1,961 | – | PDF p. 125 |
| Other current assetsUS dollars thousands | (1,104) | 4,733 | PDF p. 125 |
| Other assets (non-current)US dollars thousands | 72 | 980 | PDF p. 125 |
| Trade and other payablesUS dollars thousands | (3,799) | 37,734 | PDF p. 125 |
| Cash (used in)/from operationsUS dollars thousands | (949) | 36,786 | PDF p. 125 |
| Income tax paidUS dollars thousands | (661) | (1,104) | PDF p. 125 |
| Net cash (used in)/generated from operating activitiesUS dollars thousands | (1,610) | 35,682 | PDF p. 125 |
Original report: PDF p. 125 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash fl ows from investing activities | |||
| Payments for computer software license costsUS dollars thousands | (105) | (50) | PDF p. 126 |
| Payments for property, plant and equipmentUS dollars thousands | (523) | (875) | PDF p. 126 |
| Proceed from sale of trademarkUS dollars thousands | 24 | – | PDF p. 126 |
| Proceeds from disposal of property, plant and equipmentUS dollars thousands | 126 | 42 | PDF p. 126 |
| Payments for investments in financial assets, at fair value through profit or lossUS dollars thousands | (657) | (1,284) | PDF p. 126 Label p. 126 |
| Proceeds from sale of financial assets, at fair value through profit or lossUS dollars thousands | 169 | 386 | PDF p. 126 Label p. 126 |
| Dividend received from financial assets, at fair value through profit or lossUS dollars thousands | 26 | 26 | PDF p. 126 Label p. 126 |
| Net cashflow on reverse takeover of subsidiariesUS dollars thousands | – | 165 | PDF p. 126 |
| Dividend received from an associated companyUS dollars thousands | 11 | 21 | PDF p. 126 |
| Interest receivedUS dollars thousands | 1,842 | 1,680 | PDF p. 126 |
| Net cash generated from investing activitiesUS dollars thousands | 913 | 111 | PDF p. 126 |
| Cash fl ows from fi nancing activities | |||
| Subscription of compliance placement shares (net of expenses) in a subsidiary by non-controlling interestsUS dollars thousands | – | 1,715 | PDF p. 126 Label p. 126 |
| Investments in subsidiaries by non-controlling interestsUS dollars thousands | – | 80 | PDF p. 126 |
| Payments for acquisition of additional interests in subsidiaries from non-controlling interestsUS dollars thousands | (6) | (1,154) | PDF p. 126 Label p. 126 |
| Dividend paid to non-controlling interests of subsidiariesUS dollars thousands | (284) | (601) | PDF p. 126 |
| Proceeds from bank borrowingsUS dollars thousands | 718,142 | 746,271 | PDF p. 126 |
| Proceeds from other borrowingsUS dollars thousands | 29,656 | 23,786 | PDF p. 126 |
| Repayment of bank borrowingsUS dollars thousands | (705,655) | (766,368) | PDF p. 126 |
| Repayment of other borrowingsUS dollars thousands | (29,405) | (24,234) | PDF p. 126 |
| Principal payments of lease liabilitiesUS dollars thousands | (3,415) | (1,309) | PDF p. 126 |
| Interest paidUS dollars thousands | (10,271) | (12,240) | PDF p. 126 |
| Pledged fixed depositsUS dollars thousands | (1,269) | 843 | PDF p. 126 |
| Net cash used in financing activitiesUS dollars thousands | (2,507) | (33,211) | PDF p. 126 |
| Net (decrease)/increase in cash and cash equivalents heldUS dollars thousands | (3,204) | 2,582 | PDF p. 126 |
| Cash and cash equivalents at the beginning of the yearUS dollars thousands | 38,312 | 36,233 | PDF p. 126 |
| Effect of currency translation on cash and cash equivalentsUS dollars thousands | 1,091 | (503) | PDF p. 126 |
| Cash and cash equivalents at the end of the yearUS dollars thousands | 36,199 | 38,312 | PDF p. 126 |
Original report: PDF p. 126 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | Source |
|---|---|---|---|---|
| Capital Employed | ||||
| Working CapitalUS dollars thousands | 86,383 | 75,700 | 87,501 | PDF p. 6 |
| Financial highlights — FY2025 source | ||||
| Total AssetsUS dollars thousands | 456,299 | 412,128 | 399,478 | PDF p. 6 |
| Net AssetsUS dollars thousands | 139,265 | 133,389 | 131,833 | PDF p. 6 |
| Net Assets per Share (US cents) (1)US cents per share | 14.69 | 14.07 | 13.79 | PDF p. 6 |
| Net DebtsUS dollars thousands | 167,534 | 133,642 | 157,201 | PDF p. 6 |
| Share Capital | ||||
| Issued and Fully Paid (including Treasury Shares)US dollars thousands | 72,648 | 72,648 | 72,648 | PDF p. 6 |
| Financial highlights — FY2025 source | ||||
| Number of Shares Issued (‘000)shares thousands | 905,788 | 905,788 | 905,788 | PDF p. 6 |
| Number of Treasury Shares (‘000)shares thousands | (946) | (946) | (946) | PDF p. 6 |
| Number of Shares Issued excluding Treasury Shares (‘000)shares thousands | 904,842 | 904,842 | 904,842 | PDF p. 6 |
| Earnings and Dividend per Share | ||||
| Earnings/(Loss) per Share (US cents) (2)US cents per share | 0.25 | 0.06 | (1.64) | PDF p. 6 |
| Dividend per Share (Singapore cents) (3)Singapore cents per share | 0.11 | - | - | PDF p. 6 |
| Dividend Yield (%) (4)percent | 1.3 | - | - | PDF p. 6 |
| Ratios | ||||
| Current Ratiotimes | 1.30 | 1.28 | 1.34 | PDF p. 6 |
| Earnings and Dividend per Share | ||||
| AR Turnover (days)days | 77 | 78 | 82 | PDF p. 6 |
| AP Turnover (days)days | 38 | 32 | 30 | PDF p. 6 |
| Inventory Turnover (days)days | 58 | 62 | 75 | PDF p. 6 |
| Cash Conversion Cycle (days)days | 97 | 108 | 127 | PDF p. 6 |
| Net Gearing Ratiotimes | 1.20 | 1.00 | 1.19 | PDF p. 6 |
Original report: PDF p. 6 ↗
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Basic and diluted EPS inputs | |||
| Net profit attributable to equity holders of the Company (US$’000)US dollars thousands | 2,293 | 516 | PDF p. 159 |
| Weighted average number of ordinary shares in issue for basic earnings per share (’000)shares thousands | 904,842 | 904,842 | PDF p. 159 Label p. 159 |
| Basic earnings per share (US$)US cents per share | 0.25 | 0.06 | PDF p. 159 |
Original report: PDF p. 159 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Cash composition | |||||
| Cash at bank and on handUS dollars thousands | 35,964 | 37,309 | 409 | 770 | PDF p. 160 |
| Short-term bank depositsUS dollars thousands | 1,504 | 1,003 | 1 | 1 | PDF p. 160 |
| Cash and bank balances per statements of financial positionUS dollars thousands | 37,468 | 38,312 | 410 | 771 | PDF p. 160 Label p. 160 |
| Less: Bank deposit pledgedUS dollars thousands | (1,269) | – | – | – | PDF p. 160 |
| Cash and cash equivalents per consolidated statement of cash flowsUS dollars thousands | 36,199 | 38,312 | 410 | 771 | PDF p. 160 Label p. 160 |
Original report: PDF p. 160 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Group income — FY2024 source | |||
| SalesUS dollars thousands | 788,663 | 758,951 | PDF p. 61 |
| Cost of salesUS dollars thousands | (730,170) | (700,121) | PDF p. 61 |
| Gross profitUS dollars thousands | 58,493 | 58,830 | PDF p. 61 |
| Other incomeUS dollars thousands | 19,042 | 7,914 | PDF p. 61 |
| InterestUS dollars thousands | 1,675 | 2,238 | PDF p. 61 |
| Other operatingUS dollars thousands | 17,367 | 5,676 | PDF p. 61 |
| Expenses: | |||
| Expenses: DistributionUS dollars thousands | (36,602) | (37,019) | PDF p. 61 Label p. 61 |
| AdministrativeUS dollars thousands | (9,649) | (9,904) | PDF p. 61 |
| FinanceUS dollars thousands | (12,211) | (14,426) | PDF p. 61 |
| Other: Loss allowance on trade and other receivablesUS dollars thousands | (1,060) | (3,852) | PDF p. 61 Label p. 61 |
| Other operatingUS dollars thousands | (17,351) | (18,084) | PDF p. 61 |
| Total expensesUS dollars thousands | (76,873) | (83,285) | PDF p. 61 |
| SubtotalUS dollars thousands | 662 | (16,541) | PDF p. 61 |
| Share of results of associated companies (after income tax)US dollars thousands | 75 | 66 | PDF p. 61 |
| Profit/(Loss) before income taxUS dollars thousands | 737 | (16,475) | PDF p. 61 |
| Income tax expenseUS dollars thousands | (1,041) | (851) | PDF p. 61 |
| Loss after income taxUS dollars thousands | (304) | (17,326) | PDF p. 61 |
| Attributable to: | |||
| Equity holders of the CompanyUS dollars thousands | 516 | (14,831) | PDF p. 61 |
| Expenses: | |||
| Non-controlling interestsUS dollars thousands | (820) | (2,495) | PDF p. 61 |
| SubtotalUS dollars thousands | (304) | (17,326) | PDF p. 61 |
