SoilbuildConstr ZQM
Financials
Soilbuild Construction Group Ltd Annual Report 2025
Explore the statements
14 tablesConsolidated Statement of Comprehensive Income (Group)
22 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$'000 | 590,712 | 391,806 | PDF p. 68 |
| Cost of sales$'000 | (497,485) | (345,261) | PDF p. 68 |
| Gross profit$'000 | 93,227 | 46,545 | PDF p. 68 |
| Other income$'000 | 6,846 | 6,411 | PDF p. 68 |
| Other (losses)/gains - net$'000 | (296) | 393 | PDF p. 68 |
| Write-back of allowance/(allowance for) expected credit losses on financial assets$'000 | 451 | (4,310) | PDF p. 68 |
| Expenses | |||
| - Administrative$'000 | (16,514) | (12,183) | PDF p. 68 |
| - Marketing$'000 | (12) | (19) | PDF p. 68 |
| - Finance$'000 | (2,293) | (3,538) | PDF p. 68 |
| - Others$'000 | (6,456) | (5,712) | PDF p. 68 |
| Income statement | |||
| Share of profit of joint ventures$'000 | – | 2 | PDF p. 68 |
| Profit before income tax$'000 | 74,953 | 27,589 | PDF p. 68 |
| Income tax expense$'000 | (11,325) | (1,010) | PDF p. 68 |
| Net profit$'000 | 63,628 | 26,579 | PDF p. 68 |
| Other comprehensive income: Items that may be reclassified subsequently to profit or loss | |||
| Currency translation differences arising from consolidation$'000 | 717 | 791 | PDF p. 68 |
| Other comprehensive income | |||
| Total comprehensive profit$'000 | 64,345 | 27,370 | PDF p. 68 |
| Attribution | |||
| Net profit attributable to equity holders of the Company$'000 | 63,628 | 26,579 | PDF p. 68 |
| Total comprehensive profit attributable to equity holders of the Company$'000 | 64,345 | 27,370 | PDF p. 68 |
| Profit per share (cents per share) - Pre 2026 Share Split | |||
| - Basiccents per share | 38.45 | 16.99 | PDF p. 68 |
| - Dilutedcents per share | 38.45 | 16.99 | PDF p. 68 |
| Profit per share (cents per share) - Post 2026 Share Split | |||
| - Basic*cents per share | 9.61 | 4.25 | PDF p. 68 |
| - Diluted*cents per share | 9.61 | 4.25 | PDF p. 68 |
Definitions & sources
Original report: PDF p. 68 ↗
* With the completion of the share split of every one (1) existing share into four (4) new shares on 14 January 2026 (the “2026 Share Split”), the Company’s number of ordinary shares was adjusted from 165,466,046 shares to 661,864,184 shares. Prior year comparatives for earnings per share were restated per SFRS(I) 1-33 through retrospective application of the consolidation factor of 4 to the weighted number of shares.
No separate Company income statement is presented.
Balance Sheets - Group
31 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Current assets | |||
| Cash and bank balances$'000 | 153,293 | 30,605 | PDF p. 69 |
| Trade and other receivables$'000 | 124,141 | 153,567 | PDF p. 69 |
| Inventories$'000 | 4,830 | 11,803 | PDF p. 69 |
| Other current assets$'000 | 5,096 | 4,600 | PDF p. 69 |
| Subtotal$'000 | 287,360 | 200,575 | PDF p. 69 |
| Non-current assets | |||
| Trade and other receivables$'000 | 12,001 | 12,011 | PDF p. 69 |
| Other non-current assets$'000 | 1 | 9 | PDF p. 69 |
| Investments in subsidiaries$'000 | – | – | PDF p. 69 |
| Investments in joint ventures$'000 | – | – | PDF p. 69 |
| Property, plant and equipment$'000 | 108,782 | 119,297 | PDF p. 69 |
| Intangible assets$'000 | 616 | 346 | PDF p. 69 |
| Deferred income tax assets$'000 | - | 805 | PDF p. 69 |
| Subtotal$'000 | 121,400 | 132,468 | PDF p. 69 |
| Assets | |||
| Total assets$'000 | 408,760 | 333,043 | PDF p. 69 |
| Current liabilities | |||
| Trade and other payables$'000 | 190,104 | 163,078 | PDF p. 69 |
| Current income tax liabilities$'000 | 9,802 | 1,388 | PDF p. 69 |
| Borrowings$'000 | 9,675 | 11,107 | PDF p. 69 |
| Provision for other liabilities$'000 | 1,584 | 2,156 | PDF p. 69 |
| Subtotal$'000 | 211,165 | 177,729 | PDF p. 69 |
| Non-current liabilities | |||
| Trade and other payables$'000 | 12,668 | 8,050 | PDF p. 69 |
| Borrowings$'000 | 43,442 | 64,545 | PDF p. 69 |
| Deferred income tax liabilities$'000 | 943 | – | PDF p. 69 |
| Derivatives financial instruments$'000 | 97 | – | PDF p. 69 |
| Subtotal$'000 | 57,150 | 72,595 | PDF p. 69 |
| Liabilities | |||
| Total liabilities$'000 | 268,315 | 250,324 | PDF p. 69 |
| Net assets | |||
| NET ASSETS$'000 | 140,445 | 82,719 | PDF p. 69 |
| Equity | |||
| Share capital$'000 | 105,954 | 105,954 | PDF p. 69 |
| Capital reserve$'000 | (1,070) | (1,070) | PDF p. 69 |
| Currency translation reserve$'000 | (643) | (1,360) | PDF p. 69 |
| Retained profits/(accumulated losses)$'000 | 36,204 | (20,805) | PDF p. 69 |
| TOTAL EQUITY$'000 | 140,445 | 82,719 | PDF p. 69 |
Definitions & sources
Original report: PDF p. 69 ↗
Group columns of the Balance Sheets; Company columns are in the next table.
