UnionSteel ZB9
Financials
ANNUAL REPORT 2026 FINANCIAL STATEMENT & SUSTAINABILITY REPORT
Explore the statements
13 tablesConsolidated Statement of Financial Position (Group)
35 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, as at 30 June 2026 | 2025Group, as at 30 June 2025 | Source |
|---|---|---|---|
| Current assets | |||
| Cash and cash equivalents$'000 | 15,680 | 20,073 | PDF p. 72 |
| Trade and other receivables$'000 | 32,111 | 28,194 | PDF p. 72 |
| Inventories$'000 | 29,160 | 26,126 | PDF p. 72 |
| Total current assets excluding assets classified as held-for-sale$'000 | 76,951 | 74,393 | PDF p. 72 |
| Assets of disposal group classified as held-for-sale$'000 | 3,954 | - | PDF p. 72 |
| Non-current asset held-for-sale$'000 | 2,880 | - | PDF p. 72 |
| Subtotal$'000 | 83,785 | 74,393 | PDF p. 72 |
| Non-current assets | |||
| Property, plant and equipment$'000 | 71,441 | 68,354 | PDF p. 72 |
| Right-of-use assets$'000 | 19,968 | 12,196 | PDF p. 72 |
| Investment properties$'000 | 2,404 | 5,262 | PDF p. 72 |
| Goodwill$'000 | 7,699 | 7,699 | PDF p. 72 |
| Club membership$'000 | 201 | 201 | PDF p. 72 |
| Investment in an associated company$'000 | 13,676 | 10,862 | PDF p. 72 |
| Deferred tax assets$'000 | 112 | 121 | PDF p. 72 |
| Subtotal$'000 | 115,501 | 104,695 | PDF p. 72 |
| Assets | |||
| Total assets$'000 | 199,286 | 179,088 | PDF p. 72 |
| Current liabilities | |||
| Borrowings$'000 | 34,432 | 27,104 | PDF p. 72 |
| Trade and other payables$'000 | 15,610 | 16,056 | PDF p. 72 |
| Lease liabilities$'000 | 3,228 | 2,577 | PDF p. 72 |
| Income tax payable$'000 | 1,576 | 1,749 | PDF p. 72 |
| Total current liabilities excluding liabilities relating to assets held-for-sale$'000 | 54,846 | 47,486 | PDF p. 72 |
| Liabilities directly associated with disposal group classified as held-for-sale$'000 | 975 | - | PDF p. 72 |
| Subtotal$'000 | 55,821 | 47,486 | PDF p. 72 |
| Non-current liabilities | |||
| Borrowings$'000 | 16,808 | 17,588 | PDF p. 72 |
| Lease liabilities$'000 | 18,423 | 11,450 | PDF p. 72 |
| Deferred tax liabilities$'000 | 5,944 | 6,125 | PDF p. 72 |
| Subtotal$'000 | 41,175 | 35,163 | PDF p. 72 |
| Capital and reserves | |||
| Share capital$'000 | 36,603 | 36,603 | PDF p. 72 |
| Retained earnings$'000 | 60,621 | 54,888 | PDF p. 72 |
| Capital reserve$'000 | 5,237 | 5,237 | PDF p. 72 |
| Foreign currency translation reserve$'000 | (171) | (289) | PDF p. 72 |
| Equity attributable to owners of the Company$'000 | 102,290 | 96,439 | PDF p. 72 |
| Non-controlling interests$'000 | * | * | PDF p. 72 |
| Total equity$'000 | 102,290 | 96,439 | PDF p. 72 |
| Liabilities and equity | |||
| Total liabilities and equity$'000 | 199,286 | 179,088 | PDF p. 72 |
Definitions & sources
Original report: PDF p. 72 ↗
* Less than $1,000
Statement of Financial Position (Company)
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Company, as at 30 June 2026 | 2025Company, as at 30 June 2025 | Source |
|---|---|---|---|
| Current assets | |||
| Cash and cash equivalents$'000 | 724 | 1,006 | PDF p. 73 |
| Trade and other receivables$'000 | 5,846 | 5,691 | PDF p. 73 |
| Subtotal$'000 | 6,570 | 6,697 | PDF p. 73 |