| Earnings/(Loss) per share attributable to equity holders of the Company: | |||
| BasicUS cents per share | 0.06 | (1.64) | PDF p. 61 |
| Earnings/(loss) per share attributable to equity holders of the Company | |||
| DilutedUS cents per share | 0.06 | (1.64) | PDF p. 61 |
Original report: PDF p. 61 ↗
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| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Group comprehensive income — FY2024 source | |||
| Net loss for the yearUS dollars thousands | (304) | (17,326) | PDF p. 62 |
| Items that will not be reclassifi ed subsequently to profi t or loss: | |||
| Defined benefit plans’ actuarial gain/(loss)US dollars thousands | 58 | (81) | PDF p. 62 |
| Share of associated companies’ other comprehensive lossUS dollars thousands | (17) | (35) | PDF p. 62 |
| SubtotalUS dollars thousands | 41 | (116) | PDF p. 62 |
| Items that may be reclassifi ed subsequently to profi t or loss: | |||
| Share of associated companies’ other comprehensive lossUS dollars thousands | (92) | (39) | PDF p. 62 |
| Currency translation differencesUS dollars thousands | (1,969) | 1,046 | PDF p. 62 |
| SubtotalUS dollars thousands | (2,061) | 1,007 | PDF p. 62 |
| Other comprehensive (loss)/income for the year, net of taxUS dollars thousands | (2,020) | 891 | PDF p. 62 |
| Total comprehensive loss for the yearUS dollars thousands | (2,324) | (16,435) | PDF p. 62 |
| Attributable to: | |||
| Equity holders of the CompanyUS dollars thousands | (1,936) | (14,240) | PDF p. 62 |
| Items that may be reclassifi ed subsequently to profi t or loss: | |||
| Non-controlling interestsUS dollars thousands | (388) | (2,195) | PDF p. 62 |
| SubtotalUS dollars thousands | (2,324) | (16,435) | PDF p. 62 |
Original report: PDF p. 62 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | 2024Company | 2023Company | Source |
|---|---|---|---|---|---|
| Current assets | |||||
| Cash and cash equivalentsUS dollars thousands | 38,312 | 37,076 | 771 | 517 | PDF p. 63 |
| Trade and other receivablesUS dollars thousands | 174,019 | 160,056 | 37,308 | 38,271 | PDF p. 63 |
| InventoriesUS dollars thousands | 122,259 | 126,587 | – | – | PDF p. 63 |
| Financial assets, at fair value through profit or lossUS dollars thousands | 9,676 | 7,655 | – | – | PDF p. 63 Label p. 63 |
| Other current assetsUS dollars thousands | 5,388 | 10,285 | 341 | 835 | PDF p. 63 |
| SubtotalUS dollars thousands | 349,654 | 341,659 | 38,420 | 39,623 | PDF p. 63 |
| Non-current assets | |||||
| Income tax recoverableUS dollars thousands | – | 1,358 | – | – | PDF p. 63 |
| Loans and other receivablesUS dollars thousands | – | – | 27,776 | 28,879 | PDF p. 63 |
| Financial assets, at fair value through profit or lossUS dollars thousands | 20,373 | 12,332 | – | – | PDF p. 63 Label p. 63 |
| Investments in associated companiesUS dollars thousands | 2,752 | 2,814 | 1,413 | 1,217 | PDF p. 63 |
| Investment in joint ventureUS dollars thousands | – | – | – | – | PDF p. 63 |
| Investments in subsidiariesUS dollars thousands | – | – | 63,591 | 58,994 | PDF p. 63 |
| Property, plant and equipmentUS dollars thousands | 27,086 | 29,065 | 555 | 269 | PDF p. 63 |
| Investment propertiesUS dollars thousands | 6,463 | 6,423 | – | – | PDF p. 63 |
| Intangible assetsUS dollars thousands | 3,314 | 3,466 | 24 | 21 | PDF p. 63 |
| Other assetsUS dollars thousands | 962 | 652 | – | – | PDF p. 63 |
| Deferred income tax assetsUS dollars thousands | 1,524 | 1,709 | – | – | PDF p. 63 |
| SubtotalUS dollars thousands | 62,474 | 57,819 | 93,359 | 89,380 | PDF p. 63 |
| Total assetsUS dollars thousands | 412,128 | 399,478 | 131,779 | 129,003 | PDF p. 63 |
| Current liabilities | |||||
| LIABILITIES Current liabilities Trade and other payablesUS dollars thousands | 104,440 | 70,843 | 10,619 | 9,326 | PDF p. 63 Label p. 63 |
| Current income tax liabilitiesUS dollars thousands | 588 | 1,026 | – | – | PDF p. 63 |
| BorrowingsUS dollars thousands | 168,926 | 182,289 | 9,573 | 4,314 | PDF p. 63 |
| SubtotalUS dollars thousands | 273,954 | 254,158 | 20,192 | 13,640 | PDF p. 63 |
| Non-current liabilities | |||||
| Other payablesUS dollars thousands | – | – | 14,364 | 14,712 | PDF p. 63 |
| BorrowingsUS dollars thousands | 3,028 | 11,988 | – | 6,062 | PDF p. 63 |
| Defined benefit plans liabilitiesUS dollars thousands | 210 | 296 | – | – | PDF p. 63 |
| Deferred income tax liabilitiesUS dollars thousands | 1,547 | 1,203 | 864 | 543 | PDF p. 63 |
| SubtotalUS dollars thousands | 4,785 | 13,487 | 15,228 | 21,317 | PDF p. 63 |
| Total liabilitiesUS dollars thousands | 278,739 | 267,645 | 35,420 | 34,957 | PDF p. 63 |
| NET ASSETSUS dollars thousands | 133,389 | 131,833 | 96,359 | 94,046 | PDF p. 63 |
| EQUITY | |||||
| Capital and reserves attributable to equity holders of the Company Share capitalUS dollars thousands | 72,648 | 72,648 | 72,648 | 72,648 | PDF p. 63 Label p. 63 |
| equity holders of the Company | |||||
| Treasury sharesUS dollars thousands | (70) | (70) | (70) | (70) | PDF p. 63 |
| Capital reserveUS dollars thousands | 1,602 | 1,610 | 518 | 518 | PDF p. 63 |
| Defined benefit plans reserveUS dollars thousands | 446 | 388 | – | – | PDF p. 63 |
| Fair value reserveUS dollars thousands | (742) | (742) | – | – | PDF p. 63 |
| Revaluation reserveUS dollars thousands | 227 | 237 | – | – | PDF p. 63 |
| Other reserveUS dollars thousands | 2,771 | (1,862) | – | – | PDF p. 63 |
| Currency translation reserveUS dollars thousands | 339 | 2,965 | – | – | PDF p. 63 |
| Retained earningsUS dollars thousands | 50,077 | 49,561 | 23,263 | 20,950 | PDF p. 63 |
| SubtotalUS dollars thousands | 127,298 | 124,735 | 96,359 | 94,046 | PDF p. 63 |
| Non-controlling interestsUS dollars thousands | 6,091 | 7,098 | – | – | PDF p. 63 |
| TOTAL EQUITYUS dollars thousands | 133,389 | 131,833 | 96,359 | 94,046 | PDF p. 63 |
Original report: PDF p. 63 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / Share capital | 2024Group / Treasury shares | 2024Group / Capital reserve | 2024Group / Defined benefit plans reserve | 2024Group / Fair value reserve | 2024Group / Revaluation reserve | 2024Group / Other reserve | 2024Group / Currency translation reserve | 2024Group / Retained earnings | 2024Group / Total attributable to equity holders | 2024Group / Non-controlling interests | 2024Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2024 source / ending 2024 | |||||||||||||
| Balance at 1 January 2024US dollars thousands | 72,648 | (70) | 1,610 | 388 | (742) | 237 | (1,862) | 2,965 | 49,561 | 124,735 | 7,098 | 131,833 | PDF p. 64 |
| Profit/(loss) for the yearUS dollars thousands | – | – | – | – | – | – | – | – | 516 | 516 | (820) | (304) | PDF p. 64 |
| Other comprehensive income/(loss): | |||||||||||||
| Defined benefit plans’ actuarial gainUS dollars thousands | – | – | – | 58 | – | – | – | – | – | 58 | – | 58 | PDF p. 64 |
| Group changes in equity — FY2024 source / ending 2024 | |||||||||||||
| Share of associated companies’ other comprehensive lossUS dollars thousands | – | – | (8) | – | – | (8) | – | (93) | – | (109) | – | (109) | PDF p. 64 Label p. 64 |
| Currency translation differencesUS dollars thousands | – | – | – | – | – | (2) | – | (2,399) | – | (2,401) | 432 | (1,969) | PDF p. 64 |
| Other comprehensive loss for the year, net of taxUS dollars thousands | – | – | (8) | 58 | – | (10) | – | (2,492) | – | (2,452) | 432 | (2,020) | PDF p. 64 Label p. 64 |
| Total comprehensive loss for the yearUS dollars thousands | – | – | (8) | 58 | – | (10) | – | (2,492) | 516 | (1,936) | (388) | (2,324) | PDF p. 64 |
| Others: Fair value accounting for investment in subsidiaries by non-controlling interests upon completion of reverse takeoverUS dollars thousands | – | – | – | – | – | – | 4,561 | (134) | – | 4,427 | 1,128 | 5,555 | PDF p. 64 Label p. 64 |
| Acquisition of additional interests in subsidiaries from non-controlling interestUS dollars thousands | – | – | – | – | – | – | 72 | – | – | 72 | (1,226) | (1,154) | PDF p. 64 Label p. 64 |
| Investments in subsidiaries by non-controlling interestsUS dollars thousands | – | – | – | – | – | – | – | – | – | – | 80 | 80 | PDF p. 64 Label p. 64 |
