Financial Performance - Total revenue for the year ended December 31, 2025, was SGD 61,219,526, a decrease of 7% from SGD 66,127,480 in 2024[3] - Gross profit for 2025 was SGD 18,526,082, down 11.2% from SGD 20,865,776 in 2024[3] - The company reported a net loss of SGD 5,141,211 for the year, compared to a profit of SGD 5,041,568 in 2024[3] - Basic and diluted loss per share for 2025 was SGD 0.38, compared to earnings of SGD 0.40 per share in 2024[3] - The group reported a pre-tax loss of SGD 5,285,652 in 2025 compared to a profit of SGD 5,945,343 in 2024[25] - The group recorded a loss of approximately SGD 5.1 million for the fiscal year ending December 31, 2025, compared to a profit of approximately SGD 5.0 million for the fiscal year ending December 31, 2024, resulting in a net profit margin decrease from about 7.6% to a net loss margin of about 8.4%[55] Assets and Liabilities - Total assets decreased to SGD 56,120,035 in 2025 from SGD 60,705,138 in 2024, reflecting a decline of approximately 7.5%[4] - Current liabilities were SGD 16,625,678 in 2025, a slight decrease from SGD 17,914,876 in 2024[4] - Non-current liabilities increased to SGD 6,625,579 in 2025 from SGD 6,069,471 in 2024, indicating a rise of about 9.2%[5] - The company's net assets decreased to SGD 49,494,456 in 2025 from SGD 54,635,667 in 2024, a decline of approximately 9.4%[5] - Trade receivables decreased to SGD 14,827,431 in 2025 from SGD 15,558,318 in 2024, with an allowance for doubtful debts of SGD (50,310) in 2025 compared to SGD (51,810) in 2024[31] - Trade payables increased to SGD 2,227,433 in 2025 from SGD 1,721,775 in 2024, with other payables decreasing to SGD 175,504 from SGD 1,377,000[34] Revenue Breakdown - Revenue from truck transportation services increased to SGD 26,873,793 in 2025 from SGD 22,590,165 in 2024, representing a growth of approximately 19.9%[16] - Revenue from freight forwarding services decreased to SGD 21,376,589 in 2025 from SGD 29,667,117 in 2024, a decline of about 28%[16] - Revenue decreased by approximately 7.4% from about SGD 66.1 million for the year ending December 31, 2024, to about SGD 61.2 million for the year ending December 31, 2025, primarily due to reduced market demand affecting freight forwarding services[43] - Truck transportation service revenue for the years ending December 31, 2024, and 2025, was approximately SGD 22.6 million and SGD 26.9 million, respectively, reflecting a growth of about SGD 4.3 million or 19% due to sustained demand from customers[44] - Freight forwarding service revenue decreased by approximately SGD 8.3 million or 27.9%, from about SGD 29.7 million in 2024 to SGD 21.4 million in 2025, impacted by a weak business environment due to macroeconomic factors[45] Expenses - Administrative expenses rose to SGD 19,242,298 in 2025, up from SGD 15,913,790 in 2024, marking an increase of about 20.5%[3] - Other income decreased to SGD 960,468 in 2025 from SGD 1,460,154 in 2024, a decline of approximately 34.3%[22] - Financing costs decreased to SGD 389,483 in 2025 from SGD 540,707 in 2024, a reduction of about 28%[24] - The company recognized an impairment loss of SGD 1.44 million related to goodwill from the acquisition of Resolute Solutions due to its declining financial performance[51] - The company reported a total impairment loss of SGD 3.08 million for the year ending December 31, 2025, primarily due to uncollectible long-term debts from a customer undergoing liquidation[52] - Administrative expenses for the fiscal years ending December 31, 2024, and 2025 are approximately SGD 15.9 million and SGD 19.2 million, respectively, with the increase primarily due to one-time strategic expenses in 2025[53] Corporate Governance and Compliance - The company has complied with all relevant laws and regulations during the fiscal year ending December 31, 2025[74] - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for the year ended December 31, 2025, with no objections raised[80] - The company has adopted the corporate governance code and confirmed full compliance for the fiscal year ending December 31, 2025[75] Future Plans and Investments - The company has entered into a construction contract for a new three-story industrial building with a total contract value of SGD 5,408,000[36] - The company signed a lease agreement with JTC Corporation on November 22, 2024, for a strategically located property to support its logistics and fleet expansion[40] - The group has capital commitments related to the acquisition of properties, plants, and equipment amounting to SGD 6.3 million as of December 31, 2025[69] - The group entered into a construction contract on January 10, 2025, for a total amount of SGD 5.408 million, and an additional contract on August 8, 2025, valued at SGD 1.972 million[64] - The group acquired container trucks under two agreements for a total of SGD 1.74 million, aimed at enhancing fleet capacity and operational efficiency[65] Shareholder Information - The company has not declared or paid any dividends for the year ending December 31, 2025[29] - The company plans to hold its 2026 Annual General Meeting on June 24, 2026, with a suspension of share transfer registration from June 18 to June 24, 2026[79] - The company will publish its annual report containing all required information by the listing rules on its website and the stock exchange[82] - As of December 31, 2025, the total net proceeds of approximately HKD 41.5 million (equivalent to about SGD 7.2 million) from the issuance of 312,500,000 shares have been fully utilized[72] - The revised allocation of the net proceeds includes HKD 16.5 million for fleet expansion in the freight services segment and HKD 17.7 million for property acquisition[72] Fleet and Operations - The company has a fleet consisting of 59 container trucks, 493 trailers, and 24 flatbed trucks, along with 3 logistics yards and 3 warehouses covering approximately 48,308 square meters and 32,343 square meters respectively[39] - The company is recognized as a comprehensive logistics solution provider, leveraging Singapore's strategic position as a regional distribution hub[39] - The company has implemented a credit period of 30 to 90 days for trade receivables, with significant amounts collected within 30 days[31] - The company has a management consulting agreement with Heliix Global Logistics, which includes a one-time signing bonus of HKD 9 million and an additional 10% bonus upon stabilization of client operations[38] - The company benefits from a 75% tax exemption on the first SGD 10,000 of taxable income and a 50% exemption on the next SGD 190,000 for its subsidiaries operating in Singapore[28] Debt and Financing - The group's debt ratio as of December 31, 2025, is approximately 28.0%, an increase from 27.7% as of December 31, 2024, primarily due to increased bank borrowings[60] - The group has a bank financing credit limit of SGD 7 million as of December 31, 2025, with SGD 3 million of this limit remaining undrawn[59] - The company has no significant contingent liabilities as of December 31, 2025[70] - There were no major events occurring after the reporting period up to the date of the announcement[73] - The company has not purchased, sold, or redeemed any of its listed securities during the fiscal year ending December 31, 2025[78]
LEGION CONSO(02129) - 2025 - 年度业绩