Annual report
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| RevenueS$ | 102,008,055 | 108,734,924 | PDF p. 107 |
| Cost of salesS$ | (87,519,127) | (94,657,500) | PDF p. 107 |
| Gross profitS$ | 14,488,928 | 14,077,424 | PDF p. 107 |
| Other incomeS$ | 1,406,481 | 1,023,548 | PDF p. 107 |
| Selling and marketing expensesS$ | (1,093,427) | (1,066,329) | PDF p. 107 |
| Administration expensesS$ | (11,097,688) | (8,603,986) | PDF p. 107 |
| Net allowance for expected credit lossesS$ | (1,054,038) | (770,597) | PDF p. 107 |
| Finance expensesS$ | (1,769,684) | (2,006,872) | PDF p. 107 |
| Other operating expensesS$ | (31,256) | (20,170) | PDF p. 107 |
| Profit before income taxS$ | 849,316 | 2,633,018 | PDF p. 107 |
| Income tax expenseS$ | (365,553) | (597,143) | PDF p. 107 |
| Profit for the year, representing total comprehensive income for the yearS$ | 483,763 | 2,035,875 | PDF p. 107 |
| Profit and the total comprehensive income for the year attributable to | |||
| Equity holders of the CompanyS$ | 483,763 | 2,035,875 | PDF p. 107 |
| Earnings per share | |||
| Basic (cents per share)cents per share | 0.39 | 2.98 | PDF p. 107 |
| Diluted (cents per share)cents per share | 0.39 | 2.98 | PDF p. 107 |
Original report: PDF p. 107 ↗
The accompanying notes form an integral part of the financial statements
No separate Company income statement is presented.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group (Re-presented*) | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipmentS$ | 16,285,923 | 14,050,310 | - | - | PDF p. 108 |
| Investment propertyS$ | 929,267 | 949,691 | - | - | PDF p. 108 |
| Intangible assetsS$ | 160,991 | 51,113 | - | - | PDF p. 108 |
| Investment in subsidiariesS$ | - | - | 1 | 1 | PDF p. 108 |
| Trade and other receivablesS$ | 31,055,518 | 47,219,364 | 6,299,987 | - | PDF p. 108 |
| SubtotalS$ | 48,431,699 | 62,270,478 | 6,299,988 | 1 | PDF p. 108 |
| Current assets | |||||
| InventoriesS$ | 17,680,753 | 18,325,034 | - | - | PDF p. 108 |
| Trade and other receivablesS$ | 23,431,252 | 22,800,334 | 1,544,374 | 1,200,000 | PDF p. 108 |
| Cash and cash equivalentsS$ | 12,995,815 | 12,857,638 | 239,562 | 434,519 | PDF p. 108 |
| SubtotalS$ | 55,508,209 | 55,408,538 | 1,783,936 | 1,634,519 | PDF p. 108 |
| Assets | |||||
| Total assetsS$ | 103,939,908 | 117,679,016 | 8,083,924 | 1,634,520 | PDF p. 108 |
| Equity attributable to owners of the Company | |||||
| Share capitalS$ | 175,239 | 148,911 | 175,239 | 148,911 | PDF p. 108 |
| Share premiumS$ | 7,238,134 | 1,485,608 | 7,459,280 | 1,485,608 | PDF p. 108 |
| Merger reserveS$ | 8,890,000 | 8,890,000 | - | - | PDF p. 108 |
| Retained earnings/(Accumulated losses)S$ | 11,697,143 | 12,734,269 | 367,404 | (58,000) | PDF p. 108 |
| Equity | |||||
| Total equityS$ | 28,000,516 | 23,258,788 | 8,001,923 | 1,576,519 | PDF p. 108 |
| Non-current liabilities | |||||
| BorrowingsS$ | 32,361,175 | 46,204,959 | - | - | PDF p. 108 |
| Contract liabilitiesS$ | 73,992 | 66,792 | - | - | PDF p. 108 |
| Lease liabilitiesS$ | 752,964 | 347,271 | - | - | PDF p. 108 |
