[SINGAPORE] For the five trading sessions spanning Mar 6 to 12, institutions were net sellers of Singapore stocks, with net institutional outflow of S$156 million. This took the accumulated net outflow for the first quarter of 2026 to Mar 12 to S$304 million.

 

The stocks that had the highest net institutional outflow over the five sessions included   DBS   : D05 -0.11%,   Yangzijiang Shipbuilding   : BS6 -0.75%,   Genting Singapore   : G13 -0.75%,   UI Boustead Real Estate Investment Trust   : UIBU +2.48% (Reit),   Singtel   : Z74 -0.6%,   OCBC   : O39 -0.58%,   CapitaLand India Trust   : CY6U +3%,   CapitaLand Ascendas Reit   : A17U 0%,   UOL Group   : U14 -0.68% and   ComfortDelGro Corporation   : C52 -0.69%.

 

Meanwhile,   Hongkong Land   : H78 +3.77%,   ST Engineering   : S63 -2.42%,   Wilmar International   : F34 +1.33%,   UOB   : U11 -0.22%,   Singapore Exchange   : S68 +0.55% (SGX),   Seatrium   : 5E2 -1.66%,   AEM   : AWX -0.89%,   Keppel   : BN4 -1.15%,   UMS Integration   : 558 -0.65% and   DFI Retail Group   : D01 +4.22% led the net institutional inflow. 

 

Share buybacks surge

Over the five sessions, 30 primary-listed companies conducted buybacks with a total consideration of S$65 million. Twenty of the 30 stocks that filed the largest buyback considerations are tabled.

 

  Stoneweg Europe Stapled Trust   : SEB -0.86% also bought back units, as did secondary-listed Hongkong Land. 

 

Director transactions

Close to 80 director interests and substantial shareholdings were filed for more than 40 primary-listed stocks across the five sessions. Directors or chief executive officers reported 16 acquisitions and one disposal, while substantial shareholders recorded five acquisitions and one disposal. 

 

This included CEO or director acquisitions filed for   BRC Asia   : BEC +1.14%, ,   Centurion Corporation   : OU8 -0.69%,   Geo Energy Resources   : RE4 +6.93%,   IFS Capital   : I49 0%,   MegaChem   : 5DS 0%,   Nera Telecommunications   : N01 +1.14%,   QAF   : Q01 +0.51%,   Raffles Medical Group   : BSL -0.98%,   SunMoon Food Company   : AAJ 0% and   Tai Sin Electric   : 500 -0.94%. 

 

On Mar 9, Raffles Medical executive and non-independent director Dr Sarah Lu increased her deemed interest by 100,000 shares at an average price of S$0.99 apiece. She maintains a 3.43 per cent total interest in the group, and has been on the board since February 2018. 

 

Centurion Corporation: CEO and chairmen continue buying following results

Centurion Corporation executive director and joint chairman David Loh and non-executive director and joint chairman Han Seng Juan continued to increase their interests in the purpose-built accommodation assets group.

 

On Mar 9, Loh acquired 200,000 shares at an average price of S$1.39 each. This raised his total interest from 60 per cent to 60.02 per cent, following an increase from 59.82 per cent over the preceding five sessions. 

 

Between Mar 9 and 12, Han acquired 764,800 shares at an average price of S$1.40 apiece, bringing his total interest up from 55.9 per cent to 55.99 per cent.

 

QAF managing director buys shares amid profit upswing

On Mar 9, QAF joint group managing director and executive director Lin Kejian acquired 69,500 shares, increasing his total interest from 39.5 per cent to 39.51 per cent. The shares were bought at an average price of S$0.96 each. 

 

For the second half of its 2025 financial year (ended Dec 31), the food company&rsquo s profit expanded 62 per cent year on year to S$35.9 million, despite comparable revenue.

 

This was attributed largely to a foreign currency translation gain in H2 FY2025, compared with a foreign currency translation loss in H2 FY2024. 

