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AZTECH GLOBAL LTD. — Interim / Quarterly Report 2025
Jul 22, 2025
68182_rns_2025-07-22_b4f88baa-e24b-45c7-b06a-e2fddaf6bcfd.pdf
Interim / Quarterly Report
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Interim Financial Information As at and for the Half Year Ended 30 June 2025
AZTECH GLOBAL LTD.
Incorporated in the Republic of Singapore Company Registration Number - 200909384G
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INTERIM FINANCIAL INFORMATION AS AT AND FOR THE HALF YEAR ENDED 30 JUNE 2025
Condensed interim statements of financial position as at 30 June 2025
| Note ASSETS Current assets Cash and cash equivalents Trade receivables 3 Other receivables 4 Other investments 5 Prepayments Inventories 6 Total current assets excluding non- current assets classified as held for sale Non-current assets classified as held for sale 7 Total current assets Non-current assets Other receivables Prepayments Investment in subsidiaries Property, plant and equipment 8 Deferred tax assets Total non-current assets Total assets LIABILITIES AND EQUITY Current liabilities Borrowings 9 Lease liabilities Trade payables 10 Other payables 11 Provision for retirement benefit Current income tax payable Total current liabilities Non-current liabilities Borrowings 9 Lease liabilities Provision for retirement benefit Deferred tax liabilities Total non-current liabilities |
Group 30.06.2025 31.12.2024 $'000 $'000 176,289 292,082 130,549 81,825 2,441 2,671 51,717 19,178 5,373 2,286 58,545 32,354 |
Company |
|---|---|---|
| 30.06.2025 31.12.2024 $'000 $'000 148,249 275,440 - - 1,182 1,800 51,717 19,178 36 193 - - |
||
| 424,914 430,396 3,938 - 428,852 430,396 - - - 633 - - 30,481 39,632 378 550 30,859 40,815 459,711 471,211 3,916 3,371 1,188 1,987 121,585 71,839 32,392 23,276 689 689 15,409 16,083 175,179 117,245 7,959 10,918 419 856 299 299 2,542 2,800 11,219 14,873 |
201,184 296,611 - - |
|
| 201,184 296,611 |
||
| 213 464 - - 78,866 78,866 - - 120 161 |
||
| 79,199 79,491 |
||
| 280,383 376,102 - - 494 482 - - 48,277 75,874 689 689 1,077 1,556 |
||
| 50,537 78,601 |
||
| - - 213 464 299 299 120 161 |
||
| 632 924 |
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INTERIM FINANCIAL INFORMATION AS AT AND FOR THE HALF YEAR ENDED 30 JUNE 2025
Condensed interim statements of financial position as at 30 June 2025 (Continued)
| Note Capital and reserves Share capital 12 Treasury shares Capital reserve Foreign currency translation account Share options reserve Statutory reserve Retained profits Total equity Total liabilities and equity |
Group 30.06.2025 31.12.2024 $'000 $'000 206,166 206,166 (1,992) (1,992) (4,672) (4,670) (22,390) (17,652) 757 696 14,755 14,755 80,689 141,790 273,313 339,093 459,711 471,211 |
Company |
|---|---|---|
| 30.06.2025 31.12.2024 $'000 $'000 206,166 206,166 (1,992) (1,992) 11,649 11,651 - - 757 696 - - 12,634 80,056 |
||
| 229,214 296,577 |
||
| 280,383 376,102 |
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Condensed interim consolidated statement of comprehensive income for the half year ended 30 June 2025
| Note Revenue 13 Other income 14 Changes in finished goods, work in progress and raw materials used Employee benefits expense 15 Depreciation expense Other operating expense Reversal of allowance for trade receivables Interest income Other gains and losses 16 Finance costs Profit before income tax Income tax expense 17 Profit for the period Other comprehensive income: - items that may be reclassified subsequently into profit or loss Exchange differences on translation of foreign operations, representing other comprehensive income for the financial period, net of tax Total comprehensive income for the financial period Profit attributable to owners of the parent Total comprehensive income attributable to owners of the parent Earnings per share Basic and diluted* (Cents) |
