Link: https://links.sgx.com/1.0.0/corporate-announcements/YX3ZTKMDNDY02LZD/ea74a93de7beb82c6a8636d8614fcbe5a53737c51be8df1c342cdcad4322054e

Summary:

• Group revenue down to S$23.0 million (from S$33.4 million last year), mainly from lower market activity in Bahrain and Singapore, though UK sales rose.

• Gross profit margin dropped to 22.8% (from 32.7%), reflecting lower utilization and ongoing sector volatility, especially in Saudi Arabia and Bahrain.

• UAE facility became operational in the period, incurring S$1.9 million in pre-operating expenses; staff costs and operating expenses fell due to tighter cost control.

• Reported a net loss of S$2.03 million after tax for 1H FY2026 (vs. net profit of S$2.2 million a year ago).

• Pemac business disposal netted a S$0.8 million gain under discontinued operations.

• Cash and cash equivalents narrowed to S$6.85 million; net gearing increased to 14.3% as borrowings rose with regional expansion.

• CEO highlights slow order conversion in Bahrain, stable underlying activity in Singapore, and promising momentum for newly launched UAE operations.

• The group aims for further growth in UAE and continued cost discipline amid regional uncertainty.