| Deferred tax liabilitiesS$ | 198,010 | 198,010 | - | - | PDF p. 108 |
| SubtotalS$ | 33,386,141 | 46,817,032 | - | - | PDF p. 108 |
| Current liabilities | |||||
| BorrowingsS$ | 37,899,916 | 43,441,460 | - | - | PDF p. 108 |
| Contract liabilitiesS$ | 49,328 | 109,160 | - | - | PDF p. 108 |
| Lease liabilitiesS$ | 791,923 | 454,794 | - | - | PDF p. 108 |
| Trade and other payablesS$ | 3,407,144 | 3,122,337 | 82,001 | 58,001 | PDF p. 108 |
| Current tax liabilitiesS$ | 404,940 | 475,445 | - | - | PDF p. 108 |
| SubtotalS$ | 42,553,251 | 47,603,196 | 82,001 | 58,001 | PDF p. 108 |
| Liabilities | |||||
| Total liabilitiesS$ | 75,939,392 | 94,420,228 | 82,001 | 58,001 | PDF p. 108 |
| Equity and liabilities | |||||
| Total equity and liabilitiesS$ | 103,939,908 | 117,679,016 | 8,083,924 | 1,634,520 | PDF p. 108 |
Original report: PDF p. 108 ↗
* - Please refer to Note 19 (Group 2024 column is marked Re-presented*)
The accompanying notes form an integral part of the financial statements
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, S$ | 2024Group, S$ | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit for the year, representing total comprehensive income for the yearS$ | 483,763 | 2,035,875 | PDF p. 107 |
| Attributable to | |||
| Equity holders of the CompanyS$ | 483,763 | 2,035,875 | PDF p. 107 |
| Earnings per share | |||
| Basic (cents per share)cents per share | 0.39 | 2.98 | PDF p. 107 |
| Diluted (cents per share)cents per share | 0.39 | 2.98 | PDF p. 107 |
Original report: PDF p. 107 ↗
Profit for the year equals total comprehensive income; no separate OCI items. All profit attributable to equity holders of the Company; no non-controlling interests. No separate Company comprehensive income statement presented.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group Share capital, S$ | 2025Group Share premium, S$ | 2025Group Merger reserve, S$ | 2025Group Retained earnings, S$ | 2025Group Total equity, S$ | Source |
|---|---|---|---|---|---|---|
| Group 2025 | ||||||
| Balance at 1 January 2025 (Re-presented)S$ | 148,911 | 1,485,608 | 8,890,000 | 12,734,269 | 23,258,788 | PDF p. 109 |
| Profit for the yearS$ | - | - | - | 483,763 | 483,763 | PDF p. 109 |
| Other comprehensive income for the yearS$ | - | - | - | - | - | PDF p. 109 |
| Total comprehensive income for the yearS$ | - | - | - | 483,763 | 483,763 | PDF p. 109 |
| Listing expenses capitalisationS$ | - | (221,146) | - | - | (221,146) | PDF p. 109 |
| Dividends paidS$ | - | - | - | (1,520,889) | (1,520,889) | PDF p. 109 |
| Issuance of ordinary sharesS$ | 26,328 | 5,973,672 | - | - | 6,000,000 | PDF p. 109 |
| Balance at 31 December 2025S$ | 175,239 | 7,238,134 | 8,890,000 | 11,697,143 | 28,000,516 | PDF p. 109 |
Original report: PDF p. 109 ↗
Opening balances at 1 January 2025 marked Re-presented (see Note 19). Attributable to equity holders of the Company; no non-controlling interest column. No separate Company statement of changes in equity is presented in the report pages read (112 begins notes).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group Share capital, S$ | 2024Group Share premium, S$ | 2024Group Merger reserve, S$ | 2024Group Retained earnings, S$ | 2024Group Total equity, S$ | Source |
