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MEDTECS — Interim / Quarterly Report 2025
Apr 13, 2026
52762_rns_2026-04-13_743ed4a1-4820-4510-9fbe-d0a1eb52cc6f.pdf
Interim / Quarterly Report
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MEDTECS INTERNATIONAL CORPORATION LIMITED
MEDTECS INTERNATIONAL CORPORATION LIMITED
This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, R & T Corporate Services Pte. Ltd. ("Sponsor"), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ("Exchange").
This announcement has not been examined or approved by the Exchange. The Exchange assumes no responsibility for the contents of this announcement including the correctness of any of the statements or opinions made or reports contained in this announcement.
The contact persons for the Sponsor are Ms Evelyn Wee (Telephone Number: +65 6232 0724) and Mr. Howard Cheam Heng Haw (Telephone Number: +65 6232 0685), R & T Corporate Services Pte. Ltd., at 9 Straits View #06-07, Marina One West Tower, Singapore 018937.
Unaudited Half Year Financial Statements For The Period Ended 30 June ("1H") 2025
CONDENSED INTERIM STATEMENTS OF INCOME
| Group | |||
|---|---|---|---|
| US$'000 | % | ||
| Latest Half Year Ended | |||
| 30 June 2025 | Previous Half Year Ended | ||
| 30 June 2024 | Increase/ | ||
| (Decrease) | |||
| Revenue | 36,438 | 25,527 | 42.7 |
| Costs of sales and services | (28,954) | (22,377) | 29.4 |
| Gross profit | 7,484 | 3,150 | 137.6 |
| Other items of income | |||
| Other operating income, net | 108 | 1,035 | (89.6) |
| Financial income | 632 | 698 | (9.5) |
| Other items of expense | |||
| Distribution and selling expenses | (2,891) | (2,667) | 8.4 |
| Administrative expenses | (4,753) | (6,642) | (28.4) |
| Financial expenses | (337) | (407) | (17.2) |
| Profit/(loss) before tax | 243 | (4,833) | 105.0 |
| Income tax (expense)/benefit | (63) | 122 | 151.6 |
| Net profit/(loss) for the period | 180 | (4,711) | 103.8 |
| Attributable to: | |||
| Equity holders of the Company | 178 | (3,879) | 104.6 |
| Non-controlling interests | 2 | (832) | 100.2 |
| Net profit/(loss) for the period | 180 | (4,711) | 103.8 |
2
| US$'000 | ||
|---|---|---|
| Latest Half Year Ended 30 June 2025 | Previous Half Year Ended 30 June 2024 | |
| Depreciation | 1,766 | 2,187 |
| Amortisation of: | ||
| Assets held for leasing | 977 | 937 |
| Right-of-use assets | 365 | 502 |
| Intangible assets | 125 | 117 |
| Interest expense on: | ||
| Loans | 211 | 238 |
| Lease liabilities | 97 | 143 |
| Provision for: | ||
| Impairment on property, plant and equipment | – | 1,523 |
| Expected credit losses | – | 491 |
| Write-off of inventories | – | 516 |
| Reversal of write-down of inventory | (1,440) | – |
| Other finance cost | 29 | 26 |
| Interest income | (632) | (698) |
| Foreign exchange loss/(gain) | 465 | (532) |
CONDENSED INTERIM STATEMENTS OF COMPREHENSIVE INCOME
| Group | |||
|---|---|---|---|
| US$'000 | % | ||
| Latest Half Year Ended 30 June 2025 | Previous Half Year Ended 30 June 2024 | Increase/ (Decrease) | |
| Net profit/(loss) after tax | 180 | (4,711) | 103.8 |
| Other comprehensive income: | |||
| Item that may be reclassified subsequently to profit or loss | |||
| Exchange difference on consolidation | 459 | (573) | 180.1 |
| Actuarial (losses)/gains | (106) | 18 | (688.9) |
| Total comprehensive income/(loss) | 533 | (5,266) | 110.1 |
| Attributable to: | |||
| Equity holders of the Company | 531 | (4,434) | 112.0 |
| Non-controlling interests | 2 | (832) | 100.2 |
| Total comprehensive income/(loss) | 533 | (5,266) | 110.1 |
CONDENSED INTERIM BALANCE SHEETS
| | Group
