Annual Report 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Intangible assetsS$'000 | 3,392 | 743 | – | – | PDF p. 70 |
| Property, plant and equipmentS$'000 | 19,655 | 251 | – | – | PDF p. 70 |
| Right-of-use assetsS$'000 | 8,137 | 462 | – | – | PDF p. 70 |
| Investment in subsidiariesS$'000 | – | – | 54,331 | 6,456 | PDF p. 70 |
| Investment in joint arrangementsS$'000 | – | 324 | – | – | PDF p. 70 |
| Investment in associatesS$'000 | 9,216 | 1,462 | – | – | PDF p. 70 |
| Trade and other receivablesS$'000 | 100 | 100 | – | 2,221 | PDF p. 70 |
| Contract assetsS$'000 | 4,397 | – | – | – | PDF p. 70 |
| Total non-current assetsS$'000 | 46,117 | 4,593 | 54,331 | 8,677 | PDF p. 70 |
| Current assets | |||||
| InventoriesS$'000 | 147 | 75 | – | – | PDF p. 70 |
| Contract assetsS$'000 | 35,370 | 10,509 | – | – | PDF p. 70 |
| Trade and other receivablesS$'000 | 37,442 | 20,082 | 6,100 | 5,331 | PDF p. 70 |
| Other current assetsS$'000 | 8,631 | 389 | 26 | 24 | PDF p. 70 |
| Fixed depositsS$'000 | 19,874 | 5,330 | 14,213 | 4,602 | PDF p. 70 |
| Cash and bank balancesS$'000 | 23,180 | 7,177 | 6,667 | 195 | PDF p. 70 |
| Total current assetsS$'000 | 124,644 | 43,562 | 27,006 | 10,152 | PDF p. 70 |
| Assets | |||||
| Total assetsS$'000 | 170,761 | 48,155 | 81,337 | 18,829 | PDF p. 70 |
| Equity | |||||
| Share capitalS$'000 | 23,906 | 5,067 | 23,906 | 5,067 | PDF p. 70 |
| Treasury sharesS$'000 | (166) | (513) | (166) | (513) | PDF p. 70 |
| Other reserveS$'000 | 1,574 | 1,000 | 1,574 | 1,000 | PDF p. 70 |
| Retained earningsS$'000 | 32,916 | 13,444 | 8,906 | 8,904 | PDF p. 70 |
| Total equityS$'000 | 58,230 | 18,998 | 34,220 | 14,458 | PDF p. 70 |
| Non-current liabilities | |||||
| Lease liabilitiesS$'000 | 7,644 | 218 | – | – | PDF p. 70 |
| Bank borrowingsS$'000 | 19,594 | 130 | 19,550 | – | PDF p. 70 |
| Convertible bondS$'000 | 4,808 | – | 4,808 | – | PDF p. 70 |
| Deferred tax liabilitiesS$'000 | 345 | 121 | – | – | PDF p. 70 |
| Total non-current liabilitiesS$'000 | 32,391 | 469 | 24,358 | – | PDF p. 70 |
| Current liabilities | |||||
| Trade and other payablesS$'000 | 61,032 | 19,604 | 17,347 | 3,616 | PDF p. 70 |
| Contract liabilitiesS$'000 | 6,982 | 1,070 | – | – | PDF p. 70 |
| ProvisionsS$'000 | 375 | 565 | 363 | 555 | PDF p. 70 |
| Bank borrowingsS$'000 | 8,784 | 3,865 | 4,675 | – | PDF p. 70 |
| Lease liabilitiesS$'000 | 1,171 | 247 | – | – | PDF p. 70 |
| Income tax payablesS$'000 | 1,796 | 3,337 | 374 | 200 | PDF p. 70 |
| Total current liabilitiesS$'000 | 80,140 | 28,688 | 22,759 | 4,371 | PDF p. 70 |
| Liabilities | |||||
| Total liabilitiesS$'000 | 112,531 | 29,157 | 47,117 | 4,371 | PDF p. 70 |
| Equity and liabilities | |||||
| Total equity and liabilitiesS$'000 | 170,761 | 48,155 | 81,337 | 18,829 | PDF p. 70 |
Original report: PDF p. 70 ↗
The accompanying notes form an integral part of these financial statements.
