Memiontec Hldgs TWL
Financials
ANNUAL REPORT 2025
Explore the statements
9 tablesConsolidated Statement of Comprehensive Income (Group)
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$'000 | 25,948 | 52,914 | PDF p. 116 |
| Cost of sales$'000 | (27,623) | (54,274) | PDF p. 116 |
| Gross loss$'000 | (1,675) | (1,360) | PDF p. 116 |
| Other income$'000 | 265 | 475 | PDF p. 116 |
| General and administrative expenses$'000 | (5,043) | (5,018) | PDF p. 116 |
| Share of loss of a joint venture$'000 | (620) | (384) | PDF p. 116 |
| Finance costs$'000 | (1,070) | (243) | PDF p. 116 |
| Other operating expenses$'000 | (595) | (457) | PDF p. 116 |
| Loss before income tax$'000 | (8,738) | (6,987) | PDF p. 116 |
| Income tax expense$'000 | (544) | (401) | PDF p. 116 |
| Net loss for the financial year$'000 | (9,282) | (7,388) | PDF p. 116 |
| Other comprehensive (loss)/income | |||
| Remeasurement of defined benefit obligations$'000 | (23) | (48) | PDF p. 116 |
| Exchange losses on translation of foreign operations$'000 | (1,468) | (143) | PDF p. 116 |
| Other comprehensive (loss)/income for the financial year, net of tax$'000 | (1,491) | 904 | PDF p. 116 |
| Total comprehensive loss | |||
| Total comprehensive loss for the financial year$'000 | (10,773) | (6,484) | PDF p. 116 |
| Net loss attributable to | |||
| Owners of the Company$'000 | (9,473) | (7,390) | PDF p. 116 |
| Non-controlling interests$'000 | 191 | 2 | PDF p. 116 |
| Subtotal$'000 | (9,282) | (7,388) | PDF p. 116 |
| Total comprehensive loss attributable to | |||
| Subtotal$'000 | (10,773) | (6,484) | PDF p. 116 |
| Loss per share attributable to owners of the Company | |||
| Basic and diluted (cents)cents per share | (0.83) | (0.65) | PDF p. 116 |
Definitions & sources
Original report: PDF p. 116 ↗
Loss per share is in cents. Statement is for the financial year ended 31 December 2025. 'The accompanying notes form an integral part of these financial statements.'
Statements of Financial Position (Group and Company)
31 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current assets | |||||
| Cash and bank balances$'000 | 6,305 | 9,055 | 55 | 363 | PDF p. 117 |
| Trade and other receivables$'000 | 6,459 | 6,755 | 7,334 | 9,960 | PDF p. 117 |
| Contract assets$'000 | 18,630 | 26,794 | – | – | PDF p. 117 |
| Inventories$'000 | 31 | 139 | – | – | PDF p. 117 |
| Total current assets$'000 | 31,425 | 42,743 | 7,389 | 10,323 | PDF p. 117 |
| Non-current assets | |||||
| Property, plant and equipment$'000 | 1,022 | 1,299 | – | – | PDF p. 117 |
| Right-of-use assets$'000 | 230 | 502 | – | – | PDF p. 117 |
| Investment in subsidiary corporations$'000 | – | – | 1,845 | 4,593 | PDF p. 117 |
| Investment in joint ventures$'000 | 1,802 | 2,688 | – | – | PDF p. 117 |
| Financial asset, at FVOCI$'000 | 2,113 | 2,070 | – | – | PDF p. 117 |
| Deferred tax assets$'000 | 117 | 121 | – | – | PDF p. 117 |
| Total non-current assets$'000 | 5,284 | 6,680 | 1,845 | 4,593 | PDF p. 117 |
| Assets | |||||
| Total assets$'000 | 36,709 | 49,423 | 9,234 | 14,916 | PDF p. 117 |
| Current liabilities | |||||
| Trade and other payables$'000 | 14,843 | 16,379 | 3,371 | 2,604 | PDF p. 117 |
| Contract liabilities$'000 | 1,196 | 1,972 | – | – | PDF p. 117 |
| Lease liabilities$'000 | 258 | 379 | – | – | PDF p. 117 |
| Borrowings$'000 | 9,360 | 15,574 | 3,020 | 3,022 | PDF p. 117 |
| Income tax payable$'000 | 434 | 227 | – | 5 | PDF p. 117 |