Balance Sheets - Company
31 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| Current assets | |||
| Cash and bank balances$'000 | 11,647 | 4,741 | PDF p. 69 |
| Trade and other receivables$'000 | 28,069 | 42,663 | PDF p. 69 |
| Inventories$'000 | – | – | PDF p. 69 |
| Other current assets$'000 | 17 | 5 | PDF p. 69 |
| Subtotal$'000 | 39,733 | 47,409 | PDF p. 69 |
| Non-current assets | |||
| Trade and other receivables$'000 | 356 | 153 | PDF p. 69 |
| Other non-current assets$'000 | – | – | PDF p. 69 |
| Investments in subsidiaries$'000 | 134,602 | 134,738 | PDF p. 69 |
| Investments in joint ventures$'000 | – | – | PDF p. 69 |
| Property, plant and equipment$'000 | – | – | PDF p. 69 |
| Intangible assets$'000 | – | – | PDF p. 69 |
| Deferred income tax assets$'000 | – | – | PDF p. 69 |
| Subtotal$'000 | 134,958 | 134,891 | PDF p. 69 |
| Assets | |||
| Total assets$'000 | 174,691 | 182,300 | PDF p. 69 |
| Current liabilities | |||
| Trade and other payables$'000 | 49,216 | 58,619 | PDF p. 69 |
| Current income tax liabilities$'000 | – | 11 | PDF p. 69 |
| Borrowings$'000 | 216 | 1,931 | PDF p. 69 |
| Provision for other liabilities$'000 | – | – | PDF p. 69 |
| Subtotal$'000 | 49,432 | 60,561 | PDF p. 69 |
| Non-current liabilities | |||
| Trade and other payables$'000 | – | – | PDF p. 69 |
| Borrowings$'000 | – | 10,216 | PDF p. 69 |
| Deferred income tax liabilities$'000 | – | – | PDF p. 69 |
| Derivatives financial instruments$'000 | – | – | PDF p. 69 |
| Subtotal$'000 | – | 10,216 | PDF p. 69 |
| Liabilities | |||
| Total liabilities$'000 | 49,432 | 70,777 | PDF p. 69 |
| Net assets | |||
| NET ASSETS$'000 | 125,259 | 111,523 | PDF p. 69 |
| Equity | |||
| Share capital$'000 | 105,954 | 105,954 | PDF p. 69 |
| Capital reserve$'000 | – | – | PDF p. 69 |
| Currency translation reserve$'000 | – | – | PDF p. 69 |
| Retained profits/(accumulated losses)$'000 | 19,305 | 5,569 | PDF p. 69 |
| TOTAL EQUITY$'000 | 125,259 | 111,523 | PDF p. 69 |
Definitions & sources
Original report: PDF p. 69 ↗
Company columns of the Balance Sheets; quotes are the full printed rows including Group columns.
Consolidated Statement of Comprehensive Income
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit | |||
| Net profit$'000 | 63,628 | 26,579 | PDF p. 68 |
| Other comprehensive income: Items that may be reclassified subsequently to profit or loss | |||
| Currency translation differences arising from consolidation$'000 | 717 | 791 | PDF p. 68 |
| Total comprehensive income | |||
| Total comprehensive profit$'000 | 64,345 | 27,370 | PDF p. 68 |
| Attribution | |||
| Net profit attributable to equity holders of the Company$'000 | 63,628 | 26,579 | PDF p. 68 |
| Total comprehensive profit attributable to equity holders of the Company$'000 | 64,345 | 27,370 | PDF p. 68 |
Definitions & sources
Original report: PDF p. 68 ↗
No non-controlling interest is presented; all profit attributable to equity holders of the Company.
Consolidated Statement of Changes in Equity - 2025
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group - Share capital | 2025Group - Capital reserve | 2025Group - Currency translation reserve | 2025Group - (Accumulated losses)/retained profits | 2025Group - Total equity | Source |
|---|---|---|---|---|---|---|
| 2025 | ||||||
| Balance as at 1 January 2025$'000 | 105,954 | (1,070) | (1,360) | (20,805) | 82,719 | PDF p. 70 |
| Profit for the year$'000 | – | – | – | 63,628 | 63,628 | PDF p. 70 |
| Other comprehensive income for the financial year$'000 | – | – | 717 | – | 717 | PDF p. 70 |
| Total comprehensive profit for the financial year$'000 | – | – | 717 | 63,628 | 64,345 | PDF p. 70 |
| Transaction with owners, recognised directly in equity – dividends paid$'000 | – | – | – | (6,619) | (6,619) | PDF p. 70 |
| Balance as at 31 December 2025$'000 | 105,954 | (1,070) | (643) | 36,204 | 140,445 | PDF p. 70 |
Definitions & sources
Original report: PDF p. 70 ↗
Row labels wrap across lines in the source; quotes are the printed line fragments with values.
