Financial Statements

Condensed interim financial statements For the six months and full year ended 30 June 2025

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Condensed interim consolidated statement of profit or loss and other comprehensive income

		Group
	6 months ended			12 months ended
	30 June 2025 S$'000	30 June 2024 S$'000	Increase/ (Decrease) %	30 June 2025 S$'000	30 June 2024 S$'000	Increase/ (Decrease) %
Revenue	84,743	67,877	25	163,524	143,132	14
Cost of sales	(53,656)	(41,777)	28	(102,089)	(84,157)	21
Gross profit	31,087	26,100	19	61,435	58,975	4
Other income	1,627	2,117	(23)	4,308	3,778	14
Impairment loss on financial assets - net	(1,266)	(440)	188	(913)	(586)	56
Other (losses)/gains - net	(1,380)	1,279	NM	2,088	858	143
Expenses
- Administrative	(1,063)	(758)	40	(1,929)	(1,638)	18
- Other operating	(17,845)	(17,242)	3	(36,757)	(34,285)	7
- Finance	(2,082)	(1,928)	8	(4,154)	(3,864)	8
Share of results of associated companies	11	(41)	NM	273	(53)	NM
Profit before income tax	9,089	9,087	(0)	24,351	23,185	5
Income tax expense	(1,931)	(1,647)	17	(5,136)	(4,889)	5
Total profit	7,158	7,440	(4)	19,215	18,296	5
Other comprehensive income:
Items that may be subsequently reclassified to profit or loss:
Currency translation differences arising from consolidation
- (Losses)/Gains	(2,212)	(576)	284	(1,751)	98	NM
Reclassification of translation reserve upon disposal of subsidiaries	(1,041)	-	NM	(1,041)	-	NM
Total comprehensive income	3,905	6,864	(43)	16,423	18,394	(11)
Profit/(Loss) attributable to:
Equity holders of the Company	7,159	7,437	(4)	19,216	18,207	6
Non-controlling interest	(1)	3	NM	(1)	89	NM
	7,158	7,440	(4)	19,215	18,296	5
Total comprehensive income/(loss) attributable to:
Equity holders of the Company	3,907	6,861	(43)	16,425	18,306	(10)
Non-controlling interest	(2)	3	NM	(2)	88	NM
	3,905	6,864	(43)	16,423	18,394	(11)
Earnings per share attributable to equity holders of the Company
- Basic and diluted	3.09 cents	3.21 cents	(4)	8.29 cents	7.85 cents	6
NM: - Not meaningful

Condensed interim statements of financial position

	Group
	As at 30 June 2025 S$'000	As at 30 June 2024 S$'000
ASSETS
Current assets
Cash and bank deposits	64,514	81,086
Financial assets, at fair value through profit or loss	315	211
Trade and other receivables	58,964	52,952
Tax recoverable	189	149
Inventories	2,447	2,215
Other assets	3,646	2,089
	130,075	138,702
Non-current assets
Other assets	-	1,178
Other receivables	-	-
Investments in associated companies	3,030	2,974
Investments in subsidiaries	-	-
Property, plant and equipment	387,393	363,622
Right-of-use assets	11,697	12,569
Deferred income tax assets	127	18
	402,247	380,361
Total assets	532,322	519,063

LIABILITIES
Current liabilities
Trade and other payables	59,413	83,623
Current income tax liabilities	6,578	3,602
Borrowings	21,629	19,668
	87,620	106,893
Non-current liabilities
Trade and other payables	5,060	586
Borrowings	90,153	73,144
Deferred income tax liabilities	26,130	28,026
Provisions	1,050	1,050
	122,393	102,806
Total liabilities	210,013	209,699
NET ASSETS	322,309	309,364

EQUITY
Capital and reserves attributable to the equity
holders of the Company
Share capital	87,340	87,340
Treasury shares	(192)	(192)
Other reserves	(5,486)	(2,695)
Retained earnings	240,632	224,894
	322,294	309,347
Non-controlling interest	15	17
Total equity	322,309	309,364

Review on Group's Financial Results

12 Months ended 30 June 2025 (FY2025) vs 12 Months ended 30 June 2024 (FY2024)

Revenue	FY2025 S$'000	FY2024 S$'000	Increase/ (Decrease) %
Heavy Lift and Haulage
- External	159,852	139,422	15%
- Inter-segment	346	415	(17%)
	160,198	139,837	15%
Marine Transportation
- External	2,233	2,153	4%
- Inter-segment	2,929	1,821	61%
	5,162	3,974	30%
Trading
- External	1,439	1,557	(8%)

Less: Inter-segment	(3,275)	(2,236)	46%
	163,524	143,132	14%

Revenue was $163.5 million in FY2025, an increase of $20.4 million or 14% from $143.1 million in FY2024. The increase was mainly attributable to the increase in contributions from Heavy Lift and Haulage segment.

Heavy Lift and Haulage segment external revenue increased by $20.4 million or 15% from $139.4 million in FY2024 to $159.9 million in FY2025, mainly due to higher revenue derived from Singapore, Thailand, Malaysia, Middle East and Indonesia, partially offset by lower revenue derived from Brunei and India.

Marine Transportation segment external revenue remained stable at $2.2 million for FY2025 and FY2024.

Trading segment revenue decreased by $0.1 million or 8% from $1.6 million in FY2024 to $1.4 million in FY2025, mainly due to fewer trading parts sold.

Gross profit was $61.4 million in FY2025, an increase of $2.5 million or 4% from $59.0 million in FY2024, mainly due to higher revenue from Heavy Lift and Haulage segment.

Gross profit margin was lower at 38% in FY2025 as compared to 41% in FY2024, mainly due to lower margins earned by Heavy Lift and Haulage and Trading segments. The lower GP margin was attributed to sales mix of projects undertaken during the year.

