ResourcesGbl V7R
Financials
Annual Report 2025
Explore the statements
11 tablesConsolidated Statement of Comprehensive Income - Group
22 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$ | 119,858,059 | 79,902,664 | PDF p. 103 |
| Cost of sales and services$ | (82,376,671) | (42,413,683) | PDF p. 103 |
| Gross profit$ | 37,481,388 | 37,488,981 | PDF p. 103 |
| Interest income$ | 217,637 | 459,274 | PDF p. 103 |
| Other income$ | 18,973,281 | 208,175 | PDF p. 103 |
| Expenses | |||
| Administrative expenses$ | (7,701,926) | (6,246,018) | PDF p. 103 |
| Finance costs$ | (283,458) | (127,591) | PDF p. 103 |
| Selling expenses$ | (8,785,015) | (2,752,147) | PDF p. 103 |
| Share of result of an associate$ | (283,926) | (778,432) | PDF p. 103 |
| Income statement | |||
| Profit before tax$ | 39,617,981 | 28,252,242 | PDF p. 103 |
| Tax expense$ | (2,413,498) | (2,163,822) | PDF p. 103 |
| Profit for the financial year$ | 37,204,483 | 26,088,420 | PDF p. 103 |
| Other comprehensive income - items that may be reclassified | |||
| Currency translation differences arising from consolidation$ | (4,956,559) | (899,373) | PDF p. 103 |
| Other comprehensive income - items not reclassified | |||
| - fair value gains on quoted shares$ | 71,547,438 | – | PDF p. 103 |
| Currency translation differences arising from consolidation$ | (6,196,543) | (510,659) | PDF p. 103 |
| Other comprehensive income | |||
| Other comprehensive income/(loss) for the financial year, net of tax$ | 60,326,196 | (1,432,879) | PDF p. 103 |
| Total comprehensive income | |||
| Total comprehensive income for the financial year$ | 97,530,679 | 24,655,541 | PDF p. 103 |
| Profit for the financial year attributable to | |||
| Equity holders of the Company$ | 24,828,715 | 10,301,509 | PDF p. 103 |
| Non-controlling interests$ | 12,375,768 | 15,786,911 | PDF p. 103 |
| Total comprehensive income attributable to | |||
| Equity holders of the Company$ | 91,379,039 | 9,371,846 | PDF p. 103 |
| Non-controlling interests$ | 6,151,640 | 15,283,695 | PDF p. 103 |
| Earnings per share attributable to equity holders of the Company (cents per share) | |||
| Basic and dilutedcents per share | 4.97 | 2.17 | PDF p. 103 |
Definitions & sources
Original report: PDF p. 103 ↗
Statement for the financial year ended 31 December 2025. Amounts in $ (Singapore dollars as printed '$'). No separate Company income statement is printed; Company profit appears only in the statement of changes in equity.
Subtotals for attributable-to lines (37,204,483 / 26,088,420 and 97,530,679 / 24,655,541) are unlabelled and omitted.
Statements of Financial Position - Group
34 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Non-current assets | |||
| Property, plant and equipment$ | 123,547,741 | 115,700,594 | PDF p. 104 |
| Intangible assets$ | 119,891 | 131,647 | PDF p. 104 |
| Mining properties$ | 31,181,000 | 29,358,613 | PDF p. 104 |
| Restricted cash deposits$ | 2,088,741 | 1,534,706 | PDF p. 104 |
| Deferred tax assets$ | 38,675 | 28,620 | PDF p. 104 |
| Investment in subsidiaries$ | – | – | PDF p. 104 |
| Investment in associates$ | 1,709,216 | 3,365,100 | PDF p. 104 |
| Loans to associates$ | 13,276,792 | – | PDF p. 104 |
| Other receivables$ | 5,108 | 1,162,511 | PDF p. 104 |
| Subtotal$ | 171,967,164 | 151,281,791 | PDF p. 104 |
| Current assets | |||
| Inventories$ | 5,010,641 | 6,988,280 | PDF p. 104 |
| Trade and other receivables$ | 12,593,494 | 14,836,657 | PDF p. 104 |