Consolidated Statement of Changes in Equity - 2024
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group - Share capital | 2024Group - Capital reserve | 2024Group - Currency translation reserve | 2024Group - (Accumulated losses)/retained profits | 2024Group - Total equity | Source |
|---|---|---|---|---|---|---|
| 2024 | ||||||
| Balance as at 1 January 2024$'000 | 92,631 | (1,070) | (2,151) | (44,257) | 45,153 | PDF p. 70 |
| Profit for the financial year$'000 | – | – | – | 26,579 | 26,579 | PDF p. 70 |
| Other comprehensive income for the financial year$'000 | – | – | 791 | – | 791 | PDF p. 70 |
| Total comprehensive profit for the financial year$'000 | – | – | 791 | 26,579 | 27,370 | PDF p. 70 |
| Issuance of share pursuant to the Preferential Offerings of Rights Shares$'000 | 13,323 | – | – | – | 13,323 | PDF p. 70 |
| Dividends paid$'000 | – | – | – | (3,127) | (3,127) | PDF p. 70 |
| Total transactions with owners, recognised directly in equity$'000 | 13,323 | – | – | (3,127) | 10,196 | PDF p. 70 |
| Balance as at 31 December 2024$'000 | 105,954 | (1,070) | (1,360) | (20,805) | 82,719 | PDF p. 70 |
Definitions & sources
Original report: PDF p. 70 ↗
Row labels wrap across lines in the source.
Consolidated Statement of Cash Flows
43 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net profit$'000 | 63,628 | 26,579 | PDF p. 71 |
| Cash flows from operating activities - Adjustments for | |||
| - Amortisation of intangible assets$'000 | 196 | 22 | PDF p. 71 |
| - Depreciation of property, plant and equipment$'000 | 14,009 | 13,619 | PDF p. 71 |
| - Impairment loss on property, plant and equipment$'000 | 310 | 111 | PDF p. 71 |
| - (Write-back of allowance)/allowance for expected credit losses on financial assets$'000 | (451) | 4,310 | PDF p. 71 |
| - Interest income$'000 | (776) | (233) | PDF p. 71 |
| - Interest expense$'000 | 2,293 | 3,538 | PDF p. 71 |
| - Income tax expense$'000 | 11,325 | 1,010 | PDF p. 71 |
| - Gain on disposal of property, plant and equipment$'000 | (2) | (97) | PDF p. 71 |
| - Property, plant and equipment written off$'000 | – | 377 | PDF p. 71 |
| - Share of profit of joint ventures$'000 | – | (2) | PDF p. 71 |
| - Fair value loss on derivative financial instruments$'000 | 97 | – | PDF p. 71 |
| Cash flows from operating activities | |||
| Operating cash flows before working capital changes$'000 | 90,629 | 49,234 | PDF p. 71 |
| Cash flows from operating activities - Changes in working capital | |||
| - Trade and other receivables$'000 | 29,884 | (68,338) | PDF p. 71 |
| - Other current assets$'000 | (496) | (1,300) | PDF p. 71 |
| - Other non-current assets$'000 | 8 | 20 | PDF p. 71 |
| - Inventories$'000 | 6,973 | (1,909) | PDF p. 71 |
| - Trade and other payables$'000 | 31,718 | 58,684 | PDF p. 71 |
| - Provision for other liabilities$'000 | (572) | (361) | PDF p. 71 |
| Cash flows from operating activities | |||
| Cash generated from operations$'000 | 158,144 | 36,030 | PDF p. 71 |
| Income tax paid$'000 | (1,109) | (150) | PDF p. 71 |
| Net cash provided by operating activities$'000 | 157,035 | 35,880 | PDF p. 71 |
| Cash flows from investing activities | |||
| Additions to property, plant and equipment$'000 | (3,851) | (8,049) | PDF p. 71 |
| Additions of intangible assets$'000 | (467) | (315) | PDF p. 71 |
| Proceeds from disposal of property, plant and equipment$'000 | 132 | 97 | PDF p. 71 |
| Government grant received$'000 | 754 | – | PDF p. 71 |
| Return of capital on dissolution of a joint venture$'000 | – | 7 | PDF p. 71 |
| Interest received$'000 | 776 | 233 | PDF p. 71 |
| Net cash used in investing activities$'000 | (2,656) | (8,027) | PDF p. 71 |
| Cash flows from financing activities | |||
| Proceeds from bank loans$'000 | – | 4,000 | PDF p. 71 |
| Proceeds received under a supplier finance arrangement$'000 | 2,478 | 5,854 | PDF p. 71 |
| Repayment of bank loans$'000 | (11,040) | (20,346) | PDF p. 71 |
| Repayments under a supplier finance arrangement$'000 | (2,478) | (5,854) | PDF p. 71 |
| Repayments of shareholder’s loan$'000 | (10,000) | - | PDF p. 71 |
| Proceeds from exercise of warrants$'000 | - | 13,323 | PDF p. 71 |
| Principal repayment of lease liabilities$'000 | (1,824) | (1,162) | PDF p. 71 |
| Dividends paid$'000 | (6,619) | (3,127) | PDF p. 71 |
| Interest paid$'000 | (2,367) | (3,547) | PDF p. 71 |
| Net cash used in financing activities$'000 | (31,850) | (10,859) | PDF p. 71 |
| Cash and cash equivalents | |||
| Net increase in cash and cash equivalents$'000 | 122,529 | 16,994 | PDF p. 71 |
| Cash and cash equivalents at beginning of financial year$'000 | 30,605 | 14,202 | PDF p. 71 |
| Effects of currency translation on cash and cash equivalents$'000 | 159 | (591) | PDF p. 71 |
| Cash and cash equivalents at end of financial year$'000 | 153,293 | 30,605 | PDF p. 71 |
Definitions & sources
Original report: PDF p. 71 ↗
Interest paid is presented in financing activities and interest received in investing activities in this statement as printed.