|---|---|---|---|---|---|---|
| Group 2024 | ||||||
| Balance at 1 January 2024 (Re-presented)S$ | 53,126 | - | 8,890,000 | 10,698,394 | 19,641,520 | PDF p. 109 |
| Profit for the yearS$ | - | - | - | 2,035,875 | 2,035,875 | PDF p. 109 |
| Total comprehensive income for the yearS$ | - | - | - | 2,035,875 | 2,035,875 | PDF p. 109 |
| Issuance of ordinary sharesS$ | 95,785 | 1,485,608 | - | - | 1,581,393 | PDF p. 109 |
| Balance at 31 December 2024 (Re-presented)S$ | 148,911 | 1,485,608 | 8,890,000 | 12,734,269 | 23,258,788 | PDF p. 109 |
Original report: PDF p. 109 ↗
Balances at 1 January 2024 and 31 December 2024 marked Re-presented.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, S$ | 2024Group, S$ | Source |
|---|---|---|---|
| Operating | |||
| Profit before income taxS$ | 849,316 | 2,633,018 | PDF p. 110 |
| Depreciation of property, plant and equipmentS$ | 2,505,232 | 2,209,190 | PDF p. 110 |
| Depreciation of investment propertyS$ | 20,424 | 20,423 | PDF p. 110 |
| Amortisation of intangible assetsS$ | 15,350 | 3,202 | PDF p. 110 |
| Property, plant and equipment written offS$ | - | 20,170 | PDF p. 110 |
| Gain on lease modificationS$ | (3,120) | - | PDF p. 110 |
| Allowance for impairment losses on trade receivables, netS$ | 1,054,038 | 770,597 | PDF p. 110 |
| Gain on disposal of property, plant and equipment, netS$ | (98,925) | (65,076) | PDF p. 110 |
| Interest expenseS$ | 1,769,684 | 2,006,872 | PDF p. 110 |
| Interest incomeS$ | (152,671) | (152,779) | PDF p. 110 |
| Fair value loss/(gain) on financial assets at FVPLS$ | 25,143 | (60,354) | PDF p. 110 |
| Operating cash flow before working capital changesS$ | 5,984,471 | 7,385,263 | PDF p. 110 |
| Operating - working capital | |||
| InventoriesS$ | 644,281 | (5,737,024) | PDF p. 110 |
| Trade and other receivablesS$ | 14,478,890 | (5,350,736) | PDF p. 110 |
| Trade and other payablesS$ | 284,807 | 725,053 | PDF p. 110 |
| Contract liabilitiesS$ | (52,632) | 25,188 | PDF p. 110 |
| Block discounting loansS$ | (17,236,456) | 850,070 | PDF p. 110 |
| Operating | |||
| Cash generated from/(used in) operationsS$ | 4,103,361 | (2,102,186) | PDF p. 110 |
| Interest receivedS$ | 152,671 | 152,779 | PDF p. 110 |
| Income tax paidS$ | (436,058) | (385,501) | PDF p. 110 |
| Net cash generated from/(used in) operating activitiesS$ | 3,819,974 | (2,334,908) | PDF p. 110 |
| Investing | |||
| Purchase of property, plant and equipmentS$ | (5,842,726) | (3,167,316) | PDF p. 110 |
| Purchase of intangible assetsS$ | (125,228) | - | PDF p. 110 |
| Proceeds from disposal of property, plant and equipmentS$ | 2,701,510 | 1,534,152 | PDF p. 110 |
| Net cash used in investing activitiesS$ | (3,266,444) | (1,633,164) | PDF p. 110 |
| Financing | |||
| Net proceeds from issuance of share capitalS$ | 5,778,854 | 1,581,393 | PDF p. 111 |
| Dividends paidS$ | (1,520,889) | - | PDF p. 111 |
| Fixed deposits pledgedS$ | (8,988) | (512,417) | PDF p. 111 |