| Cash and cash equivalents$ | 7,222,752 | 9,656,102 | PDF p. 104 |
| Subtotal$ | 111,856,867 | 31,481,039 | PDF p. 104 |
| Assets | |||
| Total assets$ | 283,824,031 | 182,762,830 | PDF p. 104 |
| Non-current liabilities | |||
| Other payable$ | 1,284,100 | – | PDF p. 104 |
| Borrowings$ | 16,075,814 | 6,115,496 | PDF p. 104 |
| Provision$ | 4,107 | 11,755 | PDF p. 104 |
| Subtotal$ | 17,821,622 | 7,027,084 | PDF p. 104 |
| Current liabilities | |||
| Trade and other payables$ | 18,640,456 | 21,400,998 | PDF p. 104 |
| Contract liabilities$ | 1,865,245 | 3,034,781 | PDF p. 104 |
| Borrowings$ | 20,102,150 | 18,066,048 | PDF p. 104 |
| Tax payable$ | 597,034 | 1,230,189 | PDF p. 104 |
| Subtotal$ | 41,204,885 | 43,732,016 | PDF p. 104 |
| Liabilities | |||
| Total liabilities$ | 59,026,507 | 50,759,100 | PDF p. 104 |
| Net assets | |||
| Net assets$ | 224,797,524 | 132,003,730 | PDF p. 104 |
| Equity | |||
| Share capital$ | 15,584,762 | 15,584,762 | PDF p. 104 |
| Merger deficit$ | (12,828,086) | (11,733,734) | PDF p. 104 |
| Fair value reserve$ | 71,547,438 | – | PDF p. 104 |
| Retained earnings$ | 89,618,060 | 68,429,900 | PDF p. 104 |
| Currency translation reserve$ | (12,142,375) | (7,185,816) | PDF p. 104 |
| Equity attributable to equity holders of the Company$ | 151,779,799 | 65,095,112 | PDF p. 104 |
| Non-controlling interests$ | 73,017,725 | 66,908,618 | PDF p. 104 |
| Total equity$ | 224,797,524 | 132,003,730 | PDF p. 104 |
Definitions & sources
Original report: PDF p. 104 ↗
At 31 December 2025. Amounts in $. Group columns only; Company columns are in the next table. Unlabelled subtotals have empty labels. Fair value reserve row prints only three cells for non-Group columns in the source text (71,547,438 – –).
Statements of Financial Position - Company
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| Non-current assets | |||
| Property, plant and equipment$ | 3,007,388 | 3,101,452 | PDF p. 104 |
| Investment in subsidiaries$ | 8,685,528 | 7,401,028 | PDF p. 104 |
| Subtotal$ | 11,692,916 | 10,502,480 | PDF p. 104 |
| Current assets | |||
| Trade and other receivables$ | 9,420,020 | 10,486,174 | PDF p. 104 |
| Cash and cash equivalents$ | 963,026 | 1,056,269 | PDF p. 104 |
| Subtotal$ | 10,383,046 | 11,542,443 | PDF p. 104 |
| Assets | |||
| Total assets$ | 22,075,962 | 22,044,923 | PDF p. 104 |
| Non-current liabilities | |||
| Other payable$ | 1,284,100 | – | PDF p. 104 |
| Borrowings$ | 1,792,904 | 1,964,311 | PDF p. 104 |
| Subtotal$ | 3,077,004 | 1,964,311 | PDF p. 104 |
| Current liabilities | |||
| Trade and other payables$ | 167,783 | 153,260 | PDF p. 104 |
| Borrowings$ | 152,360 | 128,387 | PDF p. 104 |
| Subtotal$ | 320,143 | 281,647 | PDF p. 104 |
| Liabilities | |||
| Total liabilities$ | 3,397,147 | 2,245,958 | PDF p. 104 |
| Net assets | |||
| Net assets$ | 18,678,815 | 19,798,965 | PDF p. 104 |
| Equity | |||
| Share capital$ | 15,584,762 | 15,584,762 | PDF p. 104 |
| Retained earnings$ | 3,094,053 | 4,214,203 | PDF p. 104 |
| Equity attributable to equity holders of the Company$ | 18,678,815 | 19,798,965 | PDF p. 104 |
Definitions & sources
Original report: PDF p. 104 ↗
At 31 December 2025. Amounts in $. Company columns only; rows that are dash in Company columns omitted. Quotes show the full printed row including Group cells. The 'Equity attributable to equity holders of the Company' label wraps across two lines; quote is the second line.