| Dividend paid to non-controlling interests of subsidiariesUS dollars thousands | – | – | – | – | – | – | – | – | – | – | (601) | (601) | PDF p. 64 Label p. 64 |
| Total othersUS dollars thousands | – | – | – | – | – | – | 4,633 | (134) | – | 4,499 | (619) | 3,880 | PDF p. 64 |
| Balance at 31 December 2024US dollars thousands | 72,648 | (70) | 1,602 | 446 | (742) | 227 | 2,771 | 339 | 50,077 | 127,298 | 6,091 | 133,389 | PDF p. 64 |
Original report: PDF p. 64 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / Share capital | 2023Group / Treasury shares | 2023Group / Capital reserve | 2023Group / Defined benefit plans reserve | 2023Group / Fair value reserve | 2023Group / Revaluation reserve | 2023Group / Other reserve | 2023Group / Currency translation reserve | 2023Group / Retained earnings | 2023Group / Total attributable to equity holders | 2023Group / Non-controlling interests | 2023Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2024 source / ending 2023 | |||||||||||||
| Balance at 1 January 2023US dollars thousands | 72,648 | (70) | 1,616 | 469 | (742) | 266 | (1,854) | 2,258 | 64,392 | 138,983 | 9,650 | 148,633 | PDF p. 65 |
| Loss for the yearUS dollars thousands | – | – | – | – | – | – | – | – | (14,831) | (14,831) | (2,495) | (17,326) | PDF p. 65 |
| Other comprehensive income/(loss): | |||||||||||||
| Defined benefit plans’ actuarial lossUS dollars thousands | – | – | – | (81) | – | – | – | – | – | (81) | – | (81) | PDF p. 65 |
| Group changes in equity — FY2024 source / ending 2023 | |||||||||||||
| Share of associated companies’ other comprehensive lossUS dollars thousands | – | – | (6) | – | – | (29) | – | (39) | – | (74) | – | (74) | PDF p. 65 Label p. 65 |
| Currency translation differencesUS dollars thousands | – | – | – | – | – | – | – | 746 | – | 746 | 300 | 1,046 | PDF p. 65 |
| Other comprehensive income for the year, net of taxUS dollars thousands | – | – | (6) | (81) | – | (29) | – | 707 | – | 591 | 300 | 891 | PDF p. 65 Label p. 65 |
| Total comprehensive loss for the yearUS dollars thousands | – | – | (6) | (81) | – | (29) | – | 707 | (14,831) | (14,240) | (2,195) | (16,435) | PDF p. 65 |
| Others: Investment in a subsidiary by non-controlling interestsUS dollars thousands | – | – | – | – | – | – | 2 | – | – | 2 | 176 | 178 | PDF p. 65 Label p. 65 |
| Capital reduction in a subsidiaryUS dollars thousands | – | – | – | – | – | – | (10) | – | – | (10) | (9) | (19) | PDF p. 65 |
| Closure of a subsidiaryUS dollars thousands | – | – | – | – | – | – | – | – | – | – | (178) | (178) | PDF p. 65 |
| Dividend paid to non-controlling interests of subsidiariesUS dollars thousands | – | – | – | – | – | – | – | – | – | – | (346) | (346) | PDF p. 65 Label p. 65 |
| Total othersUS dollars thousands | – | – | – | – | – | – | (8) | – | – | (8) | (357) | (365) | PDF p. 65 |
| Balance at 31 December 2023US dollars thousands | 72,648 | (70) | 1,610 | 388 | (742) | 237 | (1,862) | 2,965 | 49,561 | 124,735 | 7,098 | 131,833 | PDF p. 65 |
Original report: PDF p. 65 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Cash fl ows from operating activities | |||
| Profit/(loss) before income taxUS dollars thousands | 737 | (16,475) | PDF p. 66 |
| Adjustments for: | |||
| Amortisation of computer software license costsUS dollars thousands | 65 | 58 | PDF p. 66 |
| Amortisation of trademark and know-howUS dollars thousands | 4 | 16 | PDF p. 66 |
| Depreciation of property, plant and equipmentUS dollars thousands | 2,711 | 3,017 | PDF p. 66 |
| Property, plant and equipment written offUS dollars thousands | – | 8 | PDF p. 66 |
| Computer software licenses written offUS dollars thousands | 28 | – | PDF p. 66 |
| Trademark written offUS dollars thousands | – | 61 | PDF p. 66 |
| Gain on disposal of property, plant and equipmentUS dollars thousands | (13) | (28) | PDF p. 66 |
| Fair value (gain)/loss on investment propertiesUS dollars thousands | (61) | 1 | PDF p. 66 |
| Fair value gain on financial assets, at fair value through profit or lossUS dollars thousands | (7,527) | (43) | PDF p. 66 |
| Gain on sale of financial assets, at fair value through profit or lossUS dollars thousands | (165) | (253) | PDF p. 66 |
| Dividend income from financial assets, at fair value through profit or lossUS dollars thousands | (26) | (34) | PDF p. 66 |
| Fair value loss/(gain) on derivative financial instrumentsUS dollars thousands | 90 | (7) | PDF p. 66 |
| Gain on closure of a subsidiaryUS dollars thousands | – | (160) | PDF p. 66 |
| Impairment loss on investment in an associated companyUS dollars thousands | – | 717 | PDF p. 66 |
| Loss on dilution of interest in an associated companyUS dollars thousands | 7 | 3 | PDF p. 66 |
| Fair value accounting loss on reverse takeover of investment in subsidiariesUS dollars thousands | 3,656 | – | PDF p. 66 |
| Provision for defined benefit plans liabilitiesUS dollars thousands | 656 | 391 | PDF p. 66 |
| Interest incomeUS dollars thousands | (1,675) | (2,238) | PDF p. 66 |
| Interest expenseUS dollars thousands | 12,211 | 14,426 | PDF p. 66 |
| Share of results of associated companiesUS dollars thousands | (75) | (66) | PDF p. 66 |
| Operating cash flow before working capital changesUS dollars thousands | 10,623 | (606) | PDF p. 66 |
| Changes in working capital | |||
| Changes in working capital Financial assets, at fair value through profit or lossUS dollars thousands | (2,021) | 2,154 | PDF p. 66 Label p. 66 |
| Trade and other receivablesUS dollars thousands | (17,547) | 17,629 | PDF p. 66 |
| InventoriesUS dollars thousands | 2,284 | 35,204 | PDF p. 66 |
| Other current assetsUS dollars thousands | 4,733 | 874 | PDF p. 66 |
| Other assets (non-current)US dollars thousands | 980 | (54) | PDF p. 66 |
| Trade and other payablesUS dollars thousands | 37,734 | (28,427) | PDF p. 66 |
| Cash from operationsUS dollars thousands | 36,786 | 26,774 | PDF p. 66 |
| Income tax paidUS dollars thousands | (1,104) | (1,686) | PDF p. 66 |
| Net cash generated from operating activitiesUS dollars thousands | 35,682 | 25,088 | PDF p. 66 |
Original report: PDF p. 66 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Cash fl ows from investing activities | |||
| Payments for computer software license costsUS dollars thousands | (50) | (66) | PDF p. 67 |
| Payments for trademark and know-howUS dollars thousands | – | (38) | PDF p. 67 |
| Payments for property, plant and equipmentUS dollars thousands | (875) | (742) | PDF p. 67 |
| Proceeds from disposal of property, plant and equipmentUS dollars thousands | 42 | 72 | PDF p. 67 |
| Payments for investments in financial assets, at fair value through profit or lossUS dollars thousands | (1,284) | – | PDF p. 67 Label p. 67 |
| Proceeds from sale of financial assets, at fair value through profit or lossUS dollars thousands | 386 | 79 | PDF p. 67 |
| Net cashflow on reverse takeover of subsidiariesUS dollars thousands | 165 | – | PDF p. 67 |
| Net cashflow on step up acquisition from financial assets, at fair value through profit or loss to a subsidiaryUS dollars thousands | – | 169 | PDF p. 67 Label p. 67 |
| Closure of a subsidiaryUS dollars thousands | – | (40) | PDF p. 67 |
| Payments for additional investment in an associated companyUS dollars thousands | – | (4) | PDF p. 67 |
| Dividend received from financial assets, at fair value through profit or lossUS dollars thousands | 26 | 35 | PDF p. 67 |
| Dividend received from an associated companyUS dollars thousands | 21 | 66 | PDF p. 67 |
| Interest receivedUS dollars thousands | 1,680 | 2,141 | PDF p. 67 |
| Net cash generated from investing activitiesUS dollars thousands | 111 | 1,672 | PDF p. 67 |
| Cash fl ows from fi nancing activities | |||
| Dividend paid to non-controlling interests of subsidiariesUS dollars thousands | (601) | (346) | PDF p. 67 |
| Subscription of compliance placement shares (net of expenses) in a subsidiary by non-controlling interestsUS dollars thousands | 1,715 | – | PDF p. 67 Label p. 67 |
| Payments for acquisition of additional interests in subsidiaries from non-controlling interestUS dollars thousands | (1,154) | – | PDF p. 67 Label p. 67 |
