Investor Relations - Financials
Unaudited Condensed Interim Financial Statements For The Six-Month And Full Year Ended 31 March 2025
Financials Archive
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Condensed interim consolidated statement of comprehensive income For the six-month and full year ended 31 March 2025
Condensed interim balance sheets As at 31 March 2025
REVIEW OF GROUP PERFORMANCE
Condensed Interim Balance Sheets
The changes in Balance Sheets were mainly due to:
- increase in property, plant and equipment of S$22,922,000;
- decrease in other investment by S$8,903,000;
- increase in bank borrowings; and
- the reclassification of the carrying amounts of Pemac to assets held for sale and liabilities directly associated with the assets held for sale.
Apart from the above, movements in working capital items were mainly due to timing differences.
Condensed Interim Consolidated Cash Flow Statement
The Group generated net cash inflows from operations before working capital of S$5.6 million in 2HFY2025 (year-to-date: S$11.1 million), reflecting an improvement over the corresponding periods last year. After accounting for working capital movements, net cash generated from operating activities in 2HFY2025 amounted to S$5.8 million (year-to-date: S$8.3 million).
Investing activities in 2HFY2025 included capital expenditure of approximately S$11.0 million (year-to-date: S$18.9 million), primarily related to the Group's expansion into the UAE, which was partially supported by net proceeds from bank borrowings. Including the net proceeds of S$9.2 million from the disposal of the remaining MMA Shares in 1HFY2025, the Group recorded net cash outflows of S$12.1 million from investing activities in 2HFY2025 (year-to-date: S$11.5 million).
Within financing activities, the Group also made two dividend payments during the year - the FY2024 final dividend of S$1.1 million in August 2024 and the FY2025 interim dividend of S$1.1 million in November 2024. Overall, cash and cash equivalents stood at about S$7.7 million as at 31 March 2025 (31 March 2024: S$12.3 million), prior to the receipt of first tranche payment of $3.2 million from the disposal of Pemac in April 2025.
Condensed Interim Consolidated Statement of Comprehensive Income
6 months ended 31 March 2025 ("2HFY2025") vs 6 months ended 31 March 2024 ("2HFY2024")
The Group reported S$29.8 million revenue for 2HFY2025, a decrease of 11% year-on-year ("YOY") compared to S$33.4 million in 2HFY2024, as all segments recorded lower revenue. The Singapore segment, which started the year on a strong footing, saw a moderation in activity in the second half. The Bahrain segment was also affected by a slowdown in activity following Saudi Aramco's rig suspensions. The UK segment recorded lower revenue compared to the corresponding period in the prior year, which had benefited from one-off catch-up orders. Despite lower revenue, the Group delivered stronger gross profit margins, benefited from a more favorable sales mix.
Total staff costs and other operating expenses included approximately S$0.8 million of UAE-related pre-operating costs in 2HFY2025. Excluding these, overall staff costs and other operating expenses remained relatively stable despite foreign exchange fluctuations. Finance costs declined compared to 2HFY2024's, in line with lower average borrowings.
Overall, the Group's profit after tax improved by 47% to S$2.6 million in 2HFY2025.
Profit from discontinued operations mainly comprised contributions from Pemac, which the Group has completed the disposal following shareholders' approval on 14 April 2025. The gain from this disposal, estimated at approximately S$0.8 million will be recognized in the next financial period.
12 months ended 31 March 2025 ("FY2025") vs 12 months ended 31 March 2024 ("FY2024")
The Group reported S$63.3 million revenue for FY2025, a decrease of 6% year-on-year ("YOY") compared to S$67.0 million in FY2024, largely due to lower contributions from the Bahrain segment, which was affected by a slowdown in activity following Saudi Aramco's rig suspensions. Singapore posted revenue growth for the full year, driven by strong first-half demand and a stable second half. The UK segment recorded lower revenue, with the prior year benefitting from one-off catch-up orders. Despite lower revenue, the Group delivered stronger gross profit margins, benefited from a more favorable sales mix.
Total staff costs and other operating expenses included approximately S$0.9m of UAE-related pre-operating costs in FY2025. Excluding these, overall staff costs and other operating expenses remained relatively stable despite foreign exchange fluctuations. Finance costs declined compared to FY2024's, in line with lower average borrowings.
Excluding the S$6.4m gain from sale of Pandan Property recognized in the prior year, the Group's profit after tax improved by 59% to S$4.8 million in FY2025.
Profit from discontinued operations mainly comprised contributions from Pemac, which the Group has completed the disposal following shareholders' approval on 14 April 2025. The gain from this disposal, estimated at approximately S$0.8 million will be recognized in the next financial year.
Commentary
The Group is pleased to deliver another profitable year, with improved margins despite a softer top-line performance, reflecting the Group continued focus on operational efficiency and earnings quality.
While this year's performance in Bahrain was affected by the suspension of rig operations by Saudi Aramco, this may not reflect the region's longer-term potential. While the Group expects its performance to improve on rig resumptions, the Group remains cautious in the near term given the current uncertainties. Meanwhile, the Group's current operations continue to provide a steady base, with Singapore remaining a key contributor.
Looking ahead, the Group remains focused on scaling the operations as the UAE facility comes online. Construction is nearing completion, and the Group is working to fulfill the remaining regulatory and operational requirements to commence revenue generation. Bringing the UAE facility into full operation remains a top priority, and the Group is committed to achieving this in the shortest possible time.