Group 6 months ended 30 June increase/ (decrease) 2025 2024 $'000 $'000 % 185,415 373,204 (50.3) 129 262 (50.8) (141,157) (287,578) (50.9) (19,779) (28,752) (31.2) (4,042) (4,748) (14.9) (5,540) (8,404) (34.1) 434 1,816 (76.1) 4,523 4,963 (8.9) (664) 4,339 n.m (394) (499) (21.0) 18,925 54,603 (65.3) (2,847) (7,940) (64.1) 16,078 46,663 (65.5) (4,738) 1,918 n.m 11,340 48,581 (76.7) 16,078 46,663 (65.5) 11,340 48,581 (76.7) 2.08 6.04 |
|---|---|
* Basic and diluted EPS for 1[st] half 2025 and 1[st] half 2024 has been computed based on the profit attributable to equity holders of our Company divided by weighted average of ordinary share in issue of 771,793,545 shares (1[st] half 2024: 771,952,945), 771,793,545 shares (1[st] half 2024: 772,270,447), respectively.
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Condensed interim statements of changes in equity for the half year ended 30 June 2025
| Group Balance as at 1.1.2025 Total comprehensive income for the period Profit for the period Other comprehensive income for the period Total Transactions recognised directly in equity Dividend Share option expense Reversal of capital reserve Balance as at 30.6.2025 Balance as at 1.1.2024 Total comprehensive income for the period Profit for the period Other comprehensive income for the period Total Transactions recognised directly in equity Dividend Share option expense Balance as at 30.6.2024 |
Share capital Treasury share Capital reserve Foreign currency translation account Share options reserve Statutory reserve Retained profits Total equity $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 206,166 (1,992) (4,670) (17,652) 696 14,755 141,790 339,093 |
|---|---|
| - - - - - - 16,078 16,078 - - - (4,738) - - - (4,738) |
|
| - - - (4,738) - - 16,078 11,340 |
|
| - - - - - - (77,179) (77,179) - - - - 61 - - 61 - - (2) - - - - (2) |
|
| - - (2) - 61 - (77,179) (77,120) |
|
| 206,166 (1,992) (4,672) (22,390) 757 14,755 80,689 273,313 |
|
| 206,166 (1,843) (4,670) (18,558) 636 1,254 161,958 344,943 |
|
| - - - - - - 46,663 46,663 - - - 1,918 - - - 1,918 |
|
| - - - 1,918 - - 46,663 48,581 |
|
| - - - - - - (38,598) (38,598) - - - - 7 - - 7 |
|
| - - - - 7 - (38,598) (38,591) |
|
| 206,166 (1,843) (4,670) (16,640) 643 1,254 170,023 354,933 |
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Condensed interim statements of changes in equity for the half year ended 30 June 2025 (Continued)
| Company Balance as at 1.1.2025 Profit representing total comprehensive income for the period Transactions with owners, recognised directly in equity Dividend Share option expense Reversal of capital reserve Balance as at 30.6.2025 Balance as at 1.1.2024 Profit representing total comprehensive income for the period Transactions with owners, recognised directly in equity Dividend Share option expense Balance as at 30.6.2024 |
Share capital Treasury share Capital reserve Share options reserve Retained profits Total equity $’000 $’000 $’000 $’000 $’000 $’000 206,166 (1,992) 11,651 696 80,056 296,577 - - - - 9,757 9,757 |
|---|---|
| - - - - (77,179) (77,179) - - - 61 - 61 - - (2) - - (2) |
|
| - - (2) 61 (77,179) (77,120) |
|
| 206,166 (1,992) 11,649 757 12,634 229,214 |
|
| 206,166 (1,843) 11,651 636 41,296 257,906 - - - - 38,536 38,536 |
|
| - - - - (38,598) (38,598) - - - 7 - 7 |
|
| - - - 7 (38,598) (38,591) |
|
| 206,166 (1,843) 11,651 643 41,234 257,851 |
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Condensed interim consolidated statement of cash flows for the half year ended 30 June 2025