| Repayments of secured bank loans and hire purchase borrowingsS$ | (13,045,289) | (13,678,933) | PDF p. 111 |
| Proceeds from secured bank loans and hire purchase borrowingsS$ | 10,896,417 | 18,231,376 | PDF p. 111 |
| Interest paidS$ | (1,716,610) | (1,980,135) | PDF p. 111 |
| Repayments of lease liabilitiesS$ | (754,762) | (510,606) | PDF p. 111 |
| Interest expense on lease liabilitiesS$ | (53,074) | (26,737) | PDF p. 111 |
| Repayment to a related partyS$ | - | (100,000) | PDF p. 111 |
| Net cash (used in)/generated from financing activitiesS$ | (424,341) | 3,003,941 | PDF p. 111 |
| Net change in cash | |||
| Net increase/(decrease) in the cash and cash equivalentsS$ | 129,189 | (964,131) | PDF p. 111 |
| Cash and cash equivalents at the beginning of the financial yearS$ | 7,183,758 | 8,147,889 | PDF p. 111 |
| Cash and cash equivalents at the end of the financial year (Note 18)S$ | 7,312,947 | 7,183,758 | PDF p. 111 |
Original report: PDF p. 110 ↗ PDF p. 111 ↗
No Company cash flow statement presented. Closing cash of S$7,312,947 (2025) is per cash flow statement (Note 18); balance sheet cash S$12,995,815 includes pledged deposits.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group FY2022 | 2023Group FY2023 | 2024Group FY2024 | 2025Group FY2025 | Source |
|---|---|---|---|---|---|
| Key Financials | |||||
| RevenueS$'000 | 91,838 | 106,429 | 108,735 | 102,008 | PDF p. 10 |
| Gross ProfitS$'000 | 9,401 | 12,066 | 14,077 | 14,489 | PDF p. 10 |
| Profit Before Income Tax (“PBT”)S$'000 | 3,287 | 3,644 | 2,633 | 849 | PDF p. 10 |
| Profit After Income Tax (“PAT”)S$'000 | 2,775 | 3,269 | 2,036 | 484 | PDF p. 10 |
| Earnings Per ShareCents | 2.501 | 8.312 | 2.982 | 0.392 | PDF p. 10 |
| Dividend Per ShareCents | NA | NA | 1.16 | NA | PDF p. 10 |
| Dividend Payout% | NA | NA | 75.0 | NA | PDF p. 10 |
Original report: PDF p. 10 ↗
1 Based on pre-Placement share capital of 111,111,110 Shares
2 Based on weighted average number of ordinary Shares, which was 39,340,800 Shares, 68,352,796 Shares and 125,412,480 Shares for FY2023, FY2024 and FY2025 respectively.
Footnote markers 1 and 2 are not legible in the extracted row labels; the EPS row carries superscripts in the original (the FY2022 and FY2023 figures appear to be on a different share basis than footnote 2 describes).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group FY2022 | 2023Group FY2023 | 2024Group FY2024 | 2025Group FY2025 | Source |
|---|---|---|---|---|---|
| Revenue by Business Segments | |||||
| Automobile Sales and Related ServicesS$'000 | 78,618 | 88,601 | 87,370 | 80,939 | PDF p. 10 |
| Automobile After-Sales ServicesS$'000 | 6,241 | 8,727 | 11,364 | 11,969 | PDF p. 10 |
| Automobile Financing and Related ServicesS$'000 | 4,813 | 6,500 | 7,368 | 6,838 | PDF p. 10 |
| Automobile Rental and Leasing ServicesS$'000 | 2,166 | 2,601 | 2,633 | 2,262 | PDF p. 10 |
| TotalS$'000 | 91,838 | 106,429 | 108,735 | 102,008 | PDF p. 10 |
Original report: PDF p. 10 ↗
Total row has no printed label; the Financing row label wraps across two lines ('Automobile Financing and Related' / 'Services').