Five-Year Financial Highlights – Breakdown of Revenue (S$'000)
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group FY2021 S$'000 | 2022Group FY2022 S$'000 | 2023Group FY2023 S$'000 | 2024Group FY2024 S$'000 | 2025Group FY2025 S$'000 | Source |
|---|---|---|---|---|---|---|
| Breakdown of Revenue | ||||||
| Business Space ProjectsS$'000 | 161,172 | 158,040 | 170,858 | 270,690 | 439,397 | PDF p. 8 |
| Residential ProjectsS$'000 | 72,082 | 50,983 | 36,554 | 48,691 | 36,894 | PDF p. 8 |
| Civil Engineering ProjectsS$'000 | 3,030 | 5,089 | 1,254 | – | 309 | PDF p. 8 |
| Prefabricated and Precast SupplyS$'000 | 21,356 | 28,073 | 38,660 | 72,325 | 111,685 | PDF p. 8 |
| OtherS$'000 | 640 | 6,224 | 64 | 100 | 2,427 | PDF p. 8 |
| Breakdown of Revenue (by project type) | ||||||
| TotalS$'000 | 258,280 | 248,409 | 247,390 | 391,806 | 590,712 | PDF p. 8 |
| Breakdown of Revenue | ||||||
| Related Party Projects (1)S$'000 | 159,999 | 160,289 | 74,632 | 105,040 | 92,297 | PDF p. 8 |
| External Projects (2)S$'000 | 98,281 | 88,120 | 172,758 | 286,766 | 498,415 | PDF p. 8 |
Definitions & sources
Original report: PDF p. 8 ↗
1. Related Party Projects refer to projects awarded by (i) companies which are wholly-owned, majority-owned or jointly-owned by a director of the Company and/or (ii) a director of the Company
2. External projects refer to projects awarded by third parties
Each row also prints a % column per year (see percentage table). Printed FY2024 Business Space % is 69.1 as shown.
Five-Year Financial Highlights – Breakdown of Revenue (% of total revenue)
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group FY2021 % | 2022Group FY2022 % | 2023Group FY2023 % | 2024Group FY2024 % | 2025Group FY2025 % | Source |
|---|---|---|---|---|---|---|
| Breakdown of Revenue | ||||||
| Business Space Projects% | 62.4 | 63.6 | 69.1 | 69.1 | 74.4 | PDF p. 8 |
| Residential Projects% | 27.9 | 20.5 | 14.8 | 12.4 | 6.2 | PDF p. 8 |
| Civil Engineering Projects% | 1.2 | 2.0 | 0.5 | – | 0.1 | PDF p. 8 |
| Prefabricated and Precast Supply% | 8.3 | 11.3 | 15.6 | 18.5 | 18.9 | PDF p. 8 |
| Other% | 0.2 | 2.5 | 0.0 | 0.0 | 0.4 | PDF p. 8 |
| Related Party Projects (1)% | 61.9 | 64.5 | 30.2 | 26.8 | 15.6 | PDF p. 8 |
| External Projects (2)% | 38.1 | 35.5 | 69.8 | 73.2 | 84.4 | PDF p. 8 |
Definitions & sources
Original report: PDF p. 8 ↗
Percent columns of the same table as the S$'000 breakdown; the two 'Total' rows each print 100.0 for every year.