 

The bakery segment contributed more than 70 per cent to the company&rsquo s H2 revenue, while the Philippines and Malaysia accounted for over 40 per cent and 10 per cent, respectively, of full-year revenue. 

 

The group continues to focus on strengthening its competitive position through its core brands, selective product launches and regional growth. At the same time, it is mitigating margin pressure via product mix and operational efficiencies, supported by a strong balance sheet.

 

 

 

 

 

 

 

 

 

&bull The resilience inherent to the Group&rsquo s asset-light, service-oriented business model enabled gross profit margin to be sustained with profitability despite lower revenue performance (which was mainly

due to timing delays of offshore asset integrity projects within the IE division).

&bull Strong cash generation with operating cash flow of S$26.55 million in FY2025, supported by strong cash conversion and disciplined working capital management.

&bull Total equity increased 26.9% to S$36.14 million with cash and cash equivalents increasing significantly to S$37.38 million with full redemption of its corporate bonds as at 31 December 2025, strengthening the Group&rsquo s financial flexibility.

&bull Proposed cash dividend of 0.6 SG cents per ordinary share represents a dividend payout of 23.5% of the net profit attributable to shareholders in FY2025.

&bull Together with a multi-pronged strategy under BKM 2.0, the Group continues to actively target selected high-growth segments of the global energy market to shape a more resilient and higher-value enterprise.

 

Striving to be the &ldquo Preferred and Trusted Partner&rdquo in providing total solutions for the offshore and marine industries, the Group&rsquo s business model is anchored by two core business divisions as follows:

1.  Infrastructure Engineering  (&ldquo IE&rdquo ) &ndash Providing a wide range of engineering services, including repairs and maintenance of floating production platforms, onshore and offshore marine fabrications, the production and supply of customised pedestal cranes and deck equipment, and specialised industrial chemical cleaning.

2.  Corrosion Prevention  (&ldquo CP&rdquo ) &ndash Providing comprehensive corrosion protection services such as surface preparation and application of protective coatings as part of the marine and offshore energy sectors.

 

&ldquo FY2025 marks another year of resilient performance for the Group, notwithstanding the temporary revenue impact within our Infrastructure Engineering division arising from project timing and scope re-sequencing, which were largely driven by external factors.

 

While project schedules may fluctuate, the structural demand for asset integrity and life-extension solutions remains intact. Our continued focus on high-value, mission-critical services &mdash spanning asset life extension, regulatory compliance and operational reliability &mdash reinforces the strategic relevance of our capabilities across market cycles.

 

A significant proportion of the Group&rsquo s work continues to be derived from repeat engagements on operating offshore assets, reflecting long-standing customer relationships and high switching costs. To date, the Group has supported asset integrity and life-extension works across more than 20 offshore floating assets globally, underscoring the recurring and essential nature of our services.

 

Through disciplined execution and a clear strategic focus, the Group sustained healthy gross profit margins and generated strong operating cash flows during the year. We also continued to strengthen our balance sheet, including the full redemption of our corporate bonds as part of our ongoing deleveraging efforts.

 

At the same time, we are building momentum in adjacent, capex-light growth areas such as deck

equipment, shipbuilding and specialised industrial chemical cleaning, which complement and extend

our core capabilities.

 

Looking ahead, our BKM 2.0 strategy provides a clear roadmap to position the Group as a more resilient,

asset-light and service-centric platform, supporting sustainable value creation over the longer term.&rdquo

 

 

 

&bull   Revenue declined 12.3% year-on-year (YoY) to S$98.16 million (FY2024: S$111.88 million),mainly due to timing delays in offshore asset integrity projects within the IE division.

&bull   Revenue timing delays arose principally from external parties&rsquo revisions to project scope andwork sequencing for optimisation and life-extension of floating assets.

&bull   While revenue recognition was deferred in FY2025, the underlying work scope remains intactand is expected to be recognised in line with future project milestones.

