Link: https://links.sgx.com/1.0.0/corporate-announcements/YOZHGOSCIPSQHWPP/f9d1d806963eec4b1354d4e95bcd37b3cc2ceb36fae06667392acf7dc74b2865

Summary:

• Revenue: S$73.8 million (down 19.3%), mainly from weaker Trading & Distribution demand in Indonesia and Vietnam; mobile radio/corporate advisory also lower after North-East Line contract expiry.

• Gross profit: S$1.95 million (down 25.0%) on thinner Trading & Distribution margins.

• Profit: Profit before tax S$0.44 million (+4.8%); profit after tax S$0.87 million (vs S$0.26m), helped by S$0.43m deferred tax reversal post disposal of K.A. Group; EPS 0.83 cents (0.36 cents).

• Income/expenses: Trade finance and other income S$0.91m (+135%); finance income S$1.15m (+88%); finance costs S$0.60m (+55%) due to short-term digital securities funding; admin expenses S$2.90m (+4.5%).

• Cash flow: Operating cash outflow S$13.3m (working capital); investing inflow S$5.0m (incl. S$4.9m K.A. Group disposal proceeds); financing inflow S$8.6m (net borrowing; capital reduction S$6.5m; treasury share buybacks S$0.57m); period-end cash and cash equivalents S$49.5m (of which restricted S$19.1m); cash and equivalents for cash flow S$30.3m.

• Balance sheet: Total assets S$116.6m; total liabilities S$62.8m; equity S$53.8m; NAV per share 49.8 cents (57.6 cents end-2024) on capital reduction and FX translation losses; current borrowings S$33.2m; no non-current borrowings.

• Capital and shares: Capital reduction S$6.5m completed; treasury shares 5.58m (4.9%); shares outstanding (ex-treasury) 108.15m; warrants outstanding 40.0m (exercise price S$0.44).

• Segment/geography: Trading & Distribution revenue S$71.7m; Mobile Radio/Advisory S$2.06m; revenue by market Vietnam S$35.5m, Singapore S$10.8m, Malaysia S$11.1m, Indonesia S$7.2m, Australia S$5.1m, Others S$4.1m.

• Corporate actions/notes: Disposal of K.A. Group completed 30 May 2025; Group exited passive fire protection business; acquisition of remaining 49% of Taurus Point for S$0.245m; increased investments in tokenised short-term papers and wine tokens.

• Outlook: No material subsequent events; businesses not significantly seasonal; continue to grow trade finance and manage funding via tokenised papers; focus on receivables and margin discipline.