Consolidated Statement of Comprehensive Income (Group)
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY ended 31 Dec 2025, $ | 2024Group, FY ended 31 Dec 2024, $ | Source |
|---|---|---|---|
| Profit | |||
| Profit for the financial year$ | 37,204,483 | 26,088,420 | PDF p. 103 |
| Other comprehensive income - item that may be reclassified | |||
| Currency translation differences arising from consolidation$ | (4,956,559) | (899,373) | PDF p. 103 |
| Other comprehensive income - items not reclassified | |||
| Remeasurement of post-employment benefits liabilities, net of tax$ | (68,140) | (22,847) | PDF p. 103 |
| Other comprehensive income - items not reclassified (Financial asset at FVOCI) | |||
| - fair value gains on quoted shares$ | 71,547,438 | – | PDF p. 103 |
| Other comprehensive income - items not reclassified | |||
| Currency translation differences arising from consolidation$ | (6,196,543) | (510,659) | PDF p. 103 |
| Other comprehensive income | |||
| Other comprehensive income/(loss) for the financial year, net of tax$ | 60,326,196 | (1,432,879) | PDF p. 103 |
| Total comprehensive income | |||
| Total comprehensive income for the financial year$ | 97,530,679 | 24,655,541 | PDF p. 103 |
| Profit attributable to | |||
| Equity holders of the Company$ | 24,828,715 | 10,301,509 | PDF p. 103 |
| Non-controlling interests$ | 12,375,768 | 15,786,911 | PDF p. 103 |
| Total comprehensive income attributable to | |||
| Equity holders of the Company$ | 91,379,039 | 9,371,846 | PDF p. 103 |
| Non-controlling interests$ | 6,151,640 | 15,283,695 | PDF p. 103 |
| Earnings per share attributable to equity holders of the Company | |||
| Basic and dilutedcents per share | 4.97 | 2.17 | PDF p. 103 |
Definitions & sources
Original report: PDF p. 103 ↗
Printed statement starts from Profit for the financial year with revenue to profit lines above; only comprehensive income/attribution rows extracted here. No separate Company comprehensive income statement is presented.
Consolidated Statement of Cash Flows (Group) - operating and investing activities
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $ | 2024Group, $ | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before tax$ | 39,617,981 | 28,252,242 | PDF p. 108 |
| Adjustments for | |||
| Depreciation of property, plant and equipment$ | 9,968,888 | 8,162,334 | PDF p. 108 |
| Depreciation of mining properties$ | 1,014,103 | 109,397 | PDF p. 108 |
| Amortisation of intangible assets$ | 298 | 25,444 | PDF p. 108 |
| Interest income$ | (217,637) | (459,274) | PDF p. 108 |
| Interest expense$ | 283,458 | 127,591 | PDF p. 108 |
| Post-employment benefits$ | (420,562) | 180,151 | PDF p. 108 |
| Intangible assets written off$ | – | 65,807 | PDF p. 108 |
| Gain on disposal of an associate$ | (18,218,822) | – | PDF p. 108 |
| Gain on disposal of property, plant and equipment$ | – | (130,850) | PDF p. 108 |
| Gain on termination of lease$ | – | (1,174) | PDF p. 108 |
| Allowance of doubtful debt$ | 12,600 | – | PDF p. 108 |
| Share of result of an associate$ | 283,926 | 778,432 | PDF p. 108 |
| Cash flows from operating activities | |||
| Operating cash flows before working capital changes$ | 32,324,233 | 37,110,100 | PDF p. 108 |
| Change in operating assets and liabilities | |||
| Inventories$ | 1,411,920 | (614,108) | PDF p. 108 |
| Receivables$ | 2,344,473 | (4,070,341) | PDF p. 108 |
| Payables and contract liabilities$ | (2,125,042) | 1,736,866 | PDF p. 108 |
| Provision$ | (6,832) | 11,765 | PDF p. 108 |
| Currency translation difference$ | (1,467,128) | 102,184 | PDF p. 108 |
| Cash flows from operating activities | |||
| Cash generated from operations$ | 32,481,624 | 34,276,466 | PDF p. 108 |
| Interest received$ | 217,637 | 459,274 | PDF p. 108 |
| Taxes paid$ | (2,964,524) | (1,697,468) | PDF p. 108 |
| Net cash generated from operating activities$ | 29,734,737 | 33,038,272 | PDF p. 108 |
| Cash flows from investing activities | |||
| Additions of mining properties$ | (5,531,666) | (8,886,828) | PDF p. 108 |
| Acquisition of subsidiaries, net of cash acquired (Note 15(b))$ | 263,646 | (16,695,478) | PDF p. 108 |
| Purchases of property, plant and equipment (Note 12(b))$ | (26,552,036) | (43,825,916) | PDF p. 108 |
| Proceeds from disposal of property, plant and equipment$ | – | 1,458,575 | PDF p. 108 |
| Proceeds from disposal of an associate$ | 5,822,768 | – | PDF p. 108 |
| Net cash used in investing activities$ | (25,997,288) | (67,949,647) | PDF p. 108 |
Definitions & sources
Original report: PDF p. 108 ↗
Statement continues on page 109 (financing activities and closing cash). No Company cash flow statement is presented.