US$'000 | | Company
US$'000 | |
| --- | --- | --- | --- | --- |
| | 30 June 2025 | 31 Dec 2024 | 30 June 2025 | 31 Dec 2024 |
| ASSETS | | | | |
| Non-current assets | | | | |
| Property, plant and equipment, net | Note 1 | 39,034 | 18,325 | 33 |
| Investment properties | | 2,339 | 2,394 | - |
| Assets held for leasing | | 3,880 | 3,667 | - |
| Right-of-use of assets | Note 2 | 8,292 | 4,458 | 310 |
| Net investment in sub-lease | Note 2 | - | 4,710 | 4,755 |
| Investment in subsidiaries | | - | - | 51,719 |
| Intangible assets | Note 3 | 4,883 | 3,116 | - |
| Deferred tax assets | | 2,284 | 2,284 | - |
| Other non-current assets | | 1,071 | 745 | 79 |
| | | 61,783 | 39,699 | 56,896 |
| Current assets | | | | |
| Inventories | Note 4 | 29,554 | 25,544 | 381 |
| Trade receivables | Note 5 | 20,985 | 10,666 | 207 |
| Other current assets | Note 6 | 8,243 | 34,722 | 275 |
| Fixed deposits | Note 7 | 7,317 | 10,547 | 47 |
| Cash and bank balances | Note 8 | 12,659 | 16,789 | 1,684 |
| | | 78,758 | 98,268 | 2,594 |
| TOTAL ASSETS | | 140,541 | 137,967 | 59,490 |
EQUITY AND LIABILITIES
| Group
US$'000 | | Company
US$'000 | |
| --- | --- | --- | --- |
| 30 June 2025 | 31 Dec 2024 | 30 June 2025 | 31 Dec 2024 |
| 9,154 | 6,200 | 536 | 609 |
| 633 | 633 | 149 | 149 |
| – | – | 14,474 | 13,361 |
| 18,849 | 19,358 | – | – |
| 2,051 | 2,113 | – | 5 |
| 30,687 | 28,304 | 15,159 | 14,124 |
| 48,071 | 69,964 | (12,565) | 12,243 |
| 2,033 | 2,294 | 340 | 367 |
| 531 | 525 | 19 | 12 |
| 105 | 192 | 96 | 98 |
| 2,669 | 3,011 | 455 | 477 |
| 33,356 | 31,315 | 15,614 | 14,601 |
| 107,185 | 106,652 | 43,876 | 43,979 |
| 27,471 | 27,471 | 27,471 | 27,471 |
| 4,721 | 4,721 | 4,721 | 4,721 |
| 143 | 249 | 107 | 112 |
| (1,050) | (1,509) | – | – |
| 394 | 394 | 561 | 561 |
| 77,382 | 77,204 | 13,377 | 13,475 |
| (2,361) | (2,361) | (2,361) | (2,361) |
| 106,700 | 106,169 | 43,876 | 43,979 |
| 485 | 483 | – | – |
| 107,185 | 106,652 | 43,876 | 43,979 |
| 140,541 | 137,967 | 59,490 | 58,580 |
Current liabilities
Accounts payable and other current liabilities
Lease liabilities
Due to subsidiaries (trade)
Bank loans
Income tax payable
NET CURRENT ASSETS/(LIABILITIES)
Non-current liabilities
Lease liabilities – net of current portion
Deferred tax liabilities
Other non-current liabilities
TOTAL LIABILITIES
NET ASSETS
Equity attributable to equity holders of the Company
Share capital
Share premium
Actuarial gains
Foreign currency translation reserve
Other reserves
Revenue reserves
Less: Treasury shares
Non-controlling interests
Total equity
TOTAL EQUITY AND LIABILITIES
Explanatory notes that are material to an understanding of the information:
Note 1 Increase in Property, Plant and Equipment is primarily due to the re-acquisition of RMKH Glove Pte. Ltd. (“RMKH SG”) and its subsidiary, RMKH Glove (Cambodia) Co., Ltd. (collectively as “RMKH Group”), contributing the glove factory assets to the Group amounting to US$20.1 million.
Note 2 Increase in Right-of-Use Assets, but decrease in Net Investment in Sub-Lease came from the impact of the re-acquisition of RMKH Group, changing the lease structure between the Company and RMKH Group.
Note 3 Increase in Intangible Assets is due to the recognition of goodwill amounting to US$1.9 million, arising from the excess of the purchase consideration over the fair value of RMKH Group’s net assets on acquisition date.
Note 4 Increase in Inventories is primarily due to the nitrile glove inventories contributed by RMKH Group amounting to US$4.5 million, partially offset by the higher consumption of stocks from OEM operations, following improved sales during the period.
