v3.26.1
Consolidated Statements of Cash Flows
$ in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2025
SGD ($)
Dec. 31, 2024
SGD ($)
Dec. 31, 2023
SGD ($)
Cash flows from operating activities:        
Net income $ 4,345 $ 5,586 $ 1,884 $ 7,080
Adjustments to reconcile net income to net cash provided by operating activities        
Depreciation of plant and equipment 3,625 4,661 4,236 3,729
Depreciation of right-of-use assets 924 1,188 891 396
(Gain)/Loss on disposal of plant and equipment 23 30 126 (761)
Gain on de-recognition of right-of-use assets (51)
Reversal of allowance for inventories obsolescence (19)
Change in working capital:        
Accounts receivable 821 1,056 5,440 (9,395)
Contract assets (61) (79) 2,784 (2,784)
Inventories [1] 8,889 11,430 (8,891) 867
Related parties 1,199 1,542 (1,087) (2,024)
Accounts payable and accrued liabilities (503) (647) (605) (3,383)
Income tax payable 673 866 (181) (219)
Deferred tax liabilities 463 596 431 725
Net cash provided by operating activities 20,398 26,229 5,009 (5,820)
Cash flows from investing activities:        
Proceeds from disposal of plant and equipment 37 47 3,405 8,896
Repayment from finance lease receivables 490 630 675 349
Purchase of plant and equipment [1] (13,377) (17,201) (12,817) (12,382)
Net cash used in investing activities (12,850) (16,524) (8,737) (3,137)
Cash flows from financing activities:        
Proceeds from bank borrowings 3,113 4,003 14,654 14,668
Deferred IPO expenses (1,117) (1,436) (705) (1,196)
Repayment of bank borrowings (266) (266)
Principal repayment of lease liabilities (7,229) (9,296) (10,741) (7,482)
Proceed from issuance of new shares 6,402 8,232
Payment of deferred financing costs (941) (1,210) (868) (405)
Net cash provided by financing activities 228 293 2,074 5,319
Effect on exchange rate change on cash and cash equivalents 31
Net change in cash and cash equivalent 7,807 9,998 (1,654) (3,638)
BEGINNING OF PERIOD 502 686 2,340 5,978
END OF PERIOD 8,309 10,684 686 2,340
SUPPLEMENTAL CASH FLOW INFORMATION:        
Cash paid for income taxes 89 115 481 540
Cash paid for interest 684 880 949 822
Cash received from finance lease receivable interest (206) (265) (621) (34)
Operating lease asset obtained in exchange for operating lease obligations $ 2,082
[1] There is a transfer of S$9.6 million (2024: S$7.9 million) from plant and equipment to inventories.