Back 25 Feb 2026

Serial System FY2025 net profit rebounds to US$2.3m on 9% sales growth to US$860m, but margins stay thin and cash generation weak

Summary:

  • Full-year sales rose 9.1% to US$860.5 million, lifting gross profit 13.6% to US$66.4 million as gross margin edged up 0.3 percentage point to 7.7%.

  • The Group swung from a US$0.3 million loss in FY2024 to a US$2.7 million net profit, with profit attributable to shareholders rising to US$2.3 million (EPS 0.25 cent) from US$0.5 million (0.06 cent).

  • Other income fell sharply to US$11.9 million from US$19.0 million on smaller fair‑value and trading gains, while total expenses eased 2.9% to US$74.6 million as finance costs and other operating charges declined.

  • Operating cash flow turned from a US$35.7 million inflow in FY2024 to a US$1.6 million outflow, driven mainly by higher receivables and inventories, although cash and cash equivalents remained stable at US$37.5 million and net assets increased to US$139.3 million.

  • Total borrowings were broadly unchanged at US$205.4 million, with trust receipts and short‑term bank lines continuing to fund working capital; no dividend details were disclosed in the interim statement.

Link:
https://links.sgx.com/1.0.0/corporate-announcements/1U89ZAJEBSNWE5E1/399eccd52546ccffda81998d3564539b848d893cbd013c313a6a2b41e975810f