Financials
UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS AND FULL YEAR ENDED 31 DECEMBER 2025
Financials Archive
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Consolidated statement of profit or loss
The calculation of basic earnings per share at 31 December was based on profit attributing to owners of the Company and the weighted average number of ordinary shares outstanding.
Consolidated statement of other comprehensive income
Statements of financial position
Review of performance
Revenue
For the financial year ended 31 December 2025(FY2025), the Group recorded total revenue of $186.3 million, a 1.5% increase from $183.5 million in the corresponding period last year (FY2024).
The Civil Engineering segment remained the key revenue driver, contributing $163.8 million or 87.9% of total revenue, up from $150.2 million (81.9%) in FY2024 —mainly due to the higher construction activities for Serangoon North station project (CR113) and Aviation Park station project (CR103).
Revenue from Property Development segment declined to $22.3 million (12.0%) in FY2025 from $33.1 million (18.0%) in FY2024, as less units were sold at Shine@TuasSouth.
Gross Profit
The Group recorded a gross profit of $15.3 million for FY2025, representing a 50% decline compared to $30.4 million in FY2024.
The Civil Engineering segment recorded a significantly lower gross profit of $5.9 million in FY2025, a decrease of $11.2 million or 65% compared to FY2024. This decline was mainly due to continued elevated cost pressures on ongoing projects. In addition, the gross profit for FY2024 included significant cost savings recognised during the final account settlement of the CAG JV project.
The Property Development segment also saw a decline in gross profit, primarily due to reduced sales activity for FY2025.
Other Income
Other income was $11.1 million, a decrease of $3.4 million (24%). This was mainly due to lower interest income, reduced rental income from unsold development units, and a lower gain on disposal of fixed assets, partially offset by gains from the fair value of investment securities.
Distribution and selling costs
Lower distribution cost was related to the sales of development properties.
Administration costs
Administration costs was marginally lower due to lower performance bonus offset by higher staff cost.
Profit before tax and tax expenses
In summary, the lower FY2025 profit before tax was due to reduction in gross profit and lower other income.
Financial position and cash flow review
Non-current assets was $47.8 million, increased by $3.3 million as compared to end of 2024, mainly due to acquisition of plant and equipment of $1.5 million (net of depreciation and disposal) and long term investment securities of $3.8 million, offset by lower investment in joint venture of $1.7million and deferred tax asset $0.4 million.
Net current asset increased by $49.9 million, mainly due to the higher development properties of $79.9 million with the new addition of an Industrial site at Pioneer Road, working capital for infrastructure projects $29.3 million (contract asset , liabilities , trade receivable and payable), utilisation of projects maintenance provision of $1.6 million, higher investment securities of $0.7 million and other receivable of $7.4 million (mainly due to pending input GST claim for the industrial land acquisition) , lower tax provision of 2.3 million offset by lower cash balance of $71.3 million.
Cash balances decreased by $71.3 million, mainly due to operating cash outflows of $103.5 million, dividend payments of $9.2 million, and net cash outflows of $2.1 million from investing activities (primarily for the purchase of plant and equipment and additions to investment securities, partially offset by dividend income from joint ventures). These were partially offset by loan proceeds of $44.1 million drawn to finance the acquisition of the Pioneer Road site.
Operating cash outflow was mainly due to the acquisition of Industrial land parcel at Pioneer road as well as higher contract assets, trade receivable and utilisation of projects maintenance provisions.
Investment securities (current and non-current) amount to $43.8 million , increased by $4.6 million. Mainly due to the addition of bonds and credit linked note of $5.8 million, gain in market value of $1.9 mil offset by the redemption of bond $3.1 million.
Shareholders equity was $292.2 million, about $8.2 million higher than 31 December 2024. Mainly due to the the current year net profit after tax of $17.0 million and the fair value gain for investment securities recognised in comprehensive income of $0.5 million offset by dividend payment of $9.2 million and purchase of treasury shares of $0.2 million in FY2025.
Commentary
The order book for civil engineering segment stands at approximately $386 million as at 31 December 2025 which include mainly the Aviation park station project and Serangoon North Station project.
The Group has completed the acquisition of an Industrial land site at Pioneer road from Jurong Town Corporation at $88.2 million in November 2025. The Group intends to develop the site into a strata-titled, multi-user B2 industrial development with approximately 270 units. This development will achieve Green Mark Platinum Super-Low Energy rating and has secured a green loan from UOB. The project is expected to be launched for sales in early 2027.
The Group’s industrial building project, Shine@TuasSouth, has sold 65.9% and leased 32.4% of the total units to date.
The outlook of construction industry remains challenging on the back of competitive environment, labour shortage, rising material and labour cost. The management will continue to tender for infrastructure projects competitively and explore other business opportunities to enhance the shareholders’ value.