| Investments in subsidiaries by non-controlling interestsUS dollars thousands | 80 | – | PDF p. 67 |
| Proceeds from bank borrowingsUS dollars thousands | 746,271 | 688,111 | PDF p. 67 |
| Proceeds from other borrowingsUS dollars thousands | 23,786 | 11,503 | PDF p. 67 |
| Repayment of bank borrowingsUS dollars thousands | (766,368) | (700,445) | PDF p. 67 |
| Repayment of other borrowingsUS dollars thousands | (24,234) | (8,364) | PDF p. 67 |
| Principal payments of lease liabilitiesUS dollars thousands | (1,309) | (1,570) | PDF p. 67 |
| Interest paidUS dollars thousands | (12,240) | (14,387) | PDF p. 67 |
| Pledged fixed depositsUS dollars thousands | 843 | (43) | PDF p. 67 |
| Net cash used in financing activitiesUS dollars thousands | (33,211) | (25,541) | PDF p. 67 |
| Net increase in cash and cash equivalents heldUS dollars thousands | 2,582 | 1,219 | PDF p. 67 |
| Cash and cash equivalents at the beginning of the yearUS dollars thousands | 36,233 | 35,177 | PDF p. 67 |
| Effect of currency translation on cash and cash equivalentsUS dollars thousands | (503) | (163) | PDF p. 67 |
| Cash and cash equivalents at the end of the yearUS dollars thousands | 38,312 | 36,233 | PDF p. 67 |
Original report: PDF p. 67 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Basic and diluted EPS inputs | |||
| Net profit/(loss) attributable to equity holders of the Company (US$’000)US dollars thousands | 516 | (14,831) | PDF p. 94 |
| Weighted average number of ordinary shares in issue for basic earnings/(loss) per share (’000)shares thousands | 904,842 | 904,842 | PDF p. 94 Label p. 94 |
| Basic earnings/(loss) per share (US$)US cents per share | 0.06 | (1.64) | PDF p. 94 |
Original report: PDF p. 94 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Group income — FY2022 source | |||
| SalesUS dollars thousands | 906,723 | 895,893 | PDF p. 60 |
| Cost of salesUS dollars thousands | (832,973) | (822,920) | PDF p. 60 |
| Gross profitUS dollars thousands | 73,750 | 72,973 | PDF p. 60 |
| Other incomeUS dollars thousands | 13,386 | 15,251 | PDF p. 60 |
| InterestUS dollars thousands | 2,556 | 2,325 | PDF p. 60 |
| Other operatingUS dollars thousands | 10,830 | 12,926 | PDF p. 60 |
| Expenses: | |||
| Expenses: DistributionUS dollars thousands | (43,409) | (42,612) | PDF p. 60 Label p. 60 |
| AdministrativeUS dollars thousands | (9,693) | (8,812) | PDF p. 60 |
| FinanceUS dollars thousands | (9,394) | (5,254) | PDF p. 60 |
| Other: Loss allowance on trade and other receivablesUS dollars thousands | (1,852) | (2,912) | PDF p. 60 Label p. 60 |
| Other operatingUS dollars thousands | (25,989) | (13,877) | PDF p. 60 |
| Total expensesUS dollars thousands | (90,337) | (73,467) | PDF p. 60 |
| SubtotalUS dollars thousands | (3,201) | 14,757 | PDF p. 60 |
| Share of results of associated companies (after income tax)US dollars thousands | (830) | (658) | PDF p. 60 |
| (Loss)/profit before income taxUS dollars thousands | (4,031) | 14,099 | PDF p. 60 |
| Income tax expenseUS dollars thousands | (1,664) | (1,510) | PDF p. 60 |
| (Loss)/profit after income taxUS dollars thousands | (5,695) | 12,589 | PDF p. 60 |
| Attributable to: | |||
| Equity holders of the CompanyUS dollars thousands | (4,624) | 11,139 | PDF p. 60 |
| Expenses: | |||
| Non-controlling interestsUS dollars thousands | (1,071) | 1,450 | PDF p. 60 |
| SubtotalUS dollars thousands | (5,695) | 12,589 | PDF p. 60 |
| Company: | |||
| BasicUS cents per share | (0.51) | 1.24 | PDF p. 60 |
| Earnings/(loss) per share attributable to equity holders of the Company | |||
| DilutedUS cents per share | (0.51) | 1.24 | PDF p. 60 |
Original report: PDF p. 60 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Group comprehensive income — FY2022 source | |||
| Net (loss)/profit for the yearUS dollars thousands | (5,695) | 12,589 | PDF p. 61 |
| Items that will not be reclassifi ed subsequently to profi t or loss: | |||
| Defined benefit plans’ actuarial gain/(loss)US dollars thousands | 141 | (9) | PDF p. 61 |
| Share of associated companies’ other comprehensive (loss)/incomeUS dollars thousands | (493) | 1,305 | PDF p. 61 |
| Gain on revaluation of property, plant and equipment transferred to investment propertyUS dollars thousands | – | 38 | PDF p. 61 Label p. 61 |
| SubtotalUS dollars thousands | (352) | 1,334 | PDF p. 61 |
| Items that may be reclassifi ed subsequently to profi t or loss: | |||
| Share of associated companies’ other comprehensive (loss)/incomeUS dollars thousands | (334) | 17 | PDF p. 61 |
| Currency translation differencesUS dollars thousands | (2,561) | (2,369) | PDF p. 61 |
| SubtotalUS dollars thousands | (2,895) | (2,352) | PDF p. 61 |
| Other comprehensive loss for the year, net of taxUS dollars thousands | (3,247) | (1,018) | PDF p. 61 |
| Total comprehensive (loss)/income for the yearUS dollars thousands | (8,942) | 11,571 | PDF p. 61 |
| Attributable to: | |||
| Equity holders of the CompanyUS dollars thousands | (7,923) | 10,399 | PDF p. 61 |
| Items that may be reclassifi ed subsequently to profi t or loss: | |||
| Non-controlling interestsUS dollars thousands | (1,019) | 1,172 | PDF p. 61 |
| SubtotalUS dollars thousands | (8,942) | 11,571 | PDF p. 61 |
Original report: PDF p. 61 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | 2022Company | 2021Company | Source |
|---|---|---|---|---|---|
| Current assets | |||||
| Cash and cash equivalentsUS dollars thousands | 35,977 | 50,963 | 426 | 1,068 | PDF p. 62 |
| Trade and other receivablesUS dollars thousands | 178,351 | 169,649 | 34,710 | 36,071 | PDF p. 62 |
| InventoriesUS dollars thousands | 162,971 | 133,688 | – | – | PDF p. 62 |
| Financial assets, at fair value through profit or lossUS dollars thousands | 9,809 | 10,715 | – | – | PDF p. 62 Label p. 62 |
| Other current assetsUS dollars thousands | 11,208 | 8,600 | 1,001 | 397 | PDF p. 62 |
| SubtotalUS dollars thousands | 398,316 | 373,615 | 36,137 | 37,536 | PDF p. 62 |
| Non-current assets | |||||
| Income tax recoverableUS dollars thousands | 1,667 | 1,667 | – | – | PDF p. 62 |
| Loans and other receivablesUS dollars thousands | – | – | 33,219 | 38,093 | PDF p. 62 |
| Financial assets, at fair value through profit or lossUS dollars thousands | 12,196 | 7,481 | – | – | PDF p. 62 Label p. 62 |
| Investments in associated companiesUS dollars thousands | 3,602 | 8,736 | 1,217 | 1,217 | PDF p. 62 |
| Investment in joint ventureUS dollars thousands | – | – | – | – | PDF p. 62 |
| Investments in subsidiariesUS dollars thousands | – | – | 58,623 | 57,255 | PDF p. 62 |
| Property, plant and equipmentUS dollars thousands | 30,415 | 33,980 | 323 | 384 | PDF p. 62 |
| Investment propertiesUS dollars thousands | 6,457 | 7,187 | – | – | PDF p. 62 |
| Intangible assetsUS dollars thousands | 3,399 | 3,343 | 6 | 14 | PDF p. 62 |
| Other assetsUS dollars thousands | 595 | 787 | 420 | 600 | PDF p. 62 |
| Deferred income tax assetsUS dollars thousands | 871 | 1,001 | – | – | PDF p. 62 |
| SubtotalUS dollars thousands | 59,202 | 64,182 | 93,808 | 97,563 | PDF p. 62 |
| Total assetsUS dollars thousands | 457,518 | 437,797 | 129,945 | 135,099 | PDF p. 62 |
| Current liabilities | |||||
| LIABILITIES Current liabilities Trade and other payablesUS dollars thousands | 101,885 | 89,387 | 8,833 | 10,810 | PDF p. 62 Label p. 62 |
| Current income tax liabilitiesUS dollars thousands | 1,385 | 1,383 | – | – | PDF p. 62 |
| BorrowingsUS dollars thousands | 196,923 | 167,430 | 11,104 | 5,293 | PDF p. 62 |
| SubtotalUS dollars thousands | 300,193 | 258,200 | 19,937 | 16,103 | PDF p. 62 |
| Non-current liabilities | |||||
| Other payablesUS dollars thousands | – | – | 15,778 | 16,232 | PDF p. 62 |
| BorrowingsUS dollars thousands | 7,260 | 16,778 | 525 | 6,272 | PDF p. 62 |
| Defined benefit plans liabilitiesUS dollars thousands | 200 | 395 | – | – | PDF p. 62 |
| Deferred income tax liabilitiesUS dollars thousands | 1,232 | 1,029 | 600 | 479 | PDF p. 62 |
| SubtotalUS dollars thousands | 8,692 | 18,202 | 16,903 | 22,983 | PDF p. 62 |