| Total current liabilities$'000 | 26,091 | 34,531 | 6,391 | 5,631 | PDF p. 117 |
| Non-current liabilities | |||||
| Lease liabilities$'000 | 180 | 378 | – | – | PDF p. 117 |
| Borrowings$'000 | 2,678 | – | – | – | PDF p. 117 |
| Retirement benefit obligations$'000 | 589 | 524 | – | – | PDF p. 117 |
| Total non-current liabilities$'000 | 3,447 | 902 | – | – | PDF p. 117 |
| Liabilities | |||||
| Total liabilities$'000 | 29,538 | 35,433 | 6,391 | 5,631 | PDF p. 117 |
| Net assets | |||||
| NET ASSETS$'000 | 7,171 | 13,990 | 2,843 | 9,285 | PDF p. 117 |
| Equity | |||||
| Share capital$'000 | 16,026 | 12,092 | 16,026 | 12,092 | PDF p. 117 |
| Translation reserve$'000 | (3,187) | (1,719) | – | – | PDF p. 117 |
| Other reserves$'000 | 181 | 181 | – | – | PDF p. 117 |
| (Accumulated loss)/Retained earnings$'000 | (6,229) | 3,267 | (13,183) | (2,807) | PDF p. 117 |
| Non-controlling interests$'000 | 380 | 169 | – | – | PDF p. 117 |
| Total equity$'000 | 7,171 | 13,990 | 2,843 | 9,285 | PDF p. 117 |
Definitions & sources
Original report: PDF p. 117 ↗
As at 31 December 2025. 'The accompanying notes form an integral part of these financial statements.'
The report presents no separate Company statement of comprehensive income; only a consolidated one (page 116).
Consolidated Statement of Comprehensive Income (Group)
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $'000 | 2024Group, $'000 | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$'000 | 25,948 | 52,914 | PDF p. 116 |
| Cost of sales$'000 | (27,623) | (54,274) | PDF p. 116 |
| Gross loss$'000 | (1,675) | (1,360) | PDF p. 116 |
| Other income$'000 | 265 | 475 | PDF p. 116 |
| General and administrative expenses$'000 | (5,043) | (5,018) | PDF p. 116 |
| Share of loss of a joint venture$'000 | (620) | (384) | PDF p. 116 |
| Finance costs$'000 | (1,070) | (243) | PDF p. 116 |
| Other operating expenses$'000 | (595) | (457) | PDF p. 116 |
| Loss before income tax$'000 | (8,738) | (6,987) | PDF p. 116 |
| Income tax expense$'000 | (544) | (401) | PDF p. 116 |
| Net loss for the financial year$'000 | (9,282) | (7,388) | PDF p. 116 |
| Other comprehensive income | |||
| Remeasurement of defined benefit obligations$'000 | (23) | (48) | PDF p. 116 |
| Fair value gain on financial asset, at fair value through other comprehensive income (“FVOCI”)$'000 | – | 1,095 | PDF p. 116 |
| Exchange losses on translation of foreign operations$'000 | (1,468) | (143) | PDF p. 116 |
| Other comprehensive (loss)/income for the financial year, net of tax$'000 | (1,491) | 904 | PDF p. 116 |
| Total comprehensive income | |||
| Total comprehensive loss for the financial year$'000 | (10,773) | (6,484) | PDF p. 116 |
| Net loss attributable to | |||
| Owners of the Company$'000 | (9,473) | (7,390) | PDF p. 116 |
| Non-controlling interests$'000 | 191 | 2 | PDF p. 116 |
| Total comprehensive loss attributable to | |||
| Owners of the Company$'000 | (10,964) | (6,486) | PDF p. 116 |
| Non-controlling interests$'000 | 191 | 2 | PDF p. 116 |
| Loss per share | |||
| Basic and diluted (cents)cents | (0.83) | (0.65) | PDF p. 116 |
Definitions & sources
Original report: PDF p. 116 ↗
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Cash Flows (Group)
44 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $'000 | 2024Group, $'000 | Source |
|---|---|---|---|
| Operating activities | |||
| Loss before income tax$'000 | (8,738) | (6,987) | PDF p. 120 |