Five-Year Financial Highlights – Financial Results
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group FY2021 | 2022Group FY2022 | 2023Group FY2023 | 2024Group FY2024 | 2025Group FY2025 | Source |
|---|---|---|---|---|---|---|
| Financial Results | ||||||
| RevenueS$'000 | 258,280 | 248,409 | 247,390 | 391,806 | 590,712 | PDF p. 8 |
| Gross profit/(loss)S$'000 | 4,854 | (21,291) | 22,130 | 46,545 | 93,227 | PDF p. 8 |
| Profit/(loss) before income taxS$'000 | (3,262) | (29,991) | 7,839 | 27,589 | 74,953 | PDF p. 8 |
| Profit/(loss) after income taxS$'000 | (2,627) | (31,702) | 7,316 | 26,579 | 63,628 | PDF p. 8 |
| Comprehensive income/(loss) attributable to shareholdersS$'000 | (2,530) | (32,928) | 6,704 | 27,370 | 64,345 | PDF p. 8 |
| Earnings before interest, tax, depreciation and amortisation (“EBITDA”)S$'000 | 10,380 | (16,638) | 21,446 | 44,768 | 91,451 | PDF p. 8 |
Definitions & sources
Original report: PDF p. 8 ↗
Five-Year Financial Highlights – Statement of Financial Position
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group FY2021 | 2022Group FY2022 | 2023Group FY2023 | 2024Group FY2024 | 2025Group FY2025 | Source |
|---|---|---|---|---|---|---|
| Statement of Financial Position | ||||||
| Property, plant and equipmentS$'000 | 130,368 | 123,878 | 121,981 | 119,297 | 108,782 | PDF p. 8 |
| Cash and cash equivalentsS$'000 | 16,991 | 11,093 | 14,202 | 30,605 | 153,293 | PDF p. 8 |
| Current assetsS$'000 | 93,123 | 105,864 | 116,505 | 200,575 | 287,360 | PDF p. 8 |
| Total assetsS$'000 | 242,592 | 246,406 | 252,548 | 333,043 | 408,760 | PDF p. 8 |
| Current liabilitiesS$'000 | 123,496 | 154,949 | 128,599 | 177,729 | 211,165 | PDF p. 8 |
| Total liabilitiesS$'000 | 192,293 | 229,035 | 207,395 | 250,324 | 268,315 | PDF p. 8 |
| Working capitalS$'000 | (30,373) | (49,085) | (12,094) | 22,846 | 76,195 | PDF p. 8 |
| Equity attributable to owners of the CompanyS$'000 | 50,299 | 17,371 | 45,153 | 82,719 | 140,445 | PDF p. 8 |
Definitions & sources
Original report: PDF p. 8 ↗
Five-Year Financial Highlights – Ratios
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group FY2021 | 2022Group FY2022 | 2023Group FY2023 | 2024Group FY2024 | 2025Group FY2025 | Source |
|---|---|---|---|---|---|---|
| Ratios | ||||||
| Current ratio (times)times | 0.75 | 0.68 | 0.91 | 1.13 | 1.36 | PDF p. 8 |
| Return on equity attributable to owners of the Company (%) (3)% | (5.09) | (93.70) | 23.40 | 41.60 | 57.00 | PDF p. 8 |
| Return on assets (%) (3)% | (1.07) | (12.97) | 2.93 | 9.10 | 17.2 | PDF p. 8 |
| Basic earnings/(losses) per share (“EPS”) (cents) (4)cents | (3.12) | (37.69) | 5.52 | 16.99 | 38.45 | PDF p. 8 |
| Net asset value (“NAV”) per share (cents) (5)cents | 59.8 | 20.6 | 30.7 | 50.0 | 84.9 | PDF p. 8 |
Definitions & sources
Original report: PDF p. 8 ↗
3. In calculating return on equity attributable to owners of the Company and return on assets, the average basis has been used
4. Basic EPS in cents are calculated based on the net profit/(loss) attributable to owners of the Company divided by the weighted average number of ordinary shares in issue during the financial year. With the completion of the share consolidation of every ten (10) existing shares into one (1) consolidated share on 12 December 2024, prior year comparatives for earnings per share were restated per SFRS(I) 1-33 through retrospective application of the consolidation factor of 10 to the weighted number of shares.
5. NAV in cents are calculated based on the net asset value attributable to owners of the Company divided by number of ordinary shares in issue at the end of the financial year. With the completion of the share consolidation of every ten (10) existing shares into one (1) consolidated share on 12 December 2024, prior year comparatives for net asset value per share were restated per SFRS(I) 1-33 through retrospective application of the consolidation factor of 10 to the weighted number of shares.
Note 10 – Basic and diluted profit per share (pre 2026 share split and post 2026 share split)
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY2025 | 2024Group FY2024 | Source |
|---|---|---|---|
| 10(a) Basic profit per share | |||
| Net profit attributable to equity holders of the Company ($’000)$'000 | 63,628 | 26,579 | PDF p. 94 |
| Weighted average number of ordinary shares outstanding for basic profit per share (’000)'000 shares | 165,466 | 156,398 | PDF p. 94 |
| 10(a) Basic profit per share – adjustment | |||
| Share split* (‘000) (Refer to Note 38)'000 shares | 496,398 | 469,194 | PDF p. 94 |
| 10(a) Basic profit per share | |||
| Basic profit per share (cents per share) – Pre 2026 Share Splitcents per share | 38.45 | 16.99 | PDF p. 94 |
| Basic profit per share (cents per share)* – Post 2026 Share Splitcents per share | 9.61 | 4.25 | PDF p. 94 |
| 10(b) Diluted profit per share | |||
| Weighted average number of ordinary shares outstanding for diluted profit per share (’000)'000 shares | 165,466 | 156,398 | PDF p. 95 |
| 10(b) Diluted profit per share – adjustments | |||
| - Warrants'000 shares | – | 7 | PDF p. 95 |
| Share split* (‘000) (Refer to Note 38)'000 shares | 496,398 | 469,194 | PDF p. 95 |
| 10(b) Diluted profit per share | |||
| Diluted profit per share (cents per share) – Pre 2026 Share Splitcents per share | 38.45 | 16.99 | PDF p. 95 |
| Diluted profit per share (cents per share)* – Post 2026 Share Splitcents per share | 9.61 | 4.25 | PDF p. 95 |
Definitions & sources
Original report: PDF p. 94 ↗ PDF p. 95 ↗
Basic rows on page 94; diluted rows on page 95. Totals after share split printed: basic 661,864 (2025) and 625,592 (2024); diluted 661,864 (2025) and 625,599 (2024). *With the completion of the share split of every one (1) existing share into four (4) new shares on 14 January 2026 (the “2026 Share Split”), the Company’s number of ordinary shares was adjusted from 165,466,046 shares to 661,864,184 shares. Prior year comparatives for earnings per share were restated per SFRS(I) 1-33 through retrospective application of the consolidation factor of 4 to the weighted number of shares. No dilutive potential ordinary shares in FY2025; warrants dilutive in 2024.