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group FY2022 | 2023Group FY2023 | 2024Group FY2024 | 2025Group FY2025 | Source |
|---|---|---|---|---|---|
| Gross Profit by Business Segments | |||||
| Automobile Sales and Related ServicesS$'000 | 2,204 | 2,443 | 3,207 | 2,878 | PDF p. 10 |
| Automobile After-Sales ServicesS$'000 | 2,832 | 4,224 | 5,437 | 6,382 | PDF p. 10 |
| Automobile Financing and Related ServicesS$'000 | 3,394 | 4,283 | 4,383 | 4,475 | PDF p. 10 |
| Automobile Rental and Leasing ServicesS$'000 | 971 | 1,116 | 1,050 | 754 | PDF p. 10 |
| TotalS$'000 | 9,401 | 12,066 | 14,077 | 14,489 | PDF p. 10 |
Original report: PDF p. 10 ↗
Total row has no printed label.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group as at 31 December 2023 | 2024Group as at 31 December 2024 | 2025Group as at 31 December 2025 | Source |
|---|---|---|---|---|
| Net Asset Value | ||||
| Net Asset ValueS$'000 | 19,642 | 23,260 | 28,000 | PDF p. 10 |
| Net Asset Value Per Share3Cents | 49.93 | 20.93 | 21.36 | PDF p. 10 |
Original report: PDF p. 10 ↗
3 NAV per Share has been computed based on 39,340,800 Shares, 111,111,110 Shares and 131,111,110 Shares as at 31 December 2023, 31 December 2024 and 31 December 2025 respectively.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group 2025 | 2024Group 2024 | Source |
|---|---|---|---|
| Earnings Per Share | |||
| Basic earnings per shareSingapore cents | 0.39 | 2.98 | PDF p. 137 |
| Fully diluted earnings per shareSingapore cents | 0.39 | 2.98 | PDF p. 137 |
| Profit for the year attributable to equity holders of the CompanyS$ | 483,763 | 2,035,875 | PDF p. 137 |
| Weighted average number of ordinary shares for the purposes of basic earnings per shareshares | 125,412,480 | 68,352,796 | PDF p. 137 |
Original report: PDF p. 137 ↗
Basic EPS = net profit attributable to equity holders divided by the weighted average number of ordinary shares during the year. The Group has no dilution in its earnings per share as at 31 December 2025 (2024: Nil).
Weighted average label wraps across two lines: 'Weighted average number of ordinary shares for the purposes of' / 'basic earnings per share'; the quote contains only the second line.
Where the money comes from
| Item / unit | 2025Automobile Sales and Related Services | 2024Automobile Sales and Related Services | 2025Automobile After-Sales Services | 2024Automobile After-Sales Services | 2025Automobile Financing and Related Services | 2024Automobile Financing and Related Services | 2025Automobile Rental and Leasing Services | 2024Automobile Rental and Leasing Services | Source |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||
| External salesS$'000 | 80,939 | 87,370 | 11,969 | 11,364 | 6,838 | 7,368 | 2,262 | 2,633 | PDF p. 161 |
| Inter-segment salesS$'000 | 5,047 | 1,873 | 200 | 310 | 19 | 39 | - | - | PDF p. 161 |
| Results | |||||||||
| Segment resultsS$'000 | (263) | 692 | 1,433 | 2,028 | 1,606 | 1,619 | 423 | 625 | PDF p. 161 |
Segment revenue includes transfer between operating segments, eliminated on consolidation. Segment results exclude corporate expenses, rental income, interest income, finance costs and income tax. Total-revenue subtotal row (85,986 89,243 12,169 11,674 6,857 7,407 2,262 2,633) is unlabelled. No geographical information table found in the notes.
| Item / unit | 2025Others | 2024Others | 2025Elimination | 2024Elimination | 2025Consolidated | 2024Consolidated | Source |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| External salesS$'000 | - | - | - | - | 102,008 | 108,735 | PDF p. 162 |
| Inter-segment salesS$'000 | 5,844 | - | (11,110) | (2,222) | - | - | PDF p. 162 |
| Results | |||||||
| Segment resultsS$'000 | (832) | (575) | - | - | 2,367 | 4,389 | PDF p. 162 |
| Rental incomeS$'000 | 74 | 38 | - | - | 74 | 38 | PDF p. 162 |
| Interest incomeS$'000 | 153 | 153 | - | - | 153 | 153 | PDF p. 162 |
| Finance expensesS$'000 | - | - | - | - | (1,770) | (2,007) | PDF p. 162 |
Profit before income tax, income tax values apply to Consolidated columns only (2025, 2024). Fair value gain row on FVPL assets: Others 25/60, Consolidated 25/60 (label wraps across lines, not extracted). Profit for the year: 484 (2025), 2,036 (2024) – label wraps.