| - Depreciation of property, plant and equipment$'000 | 202 | 200 | PDF p. 120 |
| - Depreciation of right-of-use assets$'000 | 211 | 231 | PDF p. 120 |
| - Defined benefit obligation costs$'000 | 87 | 73 | PDF p. 120 |
| - Share of loss of a joint venture$'000 | 620 | 384 | PDF p. 120 |
| - Loss on disposal of property, plant and equipment$'000 | – | 17 | PDF p. 120 |
| - (Gain)/Loss on disposal of right-of-use assets$'000 | (44) | 3 | PDF p. 120 |
| - (Reversal for)/Provision for unutilised leave$'000 | (22) | 24 | PDF p. 120 |
| - Provision for onerous contracts$'000 | 301 | 210 | PDF p. 120 |
| - Provision for warranty$'000 | 728 | – | PDF p. 120 |
| - Impairment loss on trade receivables$'000 | 233 | 39 | PDF p. 120 |
| - Impairment loss on contract asset$'000 | – | 66 | PDF p. 120 |
| - Interest expense$'000 | 1,070 | 243 | PDF p. 120 |
| - Interest income$'000 | (91) | (190) | PDF p. 120 |
| - Unrealised currency translation loss$'000 | 59 | 152 | PDF p. 120 |
| Operating cash flow before working capital changes (unlabelled subtotal)$'000 | (5,384) | (5,535) | PDF p. 120 |
| Changes in working capital | |||
| Trade and other receivables$'000 | 43 | (795) | PDF p. 120 |
| Contract assets$'000 | 7,652 | 338 | PDF p. 120 |
| Inventories$'000 | 108 | 2,426 | PDF p. 120 |
| Trade and other payables$'000 | (3,069) | (6,208) | PDF p. 120 |
| Contract liabilities$'000 | (776) | 405 | PDF p. 120 |
| Operating activities | |||
| Cash used in operations$'000 | (1,426) | (9,369) | PDF p. 120 |
| Income tax paid$'000 | (329) | (595) | PDF p. 120 |
| Net cash used in operating activities$'000 | (1,755) | (9,964) | PDF p. 120 |
| Investing activities | |||
| Equity injection into financial asset, at FVOCI$'000 | (68) | – | PDF p. 120 |
| Purchase of property, plant and equipment$'000 | (11) | (44) | PDF p. 120 |
| Proceeds from disposal of right-of-use assets$'000 | 54 | – | PDF p. 120 |
| Capital contribution in a subsidiary from other party$'000 | 20 | 107 | PDF p. 120 |
| Interest received$'000 | 91 | 190 | PDF p. 120 |
| Net cash generated from investing activities$'000 | 86 | 253 | PDF p. 120 |
| Financing activities | |||
| Net proceeds from Rights cum Warrants Issue$'000 | 2,154 | – | PDF p. 120 |
| Loan to a joint venture$'000 | – | (207) | PDF p. 120 |
| Loan received from a director$'000 | 2,000 | 2,000 | PDF p. 120 |
| (Repayment)/Advances received from a director$'000 | (120) | 120 | PDF p. 120 |
| Interest paid$'000 | (791) | (230) | PDF p. 120 |
| Dividends paid$'000 | – | (1,295) | PDF p. 120 |
| Repayments of borrowings$'000 | (15,527) | (25,449) | PDF p. 120 |
| Repayments of lease liabilities$'000 | (241) | (171) | PDF p. 120 |
| Proceeds from borrowings$'000 | 11,987 | 30,093 | PDF p. 120 |
| Placement of fixed deposits pledged$'000 | (1,099) | 533 | PDF p. 120 |
| Net cash (used in)/generated from financing activities$'000 | (1,637) | 5,394 | PDF p. 120 |
| Net change in cash | |||
| Net decrease in cash and cash equivalents$'000 | (3,306) | (4,317) | PDF p. 120 |
| Cash and cash equivalents at beginning of the financial year$'000 | 7,403 | 11,766 | PDF p. 120 |
| Cash and cash equivalents at end of the financial year$'000 | 3,706 | 7,403 | PDF p. 120 |
Definitions & sources
Original report: PDF p. 120 ↗
The effect of exchange rate changes row's values (391) and (46) are printed on the following line: 'foreign currencies (391) (46)'.