Two rows (Loan receivables at FVTPL; Financial assets at FVOCI) wrap across lines and are omitted: Loan receivables at fair value through profit or loss (“FVTPL”) 10 1,219 1,250 – –; Financial assets at fair value through other comprehensive income (“FVOCI”) 10 1 1 – –.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| RevenueS$'000 | 116,432 | 74,672 | PDF p. 71 |
| Cost of salesS$'000 | (93,086) | (63,511) | PDF p. 71 |
| Gross profitS$'000 | 23,346 | 11,161 | PDF p. 71 |
| Write back on financial assetsS$'000 | 257 | – | PDF p. 71 |
| Other incomeS$'000 | 6,641 | 1,838 | PDF p. 71 |
| General and administrative expensesS$'000 | (8,800) | (3,461) | PDF p. 71 |
| Other expensesS$'000 | (2,087) | – | PDF p. 71 |
| Finance costsS$'000 | (1,134) | (146) | PDF p. 71 |
| Share of results of associates, net of taxS$'000 | 91 | (8) | PDF p. 71 |
| Share of results of joint arrangementS$'000 | – | 1,010 | PDF p. 71 |
| Profit before income taxS$'000 | 18,314 | 10,394 | PDF p. 71 |
| Income tax credit/(expenses)S$'000 | 1,808 | (1,439) | PDF p. 71 |
| Earnings per share | |||
| – Basic (cents)cents per share | 5.63 | 2.62 | PDF p. 71 |
| – Diluted (cents)cents per share | 5.52 | 2.62 | PDF p. 71 |
Original report: PDF p. 71 ↗
Profit for the financial year, representing total comprehensive income for the financial year: 20,122 (2025), 8,955 (2024) (label wraps across two lines). Profit attributable to owners of the Company: 20,122 / 8,955. The accompanying notes form an integral part of these financial statements.
No separate Company income statement was printed in the pages read.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| RevenueS$'000 | 116,432 | 74,672 | PDF p. 71 |
| Cost of salesS$'000 | (93,086) | (63,511) | PDF p. 71 |
| Gross profitS$'000 | 23,346 | 11,161 | PDF p. 71 |
| Write back on financial assetsS$'000 | 257 | – | PDF p. 71 |
| Other incomeS$'000 | 6,641 | 1,838 | PDF p. 71 |
| General and administrative expensesS$'000 | (8,800) | (3,461) | PDF p. 71 |
| Other expensesS$'000 | (2,087) | – | PDF p. 71 |
| Finance costsS$'000 | (1,134) | (146) | PDF p. 71 |
| Share of results of associates, net of taxS$'000 | 91 | (8) | PDF p. 71 |
| Share of results of joint arrangementS$'000 | – | 1,010 | PDF p. 71 |
| Profit before income taxS$'000 | 18,314 | 10,394 | PDF p. 71 |
| Income tax credit/(expenses)S$'000 | 1,808 | (1,439) | PDF p. 71 |
| Profit for the financial year, representing total comprehensive income for the financial yearS$'000 | 20,122 | 8,955 | PDF p. 71 |
| Attribution | |||
| attributable to owners of the CompanyS$'000 | 20,122 | 8,955 | PDF p. 71 |
| Earnings per share | |||
| – Basic (cents)cents | 5.63 | 2.62 | PDF p. 71 |
| – Diluted (cents)cents | 5.52 | 2.62 | PDF p. 71 |
Original report: PDF p. 71 ↗
Amounts in S$'000 except EPS in cents. Profit for the year equals total comprehensive income; all attributable to owners of the Company. No separate other comprehensive income items printed.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group – Share capital | 2025Group – Treasury shares | 2025Group – Other reserves | 2025Group – Retained earnings | 2025Group – Total equity | Source |
|---|---|---|---|---|---|---|
| FY2025 | ||||||
| Balance at 1 January 2025S$'000 | 5,067 | (513) | 1,000 | 13,444 | 18,998 | PDF p. 72 |