| Operating activities Profit before income tax Adjustments for: Depreciation of property, plant and equipment Interest expense Interest income Reversal of allowance for trade receivables Fair value gain on derivative financial instruments Fair value gain on investments Net unrealised foreign exchange loss/(gain) Plant and equipment written off Gain on disposal of property, plant and equipment Share option expense (Reversal of)/Write-down for inventories obsolescence Operating cash flows before movements in working capital Trade receivables Other receivables Derivative financial instruments Prepayments Inventories Trade payables Other payables Cash (used in)/from operations Income tax paid Interest paid Net cash (used in)/from operating activities Investing activities Purchase of plant and equipment Proceeds on disposal of property, plant and equipment Proceeds from changes in short-term investments, net Placement of term deposits, net Interest received Net cash (used in)/from investing activities Financing activities Repayment of obligations under lease liabilities Proceeds from bank borrowings Repayment of bank borrowings Dividends paid Net cash used in financing activities |
Group |
|---|---|
| 6 months ended 30 June 2025 2024 $'000 $'000 18,925 54,603 4,042 4,748 394 499 (4,523) (4,963) (434) (1,816) (363) (1,533) (186) (659) 1,069 (4,200) 74 92 - (158) 61 7 (295) 77 |
|
| 18,764 46,697 (50,637) (25,510) 140 (300) 363 1,540 (2,696) (6) (28,835) (7,364) 49,760 34,519 8,353 15,943 |
|
| (4,788) 65,519 |
|
| (3,605) (5,440) (394) (499) |
|
| (8,787) 59,580 |
|
| (712) (2,462) - 591 19,364 26,373 (51,717) - 4,523 4,963 |
|
| (28,542) 29,465 |
|
| (1,060) (1,087) 288 321 (2,073) (1,997) (77,179) (38,598) |
|
| (80,024) (41,361) |
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Condensed interim consolidated statement of cash flows for the half year ended 30 June 2025 (Continued)
| Net change in cash and cash equivalents Effects of exchange rate changes on the balance of cash held in foreign currencies Cash and cash equivalents at beginning of the period Cash and cash equivalents at end of the period (Note i) (i) Cash and Cash equivalents comprise: Cash in bank Fixed deposits Cash and cash equivalents at end of the period |
Group 6 months ended 30 June 2025 2024 $'000 $'000 (117,353) 47,684 1,560 (149) 292,082 231,442 176,289 278,977 Group |
|
|---|---|---|
| As at 30 June 2025 As at 30 June 2024 $'000 $'000 27,112 2,418 149,177 276,559 |
||
| 176,289 278,977 |
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Notes to the condensed interim consolidated financial statements
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1. General corporate information
Aztech Global Ltd (the “Company”) is incorporated and domiciled in Singapore and whose shares are publicly traded on the Mainboard of Singapore Exchange. These condensed unaudited interim consolidated financial statements for the six months ended 30 June 2025 comprised the Company and its subsidiaries (the “Group”). The primary activity of the Company is investment holding.
The principal activities of the Group are manufacturing, marketing and sale of electronics products.
2. Basis of Preparation
The condensed interim financial statements for the six months ended 30 June 2025 have been prepared in accordance with SFRS(I) 1-34 interim Financial Reporting . The condensed interim financial statements do not include all the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance of the Group since the last audited financial statements for the financial year ended 31 December 2024.
The accounting policies adopted are consistent with those of the previous financial year which were prepared in accordance with SFRS(I)s, except for the adoption of new and amended standards as set out in Note 2.1.
The condensed interim financial statements are presented in Singapore dollar which is the Company’s functional currency.