| Non-current assets | |||
| Property, plant and equipment$'000 | 94 | 110 | PDF p. 73 |
| Investments in subsidiary corporations$'000 | 54,645 | 54,694 | PDF p. 73 |
| Investment in an associated company$'000 | 12,971 | 10,641 | PDF p. 73 |
| Club membership$'000 | 201 | 201 | PDF p. 73 |
| Subtotal$'000 | 67,911 | 65,646 | PDF p. 73 |
| Assets | |||
| Total assets$'000 | 74,481 | 72,343 | PDF p. 73 |
| Current liabilities | |||
| Borrowings$'000 | 2,171 | 2,240 | PDF p. 73 |
| Trade and other payables$'000 | 4,656 | 3,398 | PDF p. 73 |
| Subtotal$'000 | 6,827 | 5,638 | PDF p. 73 |
| Non-current liabilities | |||
| Borrowings$'000 | - | 2,237 | PDF p. 73 |
| Deferred tax liabilities$'000 | 39 | 39 | PDF p. 73 |
| Subtotal$'000 | 39 | 2,276 | PDF p. 73 |
| Capital and reserves | |||
| Share capital$'000 | 36,603 | 36,603 | PDF p. 73 |
| Retained earnings$'000 | 31,012 | 27,826 | PDF p. 73 |
| Total equity$'000 | 67,615 | 64,429 | PDF p. 73 |
| Liabilities and equity | |||
| Total liabilities and equity$'000 | 74,481 | 72,343 | PDF p. 73 |
Definitions & sources
Original report: PDF p. 73 ↗
Consolidated Statement of Comprehensive Income (Group)
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, financial year ended 30 June 2026 | 2025Group, financial year ended 30 June 2025 | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$'000 | 107,263 | 106,143 | PDF p. 74 |
| Cost of sales$'000 | (84,041) | (78,986) | PDF p. 74 |
| Gross profit$'000 | 23,222 | 27,157 | PDF p. 74 |
| Other income | |||
| - Interest from bank deposits$'000 | 62 | 148 | PDF p. 74 |
| - Others$'000 | 8,349 | 7,845 | PDF p. 74 |
| Income statement | |||
| Distribution costs$'000 | (210) | (123) | PDF p. 74 |
| Administrative expenses$'000 | (18,243) | (18,823) | PDF p. 74 |
| Other operating income/(expenses) | |||
| - Fair value gain on investment properties, net$'000 | 22 | 171 | PDF p. 74 |
| - Reversal of/(loss allowance) on financial assets at amortised cost, net$'000 | 200 | (370) | PDF p. 74 |
| - Others$'000 | (3,448) | (3,582) | PDF p. 74 |
| Income statement | |||
| Finance costs$'000 | (2,323) | (2,372) | PDF p. 74 |
| Share of profit from an associated company$'000 | 484 | 221 | PDF p. 74 |
| Profit before income tax$'000 | 8,115 | 10,272 | PDF p. 74 |
| Income tax expense$'000 | (1,378) | (732) | PDF p. 74 |
| Net profit for the financial year$'000 | 6,737 | 9,540 | PDF p. 74 |
| Other comprehensive income | |||
| - Exchange differences on translation of foreign operations$'000 | 118 | 6 | PDF p. 74 |
| Total comprehensive income for the financial year$'000 | 6,855 | 9,546 | PDF p. 74 |
| Net profit for the financial year attributable to | |||
| - Owners of the Company$'000 | 6,737 | 9,540 | PDF p. 74 |
| - Non-controlling interests$'000 | * | * | PDF p. 74 |
| Subtotal$'000 | 6,737 | 9,540 | PDF p. 74 |
| Total comprehensive income for the financial year attributable to | |||
| - Owners of the Company$'000 | 6,855 | 9,546 | PDF p. 74 |
| - Non-controlling interests$'000 | * | * | PDF p. 74 |
| Subtotal$'000 | 6,855 | 9,546 | PDF p. 74 |
Definitions & sources
Original report: PDF p. 74 ↗
* Less than $1,000