| Profit for the financial year representing total comprehensive income for the financial yearS$'000 | – | – | – | 20,122 | 20,122 | PDF p. 72 |
| FY2025 Transactions with owners | ||||||
| Issuance of ordinary sharesS$'000 | 18,449 | – | – | – | 18,449 | PDF p. 72 |
| Issuance of ordinary shares pursuant to performance share planS$'000 | 390 | – | – | – | 390 | PDF p. 72 |
| Treasury shares reissued pursuant to performance share plan and employee sign on bonusS$'000 | – | 778 | 325 | – | 1,103 | PDF p. 72 |
| Purchase of treasury sharesS$'000 | – | (431) | – | – | (431) | PDF p. 72 |
| Equity component of convertible bondS$'000 | – | – | 249 | – | 249 | PDF p. 72 |
| Dividend paidS$'000 | – | – | – | (650) | (650) | PDF p. 72 |
| Total transactions with ownersS$'000 | 18,839 | 347 | 574 | (650) | 19,110 | PDF p. 72 |
| FY2025 | ||||||
| Balance at 31 December 2025S$'000 | 23,906 | (166) | 1,574 | 32,916 | 58,230 | PDF p. 72 |
| FY2024 | ||||||
| Balance at 1 January 2024S$'000 | 2,838 | (86) | 1,000 | 7,523 | 11,275 | PDF p. 72 |
| Profit for the financial year representing total comprehensive income for the financial yearS$'000 | – | – | – | 8,955 | 8,955 | PDF p. 72 |
| FY2024 Transactions with owners | ||||||
| Issuance of ordinary shares pursuant to acquisition of subsidiaryS$'000 | 1,800 | – | – | – | 1,800 | PDF p. 72 |
| Issuance of ordinary shares pursuant to performance share planS$'000 | 429 | – | – | – | 429 | PDF p. 72 |
| Purchase of treasury sharesS$'000 | – | (427) | – | – | (427) | PDF p. 72 |
| Dividend paidS$'000 | – | – | – | (3,034) | (3,034) | PDF p. 72 |
| Total transactions with ownersS$'000 | 2,229 | (427) | – | (3,034) | (1,232) | PDF p. 72 |
| FY2024 | ||||||
| Balance at 31 December 2024S$'000 | 5,067 | (513) | 1,000 | 13,444 | 18,998 | PDF p. 72 |
Original report: PDF p. 72 ↗
Values in S$'000, column order: Share capital, Treasury shares, Other reserves, Retained earnings, Total equity. Rows under 'FY2024' relate to the year ended 31 December 2024 (comparative); all columns apply to that year.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company – Share capital | 2025Company – Treasury shares | 2025Company – Other reserves | 2025Company – Retained earnings | 2025Company – Total equity | Source |
|---|---|---|---|---|---|---|
| FY2025 | ||||||
| Balance at 1 January 2025S$'000 | 5,067 | (513) | 1,000 | 8,904 | 14,458 | PDF p. 73 |
| Profit for the financial year representing total comprehensive income for the financial yearS$'000 | – | – | – | 652 | 652 | PDF p. 73 |
| FY2025 Transactions with owners | ||||||
| Issuance of ordinary sharesS$'000 | 18,449 | – | – | – | 18,449 | PDF p. 73 |
| Issuance of ordinary shares pursuant to performance share planS$'000 | 390 | – | – | – | 390 | PDF p. 73 |
| Treasury shares reissued pursuant to performance share plan and employee sign on bonusS$'000 | – | 778 | 325 | – | 1,103 | PDF p. 73 |
| Purchase of treasury sharesS$'000 | – | (431) | – | – | (431) | PDF p. 73 |
| Convertible bondsS$'000 | – | – | 249 | – | 249 | PDF p. 73 |
| Dividend paidS$'000 | – | – | – | (650) | (650) | PDF p. 73 |
| Total transactions with ownersS$'000 | 18,839 | 347 | 574 | (650) | 19,110 | PDF p. 73 |
| FY2025 | ||||||
| Balance at 31 December 2025S$'000 | 23,906 | (166) | 1,574 | 8,906 | 34,220 | PDF p. 73 |