The accompanying notes form an integral part of these financial statements.
Statements of Changes in Equity - Group, financial year 2025
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Share capital, $'000 | 2025Translation reserve, $'000 | 2025Other reserves, $'000 | 2025(Accumulated loss)/Retained earnings, $'000 | 2025Equity attributable to owners of the Company, $'000 | 2025Non-controlling interests, $'000 | 2025Total, $'000 | Source |
|---|---|---|---|---|---|---|---|---|
| 2025 | ||||||||
| Beginning of financial year$'000 | 12,092 | (1,719) | 181 | 3,267 | 13,821 | 169 | 13,990 | PDF p. 118 |
| Issuance of new shares pursuant to Rights cum Warrants Issue, net of transaction costs$'000 | 3,934 | – | – | – | 3,934 | – | 3,934 | PDF p. 118 |
| 2025 Total comprehensive loss | ||||||||
| - (Loss)/Profit for the financial year$'000 | – | – | – | (9,473) | (9,473) | 191 | (9,282) | PDF p. 118 |
| - Other comprehensive loss for the financial year$'000 | – | (1,468) | – | (23) | (1,491) | – | (1,491) | PDF p. 118 |
| Total$'000 | – | (1,468) | – | (9,496) | (10,964) | 191 | (10,773) | PDF p. 118 |
| 2025 Transactions with owners | ||||||||
| - Capital contribution in a subsidiary from other party$'000 | – | – | – | – | – | 20 | 20 | PDF p. 118 |
| Total$'000 | – | – | – | – | – | 20 | 20 | PDF p. 118 |
| 2025 | ||||||||
| End of financial year$'000 | 16,026 | (3,187) | 181 | (6,229) | 6,791 | 380 | 7,171 | PDF p. 118 |
Definitions & sources
Original report: PDF p. 118 ↗
Column headers: (Note 23) share capital, (Note 24) translation reserve, (Note 25) other reserves.
The accompanying notes form an integral part of these financial statements.
Statements of Changes in Equity - Group, financial year 2024
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Share capital, $'000 | 2024Translation reserve, $'000 | 2024Other reserves, $'000 | 2024(Accumulated loss)/Retained earnings, $'000 | 2024Equity attributable to owners of the Company, $'000 | 2024Non-controlling interests, $'000 | 2024Total, $'000 | Source |
|---|---|---|---|---|---|---|---|---|
| 2024 | ||||||||
| Beginning of financial year$'000 | 12,092 | (1,576) | (914) | 12,000 | 21,602 | 60 | 21,662 | PDF p. 118 |
| 2024 Total comprehensive loss | ||||||||
| - (Loss)/Profit for the financial year$'000 | – | – | – | (7,390) | (7,390) | 2 | (7,388) | PDF p. 118 |
| - Other comprehensive income for the financial year$'000 | – | (143) | 1,095 | (48) | 904 | – | 904 | PDF p. 118 |
| Total$'000 | – | (143) | 1,095 | (7,438) | (6,486) | 2 | (6,484) | PDF p. 118 |
| 2024 Transactions with owners | ||||||||
| - Dividends (Note 33)$'000 | – | – | – | (1,295) | (1,295) | – | (1,295) | PDF p. 118 |
| - Capital contribution in a subsidiary from other party$'000 | – | – | – | – | – | 107 | 107 | PDF p. 118 |
| Total$'000 | – | – | – | (1,295) | (1,295) | 107 | (1,188) | PDF p. 118 |
| 2024 | ||||||||
| End of financial year$'000 | 12,092 | (1,719) | 181 | 3,267 | 13,821 | 169 | 13,990 | PDF p. 118 |
Definitions & sources
Original report: PDF p. 118 ↗
The accompanying notes form an integral part of these financial statements.