Consolidated Statement of Comprehensive Income
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, FY ended 30 June 2026, $'000 | 2025Group, FY ended 30 June 2025, $'000 | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$'000 | 107,263 | 106,143 | PDF p. 74 |
| Cost of sales$'000 | (84,041) | (78,986) | PDF p. 74 |
| Gross profit$'000 | 23,222 | 27,157 | PDF p. 74 |
| Other income | |||
| - Interest from bank deposits$'000 | 62 | 148 | PDF p. 74 |
| - Others$'000 | 8,349 | 7,845 | PDF p. 74 |
| Income statement | |||
| Distribution costs$'000 | (210) | (123) | PDF p. 74 |
| Administrative expenses$'000 | (18,243) | (18,823) | PDF p. 74 |
| Other operating income/(expenses) | |||
| - Fair value gain on investment properties, net$'000 | 22 | 171 | PDF p. 74 |
| - Reversal of/(loss allowance) on financial assets at amortised cost, net$'000 | 200 | (370) | PDF p. 74 |
| - Others$'000 | (3,448) | (3,582) | PDF p. 74 |
| Income statement | |||
| Finance costs$'000 | (2,323) | (2,372) | PDF p. 74 |
| Share of profit from an associated company$'000 | 484 | 221 | PDF p. 74 |
| Profit before income tax$'000 | 8,115 | 10,272 | PDF p. 74 |
| Income tax expense$'000 | (1,378) | (732) | PDF p. 74 |
| Net profit for the financial year$'000 | 6,737 | 9,540 | PDF p. 74 |
| Other comprehensive income - Item that may be reclassified subsequently to profit or loss | |||
| - Exchange differences on translation of foreign operations$'000 | 118 | 6 | PDF p. 74 |
| Other comprehensive income | |||
| Total comprehensive income for the financial year$'000 | 6,855 | 9,546 | PDF p. 74 |
| Net profit attributable to | |||
| - Owners of the Company$'000 | 6,737 | 9,540 | PDF p. 74 |
| - Non-controlling interests$'000 | * | * | PDF p. 74 |
| Total comprehensive income attributable to | |||
| - Owners of the Company$'000 | 6,855 | 9,546 | PDF p. 74 |
| - Non-controlling interests$'000 | * | * | PDF p. 74 |
Definitions & sources
Original report: PDF p. 74 ↗
* Less than $1,000
Consolidated Statement of Changes in Equity - Group, FY2026 (1 July 2025 to 30 June 2026)
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Share capital, $'000 | 2026Retained earnings, $'000 | 2026Capital reserve, $'000 | 2026Foreign currency translation reserve, $'000 | 2026Equity attributable to owners of the Company, $'000 | 2026Non-controlling interests, $'000 | 2026Total equity, $'000 | Source |
|---|---|---|---|---|---|---|---|---|
| Group FY2026 | ||||||||
| Balance as at 1 July 2025$'000 | 36,603 | 54,888 | 5,237 | (289) | 96,439 | * | 96,439 | PDF p. 75 |
| Net profit for the financial year$'000 | - | 6,737 | - | - | 6,737 | * | 6,737 | PDF p. 75 |
| Other comprehensive income for the financial year$'000 | - | - | - | 118 | 118 | * | 118 | PDF p. 75 |
| Dividends (Note 33)$'000 | - | (1,004) | - | - | (1,004) | - | (1,004) | PDF p. 75 |
| Balance as at 30 June 2026$'000 | 36,603 | 60,621 | 5,237 | (171) | 102,290 | * | 102,290 | PDF p. 75 |
Definitions & sources
Original report: PDF p. 75 ↗
# Retained earnings of the Group are fully distributable except for the accumulated retained earnings from associated company amounting to $705,000 (30 June 2025: $221,000).