Consolidated Statement of Cash Flows (Group) - financing activities and closing cash
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $ | 2024Group, $ | Source |
|---|---|---|---|
| Cash flows from financing activities | |||
| Advance payment for right-of-use assets$ | (35,262) | (4,442) | PDF p. 109 |
| Increase in restricted cash deposits$ | (709,348) | (45,397) | PDF p. 109 |
| Interest paid$ | (283,458) | (127,591) | PDF p. 109 |
| Proceeds from bank loans$ | – | 4,084,852 | PDF p. 109 |
| Proceeds from issuance of ordinary shares$ | – | 10,000,000 | PDF p. 109 |
| Dividend paid to non-controlling shareholder$ | – | (64,020) | PDF p. 109 |
| Dividend paid to shareholders of the Company (Note 28)$ | (3,600,000) | (3,500,000) | PDF p. 109 |
| Share issue expense$ | – | (116,500) | PDF p. 109 |
| Loan from holding company$ | 400,000 | – | PDF p. 109 |
| Loans from related parties$ | 3,847,218 | 12,121,280 | PDF p. 109 |
| Repayment of bank loans$ | (3,991,380) | (138,615) | PDF p. 109 |
| Repayment of loans to related parties$ | (653,040) | (3,788) | PDF p. 109 |
| Repayment of loan to holding company$ | (400,000) | (4,300,000) | PDF p. 109 |
| Repayment of lease liabilities$ | (113,387) | (132,608) | PDF p. 109 |
| Net cash (used in)/generated from financing activities$ | (5,538,657) | 17,773,171 | PDF p. 109 |
| Closing cash | |||
| Net decrease in cash and cash equivalents$ | (1,801,208) | (17,138,204) | PDF p. 109 |
| Effect of exchange rate changes on cash and cash equivalents$ | (632,142) | (338,287) | PDF p. 109 |
| Cash and cash equivalents at beginning of financial year$ | 9,656,102 | 27,132,593 | PDF p. 109 |
| Cash and cash equivalents at end of financial year$ | 7,222,752 | 9,656,102 | PDF p. 109 |
Definitions & sources
Original report: PDF p. 109 ↗
Consolidated Statement of Changes in Equity - Group 2025
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group - Share capital, $ | 2025Group - Merger deficit, $ | 2025Group - Fair value reserve, $ | 2025Group - Retained earnings, $ | 2025Group - Currency translation reserve, $ | 2025Group - Total attributable to equity holders of the Company, $ | 2025Group - Non-controlling interests, $ | 2025Group - Total equity, $ | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group 2025 | |||||||||
| Balance at 1 January 2025$ | 15,584,762 | (11,733,734) | – | 68,429,900 | (7,185,816) | 65,095,112 | 66,908,618 | 132,003,730 | PDF p. 105 |
| Profit for the financial year$ | – | – | – | 24,828,715 | – | 24,828,715 | 12,375,768 | 37,204,483 | PDF p. 105 |
| Group 2025 - Other comprehensive income/(loss) | |||||||||
| Currency translation differences arising from consolidation$ | – | – | – | – | (4,956,559) | (4,956,559) | (6,196,543) | (11,153,102) | PDF p. 105 |
| Remeasurement of post-employment benefits liabilities$ | – | – | – | (40,555) | – | (40,555) | (27,585) | (68,140) | PDF p. 105 |
| Group 2025 - Financial asset at fair value through other comprehensive income | |||||||||
| - fair value gains on quoted shares$ | – | – | 71,547,438 | – | – | 71,547,438 | – | 71,547,438 | PDF p. 105 |
| Group 2025 | |||||||||
| Other comprehensive income/(loss) for the financial year, net of tax$ | – | – | 71,547,438 | (40,555) | (4,956,559) | 66,550,324 | (6,224,128) | 60,326,196 | PDF p. 105 |
| Total comprehensive income/(loss) for the financial year$ | – | – | 71,547,438 | 24,788,160 | (4,956,559) | 91,379,039 | 6,151,640 | 97,530,679 | PDF p. 105 |
| Acquisition of subsidiary$ | – | (1,094,352) | – | – | – | (1,094,352) | (102) | (1,094,454) | PDF p. 105 |
| Dividend paid (Note 28)$ | – | – | – | (3,600,000) | – | (3,600,000) | – | (3,600,000) | PDF p. 105 |
| Dividend payable by a subsidiary to non-controlling shareholders (Note 25)$ | – | – | – | – | – | – | (42,431) | (42,431) | PDF p. 105 |
| Balance at 31 December 2025$ | 15,584,762 | (12,828,086) | 71,547,438 | 89,618,060 | (12,142,375) | 151,779,799 | 73,017,725 | 224,797,524 | PDF p. 105 |
Definitions & sources
Original report: PDF p. 105 ↗
Row labels wrap across lines in the source; quotes are the contiguous normalized text containing the values.