| Item / unit | 2025Automobile Sales and Related Services | 2024Automobile Sales and Related Services | 2025Automobile After-Sales Services | 2024Automobile After-Sales Services | 2025Automobile Financing and Related Services | 2024Automobile Financing and Related Services | 2025Automobile Rental and Leasing Services | 2024Automobile Rental and Leasing Services | Source |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Segment assetsS$'000 | 27,890 | 29,853 | 4,529 | 3,121 | 46,091 | 62,244 | 8,199 | 6,986 | PDF p. 163 |
| Intangible assetsS$'000 | - | - | 40 | - | 73 | - | - | - | PDF p. 163 |
| Cash and bank balancesS$'000 | 7,019 | 6,859 | 1,607 | 2,303 | 2,161 | 1,905 | 450 | 1,291 | PDF p. 163 |
| Liabilities | |||||||||
| Segment liabilitiesS$'000 | 1,232 | 1,292 | 1,089 | 827 | 792 | 830 | 295 | 250 | PDF p. 163 |
| BorrowingsS$'000 | 80 | - | 61 | 76 | 36,252 | 53,488 | 4,835 | 3,469 | PDF p. 163 |
| Lease liabilitiesS$'000 | 878 | 347 | 523 | 410 | 144 | 45 | - | - | PDF p. 163 |
Investment property, financial assets at FVPL, income tax and deferred tax liabilities rows are all '-' for these segments.
| Item / unit | 2025Others | 2024Others | 2025Elimination | 2024Elimination | 2025Consolidated | 2024Consolidated | Source |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Segment assetsS$'000 | 1,745 | 191 | - | - | 88,454 | 102,395 | PDF p. 164 |
| Investment propertyS$'000 | 929 | 950 | - | - | 929 | 950 | PDF p. 164 |
| Intangible assetsS$'000 | 48 | 51 | - | - | 161 | 51 | PDF p. 164 |
| Cash and bank balancesS$'000 | 1,759 | 500 | - | - | 12,996 | 12,858 | PDF p. 164 |
| Liabilities | |||||||
| Segment liabilitiesS$'000 | 123 | 99 | - | - | 3,531 | 3,298 | PDF p. 164 |
| BorrowingsS$'000 | 29,033 | 32,613 | - | - | 70,261 | 89,646 | PDF p. 164 |
| Lease liabilitiesS$'000 | - | - | - | - | 1,545 | 802 | PDF p. 164 |
| Income tax liabilitiesS$'000 | 405 | 475 | - | - | 405 | 475 | PDF p. 164 |
| Deferred tax liabilitiesS$'000 | 198 | 198 | - | - | 198 | 198 | PDF p. 164 |
Consolidated total assets as at 31 December: 103,940 (2025), 117,679 (2024). Consolidated total liabilities as at 31 December: 75,940 (2025), 94,419 (2024). Financial assets at FVPL: Others 1,400/1,425, Consolidated 1,400/1,425 (label wraps).