* Less than 1,000
Consolidated Statement of Changes in Equity - Group, FY2025 (1 July 2024 to 30 June 2025)
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Share capital, $'000 | 2025Retained earnings, $'000 | 2025Capital reserve, $'000 | 2025Foreign currency translation reserve, $'000 | 2025Equity attributable to owners of the Company, $'000 | 2025Non-controlling interests, $'000 | 2025Total equity, $'000 | Source |
|---|---|---|---|---|---|---|---|---|
| Group FY2025 | ||||||||
| Balance as at 1 July 2024$'000 | 36,603 | 46,884 | 5,237 | (295) | 88,429 | * | 88,429 | PDF p. 75 |
| Net profit for the financial year$'000 | - | 9,540 | - | - | 9,540 | * | 9,540 | PDF p. 75 |
| Other comprehensive income for the financial year$'000 | - | - | - | 6 | 6 | * | 6 | PDF p. 75 |
| Dividends (Note 33)$'000 | - | (1,536) | - | - | (1,536) | - | (1,536) | PDF p. 75 |
| Balance as at 30 June 2025$'000 | 36,603 | 54,888 | 5,237 | (289) | 96,439 | * | 96,439 | PDF p. 75 |
Definitions & sources
Original report: PDF p. 75 ↗
# Retained earnings of the Group are fully distributable except for the accumulated retained earnings from associated company amounting to $705,000 (30 June 2025: $221,000).
* Less than 1,000
Statement of Changes in Equity - Company, FY2026
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Share capital, $'000 | 2026Retained earnings, $'000 | 2026Total equity, $'000 | Source |
|---|---|---|---|---|
| Company FY2026 | ||||
| Balance as at 1 July 2025$'000 | 36,603 | 27,826 | 64,429 | PDF p. 75 |
| Net profit, representing total comprehensive income for the financial year$'000 | - | 4,190 | 4,190 | PDF p. 75 |
| Dividends (Note 33)$'000 | - | (1,004) | (1,004) | PDF p. 75 |
| Balance as at 30 June 2026$'000 | 36,603 | 31,012 | 67,615 | PDF p. 75 |
Definitions & sources
Original report: PDF p. 75 ↗
# Retained earnings of the Company are fully distributable.
Statement of Changes in Equity - Company, FY2025
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Share capital, $'000 | 2025Retained earnings, $'000 | 2025Total equity, $'000 | Source |
|---|---|---|---|---|
| Company FY2025 | ||||
| Balance as at 1 July 2024$'000 | 36,603 | 11,864 | 48,467 | PDF p. 75 |
| Net profit, representing total comprehensive income for the financial year$'000 | - | 17,498 | 17,498 | PDF p. 75 |
| Dividends (Note 33)$'000 | - | (1,536) | (1,536) | PDF p. 75 |
| Balance as at 30 June 2025$'000 | 36,603 | 27,826 | 64,429 | PDF p. 75 |
Definitions & sources
Original report: PDF p. 75 ↗
# Retained earnings of the Company are fully distributable.
Consolidated Statement of Cash Flows
37 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, FY ended 30 June 2026, $'000 | 2025Group, FY ended 30 June 2025, $'000 | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before income tax$'000 | 8,115 | 10,272 | PDF p. 76 |
| Operating activities - Adjustments for | |||
| - Amortisation of other intangible assets$'000 | - | 154 | PDF p. 76 |
| - Depreciation of property, plant and equipment$'000 | 4,894 | 5,320 | PDF p. 76 |
| - Depreciation of right-of-use assets$'000 | 2,739 | 2,450 | PDF p. 76 |
| - Fair value gain on investment properties, net$'000 | (22) | (171) | PDF p. 76 |
| - Loss/(gain) on disposal of investment in an associated company$'000 | 66 | (85) | PDF p. 76 |
| - (Reversal of)/loss allowance on financial assets at amortised cost$'000 | (200) | 370 | PDF p. 76 |
| - Loss on disposal of property, plant and equipment$'000 | 295 | 148 | PDF p. 76 |
| - Property, plant and equipment written-off$'000 | 200 | - | PDF p. 76 |
| - Share of profit from an associated company$'000 | (484) | (221) | PDF p. 76 |
| - Write-down of inventories$'000 | - | 70 | PDF p. 76 |
| - Write back of previously written down of inventories$'000 | - | (6) | PDF p. 76 |
| - Interest expense$'000 | 2,323 | 2,372 | PDF p. 76 |