Note 31 – Dividends
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group 2025 $'000 | 2024Group 2024 $'000 | Source |
|---|---|---|---|
| Dividends | |||
| Final dividend paid in respect of the previous financial year ended 31 December 2023 of 0.1 cent per share$'000 | – | 1,472 | PDF p. 118 |
| Final and special dividend paid in respect of the previous financial year ended 31 December 2024 of 1.0 cent per share$'000 | 3,309 | – | PDF p. 118 |
| Interim dividend paid in respect of the financial year ended 31 December 2025 of 2.0 cents per share (2024: 0.1 cent per share)$'000 | 3,310 | 1,655 | PDF p. 118 |
| Total dividends paid$'000 | 6,619 | 3,127 | PDF p. 118 |
Definitions & sources
Original report: PDF p. 118 ↗
At the upcoming Annual General Meeting to be held in April 2026, a final dividend of 2.5 cents per share amounting to a total of approximately S$16,546,000 will be recommended. These financial statements do not reflect this dividend, which will be accounted for in shareholders’ equity as an appropriation of retained profits in the financial year ending 31 December 2026.
Page 54 (Corporate Governance): the Board has declared an interim dividend of S$0.02 per share and proposed a final dividend of $0.025 per share for FY ended 31 December 2025; no formal dividend policy.
Per-share amounts as printed; not adjusted for the 2026 share split.
Where the money comes from
Segment information
By business
Segment information, Group, 1 January 2025 to 31 December 2025 (S$'000) 14 lines
| Item / unit | 2025Singapore Construction | 2025Singapore Precast | 2025Singapore Others | 2025Myanmar Construction | 2025Myanmar Others | 2025Malaysia Precast | 2025Others | 2025Elimination | 2025Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||
| External customersS$'000 | 475,466 | 111,685 | – | 1,134 | 2,427 | – | – | – | 590,712 | PDF p. 130 |
| Inter-segment revenueS$'000 | 3,166 | 11,303 | – | – | – | 54,354 | – | (68,823) | – | PDF p. 130 |
| Result | ||||||||||
| Segment result before interestS$'000 | 57,068 | 13,572 | 20,308 | (375) | 206 | 7,669 | (11) | (24,260) | 74,177 | PDF p. 130 |
| Segment results include | ||||||||||
| - Materials, subcontractors and other construction costsS$'000 | (380,340) | (83,329) | – | (510) | – | (28,211) | – | 70,474 | (421,916) | PDF p. 130 |
| - Dividend incomeS$'000 | – | – | 22,500 | – | – | – | – | (22,500) | – | PDF p. 130 |
| - Depreciation of property, plant and equipmentS$'000 | (4,498) | (4,421) | – | (84) | (175) | (4,831) | – | – | (14,009) | PDF p. 130 |
| - Amortisation of intangible assetsS$'000 | (88) | (108) | – | – | – | – | – | – | (196) | PDF p. 130 |
| - Interest expensesS$'000 | (1,281) | (988) | (22) | – | – | (2) | – | – | (2,293) | PDF p. 130 |
| Assets | ||||||||||
| Segment assetsS$'000 | 306,243 | 42,932 | 11,843 | 6,084 | 6,161 | 35,430 | 67 | – | 408,760 | PDF p. 130 |
| Segment assets includes: Additions to | ||||||||||
| - Property, plant and equipmentS$'000 | 1,210 | 700 | – | – | – | 1,941 | – | – | 3,851 | PDF p. 130 |
| - Intangible assetsS$'000 | 111 | 356 | – | – | – | – | – | – | 467 | PDF p. 130 |
| - Investment in subsidiariesS$'000 | – | – | 65 | – | – | – | – | (65) | – | PDF p. 130 |
| Liabilities | ||||||||||
| Segment liabilitiesS$'000 | (211,356) | (33,622) | (564) | (5,477) | (23) | (6,517) | (11) | – | (257,570) | PDF p. 130 |
| Segment liabilities includes | ||||||||||
| BorrowingsS$'000 | 26,407 | 26,481 | 216 | – | – | 13 | – | – | 53,117 | PDF p. 130 |
Notes
Segments are presented geographically: Singapore (construction and precast manufacturing), Myanmar (construction only), Malaysia (precast manufacturing only). Column order: Singapore Construction, Singapore Precast, Singapore Others, Myanmar Construction, Myanmar Others, Malaysia Precast, Others, Elimination, Total.