| FY2024 | ||||||
| Balance at 1 January 2024S$'000 | 2,838 | (86) | 1,000 | 3,114 | 6,866 | PDF p. 73 |
| Profit for the financial year representing total comprehensive income for the financial yearS$'000 | – | – | – | 8,824 | 8,824 | PDF p. 73 |
| FY2024 Transactions with owners | ||||||
| Issuance of ordinary shares pursuant to acquisition of subsidiaryS$'000 | 1,800 | – | – | – | 1,800 | PDF p. 73 |
| Issuance of ordinary shares pursuant to performance share planS$'000 | 429 | – | – | – | 429 | PDF p. 73 |
| Purchase of treasury sharesS$'000 | – | (427) | – | – | (427) | PDF p. 73 |
| Dividend paidS$'000 | – | – | – | (3,034) | (3,034) | PDF p. 73 |
| Total transactions with ownersS$'000 | 2,229 | (427) | – | (3,034) | (1,232) | PDF p. 73 |
| FY2024 | ||||||
| Balance at 31 December 2024S$'000 | 5,067 | (513) | 1,000 | 8,904 | 14,458 | PDF p. 73 |
Original report: PDF p. 73 ↗
Values in S$'000, column order: Share capital, Treasury shares, Other reserves, Retained earnings, Total equity. Rows under 'FY2024' relate to the year ended 31 December 2024 (comparative).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before income taxS$'000 | 18,314 | 10,394 | PDF p. 74 |
| Operating activities – Adjustments | |||
| Amortisation of intangible assetsS$'000 | 650 | 267 | PDF p. 74 |
| Depreciation of property, plant and equipmentS$'000 | 839 | 55 | PDF p. 74 |
| Depreciation of right-of-use assetsS$'000 | 787 | 287 | PDF p. 74 |
| Property, plant and equipment written offS$'000 | 7 | 16 | PDF p. 74 |
| Write back of financial assetsS$'000 | (257) | – | PDF p. 74 |
| Remeasurement of contingent considerationS$'000 | 45 | (176) | PDF p. 74 |
| Fixed deposits interest incomeS$'000 | (226) | (110) | PDF p. 74 |
| Interest expenseS$'000 | 1,134 | 146 | PDF p. 74 |
| Contract assets written offS$'000 | – | 99 | PDF p. 74 |
| Retention receivables written offS$'000 | – | 64 | PDF p. 74 |
| Operating activities – Increase in provisions | |||
| – Provision for onerous contractsS$'000 | – | 7 | PDF p. 74 |
| – Provision for unutilised leaveS$'000 | 2 | – | PDF p. 74 |
| Operating activities – Adjustments | |||
| Issuance of ordinary shares – Ever Glory Performance Share Plan (“PSP”)S$'000 | 390 | 429 | PDF p. 74 |
| Treasury shares reissuance – PSP and sign on bonus to employeeS$'000 | 778 | – | PDF p. 74 |
| Share of results of joint arrangementsS$'000 | – | (1,010) | PDF p. 74 |
| Share of results of associates, net of taxS$'000 | (91) | 8 | PDF p. 74 |
| Bargain purchaseS$'000 | (5,522) | (1,075) | PDF p. 74 |
| Operating activities | |||
| Operating cash flows before working capital changesS$'000 | 16,850 | 9,401 | PDF p. 74 |
| Operating activities – Working capital changes | |||
| Contract assetsS$'000 | (22,675) | (71) | PDF p. 74 |
| Trade and other receivablesS$'000 | 26,271 | (7,866) | PDF p. 74 |
| InventoriesS$'000 | (58) | 61 | PDF p. 74 |
| PrepaymentsS$'000 | (143) | – | PDF p. 74 |
| Trade and other payablesS$'000 | (6,930) | 7,833 | PDF p. 74 |
| Contract liabilitiesS$'000 | 47 | 180 | PDF p. 74 |
| ProvisionsS$'000 | 194 | (11) | PDF p. 74 |
| Operating activities | |||
| Cash generated from operationsS$'000 | 13,556 | 9,527 | PDF p. 74 |
| Income tax paidS$'000 | (3,210) | (99) | PDF p. 74 |
| Income tax refundedS$'000 | 40 | 2 | PDF p. 74 |