| - Interest income$'000 | (62) | (148) | PDF p. 76 |
| Operating activities | |||
| Operating cash flows before movements in working capital$'000 | 17,864 | 20,525 | PDF p. 76 |
| Operating activities - Changes in working capital | |||
| - Trade and other receivables$'000 | (5,861) | 11,524 | PDF p. 76 |
| - Inventories$'000 | 1,430 | 3,672 | PDF p. 76 |
| - Trade and other payables$'000 | 461 | (7,012) | PDF p. 76 |
| Operating activities | |||
| Cash generated from operations$'000 | 13,894 | 28,709 | PDF p. 76 |
| - Income tax paid$'000 | (1,699) | (1,876) | PDF p. 76 |
| - Interest received$'000 | 62 | 148 | PDF p. 76 |
| Net cash from operating activities$'000 | 12,257 | 26,981 | PDF p. 76 |
| Investing activities | |||
| - Purchase of property, plant and equipment$'000 | (14,280) | (25,334) | PDF p. 76 |
| - Proceeds from disposal of property, plant and equipment$'000 | 1,054 | 687 | PDF p. 76 |
| - Investment in an associated company$'000 | (5,156) | (12,500) | PDF p. 76 |
| - Proceeds from disposal of investment in an associated company$'000 | 2,760 | 1,944 | PDF p. 76 |
| Net cash used in investing activities$'000 | (15,622) | (35,203) | PDF p. 76 |
| Financing activities | |||
| - Dividends paid to owners of the Company$'000 | (1,004) | (1,536) | PDF p. 76 |
| - Increase in bills payable$'000 | 2,493 | 195 | PDF p. 76 |
| - Proceeds from bank loans$'000 | 12,750 | 33,140 | PDF p. 76 |
| - Repayment of bank loans$'000 | (10,138) | (17,225) | PDF p. 76 |
| - Repayment of lease liabilities$'000 | (3,767) | (3,293) | PDF p. 76 |
| Net cash from financing activities$'000 | 334 | 11,281 | PDF p. 76 |
| Cash and cash equivalents | |||
| Net (decrease)/increase in cash and cash equivalents$'000 | (3,031) | 3,059 | PDF p. 76 |
| Beginning of the financial year$'000 | 20,073 | 17,037 | PDF p. 76 |
| Effect of currency translation on cash and cash equivalents$'000 | 57 | (23) | PDF p. 76 |
| End of the financial year$'000 | 17,099 | 20,073 | PDF p. 76 |
Definitions & sources
Original report: PDF p. 76 ↗
Only a consolidated cash flow statement is presented; no separate Company cash flow statement.
Financial Highlights (five-year)
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, FY ended 30 June 2026 | 2025Group | 2024Group | 2023Group | 2022Group | Source |
|---|---|---|---|---|---|---|
| Financial Highlights | ||||||
| Group Turnover (S$'million)S$ million | 107.3 | 106.1 | 114.9 | 107.3 | 80.1 | PDF p. 15 |
| Group Net Profit Attributable to Owners of the Company (S$'million)S$ million | 6.7 | 9.5 | 12.7 | 11.0 | 7.1 | PDF p. 15 |
| Group Gross Margin (%)% | 21.6 | 25.6 | 27.2 | 25.5 | 23.2 | PDF p. 15 |
| Group Earnings Per Share (cents)(1)cents | 6.0 | 8.0 | 11.0 | 9.0 | 6.0 | PDF p. 15 |
| Group Net Asset Value (“NAV”) Per Share (cents)(1)cents | 87.0 | 82.0 | 75.0 | 66.0 | 57.0 | PDF p. 15 |
| Dividend Payout (cents)(1)(2)cents | 0.50 | 0.85 | 1.30 | 1.67 | 0.33 | PDF p. 15 |
Definitions & sources
Original report: PDF p. 15 ↗
(1) Group earnings per share, NAV per share and dividend payout for FY2022 and FY2023 were computed based on a weighted average number of 118,134,300 shares, adjusted for the share split of 1 existing ordinary share into 3 ordinary shares completed on 22 February 2024, for comparative purposes.
(2) Dividend payout is rounded to the nearest two decimal places.
Revenue: Domestic vs Overseas (S$'million)
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2024Group | 2023Group | 2022Group | Source |
|---|---|---|---|---|---|---|
| Financial Highlights | ||||||
| DomesticS$ million | 71.0 | 69.0 | 93.0 | 83.6 | 68.3 | PDF p. 16 |
| OverseasS$ million | 36.3 | 37.1 | 21.9 | 23.7 | 11.8 | PDF p. 16 |
| TotalS$ million | 107.3 | 106.1 | 114.9 | 107.3 | 80.1 | PDF p. 16 |
Definitions & sources
Original report: PDF p. 16 ↗
Total overseas revenue was S$36.3 million in FY2026 and S$37.1 million in FY2025.