2.1.New and amended standards adopted by the Group
During the current financial period, the Group and the Company have adopted the amendments to SFRS(I)s which took effect from financial year beginning 1 January 2025. The adoption of these amendments to SFRS(I)s is assessed to have no material financial effect on the results and financial position of the Group and of the Company for the financial year ending 31 December 2025. Accordingly, it has no material impact on the earnings per share of the Group and of the Company.
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2.2.Use of judgements and estimates
In preparing the condensed interim financial statements, management has made judgements, estimates and assumption of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual result may differ from these estimates.
The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated audited financial statements as at and for the financial year ended 31 December 2024.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
3. Trade receivables
| Third parties Less: Loss allowance |
Group |
|---|---|
| 30.6.2025 31.12.2024 $’000 $’000 136,262 88,353 (5,713) (6,528) |
|
| 130,549 81,825 |
Trade receivables are non-interest bearing and generally on 30 to 90 days credit terms.
Movements in the loss allowance for trade receivables:
| Balance as at beginning of the financial period/year Reversal of loss allowance made Exchange difference Balance as at end of the financial period/year |
Group |
|---|---|
| 30.6.2025 31.12.2024 $’000 $’000 6,528 9,210 (434) (2,892) (381) 210 |
|
| 5,713 6,528 |
Trade receivables were $130.5 million as at 30 June 2025, an increase of $48.7 million (59.5%) from $81.8 million as at 31 December 2024, mainly due to higher revenue of $143.4 million recognised in 2[nd] quarter 2025 (4[th] quarter 2024: $81.7 million). The reversal of loss allowance was mainly due to payment received from a customer in Germany.
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3. Trade receivables (Continued)
Expected credit loss (ECL) assessment
The Group applies the simplified approach, using a provision matrix, to measure the expected credit losses for trade receivables. To measure expected credit losses on a collective basis, trade receivables are grouped based on similar credit risk and ageing. The expected loss rates are based on the Group’s historical credit losses experienced and then adjusted for current and forward-looking information on macroeconomic factors affecting the Group’s customer.
4. Other receivables
| Group | Company |
|---|---|
| 30.6.2025 31.12.2024 $’000 $’000 52 84 654 1,301 1,179 680 556 606 - - |
30.6.2025 31.12.2024 $’000 $’000 - - 653 1,288 24 19 11 11 494 482 |
| 2,441 2,671 |
1,182 1,800 |
| 213 464 |
|
5. Short-term investments
| Treasury bills Term deposits Total short-term investments |
Group Company |
|---|---|
| 30.6.2025 31.12.2024 30.6.2025 31.12.2024 $’000 $’000 $’000 $’000 - 19,178 - 19,178 51,717 - 51,717 - |
|
| 51,717 19,178 51,717 19,178 |
The treasury bills were acquired at a discounted price from the face value and bear no coupon. The bills mature within 1 to 3 months from issuance date. Term deposits included under short-term investments, bear interest of 2.05% to 2.85% (2024: nil) per annum with tenure of 4 to 6 months (2024: nil).
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6. Inventories
| Finished goods Work-in-progress (“WIP”) Raw materials |
Group |
|---|---|
| 30.6.2025 31.12.2024 $’000 $’000 5,246 3,637 20,616 3,357 32,683 25,360 |
|
| 58,545 32,354 |
The Group purchased more raw materials and components as compared to 31 December 2024 in line with production requirements for 2[nd] half 2025.
7. Non-current assets classified as held for sale
As at 30 June 2025, a Malaysia subsidiary in Malaysia has entered into a sale and purchase agreement for the sale of the factory buildings and land located in Gelang Patah, Johor, Malaysia. The sale is subject to the approval of the Johor State Authority.
8. Property, plant and equipment
During the six months ended 30 June 2025, the Group acquired assets amounting to $712,000 (30 June 2024: $2,512,000).