| Total liabilitiesUS dollars thousands | 308,885 | 276,402 | 36,840 | 39,086 | PDF p. 62 |
| NET ASSETSUS dollars thousands | 148,633 | 161,395 | 93,105 | 96,013 | PDF p. 62 |
| EQUITY | |||||
| Capital and reserves attributable to equity holders of the Company Share capitalUS dollars thousands | 72,648 | 72,648 | 72,648 | 72,648 | PDF p. 62 Label p. 62 |
| equity holders of the Company | |||||
| Treasury sharesUS dollars thousands | (70) | (70) | (70) | (70) | PDF p. 62 |
| Capital reserveUS dollars thousands | 1,616 | 2,665 | 518 | 518 | PDF p. 62 |
| Defined benefit plans reserveUS dollars thousands | 469 | 328 | – | – | PDF p. 62 |
| Fair value reserveUS dollars thousands | (742) | (742) | – | – | PDF p. 62 |
| Revaluation reserveUS dollars thousands | 266 | 198 | – | – | PDF p. 62 |
| Other reserveUS dollars thousands | (1,854) | (1,457) | – | – | PDF p. 62 |
| Currency translation reserveUS dollars thousands | 2,258 | 5,204 | – | – | PDF p. 62 |
| Retained earningsUS dollars thousands | 64,392 | 71,997 | 20,009 | 22,917 | PDF p. 62 |
| SubtotalUS dollars thousands | 138,983 | 150,771 | 93,105 | 96,013 | PDF p. 62 |
| Non-controlling interestsUS dollars thousands | 9,650 | 10,624 | – | – | PDF p. 62 |
| TOTAL EQUITYUS dollars thousands | 148,633 | 161,395 | 93,105 | 96,013 | PDF p. 62 |
Original report: PDF p. 62 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / Share capital | 2022Group / Treasury shares | 2022Group / Capital reserve | 2022Group / Defined benefit plans reserve | 2022Group / Fair value reserve | 2022Group / Revaluation reserve | 2022Group / Other reserve | 2022Group / Currency translation reserve | 2022Group / Retained earnings | 2022Group / Total attributable to equity holders | 2022Group / Non-controlling interests | 2022Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2022 source / ending 2022 | |||||||||||||
| Balance at 1 January 2022US dollars thousands | 72,648 | (70) | 2,665 | 328 | (742) | 198 | (1,457) | 5,204 | 71,997 | 150,771 | 10,624 | 161,395 | PDF p. 63 |
| Loss for the yearUS dollars thousands | – | – | – | – | – | – | – | – | (4,624) | (4,624) | (1,071) | (5,695) | PDF p. 63 |
| Other comprehensive income/(loss): | |||||||||||||
| Defined benefit plans’ actuarial gainUS dollars thousands | – | – | – | 141 | – | – | – | – | – | 141 | – | 141 | PDF p. 63 |
| Group changes in equity — FY2022 source / ending 2022 | |||||||||||||
| Share of associated companies’ other comprehensive lossUS dollars thousands | – | – | (1,049) | – | – | 68 | (210) | (333) | 697 | (827) | – | (827) | PDF p. 63 |
| Currency translation differencesUS dollars thousands | – | – | – | – | – | – | – | (2,613) | – | (2,613) | 52 | (2,561) | PDF p. 63 |
| Other comprehensive (loss)/income for the year, net of taxUS dollars thousands | – | – | (1,049) | 141 | – | 68 | (210) | (2,946) | 697 | (3,299) | 52 | (3,247) | PDF p. 63 |
| Total comprehensive loss for the yearUS dollars thousands | – | – | (1,049) | 141 | – | 68 | (210) | (2,946) | (3,927) | (7,923) | (1,019) | (8,942) | PDF p. 63 |
| Distributions to owners: One-tier tax-exempt final cash dividend for year 2021US dollars thousands | – | – | – | – | – | – | – | – | (2,974) | (2,974) | – | (2,974) | PDF p. 63 Label p. 63 |
| One-tier tax-exempt interim cash dividend for year 2022US dollars thousands | – | – | – | – | – | – | – | – | (704) | (704) | – | (704) | PDF p. 63 |
| Total distributions to ownersUS dollars thousands | – | – | – | – | – | – | – | – | (3,678) | (3,678) | – | (3,678) | PDF p. 63 |
| Others: Investment in a subsidiary by a non-controlling interestUS dollars thousands | – | – | – | – | – | – | (187) | – | – | (187) | 503 | 316 | PDF p. 63 Label p. 63 |
| Dividend paid to non-controlling interestsUS dollars thousands | – | – | – | – | – | – | – | – | – | – | (458) | (458) | PDF p. 63 |
| Total othersUS dollars thousands | – | – | – | – | – | – | (187) | – | – | (187) | 45 | (142) | PDF p. 63 |
| Balance at 31 December 2022US dollars thousands | 72,648 | (70) | 1,616 | 469 | (742) | 266 | (1,854) | 2,258 | 64,392 | 138,983 | 9,650 | 148,633 | PDF p. 63 |
Original report: PDF p. 63 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / Share capital | 2021Group / Treasury shares | 2021Group / Capital reserve | 2021Group / Defined benefit plans reserve | 2021Group / Fair value reserve | 2021Group / Revaluation reserve | 2021Group / Other reserve | 2021Group / Currency translation reserve | 2021Group / Retained earnings | 2021Group / Total attributable to equity holders | 2021Group / Non-controlling interests | 2021Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2022 source / ending 2021 | |||||||||||||
| Balance at 1 January 2021US dollars thousands | 72,648 | (736) | 1,276 | 337 | (742) | 175 | (1,665) | 7,278 | 63,063 | 141,634 | 10,104 | 151,738 | PDF p. 64 |
| Profit for the yearUS dollars thousands | – | – | – | – | – | – | – | – | 11,139 | 11,139 | 1,450 | 12,589 | PDF p. 64 |
| Other comprehensive income/(loss): | |||||||||||||
| Defined benefit plans’ actuarial lossUS dollars thousands | – | – | – | (9) | – | – | – | – | – | (9) | – | (9) | PDF p. 64 |
| Group changes in equity — FY2022 source / ending 2021 | |||||||||||||
| Share of associated companies’ other comprehensive income/(loss)US dollars thousands | – | – | 1,051 | – | – | (15) | 269 | 17 | – | 1,322 | – | 1,322 | PDF p. 64 |
| Gain on revaluation of property, plant and equipment transferred to investment propertyUS dollars thousands | – | – | – | – | – | 38 | – | – | – | 38 | – | 38 | PDF p. 64 Label p. 64 |
| Currency translation differencesUS dollars thousands | – | – | – | – | – | – | – | (2,091) | – | (2,091) | (278) | (2,369) | PDF p. 64 |
| Other comprehensive (loss)/income for the year, net of taxUS dollars thousands | – | – | 1,051 | (9) | – | 23 | 269 | (2,074) | – | (740) | (278) | (1,018) | PDF p. 64 |
| Total comprehensive income for the yearUS dollars thousands | – | – | 1,051 | (9) | – | 23 | 269 | (2,074) | 11,139 | 10,399 | 1,172 | 11,571 | PDF p. 64 |
| Distributions to owners: One-tier tax-exempt final cash dividend for year 2020US dollars thousands | – | – | – | – | – | – | – | – | (743) | (743) | – | (743) | PDF p. 64 Label p. 64 |
| One-tier tax-exempt interim cash dividend for year 2021US dollars thousands | – | – | – | – | – | – | – | – | (1,462) | (1,462) | – | (1,462) | PDF p. 64 |
| Total distributions to ownersUS dollars thousands | – | – | – | – | – | – | – | – | (2,205) | (2,205) | – | (2,205) | PDF p. 64 |
| Others: Placement of treasury sharesUS dollars thousands | – | 666 | 338 | – | – | – | – | – | – | 1,004 | – | 1,004 | PDF p. 64 Label p. 64 |
| Acquisition of additional interests in subsidiaries from non- controlling interestsUS dollars thousands | – | – | – | – | – | – | (61) | – | – | (61) | (380) | (441) | PDF p. 64 Label p. 64 |
| Investment in subsidiaries by non-controlling interestsUS dollars thousands | – | – | – | – | – | – | – | – | – | – | 92 | 92 | PDF p. 64 |
| Dividend paid to non-controlling interestsUS dollars thousands | – | – | – | – | – | – | – | – | – | – | (334) | (334) | PDF p. 64 |
| Closure of subsidiariesUS dollars thousands | – | – | – | – | – | – | – | – | – | – | (30) | (30) | PDF p. 64 |
| Total othersUS dollars thousands | – | 666 | 338 | – | – | – | (61) | – | – | 943 | (652) | 291 | PDF p. 64 |
| Balance at 31 December 2021US dollars thousands | 72,648 | (70) | 2,665 | 328 | (742) | 198 | (1,457) | 5,204 | 71,997 | 150,771 | 10,624 | 161,395 | PDF p. 64 |
Original report: PDF p. 64 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Cash fl ows from operating activities | |||
| (Loss)/profit before income taxUS dollars thousands | (4,031) | 14,099 | PDF p. 65 |
| Adjustments for: | |||
| Amortisation of computer software license costsUS dollars thousands | 64 | 104 | PDF p. 65 |
| Depreciation of property, plant and equipmentUS dollars thousands | 3,317 | 2,848 | PDF p. 65 |
| Property, plant and equipment written offUS dollars thousands | 1 | 216 | PDF p. 65 |
| Gain on disposal of property, plant and equipmentUS dollars thousands | (13) | (43) | PDF p. 65 |