| Net cash generated from operating activitiesS$'000 | 10,386 | 9,430 | PDF p. 74 |
| Investing activities | |||
| Interest receivedS$'000 | 207 | 114 | PDF p. 74 |
| Investment in associatesS$'000 | (312) | (1,050) | PDF p. 74 |
| Investment in joint arrangementsS$'000 | – | (230) | PDF p. 74 |
| Acquisition of subsidiary, tranche CS$'000 | (119) | – | PDF p. 74 |
| Net cash outflow on acquisition of a subsidiaryS$'000 | (25,086) | (641) | PDF p. 74 |
| Investment in financial assetS$'000 | – | (1,251) | PDF p. 74 |
| Return of capital from joint arrangementsS$'000 | – | 460 | PDF p. 74 |
| Dividend received from joint arrangementsS$'000 | – | 762 | PDF p. 74 |
| Purchase of intangible assetsS$'000 | (23) | (20) | PDF p. 74 |
| Purchase of property, plant and equipmentS$'000 | (109) | (195) | PDF p. 74 |
| Net cash used in investing activitiesS$'000 | (25,442) | (2,051) | PDF p. 74 |
Original report: PDF p. 74 ↗
Amounts in S$'000. Continues on page 75 (financing activities and closing cash). No separate Company cash flow statement presented.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Financing activities | |||
| Repayment to director of newly acquired subsidiaryS$'000 | – | (400) | PDF p. 75 |
| Repayment of principal portion of lease liabilities (Note A)S$'000 | (732) | (281) | PDF p. 75 |
| Repayment of interest portion of lease liabilities (Note A)S$'000 | (191) | (27) | PDF p. 75 |
| Proceeds from bank borrowings (Note A)S$'000 | 38,173 | 7,262 | PDF p. 75 |
| Repayment of bank borrowings (Note A)S$'000 | (13,787) | (4,523) | PDF p. 75 |
| Interest paid on bank borrowings (Note A)S$'000 | (421) | (98) | PDF p. 75 |
| Increase in fixed deposits pledgedS$'000 | (503) | (2,228) | PDF p. 75 |
| Purchase of treasury sharesS$'000 | (431) | (427) | PDF p. 75 |
| Dividends paidS$'000 | (650) | (3,034) | PDF p. 75 |
| Proceeds from convertible bond (Note A)S$'000 | 5,000 | – | PDF p. 75 |
| Proceeds from placement of ordinary sharesS$'000 | 17,050 | – | PDF p. 75 |
| Proceeds from public offering of sharesS$'000 | 1,280 | – | PDF p. 75 |
| Net cash generated from/(used in) financing activitiesS$'000 | 44,788 | (3,756) | PDF p. 75 |
| Net change in cash | |||
| Net increase in cash and cash equivalentsS$'000 | 29,732 | 3,623 | PDF p. 75 |
| Cash and cash equivalents at beginning of financial year(i)S$'000 | 9,091 | 5,156 | PDF p. 75 |
| Cash and cash equivalents at end of financial yearS$'000 | 38,823 | 8,779 | PDF p. 75 |
Original report: PDF p. 75 ↗
Amounts in S$'000. (i) As disclosed in Note 9, the Group’s interests in joint arrangements were previously accounted for as joint ventures using the equity method. Following a reassessment of the contractual arrangements, these interests are accounted for as joint operations prospectively from 1 January 2025 without restating comparatives. As a result, the Group’s share of cash and cash equivalents of the joint operations is included in the cash and cash equivalents balance as at 1 January 2025 and 31 December 2025, whereas the comparative figures do not include such balances. Accordingly, cash and cash equivalents at the beginning of the year as at 1 January 2025 does not reconcile directly to the closing balance as at 31 December 2024. The difference arising from this change is not significant.