Other income was $4.3 million in FY2025, an increase of $0.5 million or 14% from $3.8 million in FY2024, mainly due to higher miscellaneous gains and insurance claim received.

Impairment loss on financial assets - net was $0.9 million in FY2025, an increase of $0.3 million or 56% from $0.6 million in FY2024, mainly due to an increase of $1.3 million in impairment loss on trade receivables, partially offset by an increase of $1.0 million in recovery of previously impaired trade receivables in FY2025.

Other (losses)/gains- net recorded gains of $2.1 million in FY2025, an increase of $1.2 million or 143% from $0.9 million in FY2024. This was attributable to gain on disposal of property, plant and equipment of $2.1 million and gain on reclassification of translation reserve upon disposal of subsidiaries of $1.0 million partially offset by currency exchange loss of $1.2 million in FY2025, as compared to gain on disposal of property, plant and equipment as well as assets held-for-sale of $2.7 million partially offset by currency exchange loss of $1.8 million in FY2024.

Administrative expenses were $1.9 million in FY2025, an increase of $0.3 million or 18% from $1.6 million in FY2024, mainly due to higher professional fees.

Other operating expenses were $36.8 million in FY2025, an increase of $2.5 million or 7% from $34.3 million in FY2024, mainly due to higher manpower costs.

Currency translation differences arising from consolidation of $1.8 million loss in FY2025 (FY2024: $0.1 million gain) relate mainly to the Group's foreign operations including quasi-equity intercompany balances (i.e. net investment in foreign operations) from India.

Profit/(Loss) Before Tax	FY2025 S$'000	FY2024 S$'000	Increase/ (Decrease) %
Heavy Lift and Haulage	23,089	22,709	2%
Marine Transportation	1,276	40	3088%
Trading	(14)	436	NM
	24,351	23,185	5%

Profit before income tax was $24.4 million in FY2025, an increase of $1.2 million or 5% from $23.2 million in FY2024.

Heavy Lift and Haulage segment profit before income tax was $23.1 million in FY2025, an increase of $0.4 million or 2% from $22.7 million in FY2024. This was mainly due to higher revenue and higher other gains partially offset by higher cost of sales (relating to external equipment rental, subcontractor costs, spare parts consumption, direct manpower and other costs) and higher other operating expenses (mainly from higher indirect manpower costs) in FY2025.

Marine Transportation segment recorded a profit before income tax of $1.3 million in FY2025, an increase of $1.2 million from $0.04 million in FY2024. This was mainly due to higher external and inter-segment revenue as well as higher share of results of associated companies in FY2025.

Trading segment recorded a loss before income tax of $0.01 million in FY2025, as compared to a profit before income tax of $0.4 million in FY2024. This was mainly due to lower trading revenue and trading margins in FY2025.

Review on Statements of Financial Position and Cash Flows

Cash and cash equivalents per consolidated statement of cash flows decreased by $16.6 million (including effects of translation) from $79.2 million as at 30 June 2024 to $62.6 million as at 30 June 2025 mainly due to net cash used in investing activities and financing activities of $34.4 million and $33.4 million respectively. This was offset by net provided by operating activities of $51.4 million. Net cash used in investing activities of $34.4 million resulted mainly from purchase of property, plant and equipment of $45.2 million partially offset by proceeds from disposal of property, plant and equipment of $8.8 million as well as interest received of $2.0 million. Net cash used in financing activities of $33.4 million resulted mainly from repayments of bank borrowings and other secured borrowings of $24.9 million, interest paid of $4.2 million, as well as dividends paid to equity holders of the Company of $3.5 million.

Trade and other receivables increased by $6.0 million from $53.0 million as at 30 June 2024 to $59.0 million as at 30 June 2025, mainly due to higher revenue recorded in FY2025.

Other assets (current) increased by $1.6 million from $2.1 million as at 30 June 2024 to $3.6 million as at 30 June 2025 while other assets (non-current) decreased by $1.2 million as at 30 June 2024 to $Nil as at 30 June 2025, mainly due to reclassification of $1.2 million structured deposits maturing in FY2026 from non-current to current.

Property, plant and equipment increased by $23.8 million from $363.6 million as at 30 June 2024 to $387.4 million as at 30 June 2025, mainly due to additions of $65.5 million partially offset by depreciation charge of $33.9 million, disposals of $6.4 million and exchange differences of $1.4 million.

Total trade and other payables (current and non-current) decreased by $19.7 million from $84.2 million as at 30 June 2024 to $64.5 million as at 30 June 2025, mainly due to payments made on equipment purchased.

Borrowings (current and non-current) increased by $19.0 million from $92.8 million as at 30 June 2024 to $111.8 million as at 30 June 2025, mainly due to increase in other secured borrowings of $28.0 million (financing obtained to pay for equipment purchased less repayments) offset by decrease in bank borrowings of $8.4 million and lease liabilities of $0.7 million.

Commentary On Current Year Prospects

Notwithstanding ongoing geopolitical and trade uncertainties, intensifying competition, and a high-cost business environment, the Group maintains its positive outlook, as customer demand for Heavy Lift and Haulage solutions is expected to remain resilient in Singapore and key regional markets such as India, Saudi Arabia and Thailand, particularly in the petrochemical, semiconductor, infrastructure, logistics and heavy transport, as well as construction sectors.

The Group will remain vigilant in managing cash flow, operating costs, and potential business risks within the dynamic and uncertain operating environment.

We will continue to actively pursue opportunities that emerge from the requirements for construction, logistics and petrochemical investments, leveraging our position as a prominent one-stop integrated heavy lift specialist and service provider in the region.

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