Segment Revenue (S$'million)
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2024Group | 2023Group | 2022Group | Source |
|---|---|---|---|---|---|---|
| Financial Highlights | ||||||
| MetalsS$ million | 48.9 | 46.4 | 44.7 | 50.0 | 54.5 | PDF p. 16 |
| ScaffoldingS$ million | 7.2 | 6.3 | 7.8 | 10.5 | 6.8 | PDF p. 16 |
| EngineeringS$ million | 51.2 | 53.4 | 62.4 | 46.8 | 18.8 | PDF p. 16 |
| TotalS$ million | 107.3 | 106.1 | 114.9 | 107.3 | 80.1 | PDF p. 16 |
Definitions & sources
Original report: PDF p. 16 ↗
Note 33 Dividends (Group and Company)
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group and Company, $'000 | 2025Group and Company, $'000 | Source |
|---|---|---|---|
| Ordinary dividends | |||
| Final dividend in respect of the previous financial year, tax exempt one-tier final cash dividend of 0.85 cents per share on 118,134,300 shares (2025: 1.30 cents per share on 118,134,300 shares)$'000 | 1,004 | 1,536 | PDF p. 132 |
Definitions & sources
Original report: PDF p. 132 ↗
At the forthcoming Annual General Meeting on 28 October 2026, a final dividend of 0.50 cent per share on 118,134,300 shares amounting to a total of $591,000 will be recommended. These financial statements do not reflect this dividend, which will be accounted for in shareholders’ equity as an appropriation of retained earnings in the financial year ending 30 June 2027.
Where the money comes from
Segment information
By business
Segment revenue and results by reportable segment 5 lines
| Item / unit | 2026Segment revenue, Group | 2025Segment revenue, Group | 2026Segment results, Group | 2025Segment results, Group | Source |
|---|---|---|---|---|---|
| Segment revenue and results | |||||
| Metals$’000 | 48,943 | 46,425 | 7,260 | 8,569 | PDF p. 129 |
| Scaffolding$’000 | 7,150 | 6,321 | 975 | 535 | PDF p. 129 |
| Engineering$’000 | 51,170 | 53,397 | 4,294 | 5,962 | PDF p. 129 |
| Others$’000 | - | - | 1,078 | 1,236 | PDF p. 129 |
| Total$’000 | 107,263 | 106,143 | 13,607 | 16,302 | PDF p. 129 |
Notes
Revenue reported represents revenue generated from external customers. No inter-segment sales in current and prior financial years.
Segment results represent the profit earned by each segment without allocation of central administration costs, interest income, finance costs and income tax expense.
Segment assets and liabilities 14 lines
| Item / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Segment assets | |||
| Metals$’000 | 49,618 | 50,609 | PDF p. 130 |
| Scaffolding$’000 | 10,898 | 9,866 | PDF p. 130 |
| Engineering$’000 | 117,032 | 99,010 | PDF p. 130 |
| Others$’000 | 6,162 | 6,404 | PDF p. 130 |
| Total segment assets$’000 | 183,710 | 165,889 | PDF p. 130 |
| Other unallocated assets$’000 | 15,576 | 13,199 | PDF p. 130 |
| Total assets$’000 | 199,286 | 179,088 | PDF p. 130 |
| Segment liabilities | |||
| Metals$’000 | 40,770 | 39,064 | PDF p. 130 |
| Scaffolding$’000 | 1,234 | 1,076 | PDF p. 130 |
| Engineering$’000 | 48,105 | 32,839 | PDF p. 130 |
| Others$’000 | 1,165 | 1,366 | PDF p. 130 |
| Total segment liabilities$’000 | 91,274 | 74,345 | PDF p. 130 |
| Other unallocated liabilities$’000 | 5,722 | 8,304 | PDF p. 130 |
| Total liabilities (unlabelled total line)$’000 | 96,996 | 82,649 | PDF p. 130 |
Notes
Fair value gains on investment properties of $22,000 (2025: $171,000) was allocated to the others segment. There is no impairment loss on goodwill recognised during the financial years ended 30 June 2026 and 2025.