5 Year Financial Highlights - Key Financial Information (Group)
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY2025 | 2024Group FY2024 | 2023Group FY2023 | 2022Group FY2022 | 2021Group FY2021 | Source |
|---|---|---|---|---|---|---|
| GROUP PROFIT OR LOSS | ||||||
| RevenueS$'000 | 25,948 | 52,914 | 66,850 | 42,787 | 45,645 | PDF p. 8 |
| Gross (loss)/profitS$'000 | (1,675) | (1,360) | 9,285 | 8,633 | 6,327 | PDF p. 8 |
| (Loss)/Profit before income taxS$'000 | (8,738) | (6,987) | 3,920 | 3,544 | 2,086 | PDF p. 8 |
| (Loss)/Profit attributable to owners of the CompanyS$'000 | (9,473) | (7,390) | 3,235 | 2,551 | 1,533 | PDF p. 8 |
| GROUP BALANCE SHEET | ||||||
| Cash and bank balances, included in current assetsS$'000 | 6,305 | 9,055 | 13,967 | 13,334 | 15,451 | PDF p. 8 |
| Total current assetsS$'000 | 31,425 | 42,743 | 49,521 | 33,142 | 30,101 | PDF p. 8 |
| Total non-current assetsS$'000 | 5,284 | 6,680 | 5,681 | 5,091 | 5,375 | PDF p. 8 |
| Total current liabilitiesS$'000 | 26,091 | 34,531 | 31,818 | 15,890 | 13,048 | PDF p. 8 |
| Total non-current liabilitiesS$'000 | 3,447 | 902 | 1,722 | 2,976 | 4,204 | PDF p. 8 |
| Total equityS$'000 | 7,171 | 13,990 | 21,662 | 19,367 | 18,224 | PDF p. 8 |
| Net current assetsS$'000 | 5,334 | 8,212 | 17,703 | 17,252 | 17,053 | PDF p. 8 |
| PER SHARE DATA: #,## | ||||||
| (Loss)/Earnings per share (cents)cents | (0.83) | (0.65) | 0.28 | 0.22 | 0.40 | PDF p. 8 |
| Net assets value (cents)cents | 0.59 | 1.21 | 1.89 | 1.69 | 4.77 | PDF p. 8 |
| FINANCIAL RATIOS | ||||||
| Gearing ratio (borrowings / total equity)ratio (times) | 1.74 | 1.17 | 0.52 | 0.22 | 0.29 | PDF p. 8 |
| Current ratioratio (times) | 1.20 | 1.24 | 1.56 | 2.09 | 2.31 | PDF p. 8 |
Definitions & sources
Original report: PDF p. 8 ↗
# The number of ordinary shares in issue has been retrospectively adjusted with 3 for 1 share split that was completed in May 2022 to enable a better comparison of the earnings per share and net asset value per share.
## The number of shares has been retrospectively adjusted to 1,101,285,000 as a result of the completion of the Rights cum Warrants Issue exercise in May 2025 to enable a better comparison of the earnings per share and net asset value per share.
Operating and Financial Review - Financial Position (Group)
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY2025 (S$'M) | 2024FY2024 (S$'M) | 2025Change (S$'M), FY2025 vs FY2024 | 2025Change (%), FY2025 vs FY2024 | Source |
|---|---|---|---|---|---|
| Financial Position | |||||
| Net current assetsS$'M; % for last column | 5.3 | 8.2 | (2.9) | (35.4) | PDF p. 12 |
| Total non-current assetsS$'M; % for last column | 5.3 | 6.7 | (1.4) | (20.9) | PDF p. 12 |
| Total non-current liabilitiesS$'M; % for last column | 3.5 | 0.9 | 2.6 | >100 | PDF p. 12 |
Definitions & sources
Original report: PDF p. 12 ↗
Row labels wrap across lines in the source (e.g. 'Net current' / 'assets').
Loss per share (Note 32) - Group
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group 2025 | 2024Group 2024 | Source |
|---|---|---|---|
| Basic and diluted LPS | |||
| Loss attributable to owners of the Company ($’000)$'000 | (9,473) | (7,390) | PDF p. 191 |
| LPS – basic and diluted (Singapore cents)Singapore cents | (0.83) | (0.65) | PDF p. 191 |
Definitions & sources
Original report: PDF p. 191 ↗
* As at 31 December 2024, there were 660,771,000 ordinary shares in issue. As a result of the completion of the Rights cum Warrants Issue exercise in May 2025, the Company’s number of ordinary shares in issue increased from 660,771,000 to 1,101,285,000. Subsequent to the exercise, a total of 41,679,071 warrants had been exercised as at 31 December 2025. Accordingly, the number of ordinary shares of the Company as at 31 December 2024 has been retrospectively adjusted to enable a better comparison of the net asset value per share.