9. Borrowings
| Amount repayable within one year or on demand Secured -Term loans Amount repayable after one year Secured - term loans Total borrowings |
Group |
|---|---|
| 30.6.2025 31.12.2024 $'000 $'000 3,916 3,371 |
|
| 7,959 10,918 |
|
| 11,875 14,289 |
10. Trade payables
| Third parties | Group |
|---|---|
| 30.6.2025 31.12.2024 $’000 $’000 121,585 71,839 |
Trade payables increased by 69.4% from $71.8 million as at 31 December 2024 to $121.6 million as at 30 June 2025 mainly due to higher purchase of materials and components for production needs.
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11. Other payables
| Other payables -Non-related parties -Subsidiaries1 Accrued expenses2 Employee Profit-sharing3 Customer deposit4 |
Group Company |
|---|---|
| 30.6.2025 31.12.2024 30.6.2025 31.12.2024 $’000 $’000 $’000 $’000 1,103 840 11 38 - - 48,029 75,594 10,727 6,043 237 242 1,381 3,561 - - 19,181 12,832 - - |
|
| 32,392 23,276 48,277 75,874 |
1 The Group pooled funds in the Company for cash flow management purposes.
2 Accrued expenses relate to payroll accrual and other expenses.
3 This relates to employee profit-sharing provision for 1st half 2025. 4 Customer deposit relates to advance payment from customers to reserve raw materials.
12. Share capital
| Beginning and end of period/year | Group & the Company |
|---|---|
| 30.6.2025 31.12.2024 No. of shares Amount No. of shares Amount ‘000 $'000 ‘000 $'000 773,826 206,166 773,826 206,166 |
The Company holds 2,032,000 (2024: 2,032,000) treasury shares of $1,992,000 (2024: $1,992,000) as at 30 June 2025. There was no sale, transfer, disposal, cancellation and use of treasury shares during the financial period ended 30 June 2025. The total number of issued shares excluding treasury shares as at 30 June 2025 was 771,793,545 shares.
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13. Revenue
| Types of goods: Sale of goods Timing of revenue recognition: At a point in time Geographical information: North America China Europe Singapore ASEAN1 Oceania Others Total revenue |
Group |
|---|---|
| 1H 2025 1H 2024 $'000 $'000 185,415 373,204 185,415 373,204 127,526 311,960 1,290 7,069 46,380 46,517 2,423 1,143 5,516 4,723 920 784 1,360 1,008 |
|
| 185,415 373,204 |
1ASEAN, excluding Singapore
14. Other income
| Scrap sales Government grants Others |
Group |
|---|---|
| 1H 2025 1H 2024 $’000 $’000 20 50 14 123 95 89 |
|
| 129 262 |
15. Employee benefits expense
| Employee benefits expense Staff costs Defined contributions plans Share option expense Other employee benefits |
Group |
|---|---|
| 1H 2025 1H 2024 $’000 $’000 17,657 23,397 657 643 61 7 1,404 4,705 |
|
| 19,779 28,752 |
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16. Other gains and losses
This is mainly due to a net foreign exchange loss recognised in 1[st] half 2025 arising from the depreciation of the US Dollar relative to the Singapore Dollar.
17. Income tax expense
The Group calculates the period income tax expense using the tax rate that would be applicable to the expected total annual earnings. The major components of income tax expense in the condensed unaudited interim consolidated statement of comprehensive income are:
| Current income tax expense - Current financial year - Over provision in prior financial years Deferred income tax - current financial year |
1H 2025 1H 2024 |
|---|---|
| $'000 $'000 2,959 7,715 (25) - (87) 225 |
|
| 2,847 7,940 |
18. Dividend
On 29 April 2025, the Company paid a final dividend of $0.03 and a special dividend of $0.07 per ordinary share of the Company totalling $23,153,806 and $54,025,548 respectively by cash in respect of financial year ended 31 December 2024.
19. Segment information
Management has determined the operating segments based on the reports reviewed by the Chief Operating Decision Maker (CODM).
