Financial Statements And Related Announcement: : Full Yearly Results

comprehensive income

1-2

B. Condensed interim statements of financial position

3-4

C.

Condensed interim statements of changes in equity

5-7

D. Condensed interim consolidated statement of cash flows

8-9

E.

Notes to the condensed interim consolidated financial statements

10-25

1.

Review

26

2.

Review of performance of the Group

26-28

3.

Variance from prospect statement

29

4.

Outlook

29-30

5.

Dividend information

31

6.

Interested person transactions

31

7.

Confirmation pursuant to Rule 720(1)

31

8.

Review of performance of the Group - turnover and earnings

31

related to a director, CEO or substantial shareholder

32

Group

Group

2nd half ended

Full year ended

31-Dec-24 31-Dec-23

%

31-Dec-24

31-Dec-23

%

Note

$'000

$'000

Change

$'000

$'000

Change

Revenue

4

30,843

30,009

3%

60,385

59,154

2%

Cost of sales

(18,130)

(17,534)

3%

(35,837)

(34,752)

3%

Gross profit

12,713

12,475

2%

24,548

24,402

1%

Other operating

income/(expenses)

129

(61)

N.M

827

465

78%.

Selling and distribution expenses

(7,041)

(6,246)

13%

(14,546)

(13,061)

12%

Administrative expenses

(4,164)

(4,253)

(2%)

(8,121)

(8,324)

(3%)

Finance costs

(440)

(319)

38%

(779)

(653)

19%

Reversal of impairment losses on

financial assets

15

88

(83%)

8

56

(98%)

Profit from operations

1,212

1,684

(28%)

1,937

2,885

(33%)

Share of results of a joint venture

395

248

59%

857

615

39%

Share of results of associated

companies

(192)

212

N.M.

(277)

115

N.M.

Profit before tax

6

1,415

2,144

(34%)

2,517

3,615

(30%)

Income tax credit/(expense)

7

93

(479)

N.M.

(458)

(947)

(52%)

Profit for the period/year

1,508

1,665

(9%)

2,059

2,668

(23%)

Attributable to:

Equity holders of the Company

1,752

1,915

(9%)

2,686

3,456

(17%)

Non-controlling interests

(244)

(250)

2%

(627)

(788)

1%

1,508

1,665

(9%)

2,059

2,668

(23%)

Other comprehensive

income/(loss):

Items that are or may be

reclassified subsequently to profit

or loss:

Currency translation differences

arising on consolidation

(6)

79

N.M.

(5)

51

N.M.

Share of other comprehensive

loss of associated companies

(7)

(34)

(79%)

(29)

(72)

(60%)

Share of other comprehensive

income of joint ventures

41

145

(72%)

41

(127)

N.M.

Other comprehensive

income/(loss) for the

period/year, net of tax

28

190

(85%)

7

(148)

N.M.

Total comprehensive income for

the period/year

1,536

1,855

(17%)

2,066

2,520

(18%)

Group

Group

2nd half ended

Full year ended

31-Dec-24

31-Dec-23

%

31-Dec-24

31-Dec-23

%

Note

$'000

$'000

Change

$'000

$'000

Change

Total comprehensive

income/(loss) attributable to:

Equity holders of the Company

1,648

2,122

(22%)

2,694

3,321

(19%)

Non-controlling interests

(112)

(267)

(58%)

(627)

(801)

22%

1,536

1,855

(17%)

2,067

2,520

(18%)

Earnings per share attributable

to equity holders of the

Company:

Basic and diluted (in cents)

9

0.58

0.64

0.90

1.15

Group

Company

Note

31-Dec-24

31-Dec-23

31-Dec-24

31-Dec-23

$'000

$'000

$'000

$'000

Non-current assets

Property, plant and equipment

11

16,982

17,476

−

−

Investment in subsidiaries

−

−

11,295

11,163

Investment in joint ventures

3,400

2,884

949

949

Investment in associated

12

20

−

−

−

companies

Deferred tax assets

1,478

1,361

231

213

Intangible assets

13

5,665

4,921

−

−

Financial assets at fair value

through profit or loss

4

2

−

−

Loan to an associated company

3,191

3,517

4,000

4,000

Total non-current assets

30,740

30,161

16,475

16,325

Current assets

Inventories

33,259

30,743

−

−

Contract assets

2,177

1,297

−

−

Trade receivables

12,392

16,258

−

−

Other receivables

4,968

4,598

2,946

5,005

Cash and cash equivalents

5,301

5,305

68

325

Total current assets

58,097

58,201

3,014

5,330

Total assets

88,837

88,362

19,489

21,655

Non-current liabilities

Deferred tax liabilities

309

309

−

−

Borrowings

14

474

1,577

−

−

Lease liabilities

7,730

7,657

−

−

Total non-current liabilities

8,513

9,543

−

−

Current liabilities

Contract liabilities

1,886

4,011

−

−

Trade payables

5,516

5,519

−

−

Other payables

3,444

4,203

5,216

8,230

Provisions

137

83

−

−

Borrowings

14

11,606

6,377

−

267

Lease liabilities

358

374

−

−

Tax payable

1,862

2,846

−

−

Total current liabilities

24,809

23,413

5,216

8,497

Total liabilities

33,322

32,956

5,216

8,497

Net assets

55,515

55,406

14,273

13,158

3

Group

Company

Note

31-Dec-24

31-Dec-23

31-Dec-24

31-Dec-23

$'000

$'000

$'000

$'000

Equity

Share capital

15

58,535

58,535

58,535

58,535

Currency translation reserve

(577)