Consolidated Statement of Changes in Equity - Group 2024
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group - Share capital, $ | 2024Group - Merger deficit, $ | 2024Group - Retained earnings, $ | 2024Group - Currency translation reserve, $ | 2024Group - Total attributable to equity holders of the Company, $ | 2024Group - Non-controlling interests, $ | 2024Group - Total equity, $ | Source |
|---|---|---|---|---|---|---|---|---|
| Group 2024 | ||||||||
| Balance at 1 January 2024$ | 5,701,262 | – | 61,658,681 | (6,286,443) | 61,073,500 | 38,830,307 | 99,903,807 | PDF p. 106 |
| Profit for the financial year$ | – | – | 10,301,509 | – | 10,301,509 | 15,786,911 | 26,088,420 | PDF p. 106 |
| Group 2024 - Other comprehensive (loss)/income | ||||||||
| Currency translation differences arising from consolidation$ | – | – | – | (899,373) | (899,373) | (510,659) | (1,410,032) | PDF p. 106 |
| Remeasurement of post-employment benefits liabilities$ | – | – | (30,290) | – | (30,290) | 7,443 | (22,847) | PDF p. 106 |
| Group 2024 | ||||||||
| Other comprehensive loss for the financial year, net of tax$ | – | – | (30,290) | (899,373) | (929,663) | (503,216) | (1,432,879) | PDF p. 106 |
| Total comprehensive income/(loss) for the financial year$ | – | – | 10,271,219 | (899,373) | 9,371,846 | 15,283,695 | 24,655,541 | PDF p. 106 |
| Acquisition of subsidiaries$ | – | (11,733,734) | – | – | (11,733,734) | 12,863,709 | 1,129,975 | PDF p. 106 |
| Dividend paid (Note 28)$ | – | – | (3,500,000) | – | (3,500,000) | – | (3,500,000) | PDF p. 106 |
| Dividend payable by a subsidiary to non-controlling shareholders (Note 25)$ | – | – | – | – | – | (69,093) | (69,093) | PDF p. 106 |
| Issue of shares (Note 26)$ | 10,000,000 | – | – | – | 10,000,000 | – | 10,000,000 | PDF p. 106 |
| Share issue expenses (Note 26)$ | (116,500) | – | – | – | (116,500) | – | (116,500) | PDF p. 106 |
| Balance at 31 December 2024$ | 15,584,762 | (11,733,734) | 68,429,900 | (7,185,816) | 65,095,112 | 66,908,618 | 132,003,730 | PDF p. 106 |
Definitions & sources
Original report: PDF p. 106 ↗
No fair value reserve column in the 2024 statement as printed. Row labels wrap in source; quotes are contiguous normalized text.
Statement of Changes in Equity - Company
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Company - Share capital, $ (2024 movements) | 2024Company - Retained earnings, $ (2024 movements) | 2024Company - Total equity, $ (2024 movements) | Source |
|---|---|---|---|---|
| Company | ||||
| Balance at 1 January 2024$ | 5,701,262 | 3,782,089 | 9,483,351 | PDF p. 107 |
| Company 2024 | ||||
| Profit for the financial year$ | – | 3,932,114 | 3,932,114 | PDF p. 107 |
| Dividend paid (Note 28)$ | – | (3,500,000) | (3,500,000) | PDF p. 107 |
| Issue of shares (Note 26)$ | 10,000,000 | – | 10,000,000 | PDF p. 107 |
| Share issue expenses (Note 26)$ | (116,500) | – | (116,500) | PDF p. 107 |
| Balance at 31 December 2024$ | 15,584,762 | 4,214,203 | 19,798,965 | PDF p. 107 |
| Company 2025 | ||||
| Profit for the financial year$ | – | 2,479,850 | 2,479,850 | PDF p. 107 |
| Dividend paid (Note 28)$ | – | (3,600,000) | (3,600,000) | PDF p. 107 |
| Balance at 31 December 2025$ | 15,584,762 | 3,094,053 | 18,678,815 | PDF p. 107 |
Definitions & sources
Original report: PDF p. 107 ↗
Columns apply to both years; rows are labelled by section Company 2024 (opening 1 Jan 2024 to 31 Dec 2024) then Company 2025 (movements to 31 Dec 2025, ending 18,678,815).