| Fair value loss/(gain) on investment propertiesUS dollars thousands | 47 | (427) | PDF p. 65 |
| Fair value loss/(gain) on financial assets, at fair value through profit or lossUS dollars thousands | 797 | (917) | PDF p. 65 |
| Gain on sale of financial assets, at fair value through profit or lossUS dollars thousands | (20) | (239) | PDF p. 65 |
| Dividend income from financial assets, at fair value through profit or lossUS dollars thousands | (21) | (17) | PDF p. 65 |
| Fair value loss/(gain) on derivative financial instrumentsUS dollars thousands | 224 | (1,441) | PDF p. 65 |
| Gain on closure of subsidiariesUS dollars thousands | – | (104) | PDF p. 65 |
| Gain on disposal of interests in associated companiesUS dollars thousands | (397) | (306) | PDF p. 65 |
| Gain on re-measurement of associated company to financial assets, at fair value through profit or lossUS dollars thousands | (2,344) | – | PDF p. 65 Label p. 65 |
| Impairment loss on investments in associated companiesUS dollars thousands | 1,296 | – | PDF p. 65 |
| Gain on dilution of interests in associated companiesUS dollars thousands | (1,044) | (15) | PDF p. 65 |
| Loss on re-measuring previously held equity in a joint ventureUS dollars thousands | – | 165 | PDF p. 65 |
| Provision for defined benefit plans liabilitiesUS dollars thousands | 258 | 354 | PDF p. 65 |
| Interest incomeUS dollars thousands | (2,556) | (2,325) | PDF p. 65 |
| Interest expenseUS dollars thousands | 9,394 | 5,254 | PDF p. 65 |
| Share of results of associated companiesUS dollars thousands | 830 | 658 | PDF p. 65 |
| Operating cash flow before working capital changesUS dollars thousands | 5,802 | 17,864 | PDF p. 65 |
| Change in working capital Trade and other receivablesUS dollars thousands | (18,049) | (26,581) | PDF p. 65 Label p. 65 |
| Financial assets, at fair value through profit or lossUS dollars thousands | 906 | 5,093 | PDF p. 65 |
| InventoriesUS dollars thousands | (33,078) | (25,382) | PDF p. 65 |
| Other current assetsUS dollars thousands | (2,877) | (2,889) | PDF p. 65 |
| Other assets (non-current)US dollars thousands | 180 | (546) | PDF p. 65 |
| Trade and other payablesUS dollars thousands | 23,333 | (16,451) | PDF p. 65 |
| Cash used in operationsUS dollars thousands | (23,783) | (48,892) | PDF p. 65 |
| Income tax paidUS dollars thousands | (1,319) | (936) | PDF p. 65 |
| Net cash used in operating activitiesUS dollars thousands | (25,102) | (49,828) | PDF p. 65 |
Original report: PDF p. 65 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Cash fl ows from investing activities | |||
| Payments for computer software license costsUS dollars thousands | (116) | (20) | PDF p. 66 |
| Payments for property, plant and equipmentUS dollars thousands | (991) | (982) | PDF p. 66 |
| Proceeds from disposal of property, plant and equipmentUS dollars thousands | 13 | 177 | PDF p. 66 |
| Proceeds from sale of financial assets, at fair value through profit or lossUS dollars thousands | 163 | 868 | PDF p. 66 |
| Proceeds from disposal of interests in associated companiesUS dollars thousands | 1,097 | 841 | PDF p. 66 |
| Net cashflow on step up acquisition from a joint venture to a subsidiaryUS dollars thousands | – | 100 | PDF p. 66 |
| Payments for financial assets, at fair value through profit or lossUS dollars thousands | (866) | (3,758) | PDF p. 66 |
| Payments for investments in associated companiesUS dollars thousands | – | (147) | PDF p. 66 |
| Dividend received from financial assets, at fair value through profit or lossUS dollars thousands | 21 | 17 | PDF p. 66 |
| Dividend received from an associated companyUS dollars thousands | 21 | – | PDF p. 66 |
| Interest receivedUS dollars thousands | 2,554 | 2,325 | PDF p. 66 |
| Net cash generated from/(used in) investing activitiesUS dollars thousands | 1,896 | (579) | PDF p. 66 |
| Cash fl ows from fi nancing activities | |||
| Proceeds from placement of treasury sharesUS dollars thousands | – | 1,004 | PDF p. 66 |
| Investments in subsidiaries by non-controlling interestsUS dollars thousands | 316 | 92 | PDF p. 66 |
| Payments for acquisition of additional interests in subsidiaries from non-controlling interestsUS dollars thousands | – | (441) | PDF p. 66 Label p. 66 |
| Dividend paid to shareholders of the CompanyUS dollars thousands | (3,678) | (2,205) | PDF p. 66 |
| Dividend paid to non-controlling interestsUS dollars thousands | (458) | (334) | PDF p. 66 |
| Proceeds from bank borrowingsUS dollars thousands | 682,633 | 561,203 | PDF p. 66 |
| Proceeds from other borrowingsUS dollars thousands | 4,772 | 12,937 | PDF p. 66 |
| Repayment of bank borrowingsUS dollars thousands | (657,109) | (513,796) | PDF p. 66 |
| Repayment of other borrowingsUS dollars thousands | (6,555) | (15,129) | PDF p. 66 |
| Principal payments of lease liabilitiesUS dollars thousands | (1,777) | (1,323) | PDF p. 66 |
| Interest paidUS dollars thousands | (8,709) | (5,226) | PDF p. 66 |
| Pledged fixed depositsUS dollars thousands | (800) | – | PDF p. 66 |
| Net cash generated from financing activitiesUS dollars thousands | 8,635 | 36,782 | PDF p. 66 |
| Net decrease in cash and cash equivalents heldUS dollars thousands | (14,571) | (13,625) | PDF p. 66 |
| Cash and cash equivalents at the beginning of the yearUS dollars thousands | 50,963 | 64,739 | PDF p. 66 |
| Effect of currency translation on cash and cash equivalentsUS dollars thousands | (1,215) | (151) | PDF p. 66 |
| Cash and cash equivalents at the end of the yearUS dollars thousands | 35,177 | 50,963 | PDF p. 66 |
Original report: PDF p. 66 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | 2020Group | Source |
|---|---|---|---|---|
| Capital Employed | ||||
| Working CapitalUS dollars thousands | 98,123 | 115,415 | 106,797 | PDF p. 7 |
| Financial highlights — FY2022 source | ||||
| Total AssetsUS dollars thousands | 457,518 | 437,797 | 396,715 | PDF p. 7 |
| Net AssetsUS dollars thousands | 148,633 | 161,395 | 151,738 | PDF p. 7 |
| Net Assets per Share (United States cents) (1)US cents per share | 15.36 | 16.66 | 15.81 | PDF p. 7 |
| Net DebtsUS dollars thousands | 168,206 | 133,245 | 72,574 | PDF p. 7 |
| Share Capital | ||||
| Issued and Fully Paid (including Treasury Shares)US dollars thousands | 72,648 | 72,648 | 72,648 | PDF p. 7 |
| Financial highlights — FY2022 source | ||||
| Number of Shares Issued (thousands)shares thousands | 905,788 | 905,788 | 905,788 | PDF p. 7 |
| Number of Treasury Shares (thousands)shares thousands | (946) | (946) | (9,946) | PDF p. 7 |
| Number of Shares Issued excluding Treasury Shares (thousands)shares thousands | 904,842 | 904,842 | 895,842 | PDF p. 7 |
| Earnings and Dividend per Share | ||||
| (Loss)/Earnings per Share (United States cents) (2)US cents per share | (0.51) | 1.24 | 0.03 | PDF p. 7 |
| Dividend per Share (Singapore cents)Singapore cents per share | 0.11 | 0.67 | 0.11 | PDF p. 7 |
| Dividend Yield (%) (3)percent | 1.2 | 6.0 | 1.3 | PDF p. 7 |
| Ratios | ||||
| Current Ratiotimes | 1.33 | 1.45 | 1.46 | PDF p. 7 |
| Earnings and Dividend per Share | ||||
| AR Turnover (days)days | 70 | 65 | 72 | PDF p. 7 |
| AP Turnover (days)days | 30 | 30 | 37 | PDF p. 7 |
| Inventory Turnover (days)days | 65 | 54 | 61 | PDF p. 7 |
| Cash Conversion Cycle (days)days | 105 | 89 | 96 | PDF p. 7 |
| Net Gearing Ratiotimes | 1.13 | 0.83 | 0.48 | PDF p. 7 |
Original report: PDF p. 7 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Basic and diluted EPS inputs | |||
| Net (loss)/profit attributable to equity holders of the Company (US$’000)US dollars thousands | (4,624) | 11,139 | PDF p. 95 |
| Weighted average number of ordinary shares outstanding for basic (loss)/earnings per share (’000)shares thousands | 904,842 | 900,083 | PDF p. 95 Label p. 95 |
| Basic (loss)/earnings per share (US$)US cents per share | (0.51) | 1.24 | PDF p. 95 |
Original report: PDF p. 95 ↗
Where the money comes from