(584)

−

−

Capital reserves

(1,218)

(1,342)

−

−

Retained profits/(Accumulated

377

(309)

(44,262)

(45,377)

losses)

Equity attributable to

equity

holders of the Company, total

57,117

56,300

14,273

13,158

Non-controlling interests

(1,602)

(894)

−

−

Total equity

55,515

55,406

14,273

13,158

Group

Share

Currency

Capital

Retained

Total

Non-

Total

capital

translation

reserves

Profit/(Accumulated

controlling

equity

reserve

losses)

interest

$'000

$'000

$'000

$'000

$'000

$'000

$'000

2024

At 1 January 2024

58,535

(584)

(1,342)

(309)

56,300

(894)

55,406

Profit for the financial year

−

−

−

2,686

2,686

(627)

2,059

Other comprehensive (loss)/income

Currency translation differences

arising on consolidation

−

(5)

−

−

(5)

−

(5)

Share of other comprehensive

income of associated companies

−

(29)

−

−

(29)

−

(29)

Share of other comprehensive

income of joint ventures

−

41

−

−

41

−

41

Other comprehensive income for

the financial year, net of tax

−

7

−

−

7

−

7

Total comprehensive income/(loss)

for the year

−

7

−

2,686

2,693

(627)

2,066

Incorporation of a subsidiary

−

−

−

−

−

133

133

Deconsolidation of a deregistered

subsidiary

−

−

124

65

189

(214)

(25)

Dividend (Note 8)

−

−

−

(2,065)

(2,065)

−

(2,065)

At 31 December 2024

58,535

(577)

(1,218)

377

57,117

(1,602)

55,515

Group

Share

Currency

Capital

Accumulated

Total

Non-

Total

capital

translation

reserves

losses

controlling

equity

reserve

interest

$'000

$'000

$'000

$'000

$'000

$'000

$'000

2023

At 1 January 2023

58,535

(449)

(1,977)

(1,971)

54,138

(105)

54,033

Profit for the financial year

−

−

−

3,456

3,456

(788)

2,668

Other comprehensive

(loss)/income

Currency translation

differences arising on

consolidation

−

64

−

−

64

(13)

51

Share of other

comprehensive income of

associated companies

−

(72)

−

−

(72)

−

(72)

Share of other

comprehensive income of

joint ventures

−

(127)

−

−

(127)

−

(127)

Other comprehensive loss

for the financial year, net of

tax

−

(135)

−

−

(135)

(13)

(148)

Total comprehensive

(loss)/income for the year

−

(135)

−

3,456

3,321

(801)

2,520

Deconsolidation of a

deregistered subsidiary

−

−

635

(294)

341

12

353

Dividend (Note 8)

−

−

−

(1,500)

(1,500)

−

(1,500)

At 31 December 2023

58,535

(584)

(1,342)

(309)

56,300

(894)

55,406

Company

Share capital

Accumulated

Total

losses

$'000

$'000

$'000

At 1 January 2024

58,535

(45,377)

13,158

Profit and total comprehensive income

for the financial year

−

3,180

3,180

Dividend (Note 8)

−

(2,065)

(2,065)

At 31 December 2024

58,535

(44,262)

14,273

At 1 January 2023

58,535

(48,501)

10,034

Profit and total comprehensive income

for the financial year

−

4,624

4,624

Dividend (Note 8)

−

(1,500)

(1,500)

At 31 December 2023

58,535

(45,377)

13,158

Group

Year

Year

ended

ended

Note

31-Dec-24

31-Dec-23

$'000

$'000

Cash flows from operating activities

Profit before tax

2,517

3,615

Adjustments for:

Amortisation of intangible assets

564

567

Depreciation of property, plant and equipment

1,640

1,610

Fair value (gain)/loss on financial assets at fair value through profit or

loss

(2)

1

Foreign currency exchange difference

(60)

11

Gain on disposal of property, plant and equipment

(7)

(1)

Loss on lease modification

2

−

Intangible assets written off

105

17

Interest expenses

779

653

Interest income

(319)

(288)

Write-down of inventories

1,654

1,511

Reversal of impairment loss on trade receivables

(8)

(56)

Provision for warranty

62

87

Reversal of provision for warranty

(8)

(35)

Effects from deconsolidation of a subsidiary

108

−

Share of results of associated companies

277

(115)

Share of results of a joint venture

(857)

(615)

Operating cash flows before working capital changes

6,447

6,962

Inventories

(4,170)

743

Contract assets

(880)

588

Receivables

3,822

(1,100)

Contract liabilities

(2,125)

966

Payables

(762)

(2,501)

Currency translation adjustments

21

58

Cash from operations

2,353

5,716

Income tax paid

(1,543)

(380)

Net cash generated from operating activities

810

5,336

Cash flows from investing activities

Dividends received from joint venture

381

378

Proceeds of disposal of property, plant and equipment

16

3

Purchase of property, plant and equipment

(699)

(1,155)

Development costs

(1,413)

(1,994)

Net cash used in investing activities

(1,715)

(2,768)