All assets are allocated to reportable segments with the exception of cash and cash equivalents, other receivables, property, plant and equipment, right-of-use assets and other intangible assets of investment holdings companies.
All liabilities are allocated to reportable segments with the exception of bank loans and bills payable, other payables, lease liabilities and deferred tax liabilities of investment holding companies.
Assets and liabilities used jointly by reportable segments are allocated on the basis of the revenue earned by individual reportable segments.
Other segment information: depreciation and amortisation, additions to non-current assets 5 lines
| Item / unit | 2026Depreciation and amortisation, Group | 2025Depreciation and amortisation, Group | 2026Additions to non-current assets, Group | 2025Additions to non-current assets, Group | Source |
|---|---|---|---|---|---|
| Other segment information | |||||
| Metals$’000 | 3,050 | 3,095 | 4,959 | 8,414 | PDF p. 131 |
| Scaffolding$’000 | 481 | 590 | 298 | 815 | PDF p. 131 |
| Engineering$’000 | 3,756 | 4,044 | 19,515 | 21,118 | PDF p. 131 |
| Others$’000 | 346 | 195 | 5,175 | 12,500 | PDF p. 131 |
| Total$’000 | 7,633 | 7,924 | 29,947 | 42,847 | PDF p. 131 |
By geography
Geographical information: revenue from external customers and non-current assets 14 lines
| Item / unit | 2026Revenue from external customers, Group | 2025Revenue from external customers, Group | 2026Non-current assets, Group | 2025Non-current assets, Group | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| Singapore$’000 | 70,998 | 69,039 | 112,820 | 101,961 | PDF p. 131 |
| China$’000 | 11,738 | 8,398 | 35 | 38 | PDF p. 131 |
| India$’000 | 6,136 | 5,911 | - | - | PDF p. 131 |
| Malaysia$’000 | 2,473 | 2,458 | 2,646 | 2,696 | PDF p. 131 |
| Indonesia$’000 | 2,014 | 1,682 | - | - | PDF p. 131 |
| USA$’000 | 1,769 | 602 | - | - | PDF p. 131 |
| Colombia$’000 | 1,662 | - | - | - | PDF p. 131 |
| Guyana$’000 | 1,626 | 2,560 | - | - | PDF p. 131 |
| Bangladesh$’000 | 1,478 | 3,674 | - | - | PDF p. 131 |
| Middle East$’000 | 1,053 | 3,466 | - | - | PDF p. 131 |
| Brazil$’000 | 379 | 2,024 | - | - | PDF p. 131 |
| Thailand$’000 | 66 | 1,334 | - | - | PDF p. 131 |
| Others$’000 | 3,174 | 4,539 | - | - | PDF p. 131 |
| Total (unlabelled total line)$’000 | 107,263 | 106,143 | 115,501 | 104,695 | PDF p. 131 |
Notes
The Group operates primarily in Singapore.
There were no customers which individually accounted for 10% or more of the Group’s revenue.
Vietnam row prints only one dash in the non-current assets columns.
Debt
Borrowings
Lease liabilities - maturity analysis
| Item / unit | 2026$'000 | 2025$'000 | Source |
|---|---|---|---|
| Maturity analysis | |||
| - Within one year$'000 | 4,238 | 3,214 | PDF p. 120 |
| - In the second to fifth year, inclusive$'000 | 8,728 | 6,006 | PDF p. 120 |
| - After five years$'000 | 17,417 | 11,014 | PDF p. 120 |
| Less: Unearned interest$'000 | (8,732) | (6,207) | PDF p. 120 |
| Analysed as | |||
| - Current$'000 | 3,228 | 2,577 | PDF p. 120 |
| - Non-current$'000 | 18,423 | 11,450 | PDF p. 120 |
Notes
Undiscounted total 30,383 (2026) and 20,234 (2025); lease liabilities carrying amount 21,651 (2026) and 14,027 (2025). The Group does not face a significant liquidity risk with regard to its lease liabilities.