Rows with a single value (interest income, profit before income tax, income tax expense, Net Profit, deferred income tax assets, total assets, current/deferred tax liabilities, total liabilities) are printed only in the Total column.
Revenue between segments are recognised at market terms. Senior management assesses performance based on net profit; no reconciling items for total assets and total liabilities.
Revenues of $384,303,000 (2024: $214,341,000) are derived from 10 external customers (2024: 10 external customers), attributable to the Singapore construction and Myanmar construction segments.
Some multi-line labels wrap in source; quotes are the printed fragments containing the values.
Segment information, Group, 1 January 2024 to 31 December 2024 (S$'000) 16 lines
| Item / unit | 2024Singapore Construction | 2024Singapore Precast | 2024Singapore Others | 2024Myanmar Construction | 2024Myanmar Others | 2024Malaysia Precast | 2024Others | 2024Elimination | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||
| External customersS$'000 | 315,945 | 72,326 | – | 3,435 | 100 | – | – | – | 391,806 | PDF p. 131 |
| Inter-segment revenueS$'000 | 2,145 | 21,210 | – | – | – | 45,641 | – | (68,996) | – | PDF p. 131 |
| Result | ||||||||||
| Segment result before interestS$'000 | 19,853 | 8,420 | (1,860) | (4,038) | (3,030) | 3,925 | – | 4,086 | 27,356 | PDF p. 131 |
| Segment results include | ||||||||||
| - Materials, subcontractors and other construction costsS$'000 | (264,729) | (60,306) | – | (1,836) | – | (33,506) | – | 69,225 | (291,152) | PDF p. 131 |
| - Dividend incomeS$'000 | – | – | 6,000 | – | – | – | – | (6,000) | – | PDF p. 131 |
| - Depreciation of property, plant and equipmentS$'000 | (4,071) | (3,919) | – | (159) | (180) | (5,290) | – | – | (13,619) | PDF p. 131 |
| - Amortisation of intangible assetsS$'000 | (20) | (2) | – | – | – | – | – | – | (22) | PDF p. 131 |
| - Share of loss of joint venturesS$'000 | (2) | – | – | – | – | - | – | – | (2) | PDF p. 131 |
| - Interest expensesS$'000 | (2,072) | (1,372) | (71) | (22) | – | (1) | – | – | (3,538) | PDF p. 131 |
| Assets | ||||||||||
| Segment assetsS$'000 | 242,088 | 27,016 | 4,571 | 8,716 | 6,888 | 42,948 | 11 | – | 332,238 | PDF p. 131 |
| Segment assets includes: Additions to | ||||||||||
| - Property, plant and equipmentS$'000 | 938 | 2,115 | – | – | – | 4,996 | – | – | 8,049 | PDF p. 131 |
| - Intangible assetsS$'000 | 315 | – | – | – | – | - | – | – | 315 | PDF p. 131 |
| - Investment in subsidiariesS$'000 | – | – | 32,100 | – | – | – | – | (32,100) | – | PDF p. 131 |
| Liabilities | ||||||||||
| Segment liabilitiesS$'000 | (186,269) | (34,061) | (13,992) | (8,408) | (460) | (5,738) | (8) | – | (248,936) | PDF p. 131 |
| Current income tax liabilitiesS$'000 | (1,377) | – | (11) | – | – | – | – | – | (1,388) | PDF p. 131 |
| Segment liabilities includes | ||||||||||
| BorrowingsS$'000 | 40,811 | 22,676 | 12,147 | – | – | – | 18 | – | 75,652 | PDF p. 131 |
Notes
Comparative year 2024 segment table. Column order same as 2025: Singapore Construction, Singapore Precast, Singapore Others, Myanmar Construction, Myanmar Others, Malaysia Precast, Others, Elimination, Total.
Rows with a single value (interest income, profit before income tax, income tax expense, Net Profit, deferred income tax assets, total assets, total liabilities) are printed only in the Total column.
Revenues of $214,341,000 in 2024 were derived from 10 external customers, attributable to the Singapore construction and Myanmar construction segments.
Page header printed 'For the financial year ended 31 December 2025'; the table covers 1 January 2024 to 31 December 2024.
Debt
Borrowings
Note 34(c) Contractual undiscounted maturity profile of financial liabilities (debt items)
| Item / unit | 2025not later than 1 year | 2025between 1 and 2 years | 2025between 2 and 5 years | Source |
|---|---|---|---|---|
| Group At 31 December 2025 | ||||
| Bank borrowings$'000 | (9,857) | (19,980) | (25,476) | PDF p. 127 |
| Lease liabilities$'000 | (2,111) | (36) | (1) | PDF p. 127 |
Notes
Balances due within 12 months equal their carrying balances as the impact of discounting is not significant. Based on contractual undiscounted cash flows.
Note 34(c) Maturity profile - Group At 31 December 2024 (debt items)
| Item / unit | 2024not later than 1 year | 2024between 1 and 2 years | 2024between 2 and 5 years | Source |
|---|---|---|---|---|
| Group At 31 December 2024 | ||||
| Loan from shareholder$'000 | – | (10,000) | – | PDF p. 127 |
| Bank borrowings$'000 | (12,267) | (18,256) | (38,649) | PDF p. 127 |
| Lease liabilities$'000 | (1,969) | (1,843) | (8) | PDF p. 127 |
Notes
Based on contractual undiscounted cash flows.