Basic and diluted LPS is calculated by dividing the net loss attributable to owners of the Company for the respective periods by the weighted average number of ordinary shares outstanding during the respective periods.
Note 33 Dividends: In 2023, the Company declared tax exempt (one-tier) final dividend of 0.196 Singapore cents per ordinary share amounting to approximately $1,295,000 in respect of the financial year ended 31 December 2023. The dividend was paid out on 8 July 2024. No dividend was declared or recommended for FY2025 (page 101).
Where the money comes from
Segment information
By business
Segment revenue by business segment (Note 35) 5 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue | |||
| - TSEPC$'000 | 21,753 | 49,682 | PDF p. 193 |
| - OMS$'000 | 1,507 | 1,640 | PDF p. 193 |
| - SDS & Trading$'000 | 2,230 | 1,465 | PDF p. 193 |
| - SOW$'000 | 458 | 127 | PDF p. 193 |
| Total$'000 | 25,948 | 52,914 | PDF p. 193 |
Notes
Assets and liabilities are not allocated by segment as they are not considered critical by the chief executive officer in resource allocation and assessment of segment performance.
Segment results by business segment (Note 35) 13 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Loss from operations | |||
| - TSEPC$'000 | (6,125) | (5,563) | PDF p. 193 |
| - OMS$'000 | 269 | 162 | PDF p. 193 |
| - SDS & Trading$'000 | 348 | 397 | PDF p. 193 |
| - SOW$'000 | 88 | 7 | PDF p. 193 |
| Total$'000 | (5,420) | (4,997) | PDF p. 193 |
| Reconciliation | |||
| Other income$'000 | 265 | 475 | PDF p. 193 |
| General and administrative expenses$'000 | (1,298) | (1,381) | PDF p. 193 |
| Share of loss of a joint venture$'000 | (620) | (384) | PDF p. 193 |
| Finance costs$'000 | (1,070) | (243) | PDF p. 193 |
| Other operating expenses$'000 | (595) | (457) | PDF p. 193 |
| Loss before income tax$'000 | (8,738) | (6,987) | PDF p. 193 |
| Income tax expense$'000 | (544) | (401) | PDF p. 193 |
| Net loss for the financial year$'000 | (9,282) | (7,388) | PDF p. 193 |
Notes
Segment results represent the profit earned from each segment after allocating costs directly attributable to a segment and other common costs that can be allocated on a reasonable basis.
By geography
Revenue by geographical location (Note 35) 3 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue | |||
| Singapore$'000 | 10,395 | 34,559 | PDF p. 194 |
| Indonesia$'000 | 15,553 | 18,355 | PDF p. 194 |
| Total$'000 | 25,948 | 52,914 | PDF p. 194 |
Notes
The Group’s largest customer (2024: largest customer) in Singapore contribute an aggregate of 33% (2024: 62%) of the Group’s revenue, with these revenues being attributable to the TSEPC and OMS business segment.
Non-current assets by geographical location (Note 35) 4 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Non-current assets | |||
| Singapore$'000 | 293 | 564 | PDF p. 194 |
| Indonesia$'000 | 4,873 | 5,990 | PDF p. 194 |
| PRC$'000 | 1 | 5 | PDF p. 194 |
| Total$'000 | 5,167 | 6,559 | PDF p. 194 |
Debt
Borrowings
Borrowing notes 3 tables
Borrowings
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Secured bank borrowings - Current | |||
| Amount due for settlement within 12 months$'000 | 6,340 | 12,552 | PDF p. 180 |
| Secured bank borrowings - Non-current | |||
| Amount due for settlement after 12 months$'000 | 2,678 | – | PDF p. 180 |
| Borrowings | |||
| Third-party loan$'000 | 3,020 | 3,022 | PDF p. 180 |
| Total borrowings (unlabelled subtotal)$'000 | 12,038 | 15,574 | PDF p. 180 |
Notes
Page 181: The bank loans bear fixed interests ranging from 2% to 6.5% (2024: 2% to 6.5%) per annum, are repayable in equal monthly instalments over 1 to 4 (2024: 1 to 4) years, maturing in 2026 to 2029 and secured by the leasehold property of the Group (Note 12), charge over the project proceeds and corporate guarantees from the Company.