The Group has two reportable segments being the manufacturing segment and the distribution segment.
The manufacturing segment manufactures electronic products for the Group’s customers including related companies and external customers.
The distribution segment sells the electronic products to whole-sale distributors, retailers, and external customers.
The “Others” segment includes the Group’s investment holding activities and other minor trading which are not included within reportable segments as they are not separately reported to the CODM and they contribute minor amounts of revenue to the Group.
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19. Segment and revenue information (Continued)
| Total segment assets 30.6.2025 Total segment liabilities 30.6.2025 *1H 2025 Revenue Revenue from external customers Inter-segment revenue Total revenue Results Segment results Finance costs Profit before income tax Income tax expense Profit for the reporting period Significant non-cash items Depreciation expenses Reversal of allowance for trade receivables Other items of income and expense Interest income Expenditures for segment non-current assets - Additions to PPE |
Distribution $’000 185,367 6,042 |
Manufacturing $’000 48 197,706 |
Others $’000 - - |
Eliminations Total $’000 $’000 - 185,415 (203,748) - |
|
|---|---|---|---|---|---|
| 191,409 | 197,754 | - | (203,748) 185,415 (9,343) 19,319 1,485 (394) |
||
| 16,295 (44) |
698 (309) |
11,669 (1,526) |
|||
| 16,251 | 389 | 10,143 | (7,858) 18,925 (2,847) 16,078 (497) 4,042 - (434) |
||
| 661 (434) |
3,838 - |
40 - |
|||
| 1,823 | 262 | 3,925 | (1,487) 4,523 |
||
| 141 | 571 | - | - 712 |
||
| 269,725 | 274,899 287,030 |
(372,321) 459,333 |
|||
| 155,011 | 185,377 53,737 |
(225,678) 168,447 |
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19. Segment and revenue information (Continued)
| Total segment assets 30.6.2024 Total segment liabilities 30.6.2024 *1H 2024 Revenue Revenue from external customers Inter-segment revenue Total revenue Results Segment results Finance costs Profit before income tax Income tax expense Profit for the reporting period Significant non-cash items Amortisation and depreciation expenses Reversal of allowance for trade receivables Other items of income and expense Interest income Expenditures for segment non-current assets - Additions to PPE |
Distribution $’000 372,399 115,044 |
Manufacturing $’000 805 411,597 |
Others $’000 - - |
Eliminations | |
|---|---|---|---|---|---|
| $’000 - (526,641) |
|||||
| 487,443 | 412,402 | - | (526,641) | ||
| 38,124 (84) |
10,648 (370) |
39,539 (72) |
(33,209) 27 |
||
| 38,040 | 10,278 | 39,467 | (33,182) | ||
| 701 (1,816) |
4,257 - |
38 - |
(248) - |
||
| 342 | 264 | 4,384 | (27) | ||
| 822 | 1,690 | - | - | ||
| 421,017 | 537,832 | 365,145 | |||
| 357,360 | 330,718 | 102,877 | (514,012) 276,943 |
*Total segment assets exclude deferred tax assets.
**Total segment liabilities exclude current income tax payables and deferred tax liabilities.
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19. Segment and revenue information (Continued)
| 1H 2025 Product types IoT devices and Datacom products LED products Others1 1H 2024 Product types IoT devices and Datacom products LED products Others1 |