Note 34(c) Maturity profile - Company (debt items)
| Item / unit | 2025not later than 1 year | 2025between 1 and 2 years | 2025between 2 and 5 years | Source |
|---|---|---|---|---|
| Company At 31 December 2025 | ||||
| Bank borrowings$'000 | (217) | – | – | PDF p. 127 |
Notes
Company At 31 December 2024: Loan from shareholder – (10,000) –; Bank borrowings (1,953) (217) – (columns not later than 1 year, 1-2 years, 2-5 years).
Borrowing notes 3 tables
Borrowings
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current | |||||
| Bank borrowings$'000 | (7,626) | 9,284 | 216 | 1,931 | PDF p. 113 |
| Lease liabilities$'000 | 2,049 | 1,823 | – | – | PDF p. 113 |
| Current total$'000 | 9,675 | 11,107 | 216 | 1,931 | PDF p. 113 |
| Non-current | |||||
| Bank borrowings$'000 | 43,408 | 52,790 | – | 216 | PDF p. 113 |
| Loan from shareholder$'000 | – | 10,000 | – | 10,000 | PDF p. 113 |
| Lease liabilities$'000 | 34 | 1,755 | – | – | PDF p. 113 |
| Non-current total$'000 | 43,442 | 64,545 | – | 10,216 | PDF p. 113 |
| Total | |||||
| Total borrowings$'000 | 53,117 | 75,652 | 216 | 12,147 | PDF p. 113 |
Notes
Group current bank borrowings for 2025 printed as (7,626) in parentheses.
Security: borrowings of the Group include secured liabilities of $50,818,000 (2024: $59,927,000) and unsecured liabilities of $2,299,000 (2024: $15,725,000). Term loan of the Group is secured over leasehold land and building of the Group and the Company has issued corporate guarantees to banks for borrowings of certain subsidiaries as disclosed in Note 32.
Covenants: certain non-current bank borrowings of $43,408,000 (2024: $52,790,000) require DSCR not less than 120%, gearing not more than 200%, Consolidated Tangible Net Worth not less than $39,000,000; complied.
Fair value approximates carrying value.
Interest rate exposure and repricing of borrowings
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Interest rate exposure | |||||
| Variable rate borrowings$'000 | 48,360 | 55,559 | – | – | PDF p. 113 |
| Fixed rate borrowings - repricing or maturity dates | |||||
| - Less than 1 year$'000 | 4,225 | 5,665 | 216 | 1,931 | PDF p. 113 |
| - 1-5 years$'000 | 532 | 4,428 | – | 216 | PDF p. 113 |
| Interest rate exposure | |||||
| Interest-free borrowings$'000 | – | 10,000 | – | 10,000 | PDF p. 113 |
| Total$'000 | 53,117 | 75,652 | 216 | 12,147 | PDF p. 113 |
Notes
Total row has no printed label.
Note 34(d) Capital risk - gearing
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Capital risk | |||
| Total bank borrowings$'000 | 51,033 | 62,074 | PDF p. 128 |
| Gearing ratio% | 36 | 75 | PDF p. 128 |
Notes
Gearing ratio = total bank borrowings divided by tangible net worth; required by banks not to exceed 200% (2024: 200%).
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a formal dividend policy. The form, frequency and amount of dividends will depend on the Group’s earnings, financial position, results of operations, capital needs, plans for expansion, and other factors as the Board may deem appropriate. | Company | PDF p. 54 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| interim dividend | S$0.02 per share | FY2025 interim dividend declared | PDF p. 54 |
| final dividend | S$0.025 per share | FY2025 final tax-exempt (one-tier) dividend proposed | PDF p. 143 |
| Record Date | 13 May 2026 | FY2025 proposed final dividend | PDF p. 143 |
| Proposed Dividend payment date | 28 May 2026 | FY2025 proposed final dividend | PDF p. 143 |
| Final and special dividend paid in respect of the previous financial year ended 31 December 2024 of 1.0 cent per share | 1.0 cent per share | FY2024 final and special dividend, paid in 2025 | PDF p. 118 |
| Interim dividend paid in respect of the financial year ended | 0.1 cent per share | FY2024 interim dividend (comparative) | PDF p. 118 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividends paid (Note 31) | 6,619 $’000 | Group, 2025 (2024: 3,127) | PDF p. 118 |
Extracted from Soilbuild Construction Group Ltd 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 | PricewaterhouseCoopers LLP | Group | PDF p. 67 |
| Engagement partner | Mr Yeow Chee Keong | Group | PDF p. 67 |
| Our opinion | so as to give a true and fair view | Group and Company | PDF p. 63 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern | The Company’s current liabilities exceed its current assets by $9,699,000 as at 31 December 2025. | Company · As at 2025-12-31 | PDF p. 72 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Accounting for construction contracts | Accounting for construction contracts | Group | PDF p. 64 |
Extracted from Soilbuild Construction Group Ltd 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 Soilbuild Construction Group Ltd 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.