Earnings per share (Note 11) - Group
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY2025 | 2024Group, FY2024 | Source |
|---|---|---|---|
| Earnings per share | |||
| Profit for the financial year attributable to equity holders of the Company$ | 24,828,715 | 10,301,509 | PDF p. 124 |
| Weighted average number of ordinary shares outstanding for basic and diluted earnings per shareNumber of ordinary shares | 500,000,000 | 475,546,448 | PDF p. 124 |
Definitions & sources
Original report: PDF p. 124 ↗
Basic earnings per share is calculated by dividing the profit for the financial year attributable to equity holders of the Company over the weighted average number of ordinary shares of the Company, following the completion of sub-division of share and share issue as disclosed in Note 26.
Diluted earnings per share are the same as basic earnings per share as there were no potential dilutive ordinary shares during the financial year.
Earnings per share on face of consolidated statement of comprehensive income
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY2025 | 2024Group, FY2024 | Source |
|---|---|---|---|
| Earnings per share attributable to equity holders of the Company (cents per share) | |||
| Basic and dilutedcents per share | 4.97 | 2.17 | PDF p. 103 |
Definitions & sources
Original report: PDF p. 103 ↗
Where the money comes from
Segment information
By business
Major customers by attributable segment 3 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Information about major customer | |||
| Customer 1 (Shipping services)$ | 18,357,337 | 30,590,059 | PDF p. 154 |
| Customer 2 (Mining business)$ | 17,688,984 | 9,130,044 | PDF p. 154 |
| Total$ | 36,046,321 | 39,720,103 | PDF p. 154 |
Notes
Revenue is derived from two (2024: two) external customers who individually contributed 10% or more of the Group’s revenue and attributable to the segment as detailed.
Total row has no printed label.
Business segment information 18 lines
| Item / unit | 2025Shipping services | 2024Shipping services | 2025Mining business | 2024Mining business | 2025Construction services | 2024Construction services | 2025Corporate and others | 2024Corporate and others | 2025Per consolidated statement | 2024Per consolidated statement | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||
| External customers$ | 60,403,843 | 61,453,279 | 58,105,462 | 17,091,140 | 1,348,754 | 1,358,245 | – | – | 119,858,059 | 79,902,664 | PDF p. 155 |
| Segment results | |||||||||||
| Segment profit:$ | 19,139,994 | 27,454,175 | 5,682,221 | 3,476,037 | (93,759) | 275,781 | (2,979,550) | (2,573,219) | 21,748,906 | 28,632,774 | PDF p. 155 |
| Interest income$ | 34,321 | 26,446 | 79,807 | 25,766 | 31,947 | 21,276 | 71,562 | 385,786 | 217,637 | 459,274 | PDF p. 155 |
| Finance costs$ | (197,923) | (43,382) | (2,307) | – | – | – | (83,228) | (84,209) | (283,458) | (127,591) | PDF p. 155 |
| Gain on disposal of an associate$ | – | – | – | – | – | – | 18,218,822 | – | 18,218,822 | – | PDF p. 155 |
| Gain on disposal of property, plant and equipment$ | – | 130,850 | – | – | – | – | – | – | – | 130,850 | PDF p. 155 |
| Gain on termination of lease$ | – | – | – | – | – | – | – | 1,174 | – | 1,174 | PDF p. 155 |
| Intangible assets written off$ | – | (31,280) | – | – | – | (34,527) | – | – | – | (65,807) | PDF p. 155 |
| Share of results of an associate$ | – | – | – | – | – | – | (283,926) | (778,432) | (283,926) | (778,432) | PDF p. 155 |
| Profit/(loss) before tax$ | 18,976,392 | 27,536,809 | 5,759,721 | 3,501,803 | (61,812) | 262,530 | 14,943,680 | (3,048,900) | 39,617,981 | 28,252,242 | PDF p. 155 |
| Assets | |||||||||||
| Segment assets$ | 126,903,939 | 121,026,659 | 44,123,494 | 46,354,456 | 1,851,344 | 2,253,420 | 108,463,806 | 9,127,968 | 281,342,583 | 178,762,503 | PDF p. 155 |