The Group Distribution Manufacturing Total |
|---|---|
| $'000 $'000 $'000 183,704 48 183,752 1,548 - 1,548 115 - 115 |
|
| 185,367 48 185,415 |
|
| 370,960 726 371,686 1,415 - 1,415 24 79 103 |
|
| 372,399 805 373,204 |
1 Others refer to other electrical products.
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20. Financial assets and financial liabilities
| Financial assets Trade receivables Other receivables Cash and cash equivalents Less: Value added tax receivables Amortised cost Other investments, representing financial assets measured at fair value through profit or loss Financial liabilities Trade payables Other payables Borrowings Lease liabilities Less: Customer deposits Amortised cost Derivative financial instruments, representing financial liabilities measured at fair value through profit or loss |
Group Company 30.6.2025 31.12.2024 30.6.2025 31.12.2024 $’000 $’000 $’000 $’000 130,549 81,825 - - 2,441 2,671 1,395 2,264 176,289 292,082 148,249 275,440 |
Group Company 30.6.2025 31.12.2024 30.6.2025 31.12.2024 $’000 $’000 $’000 $’000 130,549 81,825 - - 2,441 2,671 1,395 2,264 176,289 292,082 148,249 275,440 |
|
|---|---|---|---|
| 309,279 376,578 149,644 (1,179) (680) (24) |
277,704 (19) |
||
| 308,100 375,898 149,620 |
277,685 | ||
| 51,717 19,178 51,717 |
19,178 | ||
| 121,585 71,839 - 32,392 23,276 48,277 11,875 14,289 - 1,607 2,843 707 |
- 75,874 - 946 |
||
| 167,459 112,247 48,984 (19,181) (12,832) - |
76,820 - |
||
| 148,278 99,415 48,984 |
76,820 |
||
| - - - |
- |
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21. Profit before taxation
a. Significant items
| Amortisation and depreciation expense Depreciation of property, plant and equipment Investment revenue Interest income Other operating expense Distribution costs Other factory costs Plant and equipment written off Utilities costs |
1H 2025 1H 2024 $’000 $’000 4,042 4,748 |
|---|---|
| (4,523) (4,963) |
|
| 22 22 2,569 4,090 74 92 1,281 1,549 |
b. Related party transactions
There are no material related party transactions.
22. Net Asset Value
| Net asset value per ordinary share |
Group Company |
|---|---|
| 30.6.2025 31.12.2024 30.6.2025 31.12.2024 $ $ $ $ 0.35 0.44 0.30 0.38 |
For 30 June 2025 and 31 December 2024, net asset value (“NAV”) per Share was computed based on the issued share capital of 771,793,545 Shares.
23. Subsequent events
Not applicable.
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OTHER INFORMATION
1. Financial statements for the half year ended 30 June 2025
The condensed consolidated statement of financial position of Aztech Global Ltd. and its subsidiaries as at 30 June 2025 and the related condensed consolidated statement of comprehensive income, condensed statements of changes in equity and condensed consolidated statement of cash flows for the six-month period ended and explanatory notes have not been reviewed nor audited.
2. Review of performance of the Group
For the financial period ended 30 June 2025, the Group reported revenue of $185.4 million which is a decrease of 50.3% compared with the financial period ended 30 June 2024. The lower revenue year-on-year was mainly due to softer market demand in 1[st] half 2025.
The Group registered profit before tax (“PBT”) of $18.9 million for 1[st] half 2025 as compared with $54.6 million for 1[st] half 2024. The Group recorded net profit of $16.1 million (1[st] half 2024: $46.7 million) with net profit margin of 8.7% (1[st] half 2024: 12.5%) for 1[st] half 2025.
FINANCIAL POSITION AND CASHFLOW
The Group generated operating cash flow of S$18.8 million before working capital changes in 1[st] half 2025. The cash used in operations for 1[st] half 2025 amounted to $8.8 million. This was mainly due to an increase in trade receivables and inventory balances which was offset by an increase in trade payables as at 30 June 2025.
As at 30 June 2025, the Group’s financial position remained strong with net cash of $214.5 million (31 December 2024: $294.2 million) after the payout of $77.2 million in dividends.
The equity attributable to owners of the Group was $273.3 million and NAV per share was $0.35 (31 December 2024: $0.44), computed based on the share capital of 771,793,545 shares.
3. Where a forecast, or a prospect statement, has been previously discussed to shareholders, any variance between it and the actual results
Not applicable.