Borrowing notes 1 tables
Borrowings
| Item / unit | 2026Group, $'000 | 2025Group, $'000 | 2026Company, $'000 | 2025Company, $'000 | Source |
|---|---|---|---|---|---|
| Borrowings | |||||
| Bills payable$'000 | 7,289 | 4,540 | - | - | PDF p. 118 |
| Bank loans$'000 | 43,951 | 40,152 | 2,171 | 4,477 | PDF p. 118 |
| Borrowings - current | |||||
| Less: Amount due for settlement within 12 months (shown under current liabilities)$'000 | (34,432) | (27,104) | (2,171) | (2,240) | PDF p. 118 |
| Borrowings - non-current | |||||
| Amount due for settlement after 12 months$'000 | 16,808 | 17,588 | - | 2,237 | PDF p. 118 |
Notes
Unlabelled total of bills payable and bank loans: 51,240 (2026 Group), 44,692 (2025 Group), 2,171 (2026 Company), 4,477 (2025 Company).
Page 119: Bank loans are provided at floating interest rates ranging from 2.00% to 5.95% (2025: 2.00% to 6.97%) per annum with periodic repayment over 1 to 20 years.
Page 119: Bank loans of the Group are secured by a charge over shares of a subsidiary corporation (Note 14), leasehold land and buildings of the Group (Note 10), and the corporate guarantee from the Company. Bills payable of the Group are secured by corporate guarantee from the Company. Bank loans of the Company amounting to $2,171,000 (2025: $4,477,000) are secured by a charge over shares of a subsidiary corporation (Note 14).
Page 119: $16,808,000 (2025: $17,588,000) of the Group's non-current borrowings are subject to financial covenants (net tangible assets, gearing ratio, debt service coverage ratio and loan-to-value ratio); the Group complied with all covenants as at the reporting date.
Page 102: Company guarantees to subsidiaries' borrowings: $49,069,000 (2025: $40,215,000). The report does not print a separate secured/unsecured table or currency split of borrowings.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Provision 11.6 – Dividend Policy | The Group does not have a fixed dividend policy at present. The form, frequency and amount of dividends declared each year will take into consideration the Group’s profit growth, cash position, net cash inflow generated from operations, projected capital requirements for business growth and other factors as the Board may deem appropriate. | Group | PDF p. 56 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| final tax-exempt one-tier dividend | 0.50 Singapore cents per share | FY2026 proposed final dividend, Group and Company; subject to shareholders' approval at AGM on 28 October 2026 | PDF p. 10 |
| final dividend of 0.50 cent per share | $591,000 | FY2026 proposed final dividend, Group and Company | PDF p. 132 |
| Final dividend in respect of the previous financial year | 0.85 cents per share | Final dividend in respect of FY2025, paid in FY2026, Group and Company | PDF p. 132 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Payout (cents)(1)(2) | 0.50 cents | FY2026 (comparatives: 2025 0.85; 2024 1.30; 2023 1.67; 2022 0.33) | PDF p. 15 |
Extracted from ANNUAL REPORT 2026 FINANCIAL STATEMENT & SUSTAINABILITY REPORT 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 | CLA Global TS Public Accounting Corporation | Group and Company, FY ended 30 June 2026 | PDF p. 71 |
| Engagement director | Mr. Tan Da Xun | Group and Company, FY ended 30 June 2026 | PDF p. 71 |
| Opinion | In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position and statement of changes in equity of the Company are properly drawn up | Group and Company, FY ended 30 June 2026 | PDF p. 66 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Revenue Recognition | We focused on this area as a key audit matter as there is a presumed fraud risk with regards to revenue recognition and revenue is one of the key performance indicators of the Group. | Group, FY ended 30 June 2026 | PDF p. 67 |
| Valuation of inventories | We focused on this area as inventories represent a substantial portion of the Group’s current assets. | Group, FY ended 30 June 2026 | PDF p. 68 |
| Valuation of trade receivables and contract assets | The assessment of expected credit loss allowance on trade receivables and contract assets are determined as a key audit matter because of the significant judgements applied, subjective assumptions used by management and the related estimation uncertainty involved in determining the adequacy of the loss allowance provided. | Group, FY ended 30 June 2026 | PDF p. 69 |
Extracted from ANNUAL REPORT 2026 FINANCIAL STATEMENT & SUSTAINABILITY REPORT 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 2026 FINANCIAL STATEMENT & SUSTAINABILITY 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.