| Unallocated assets$ | – | – | – | – | – | – | 2,481,448 | 4,000,327 | 2,481,448 | 4,000,327 | PDF p. 155 |
| Liabilities | |||||||||||
| Segment liabilities$ | 16,742,276 | 19,756,840 | 12,070,440 | 17,831,300 | 290,063 | 454,866 | 29,326,694 | 11,485,905 | 58,429,473 | 49,528,911 | PDF p. 155 |
| Unallocated liabilities$ | – | – | – | – | – | – | 597,034 | 1,230,189 | 597,034 | 1,230,189 | PDF p. 155 |
| Other segment information | |||||||||||
| Capital expenditure$ | 26,959,837 | 38,237,459 | 6,716,741 | 6,833,666 | 35,262 | 936 | 2,607 | 1,713 | 33,714,447 | 45,073,774 | PDF p. 155 |
| Amortisation$ | – | 12,032 | – | – | 298 | 13,412 | – | – | 298 | 25,444 | PDF p. 155 |
| Depreciation$ | 9,693,522 | 7,966,454 | 1,117,158 | 131,811 | 28,749 | 21,857 | 143,562 | 151,609 | 10,982,991 | 8,271,731 | PDF p. 155 |
| Other non-cash expenses$ | – | 141,977 | 61,968 | 101,633 | – | 10,471 | – | (73,930) | 61,968 | 180,151 | PDF p. 155 |
Notes
Inter-segment revenue are eliminated on consolidation. There is no inter-segment revenue during the current and previous financial year.
All assets are allocated to reportable segment except for deferred tax assets, prepaid taxes, GST receivable and VAT receivables which are classified as unallocated assets.
All liabilities are allocated to the reportable segments based on the operations of the segments other than tax payable which is classified as unallocated liabilities.
Income taxes are managed on a group basis and are not allocated to operating segments.
Total assets, total liabilities, income tax expense and profit for the year are printed only in the consolidated columns (2025, 2024) at the far right. A printed line 10,983,289 8,297,175 (amortisation plus depreciation total) appears without a label.
Gain on disposal of property, plant and equipment label wraps over two lines; quote is the continuation line with values.
By geography
Geographical information - sales to external customers and non-current assets 4 lines
| Item / unit | 2025Sales to external customers | 2024Sales to external customers | 2025Non-current assets | 2024Non-current assets | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| Singapore$ | 2,666,528 | – | 4,716,604 | 6,466,552 | PDF p. 154 |
| Indonesia$ | 111,993,828 | 67,628,760 | 165,118,036 | 142,089,402 | PDF p. 154 |
| People’s Republic of China$ | 5,197,703 | 12,273,904 | – | – | PDF p. 154 |
| Total$ | 119,858,059 | 79,902,664 | 169,834,640 | 148,555,954 | PDF p. 154 |
Notes
Revenue and non-current assets information based on the geographical location of customers and assets respectively.
Non-current assets information presented above are non-current assets as presented on the consolidated statement of financial position excluding restricted cash deposits, deferred tax assets and other receivables.
Total row has no printed label.
Debt
Borrowings
Maturity profile of non-derivative financial liabilities (contractual undiscounted) - Group and Company, 31 December 2025
| Item / unit | 2025On demand or within 1 year | 2025Within 2 to 5 years | 2025More than 5 years | 2025Total | Source |
|---|---|---|---|---|---|
| Group At 31 December 2025 | |||||
| Bank loans$ | 212,695 | 921,962 | 1,344,528 | 2,479,185 | PDF p. 151 |
| Lease liabilities$ | 164,014 | 143,465 | – | 307,479 | PDF p. 151 |
| Loans from related parties$ | 19,788,055 | 14,151,648 | – | 33,939,703 | PDF p. 151 |
Notes
Table summarises the maturity profile of the Group's and the Company's non-derivative financial liabilities at the reporting date based on contractual undiscounted repayment obligations. Trade and other payables rows also printed (Group 2025: 18,640,456 / 1,284,100 / – / 19,924,556).