| Item / unit | 2025Automobile Sales and Related Services | 2024Automobile Sales and Related Services | 2025Automobile After-Sales Services | 2024Automobile After-Sales Services | 2025Automobile Financing and Related Services | 2024Automobile Financing and Related Services | 2025Automobile Rental and Leasing Services | 2024Automobile Rental and Leasing Services | Source |
|---|---|---|---|---|---|---|---|---|---|
| Other information | |||||||||
| Cost of salesS$'000 | 84,723 | 86,037 | 5,360 | 6,238 | 2,363 | 2,983 | 1,507 | 1,583 | PDF p. 165 |
| Employee benefitsS$'000 | 1,623 | 1,292 | 2,725 | 1,859 | 1,165 | 1,268 | 269 | 271 | PDF p. 165 |
Capital expenditure on property, plant and equipment: 402/82, 273/100, -/54, 5,163/1,820 (2025/2024 per segment in order); depreciation of PPE: 121/491, 96/229, 85/170, 1,232/1,319; amortisation of intangibles: after-sales 4/-, financing 8/-; allowance for impairment loss on trade receivables, net: financing 1,054/771; PPE written off: after-sales -/1, financing -/19; gain on disposal of PPE: rental (99)/(65). Wrapped labels not extracted as rows.
| Item / unit | 2025Others | 2024Others | 2025Elimination | 2024Elimination | 2025Consolidated | 2024Consolidated | Source |
|---|---|---|---|---|---|---|---|
| Other information | |||||||
| Cost of salesS$'000 | - | - | (6,434) | (2,183) | 87,519 | 94,658 | PDF p. 166 |
| Employee benefitsS$'000 | 297 | 183 | - | - | 6,079 | 4,873 | PDF p. 166 |
Capital expenditure on PPE: Others -/1,111, Consolidated 5,838/3,167. Depreciation of PPE: Consolidated 1,534/2,209. Depreciation of investment property: Others 21/20, Consolidated 21/20. Amortisation of intangibles: Others 3/3, Consolidated 15/3. Impairment allowance: Consolidated 1,054/771. PPE written off: Consolidated -/20. Gain on disposal of PPE: Consolidated (99)/(65). FV gain on FVPL assets: Others 25/(60), Consolidated 25/(60). Major customers: revenue from any single external customer is less than 10%.
Debt
| Item / unit | 2025S$ | 2024S$ | Source |
|---|---|---|---|
| Repayable | |||
| - not later than one yearS$ | 37,899,916 | 43,441,460 | PDF p. 147 |
| - one to five yearsS$ | 28,959,522 | 41,672,950 | PDF p. 147 |
| - more than five yearsS$ | 3,401,653 | 4,532,009 | PDF p. 147 |
| Repayable totalS$ | 70,261,091 | 89,646,419 | PDF p. 147 |
| Item / unit | 2025S$ | 2024S$ | Source |
|---|---|---|---|
| SORA + 1.00%, SGD, maturity 2033 | |||
| Secured bank loanS$ | 64,199 | 71,569 | PDF p. 148 |
| Prime rate + 0.65% - 1.65%, SGD, maturity 2026 | |||
| Secured bank loanS$ | 3,392,589 | 3,671,070 | PDF p. 148 |
| 5.75%, SGD, maturity 2026 | |||
| Secured bank loanS$ | 2,658,550 | 3,055,310 | PDF p. 148 |
| 7.50% - 7.75%, SGD, maturity 2025 | |||
| Secured bank loanS$ | - | 1,820,945 | PDF p. 148 |
| SGD, 1.80% - 3.20%, maturity 2026 - 2031 | |||
| Hire PurchaseS$ | 4,975,764 | 3,095,509 | PDF p. 148 |
| SGD, 1.48% - 3.75%, maturity 2026 - 2031 | |||
| Block discounting loanS$ | 36,251,858 | 53,488,314 | PDF p. 148 |
Table columns: Currency, Nominal interest rate, Year of maturity, 2025, 2024. All listed loans are denominated in SGD. Only selected rows extracted; the table has ~37 individual secured bank loans with rates such as fixed 2.00%-7.50%, COF + 1.00%-2.50%, SORA + 1.00%-2.50%, Prime rate + 0.65%-1.65%, maturities 2025-2039. Total interest-bearing liabilities 70,261,091 (2025) and 89,646,419 (2024).