| Item / unit | 2025Electronic components distribution | 2025Consumer products distribution | 2025Other businesses | 2025Inter-segment eliminations | 2025Total | 2024Electronic components distribution | 2024Consumer products distribution | 2024Other businesses | 2024Inter-segment eliminations | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales – externalUS$'000 | 763,344 | 110,584 | 8,731 | (22,191) | 860,468 | 693,800 | 107,694 | 7,697 | (20,528) | 788,663 | PDF p. 233PDF p. 234 |
| Operating profit/(loss)US$'000 | 15,465 | (2,220) | (196) | – | 13,049 | 7,177 | (3,330) | 7,358 | – | 11,205 | PDF p. 233PDF p. 234 |
| Unallocated lossUS$'000 | (7) | – | – | – | (7) | (7) | – | – | – | (7) | PDF p. 233PDF p. 234 |
| Finance incomeUS$'000 | 147 | 1,165 | 1,036 | (500) | 1,848 | 833 | 563 | 1,654 | (1,375) | 1,675 | PDF p. 233PDF p. 234 |
| Finance expenseUS$'000 | (8,181) | (2,184) | (1,322) | 500 | (11,187) | (9,736) | (2,032) | (1,818) | 1,375 | (12,211) | PDF p. 233PDF p. 234 |
| Segment results – profit/(loss) before income taxUS$'000 | 7,505 | (3,300) | (482) | – | 3,723 | PDF p. 233 | |||||
| Segment assetsUS$'000 | 396,022 | 81,711 | 65,277 | (91,387) | 451,623 | 354,188 | 71,582 | 63,997 | (81,915) | 407,852 | PDF p. 233PDF p. 234 |
| Investments in associated companiesUS$'000 | 1,590 | 1,212 | – | – | 2,802 | 1,446 | 1,306 | – | – | 2,752 | PDF p. 233PDF p. 234 |
| Segment liabilitiesUS$'000 | 110,186 | 37,715 | 52,683 | (91,387) | 109,197 | 88,846 | 45,640 | 52,079 | (81,915) | 104,650 | PDF p. 233PDF p. 234 |
| BorrowingsUS$'000 | 167,562 | 25,243 | 12,197 | – | 205,002 | 133,923 | 22,515 | 15,516 | – | 171,954 | PDF p. 233PDF p. 234 |
| Cost of inventoriesUS$'000 | 706,657 | 106,105 | 3,376 | (22,191) | 793,947 | 644,554 | 102,944 | 3,136 | (20,528) | 730,106 | PDF p. 233PDF p. 234 |
| Capital expenditure on property, plant and equipmentUS$'000 | 622 | 50 | 477 | – | 1,149 | 1,021 | 150 | 820 | – | 1,991 | PDF p. 233PDF p. 234 |
| Capital expenditure on computer software license costsUS$'000 | 56 | 30 | 19 | – | 105 | 34 | – | 16 | – | 50 | PDF p. 233PDF p. 234 |
| Depreciation of property, plant and equipmentUS$'000 | 1,178 | 213 | 869 | – | 2,260 | 1,752 | 223 | 736 | – | 2,711 | PDF p. 233PDF p. 234 |
| Employee benefits expenseUS$'000 | 26,850 | 3,147 | 3,082 | – | 33,079 | 24,704 | 2,875 | 2,867 | – | 30,446 | PDF p. 233PDF p. 234 |
| Segment results - profit/(loss) before income taxUS$'000 | (1,689) | (4,768) | 7,194 | – | 737 | PDF p. 234 |
All amounts in US$'000. Segment assets exclude deferred income tax assets; segment liabilities exclude current income tax and deferred income tax liabilities (page 232).
All amounts in US$'000.
| Item / unit | 2025Total | Source |
|---|---|---|
| 2025 | ||
| Income tax expenseUS$'000 | (974) | PDF p. 233 |
| Profit after income taxUS$'000 | 2,749 | PDF p. 233 |
| Deferred income tax assetsUS$'000 | 1,874 | PDF p. 233 |
| Consolidated total assetsUS$'000 | 456,299 | PDF p. 233 |
| Current and deferred income tax liabilitiesUS$'000 | 2,835 | PDF p. 233 |
| Consolidated total liabilitiesUS$'000 | 317,034 | PDF p. 233 |
Single total-column lines; no segment split printed.
| Item / unit | 2024Total | Source |
|---|---|---|
| 2024 | ||
| Income tax expenseUS$'000 | (1,041) | PDF p. 234 |
| Loss after income taxUS$'000 | (304) | PDF p. 234 |
| Deferred income tax assetsUS$'000 | 1,524 | PDF p. 234 |
| Consolidated total assetsUS$'000 | 412,128 | PDF p. 234 |
| Current and deferred income tax liabilitiesUS$'000 | 2,135 | PDF p. 234 |
| Consolidated total liabilitiesUS$'000 | 278,739 | PDF p. 234 |
Single total-column lines; no segment split printed.
| Item / unit | 2025Sales | 2024Sales | 2025Non-current assets | 2024Non-current assets | Source |
|---|---|---|---|---|---|
| Geographical segments | |||||
| Southeast Asia and IndiaUS$'000 | 213,561 | 228,997 | 11,945 | 10,644 | PDF p. 235 |
| Hong KongUS$'000 | 373,207 | 339,713 | 2,322 | 3,141 | PDF p. 235 |
| ChinaUS$'000 | 183,303 | 138,234 | 11,630 | 11,828 | PDF p. 235 |
| South KoreaUS$'000 | 49,061 | 43,265 | 3,692 | 3,800 | PDF p. 235 |
| TaiwanUS$'000 | 31,382 | 32,168 | 8,891 | 8,373 | PDF p. 235 |
| JapanUS$'000 | 9,954 | 6,286 | 9 | 39 | PDF p. 235 |
| OthersUS$'000 | – | – | – | – | PDF p. 235 |
| Southeast Asia and India - Associated companyUS$'000 | – | – | 1,212 | 1,306 | PDF p. 235 |
| Taiwan - Associated companyUS$'000 | – | – | 1,590 | 1,446 | PDF p. 235 |
| Total (unlabelled)US$'000 | 860,468 | 788,663 | 41,291 | 40,577 | PDF p. 235 |
(1) Non-current assets exclude financial assets, at fair value through profit or loss, finance lease receivables and deferred income tax assets.
Sales are based on the geographical area in which the entities are located. Non-current assets are shown by the geographical area where the assets are located.
Total row has no printed label.
Debt
| Item / unit | 2025The Group | 2024The Group | 2025The Company | 2024The Company | Source |
|---|---|---|---|---|---|
| Maturity of borrowings | |||||
| Within one yearUS$'000 | 182,694 | 168,926 | – | 9,573 | PDF p. 193 |
| Between one and five yearsUS$'000 | 22,308 | 3,028 | 6,231 | – | PDF p. 193 |
No 'after five years' category is printed in the maturity table.
| Item / unit | 2025Variable rates less than 6 months | 2025Variable rates 6 to 12 months | 2025Variable rates 1 to 5 years | 2025Fixed rates less than 6 months | 2025Fixed rates 6 to 12 months | 2025Fixed rates 1 to 5 years | 2025Non-interest bearing | 2025Total | 2024Variable rates less than 6 months | 2024Variable rates 6 to 12 months | 2024Variable rates 1 to 5 years | 2024Fixed rates less than 6 months | 2024Fixed rates 6 to 12 months | 2024Fixed rates 1 to 5 years | 2024Non-interest bearing | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financial liabilities | |||||||||||||||||
| BorrowingsUS$'000 | 165,509 | 50 | 9,338 | 11,504 | 4,999 | 13,602 | – | 205,002 | 154,024 | 4,355 | 1,174 | 5,052 | 5,308 | 2,041 | – | 171,954 | PDF p. 214PDF p. 215 |
Carrying amounts categorised by the earlier of contractual repricing or maturity dates.
| Item / unit | 2025Variable rates less than 6 months | 2025Variable rates 6 to 12 months | 2025Variable rates 1 to 5 years | 2025Fixed rates less than 6 months | 2025Fixed rates 6 to 12 months | 2025Fixed rates 1 to 5 years | 2025Non-interest bearing | 2025Total | 2024Variable rates less than 6 months | 2024Variable rates 6 to 12 months | 2024Variable rates 1 to 5 years | 2024Fixed rates less than 6 months | 2024Fixed rates 6 to 12 months | 2024Fixed rates 1 to 5 years | 2024Non-interest bearing | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financial liabilities | |||||||||||||||||
| BorrowingsUS$'000 | – | – | 6,231 | – | – | – | – | 6,231 | 5,891 | – | – | 3,682 | – | – | – | 9,573 | PDF p. 216 |
| Item / unit | 2025The Group | 2024The Group | 2025The Company | 2024The Company | Source |
|---|---|---|---|---|---|
| Current | |||||
| Bank borrowingsUS$'000 | 31,117 | 39,135 | – | 5,891 | PDF p. 191 |
| Invoice factoringUS$'000 | 48,185 | 38,069 | – | – | PDF p. 191 |
| Trust receiptsUS$'000 | 88,397 | 83,611 | – | – | PDF p. 191 |
| Lease liabilitiesUS$'000 | 7,240 | 914 | – | – | PDF p. 191 |
| Other borrowingsUS$'000 | 7,755 | 7,197 | – | 3,682 | PDF p. 191 |
| Current subtotalUS$'000 | 182,694 | 168,926 | – | 9,573 | PDF p. 191 |
| Non-current | |||||
| Bank borrowingsUS$'000 | 9,825 | 1,795 | 6,231 | – | PDF p. 191 |
| Lease liabilitiesUS$'000 | 12,432 | 1,182 | – | – | PDF p. 191 |
| Other borrowingsUS$'000 | 51 | 51 | – | – | PDF p. 191 |
| Non-current subtotalUS$'000 | 22,308 | 3,028 | 6,231 | – | PDF p. 191 |
| Total | |||||
| TotalUS$'000 | 205,002 | 171,954 | 6,231 | 9,573 | PDF p. 191 |
Subtotal rows are unlabeled in the source; labels 'Current subtotal'/'Non-current subtotal' are descriptors. Security details are in Note 26(a) (pages 192-193): term loan of US$6,231,000 (2024: US$5,891,000) secured by first legal mortgage over 8 Ubi View; invoice factoring US$48,185,000 and trust receipts US$85,553,000 backed by corporate guarantees; unsecured: other borrowings, US$697,000 current bank borrowings, US$2,000,000 trust receipts. Lease liabilities of US$18,120,000 (2024: US$Nil) for data centre colocation space secured by bank letter of guarantee.