Maturity profile of non-derivative financial liabilities (contractual undiscounted) - Group, 31 December 2024
| Item / unit | 2024On demand or within 1 year | 2024Within 2 to 5 years | 2024More than 5 years | 2024Total | Source |
|---|---|---|---|---|---|
| Group At 31 December 2024 | |||||
| Bank loans$ | 651,551 | 5,635,062 | 1,597,603 | 7,884,216 | PDF p. 151 |
| Lease liabilities$ | 143,943 | 200,059 | – | 344,002 | PDF p. 151 |
| Loans from related parties$ | 17,716,086 | – | – | 17,716,086 | PDF p. 151 |
Notes
Based on contractual undiscounted repayment obligations.
Borrowing notes 1 tables
Borrowings (current and non-current)
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current | |||||
| Bank loan I$ | 152,360 | 128,387 | 152,360 | 128,387 | PDF p. 139 |
| Bank loan II$ | – | 111,645 | – | – | PDF p. 139 |
| Lease liabilities$ | 161,735 | 109,930 | – | – | PDF p. 139 |
| Loans from related parties$ | 19,788,055 | 17,716,086 | – | – | PDF p. 139 |
| Total current borrowings$ | 20,102,150 | 18,066,048 | 152,360 | 128,387 | PDF p. 139 |
| Non-current | |||||
| Bank loan I$ | 1,792,904 | 1,964,311 | 1,792,904 | 1,964,311 | PDF p. 139 |
| Bank loan II$ | – | 3,970,753 | – | – | PDF p. 139 |
| Lease liabilities$ | 131,262 | 180,432 | – | – | PDF p. 139 |
| Loan from related party$ | 14,151,648 | – | – | – | PDF p. 139 |
| Total non-current borrowings$ | 16,075,814 | 6,115,496 | 1,792,904 | 1,964,311 | PDF p. 139 |
| Total | |||||
| Total borrowings$ | 36,177,964 | 24,181,544 | 1,945,264 | 2,092,698 | PDF p. 139 |
Notes
Bank loan I of the Group is secured by an office premise in Singapore and is repayable by 180 monthly instalments. The Executive Director and Deputy Chief Executive Officer, Salim Limanto has provided a personal guarantee for this bank loan.
On 28 February 2025, the Group revised the terms of its Bank loan I and it is repayable by 142 monthly instalments. Interest is payable at a fixed rate of 3.18% per annum in the first two years. Subsequently, interest is payable at a floating rate of prevailing 3 months compounded Singapore Overnight Rate Average (“3 months Compounded SORA”) + 2.00% per annum.
Bank loan II of the Group has been fully settled in August 2025.
Loans from related parties are unsecured and interest free. The current loans are repayable in demand, while the non-current loan is repayable solely at the option and discretion of the Group. The related parties have undertaken to not recall the amounts owing until the Group has sufficient funds to repay.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Provision 11.6 | The Company does not have a fixed dividend policy. The form, frequency and amount of dividends will depend on the Company’s earnings, general financial condition, results of operations, capital requirements, cash flow, general business conditions, development plans and other factors as the Directors may deem appropriate. | Company | PDF p. 87 |
| RGD Scrip Dividend Scheme | On 10 January 2025, the Company adopted RGD Scrip Dividend Scheme (the “RGD SDS”). | Company · As at 2025-01-10 | PDF p. 97 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| final tax-exempt (one-tier) dividend | S$0.0044 | FY2025 final dividend proposed, tax-exempt (one-tier), subject to shareholders' approval at AGM on 29 April 2026 · As at 2026-02-27 | PDF p. 87 |
| Final tax exempted dividend of SGD0.0072 per share | SGD0.0072 | Final dividend for FY2024 (comparative), tax exempt, declared 26 February 2025, paid 26 May 2025 | PDF p. 143 |
| Final tax exempted dividend of SGD0.007 per share | SGD0.007 | Final dividend for FY2023, tax exempt, declared 29 April 2024, paid 19 July 2024 (prior-year payment) | PDF p. 143 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| payout ratio | approximately 8.9% | FY2025 | PDF p. 12 |
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 |
|---|---|---|---|
| Independent auditor | Baker Tilly TFW LLP | Group | PDF p. 102 |
| Engagement partner | Hu Weisheng | Group | PDF p. 102 |
| 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. 100 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Revenue recognition | We identified the occurrence, accuracy and cut-off of revenue from sales of coal and shipping services as a key audit matter because revenue is one of the Group’s key performance indicators and a significant audit risk which requires significant amount of our attention during the audit. | Group | PDF p. 100 |
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.