| Item / unit | 2025Within 1 year, S$ | 2025Within 2 to 5 years, S$ | 2025More than 5 years, S$ | 2025Total, S$ | Source |
|---|---|---|---|---|---|
| 2025 | |||||
| BorrowingsS$ | 40,230,077 | 31,573,815 | 4,080,824 | 75,844,716 | PDF p. 157 |
| Lease liabilitiesS$ | 833,478 | 768,828 | - | 1,602,306 | PDF p. 157 |
Based on contractual undiscounted repayment obligations.
| Item / unit | 2025Within 1 year, S$ | 2025Within 2 to 5 years, S$ | 2025More than 5 years, S$ | 2025Total, S$ | 2024Within 1 year, S$ | 2024Within 2 to 5 years, S$ | 2024More than 5 years, S$ | 2024Total, S$ | Source |
|---|---|---|---|---|---|---|---|---|---|
| BorrowingsS$ | 40,230,077 | 31,573,815 | 4,080,824 | 75,844,716 | 46,438,274 | 45,848,159 | 4,803,854 | 97,090,287 | PDF p. 157 |
| Lease liabilitiesS$ | 833,478 | 768,828 | - | 1,602,306 | 484,348 | 364,942 | - | 849,190 | PDF p. 157 |
Based on contractual undiscounted repayment obligations.
| Item / unit | 2025S$ | 2024S$ | Source |
|---|---|---|---|
| Non-current liabilities | |||
| Secured bank loansS$ | 4,654,935 | 5,518,784 | PDF p. 147 |
| Hire purchase borrowingsS$ | 3,780,434 | 2,100,154 | PDF p. 147 |
| Block discounting loansS$ | 23,925,806 | 38,586,021 | PDF p. 147 |
| Non-current liabilities totalS$ | 32,361,175 | 46,204,959 | PDF p. 147 |
| Current liabilities | |||
| Secured bank loansS$ | 24,378,534 | 27,543,812 | PDF p. 147 |
| Hire purchase borrowingsS$ | 1,195,330 | 995,355 | PDF p. 147 |
| Block discounting loansS$ | 12,326,052 | 14,902,293 | PDF p. 147 |
| Current liabilities totalS$ | 37,899,916 | 43,441,460 | PDF p. 147 |
| Total | |||
| Total interest-bearing liabilitiesS$ | 70,261,091 | 89,646,419 | PDF p. 147 |
Bank loans of the Group are secured by joint and several guarantees from the directors and secured over inventories (Note 15), leasehold properties, motor vehicles (Note 11), fixed and floating charge over assets of a subsidiary (Note 17) and fixed deposits (Note 18).
As at the end of the financial year, there is no breach of loan covenants.
| Item / unit | 2025S$ | 2024S$ | Source |
|---|---|---|---|
| Borrowings by type | |||
| Secured bank loansS$ | 29,033,469 | 33,062,596 | PDF p. 147 |
| Hire purchase borrowingsS$ | 4,975,764 | 3,095,509 | PDF p. 147 |
| SubtotalS$ | 34,009,233 | 36,158,105 | PDF p. 147 |
| Block discounting loansS$ | 36,251,858 | 53,488,314 | PDF p. 147 |
| Total interest-bearing liabilitiesS$ | 70,261,091 | 89,646,419 | PDF p. 147 |
Same bank-loan security note as above applies.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a fixed dividend policy. | Company | PDF p. 95 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| For FY2025, the Company did not declare any dividend | For FY2025, the Company did not declare any dividend as the Group intends to retain its earnings for capital expenditure and working capital requirement. | Group, FY2025 | PDF p. 95 |
| Dividend Per Share | 1.16 Cents | FY2024 (comparative); FY2025 NA | PDF p. 10 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Payout | 75.0% | FY2024 (comparative); FY2025 NA | PDF p. 10 |
Extracted from Annual report and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Moore Stephens LLP | Moore Stephens LLP | Group | PDF p. 106 |
| Engagement partner | Tan Lip Kiam | Group | PDF p. 106 |
| Opinion | properly drawn up in accordance with the Singapore Financial Reporting Standards (International) | Group and Company | PDF p. 103 |
Extracted from Annual report 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, 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.