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4. A commentary at the date of announcement of the significant trends and competitive conditions of the industry in which the group operations and any known factors or events that may affect the Group in the next operating period and the next 12 months.
In view of the increasingly complex landscape of macroeconomic uncertainties and geopolitical tensions, the Group has strengthened its strategy to better position itself to seize emerging opportunities and create long-term value.
The enhanced Aztech Strategy focuses on:
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Strengthening Customer Base - Expanding customer base across diverse markets to drive
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product and customer pipelines;
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Diversifying Supplier Network - Establishing a diversified supplier network to mitigate
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risks from tariffs and geopolitical developments;
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Dual-site Manufacturing Footprint - Leveraging dual-site manufacturing footprint to
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support customers’ requirements for various markets;
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Capabilities Building - Enhancing manufacturing, design and R&D capabilities to produce
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better products; and
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Disciplined Resource Management - Maintaining a disciplined approach to asset, capital,
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cost, and foreign exchange risk management.
5. Dividend
a. Current financial Period Reported on
For 1[st] half 2025, the Company proposed to declare the following interim dividend:
| Name of Dividend | Interim(Declared) |
|---|---|
| Dividend Type | Cash |
| Dividend Amount per Share (in $) | 0.01 per ordinary share |
| Paid based on total number of ordinaryshares | 771,793,545 |
| Tax Rate | One-tier tax-exempt |
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5. Dividend (Continued)
b. Corresponding Period of the Immediately Preceding Financial Year
During the preceding financial year, the Company declared interim one-tier tax-exempt dividend of $0.05 per ordinary share totaling $38,597,647:
| Name of Dividend | Interim (Paid) |
|---|---|
| Dividend Type | Cash |
| Dividend Amount per Share (in $) | 0.05 per ordinaryshare |
| Paid based on total number of ordinary shares | 771,952,945 |
| Tax Rate | One-tier tax exempt |
6. If the Group has obtained a general mandate from shareholders for IPTs, the aggregate value of such transactions as required under rule 920(1)(a)(ii). If no IPT mandate has been obtained, a statement to that effect.
The Group has not sought a general mandate from shareholders for Interested Person Transactions.
7. Confirmation that the issuer has procured undertakings from all its directors and executive officers (in the format set out in Appendix 7.7) under Rule 720(1).
Pursuant to Listing Rule 720(1), the Company has procured undertakings from all its directors and executive officers in the format as set out in Appendix 7.7 of the SGX-ST Listing Manual.
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8. Use of IPO Proceeds
Pursuant to the Listing of the Company, the Company received gross proceeds of $198.4 million from the issuance of the New Cornerstone Shares. As at the date of this announcement, the gross proceeds from the issuance of the New Cornerstone Shares have been utilised as follows:
| Amount allocated (as disclosed in the Prospectus) Amount utilised as at the date of this announcement Balance as at the date of this announcement ($’000) ($’000) ($’000) |
|
|---|---|
| Expansion and enhancement of the Group’s manufacturing facilities Expansion of the Group’s business through,inter alia, investments, mergers and acquisitions, joint ventures and/or strategic collaboration Enhancement of the Group’s R&D capabilities Increase sales and marketing channels for overseas markets expansion Expansion of the Group’s ODM/JDM business to capitalise on opportunities in the growing IoT market Working capital Listing expenses |
50,000 13,738 36,262 50,000 5,857 44,143 15,000 291 14,709 10,000 900 9,100 5,000 563 4,437 58,600 58,600 - 9,800 9,800 - |
| 198,400 89,749 108,651 |
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Confirmation by the Board
On behalf of the Board of Directors of the Company, we, the undersigned, hereby confirm to the best of our knowledge that nothing has come to the attention of the Board of Directors of the Company which may render the financial statements for the six-month period ended 30 June 2025 to be false or misleading in any material aspect.
On behalf of the Board of Directors
Michael Mun Hong Yew Jeremy Mun Weng Hung Director Director Singapore Date: 22 July 2025
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