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| Metric / unit | 2025FY2025 Group S$'000 | 2024FY2024 Group S$'000 | Source |
|---|---|---|---|
| Consolidated Statements of Cash Flows | |||
| Cash and cash equivalents at beginning of yearS$’000 | 9,091 | 5,156 | PDF p. 21 |
| Net cash generated from operating activitiesS$’000 | 10,386 | 9,430 | PDF p. 21 |
| Net cash used in investing activitiesS$’000 | (25,442) | (2,051) | PDF p. 21 |
| Net cash from/(used in) financing activitiesS$’000 | 44,788 | (3,756) | PDF p. 21 |
| Cash and cash equivalents at the end of the yearS$’000 | 38,823 | 8,779 | PDF p. 21 |
Original report: PDF p. 21 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per share | |||
| Profit attributable to owners of the Company for basic earnings (S$’000)S$’000 | 20,122 | 8,955 | PDF p. 124 |
| Interest on convertible bond (Note 26) (S$’000)S$’000 | 356 | – | PDF p. 124 |
| Weighted average number of ordinary shares for basis earnings per shares’000 shares | 357,425 | 341,843 | PDF p. 124 |
| Weighted average number of ordinary shares for diluted earnings per shares’000 shares | 370,809 | 341,843 | PDF p. 124 |
| Earnings per share (in cents) | |||
| – Basiccents | 5.63 | 2.62 | PDF p. 124 |
| – Dilutedcents | 5.52 | 2.62 | PDF p. 124 |
Original report: PDF p. 124 ↗
Profit adjusted for the effect of dilution: 20,478 (2025) and 8,955 (2024) S$’000. Row labels for weighted averages wrap across two lines; quotes are the second-line fragments.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group S$'000 | 2024Group S$'000 | Source |
|---|---|---|---|
| Dividends | |||
| Final tax-exempt dividend of S$0.010 per ordinary share for financial year ended 31 December 2023S$’000 | – | 1,732 | PDF p. 124 |
| Interim tax-exempt dividend of S$0.005 per ordinary share for financial year ended 31 December 2024S$’000 | – | 1,302 | PDF p. 124 |
| Final tax-exempt dividend of S$0.0025 per ordinary share for financial year ended 31 December 2024S$’000 | 650 | – | PDF p. 124 |
Original report: PDF p. 124 ↗
Total 650 (2025) and 3,034 (2024). The Board proposed a final tax-exempt dividend of S$0.01 (2024: S$0.0025) per ordinary share amounting to approximately S$3,815,430 (2024: S$651,000) for FY ended 31 December 2025, not recognised as a liability at reporting date, subject to AGM approval.
Debt
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Contractual undiscounted cash flows | |||
| Within one financial yearS$'000 | 1,513 | 262 | PDF p. 115 |
| After one financial year but within five financial yearsS$'000 | 10,347 | 227 | PDF p. 115 |
| Less: Future interest expenseS$'000 | (3,045) | (24) | PDF p. 115 |
| Present value of lease liabilitiesS$'000 | 8,815 | 465 | PDF p. 115 |
| Presented in consolidated statement of financial position | |||
| CurrentS$'000 | 1,171 | 247 | PDF p. 115 |
| Non-currentS$'000 | 7,644 | 218 | PDF p. 115 |
Incremental borrowing rates 4.25% to 5.50% (2024: 4.25% to 5.50%); all leases fixed repayment; lease liabilities denominated in Singapore dollar.
Undiscounted total 11,860 (2025) and 489 (2024).
| Item / unit | 2025Group | 2024Group | 2025Company | Source |
|---|---|---|---|---|
| Group 2025: Within one financial year / After one financial year but within five financial years / Total | ||||
| Lease liabilities (Note 19)S$'000 | 1,513 | 10,347 | 11,860 | PDF p. 129 |
| Bank borrowingsS$'000 | 9,709 | 23,520 | 33,229 | PDF p. 129 |
| Convertible bond (Note 21)S$'000 | – | 6,200 | 6,200 | PDF p. 129 |
| Group 2024: Within one financial year / After one financial year but within five financial years / Total | ||||
| Lease liabilities (Note 19)S$'000 | 262 | 227 | 489 | PDF p. 129 |
| Bank borrowingsS$'000 | 3,874 | 135 | 4,009 | PDF p. 129 |
| Company 2025: Within one financial year / After one financial year but within five financial years / Total | ||||
| Bank borrowingsS$'000 | 5,610 | 23,460 | 29,070 | PDF p. 129 |
| Convertible bond (Note 21)S$'000 | – | 6,200 | 6,200 | PDF p. 129 |
Each row's values are in order: Within one financial year, After one financial year but within five financial years, Total. Column entries for year/scope identify the section blocks (Group 2025, Group 2024, Company 2025). Company 2024 has no bank borrowings or lease liabilities rows printed.