| Item / unit | 2025United States Dollar % | 2025Singapore Dollar % | 2025New Taiwan Dollar % | 2025Korean Won % | 2025Malaysian Ringgit % | 2025Thailand Baht % | 2025Chinese Renminbi % | 2025Hong Kong Dollar % | 2025Japanese Yen % | 2025Others % | 2024United States Dollar % | 2024Singapore Dollar % | 2024New Taiwan Dollar % | 2024Korean Won % | 2024Malaysian Ringgit % | 2024Thailand Baht % | 2024Chinese Renminbi % | 2024Hong Kong Dollar % | 2024Japanese Yen % | 2024Others % | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bank borrowings% | 6.04 | 3.27 | 3.00 | 4.29 | 4.96 | – | 3.54 | – | – | – | 6.63 | 4.78 | 2.83 | 4.73 | 5.20 | – | 3.93 | – | – | – | PDF p. 194 |
| Invoice factoring% | 5.80 | – | – | – | – | – | – | – | – | – | 6.49 | – | – | – | – | – | – | – | – | – | PDF p. 194 |
| Trust receipts% | 6.01 | 3.41 | 2.79 | 4.32 | – | – | – | – | – | – | 6.64 | – | 2.84 | 5.04 | – | – | – | – | – | – | PDF p. 194 |
| Lease liabilities% | 6.29 | 6.14 | 8.06 | – | 6.46 | 5.99 | 7.72 | 8.47 | 6.29 | 5.99 | 6.29 | 5.02 | 8.14 | – | 6.03 | – | 7.80 | 8.47 | 6.29 | 5.77 | PDF p. 194 |
| Other borrowings% | 8.00 | – | – | – | – | 7.00 | 6.00 | – | – | – | 8.00 | 5.00 | – | – | – | 7.00 | 7.00 | – | – | – | PDF p. 194 |
Column order as printed: United States Dollar, Singapore Dollar, New Taiwan Dollar, Korean Won, Malaysian Ringgit, Thailand Baht, Chinese Renminbi, Hong Kong Dollar, Japanese Yen, Others.
Same column order as the 2025 table.
| Item / unit | 2025Singapore Dollar % | 2024Singapore Dollar % | Source |
|---|---|---|---|
| The Company | |||
| Bank borrowings% | 3.08 | 4.89 | PDF p. 194 |
| Other borrowing% | – | 5.00 | PDF p. 194 |
| Item / unit | 2025Carrying amount | 2024Carrying amount | 2025Fair value | 2024Fair value | Source |
|---|---|---|---|---|---|
| Non-current borrowings | |||||
| The GroupUS$'000 | 22,308 | 3,028 | 22,112 | 2,880 | PDF p. 194 |
| The CompanyUS$'000 | 6,231 | – | 6,125 | – | PDF p. 194 |
Carrying amount of current borrowings approximates its fair value.
| Item / unit | 2025Bank borrowings | 2025Invoice factoring | 2025Trust receipts | 2025Lease liabilities | 2025Other borrowings | 2025Total | Source |
|---|---|---|---|---|---|---|---|
| 2025 | |||||||
| At 31 DecemberUS$'000 | 40,942 | 48,185 | 88,397 | 19,672 | 7,806 | 205,002 | PDF p. 195 |
| At 1 JanuaryUS$'000 | 40,930 | 38,069 | 83,611 | 2,096 | 7,248 | 171,954 | PDF p. 195 |
Only the 2025 opening/closing rows are extracted; the 2024 reconciliation is printed on the same page.
| Item / unit | 2025Carrying amount | 2025Contractual cash flow | 2025Less than 1 year | 20251 to 5 years | Source |
|---|---|---|---|---|---|
| The Group 2025 | |||||
| BorrowingsUS$'000 | 205,002 | 207,378 | 184,830 | 22,548 | PDF p. 221 |
Group 2024: Borrowings 171,954 173,839 170,843 2,996 (see next table).
| Item / unit | 2024Carrying amount | 2024Contractual cash flow | 2024Less than 1 year | 20241 to 5 years | Source |
|---|---|---|---|---|---|
| The Group 2024 | |||||
| BorrowingsUS$'000 | 171,954 | 173,839 | 170,843 | 2,996 | PDF p. 221 |
| Item / unit | 2025Carrying amount | 2025Contractual cash flow | 2025Less than 1 year | 20251 to 5 years | 2024Carrying amount | 2024Contractual cash flow | 2024Less than 1 year | 20241 to 5 years | Source |
|---|---|---|---|---|---|---|---|---|---|
| The Company | |||||||||
| BorrowingsUS$'000 | 6,231 | 6,503 | 192 | 6,311 | 9,573 | 9,764 | 9,764 | – | PDF p. 221 |
| Item / unit | 2025United States Dollar | 2025Singapore Dollar | 2025Korean Won | 2025Hong Kong Dollar | 2025Chinese Renminbi | 2025Taiwan Dollar | 2025Malaysian Ringgit | 2025Thailand Baht | 2025Japanese Yen | 2025Others | 2025Total | 2024United States Dollar | 2024Singapore Dollar | 2024Korean Won | 2024Hong Kong Dollar | 2024Chinese Renminbi | 2024Taiwan Dollar | 2024Malaysian Ringgit | 2024Thailand Baht | 2024Japanese Yen | 2024Others | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financial liabilities | |||||||||||||||||||||||
| BorrowingsUS$'000 | (124,800) | (10,952) | (8,124) | (2,995) | (21,581) | (11,209) | (25,103) | (211) | (3) | (24) | (205,002) | (109,154) | (15,222) | (6,676) | (2,998) | (19,282) | (12,420) | (6,100) | (54) | (39) | (9) | (171,954) | PDF p. 209PDF p. 210 |
Printed as negative liabilities.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | The Company does not have a concrete dividend policy at present. The form, frequency and amount of dividends payable each year will take into consideration the actual profitability and ability to pay dividends in the relevant financial year, the operating cash flow requirements, financing commitments, anticipated capital expenditure, any future expansion and investment plans, and such factors that the Board may, in its sole and absolute discretion, deem necessary or appropriate. The Board would consider establishing a dividend policy at the appropriate time. | Company | PDF p. 108 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Final Cash Dividend (One-tier tax exempt) | 0.11 Singapore cents per share | FY2025 proposed final dividend, one-tier tax exempt, subject to approval at AGM on 30 April 2026 | PDF p. 108 |
| Dividends | 0.09 US cent per share | FY2025 proposed final dividend, one-tier tax-exempt | PDF p. 206 |
| Dividend per Share (Singapore cents) | 0.11 Singapore cents | FY2025 (2025 column; 2024 and 2023 printed as -) | PDF p. 6 |
| Dividends | No dividends were paid during the financial year ended 31 December 2024. | FY2024 comparative | PDF p. 206 |
| Books closure | 25 May 2026 | Proposed FY2025 final dividend | PDF p. 252 |
| Dividend payment date | 8 June 2026 | Proposed FY2025 final dividend, if approved at AGM on 30 April 2026 | PDF p. 252 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Yield (%) | 1.3% | FY2025 · As at 2025-12-31 | PDF p. 6 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Auditor | Moore Stephens LLP | Group | PDF p. 119 |
| Engagement partner | Mr. Christopher Bruce Johnson | Group | PDF p. 119 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view | Group and Company | PDF p. 116 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Three independently verified official FY2025, FY2024 and FY2022 reports total 709 pages. Group income, comprehensive income, Group/Company financial position, Group equity movements and Group cash flows provide primary FY2021–FY2025 comparisons. FY2020 appears in historical highlights and the separately dated opening 1 January 2021 equity position; it is not a full FY2020 primary annual performance series.
Primary monetary amounts are US dollars thousands. EPS/NAV are US cents per share; EPS note profit and weighted-average shares are both in thousands, while highlight footnotes also give exact full share counts. Dividend rates are Singapore cents per share. Original ratio, day, share-count and percentage units remain separate.
EPS note captions print (US$), but their numeric cells explicitly print cent/cents. The published rate therefore retains US cents per share, including loss parentheses that enclose the unit word in the original. No potential dilutive ordinary shares were disclosed in the audited periods.
Balance-sheet cash at FY2025 is USD37,468 thousand; USD1,269 thousand of pledged deposits is excluded from cash-flow cash, yielding USD36,199 thousand. The five-row original cash bridge is retained. Earlier source cash-flow closes retain their own pledged-deposit basis.
The FY2025 final dividend of 0.11 Singapore cent (0.09 US cent) per share was a proposal in this report for the 30 April 2026 AGM, unrecognised as a liability at the reporting date. Its presence in financial-year highlights does not mean it was paid during FY2025 or assert current approval/payment status. No Company dividend was recommended for FY2023/FY2024.
Separate Company income, cash-flow and equity primary statements are not disclosed. Uncaptioned printed numerical subtotals remain identified as subtotals with their original section context; captions or amounts are not invented.
Original comparative versions are retained independently. Selected tabular highlights, EPS inputs and cash composition supplement the primary statements. Other notes and charts are not claimed as fully extracted; AR/AP/inventory turnover formulae are not inferred from totals.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.