Page 181: The third-party loan bear fixed interest of 11 to 13% (2024: 11 to 13%) per annum, maturing in 2026 and secured by corporate guarantee of the Company and a personal guarantee by a Director of the Company.
Page 181: Supplier finance arrangement liabilities presented within borrowings (under secured bank borrowings): 3,793 (2024: 6,154); of which suppliers have received payment from banks 3,785 (2024: 6,105). Payment due dates 120 to 180 days after invoice date in both years.
Currency denomination of borrowings is not separately disclosed in Note 20; the third-party loan is shown within the total of 12,038 (2025) and 15,574 (2024).
Statement of financial position - Borrowings (current and non-current)
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Company, $'000 | 2024Company, $'000 | Source |
|---|---|---|---|---|---|
| Current liabilities | |||||
| Borrowings$'000 | 9,360 | 15,574 | 3,020 | 3,022 | PDF p. 117 |
| Non-current liabilities | |||||
| Borrowings$'000 | 2,678 | – | – | – | PDF p. 117 |
Notes
Current borrowings of Group 9,360 (2025) = bank 6,340 + third-party loan 3,020 per Note 20 (not computed in table; for reference only).
Lease liabilities
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Current | |||
| Amounts due for settlement within 12 months$'000 | 258 | 379 | PDF p. 180 |
| Non-current | |||
| Amounts due for settlement after 12 months$'000 | 180 | 378 | PDF p. 180 |
| Maturity analysis | |||
| Within one year$'000 | 258 | 379 | PDF p. 180 |
| In the second to fifth year inclusive$'000 | 180 | 378 | PDF p. 180 |
| Total$'000 | 438 | 757 | PDF p. 180 |
Notes
The Group does not face significant liquidity risk with regards to its lease liabilities. Lease liabilities are monitored within the Group’s treasury function.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Provision 11.6 - Dividend Policy | The Company does not, however, have a stated policy of distributing a fixed percentage of earnings by way of dividend annually. | Company, FY2025 | PDF p. 101 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| No dividend was declared or recommended for FY2025 | No dividend was declared or recommended for FY2025 due to the net loss recorded by the Company, | Company, FY2025 | PDF p. 101 |
| Dividends | 0.196 Singapore cents per ordinary share | Company, final tax exempt (one-tier) dividend for FY2023 (comparative; paid in FY2024) | PDF p. 191 |
| Dividends | 8 July 2024 | Company, FY2023 final dividend payment date | PDF p. 191 |
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. 115 |
| Engagement partner | Lee Eng Kian | Group | PDF p. 115 |
| Opinion | properly drawn up in accordance with the provisions of the Singapore Companies Act 1967 | Group and Company, year ended 31 December 2025 | PDF p. 109 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Revenue from total solutions with engineering, procurement and construction (“TSEPC”) projects | Revenue from TSEPC projects is identified as one of the key audit matters due to the involvement of significant judgement by management in estimating the total contract costs | Group | PDF p. 110 |
| Consolidation of the financial statements of PT Memindo Pratama (“PTMP”) | Consolidation of financials of PTMP is identified as one of the key audit matters as establishing control over PTMP involved significant judgements from management | Group | PDF p. 112 |
| Trade and other receivables, including contract assets | We identified this as a key audit matter as the assessment of the determination of ECL requires management to exercise significant judgement and estimation. | Group | PDF p. 112 |
Emphasis of matter
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Emphasis of Matter | We draw attention to Note 36 to the financial statements which describes the joint investigations by the Commercial Affairs Department (CAD) and Monetary Authority of Singapore (MAS). | Group | PDF p. 113 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Note 2 Basis of preparation | the Board and the Management have assessed the Group’s ability to continue as a going concern | Group | PDF p. 122 |
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.