&bull   Asset integrity and life-extension projects have historically contributed significantly to revenue,and the Group continues to maintain a healthy pipeline of ongoing work orders.

&bull   IE remained the Group&rsquo s main revenue contributor, accounting for 80.0% of total revenue.

 

&bull   76.22% of revenue contribution from the Group&rsquo s asset integrity services and solutions, under Asian Sealand Offshore Marine, are recurring in nature.

&bull   Revenue from deck equipment supply dipped by 27.8%, or S$0.93 million, from S$3.34 million in FY2024 to S$2.41 million in FY2025, mainly due to project phasing with growth visibility underpinned by secured contracts of approximately S$14.2 million of new deck equipment contracts in FY2025 following a re-orientation of market focus towards India and Southeast Asia.

&bull   The Group continues to pursue new tenders and strengthen its deck equipment branding, IOE, across key offshore and marine hubs in the region.

&bull   Secured S$7.8 million of new shipbuilding contracts, aligned with the Group&rsquo s engineering capabilities and strategy to revive and scale this segment.  CP Division &ndash Revenue is largely recurring in nature

&bull   Revenue declined slightly by 4.0% or S$0.81 million to S$19.63 million (FY2024: S$20.44 million).

&bull   Singapore operations were supported by ongoing FPSO module works and offshore wind farm projects, which generally command higher margins.

&bull   Revenue from Batam declined due to several key customer projects reaching their tail-end stages in 1Q2025 and the absence of sizeable replacement projects during the year.

 

&bull   Gross profit margin improved by 2.5 percentage points to 37.1% (FY2024: 34.6%), driven by:

o  Cost minimisation initiatives

o  Productivity improvements

o  Asset-light operating model under the BKM 2.0 strategy

&bull   Gross profit declined at a slower pace of 6.0% to S$36.41 million (FY2024: S$38.73 million), despite the 12.3% revenue decline, underscoring business model resilience.  Cash Flow, Costs & Deleveraging

&bull   Generated S$26.55 million in net cash flow from operating activities in FY2025, supported by strong cash conversion and disciplined working capital management.

&bull   Administrative expenses remained well controlled, decreasing marginally by 1.4% to S$20.71 million (FY2024: S$21.00 million), reflecting selective investment in talent.

&bull   Variable management remuneration was lowered and aligned with the Group&rsquo s FY2025 operating and financial performance.

&bull   Finance costs declined by 35.8% or S$0.34 million to S$0.61 million (FY2024: S$0.95 million), reflecting continued deleveraging and disciplined cash management.

 

&bull   Decreased to S$1.36 million (FY2024: S$8.61 million), mainly due to:

o  Absence of the FY2024 one-off gain of S$5.51 million from the partial disposal of Batam shipyard property

o  Forex loss of S$0.91 million in FY2025

o  Fair value loss of S$0.17 million in FY2025

 

&bull   Net profit for FY2025 amounted to S$12.53 million (FY2024: S$21.19 million).

&bull   Net profit attributable to equity holders was S$5.33 million (FY2024: S$11.54 million, which included one-off gain recognised in FY2024).

&bull   EBITDA stood at S$20.63 million (FY2024: S$29.25 million).

 

&bull   Total assets increased to S$79.78 million, comprising:

o  Current assets of S$63.86 million, including

▪   Cash and cash equivalents: S$37.38 million

▪   Trade and other receivables: S$15.51 million

▪   Contract assets: S$9.17 million

o  Non-current assets of S$15.92 million,

▪   Mainly property, plant and equipment of S$15.72 million

&bull   Total equity increased to S$36.14 million, representing net asset value per share of 12.64 SG

cents (FY2024: 10.54 SG cents).

&bull   Total liabilities amounted to S$43.63 million, comprising:

o  Current liabilities of S$35.81 million

o  Non-current liabilities of S$7.82 million