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current | |||||
| Term loanS$'000 | 19,550 | – | 19,550 | – | PDF p. 117 |
| Temporary bridging loan IIS$'000 | 44 | 130 | – | – | PDF p. 117 |
| Current | |||||
| Term loanS$'000 | 4,675 | – | 4,675 | – | PDF p. 117 |
| Temporary bridging loan IS$'000 | – | 86 | – | – | PDF p. 117 |
| Temporary bridging loan IIS$'000 | 85 | 82 | – | – | PDF p. 117 |
| Trust receiptsS$'000 | 3,374 | 2,997 | – | – | PDF p. 117 |
| Revolving credit facilitiesS$'000 | 650 | 700 | – | – | PDF p. 117 |
| Non-current | |||||
| Total non-current bank borrowings (unlabelled subtotal)S$'000 | 19,594 | 130 | 19,550 | – | PDF p. 117 |
| Current | |||||
| Total current bank borrowings (unlabelled subtotal)S$'000 | 8,784 | 3,865 | 4,675 | – | PDF p. 117 |
| Total | |||||
| Total bank borrowings (unlabelled total)S$'000 | 28,378 | 3,995 | 24,225 | – | PDF p. 117 |
Temporary bridging loans repayable within 60 months from first drawdown; average effective interest rate 3.6% (2024: 3.6%) p.a.; secured by joint and several personal guarantees from controlling shareholders.
Trust receipts repayable within 120 days (2024: 120 days), interest 2.31% to 4.76% p.a. (2024: 4.09% to 4.76%); secured by corporate guarantee from the Company and fixed deposits of S$1,500,000 (2024: S$2,500,000).
Revolving credit facilities S$1,000,000 repayable within 1 to 3 months, interest 4.44% to 4.54%; secured by corporate guarantee and fixed deposits of S$1,000,000.
Term loan repayable within 60 months; average effective interest rate 3.7% to 4.0% p.a.; secured by corporate guarantees by GE and fixed deposits of S$1,500,000.
Currency profile of bank borrowings is Singapore dollar.
Subtotal/total rows have no printed label.
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Facilities | |||
| Facilities grantedS$'000 | 160,200 | 12,900 | PDF p. 118 |
| Facilities utilisedS$'000 | 91,291 | 7,576 | PDF p. 118 |
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Convertible bondS$'000 | 4,808 | – | 4,808 | – | PDF p. 70 |
Convertible bond: 8% S$5,000,000 issued 2 April 2025, due three years from issue date (Note 21, page 118); liability component discounted at market rate 10%. Bank borrowing and lease liability lines are in the Note 20 and Note 19 tables above.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Provision 11.6 of the Code: Dividend policy | The Company does not have a fixed dividend policy. The form, frequency and amount of dividends will depend on the Company’s earnings, operational and capital requirements, cash flow and financial conditions, as well as general business conditions and other factors which the Board may deem appropriate. | Company | PDF p. 53 |
| Proposed Dividends | at least 50.0% of its net profits attributable to owners of the Company | FY2023, FY2024 and FY2025 intention per Offer Document | PDF p. 53 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Final tax-exempt dividend | 0.01 S$ per share | FY2025 final, proposed, one-tier tax exempt, subject to AGM approval (27 April 2026) | PDF p. 124 |
| Final tax-exempt dividend | 0.0025 S$ per share | FY2024 final, one-tier tax exempt, paid in 2025 (comparative) | PDF p. 124 |
| Interim tax-exempt dividend | 0.005 S$ per share | FY2024 interim, one-tier tax exempt (comparative) | PDF p. 124 |
| Final tax-exempt dividend | 0.010 S$ per share | FY2023 final, one-tier tax exempt, paid in 2024 | PDF p. 124 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Auditor | Ernst & Young LLP | Group FY2025 | PDF p. 69 |
| Engagement partner | Adrian Koh | Group FY2025 | PDF p. 69 |
| Opinion | properly drawn up in accordance with the provisions of the Singapore Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)s”) so as to give a true and fair view | Group and Company FY2025 | PDF p. 64 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Accounting for revenue from construction contracts | We determined that revenue recognition from construction contracts is a key audit matter because it involves significant judgement and estimation uncertainty in measuring progress towards performance obligations using the input or output method and in determining the existence and adequacy of onerous contract provisions. | Group FY2025 | PDF p. 65 |
| Acquisition of Guthrie Engineering (S) Pte Ltd | Given the complexity, significant judgment, and inherent estimation uncertainty associated with these procedures, the accounting for this business combination has been identified as a key audit matter. | Group FY2025 | PDF p. 66 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Basis of preparation | The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. | Group FY2025 | PDF p. 77 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.