Note 5 Increase in Trade Receivables reflected both higher sales generated by the Group, and the acquired trade receivables from RMKH Group amounting to US$4.5 million, following its improved sales performance.
Note 6 Decrease in Other Current Assets is primarily due to the reclassification of outstanding non-trade receivables from Resilient Medical Pte. Ltd. (“RMPL”) to Investment in Subsidiaries account, upon acquisition of RMKH SG shares in connection with the liquidation process.
Note 7 Decrease in Fixed Deposits is due to reduction in pledged deposits arising from lower loan availability.
Note 8 Decrease in Cash and bank balances is primarily due to higher net working capital requirements, driven by the improved OEM operations and funding needs to support the glove factory operations in Cambodia.
5
CONDENSED INTERIM STATEMENTS OF CASH FLOWS
| Group
US$'000 | |
| --- | --- |
| Latest Half Year Ended
30 June 2025 | Previous Half Year Ended
30 June 2024 |
OPERATING ACTIVITIES
| Profit/(loss) before tax | 243 | (4,833) |
|---|---|---|
| Adjustments for: | ||
| Depreciation | 1,766 | 2,187 |
| Amortization of: | ||
| Assets held for leasing | 977 | 937 |
| Right-of-use assets | 365 | 502 |
| Intangible assets | 125 | 117 |
| Provision for: | ||
| Impairment loss on property, plant and equipment | – | 1,523 |
| Expected credit losses | – | 491 |
| Reversal of write-down of inventory | (1,440) | – |
| Write-off of inventories | – | 516 |
| Financial expense | 308 | 381 |
| Other finance costs | 29 | 26 |
| Financial income | (632) | (698) |
| Unrealized foreign exchange losses/(gains) | 506 | (1,457) |
| Net changes in pension benefits obligation | (193) | (33) |
| Operating cash flows before working capital changes | 2,054 | (341) |
| Change in operating assets: | ||
| Other current assets | 2,063 | (2,537) |
| Trade receivables | (7,393) | 1,685 |
| Inventories | (1,136) | (3,499) |
| Fixed deposits | – | (1,344) |
| Change in operating liabilities: | ||
| Accounts payable and other current liabilities | (429) | (213) |
| Net cash used in operations | (4,841) | (1,690) |
| Income taxes paid | (119) | (225) |
| Other finance costs paid | (29) | (26) |
| Net cash used in operating activities | (4,989) | (1,941) |
7
| Group
US$'000 | |
| --- | --- |
| Latest Half Year Ended
30 June 2025 | Previous Half Year
Ended
30 June 2024 |
INVESTING ACTIVITIES
Purchases of property, plant and equipment
(1,315) (361)
Decrease/(Increase) in:
Assets held for leasing
(1,190) (715)
Fixed deposits
786 (551)
Other non-current assets
(213) 437
Interest received
632 698
Net cash acquired from acquisition of subsidiary
757 –
Net cash used in investing activities
(543) (492)
FINANCING ACTIVITIES
(Payment of)/Proceeds from short-term bank loans – net
(509) 1,631
Uplift/(Pledge) of fixed deposits
2,444 (3,208)
Interest paid
(211) (381)
Payment of lease liabilities
(322) (278)
Net cash generated from/(used in) financing activities
1,402 (2,236)
Net decrease in cash and bank balances
(4,130) (4,669)
Cash and bank balances at beginning of period
16,789 22,305
Cash and bank balances at end of period
12,659 17,636
CONDENSED INTERIM STATEMENTS OF CHANGES IN EQUITY
Group
| US$'000 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Attributed to equity holders of the Group | |||||||||
| Share capital | Share premium | Actuarial gains | Translation reserves | Revenue reserves | Other Reserves | Total reserves | Treasury shares | Non-controlling interests | Total equity |
| 27,471 | 4,721 | 211 | (850) | 99,618 | 394 | 99,162 | (2,361) | 1,104 | 130,308 |
| – | – | – | – | (3,879) | – | (3,879) | – | (832) | (4,711) |
| – | – | 18 | (573) | – | – | (573) | – | – | (555) |
| – | – | 18 | (573) | (3,879) | – | (4,452) | – | (832) | (5,266) |
| 27,471 | 4,721 | 229 | (1,423) | 95,739 | 394 | 94,710 | (2,361) | 272 | 125,042 |
| – | – | – | – | (18,543) | – | (18,543) | – | (695) | (19,238) |
| – | – | 28 | (86) | – | – | (86) | – | – | (58) |
| – | – | 28 | (86) | (18,543) | – | (18,629) | – | (695) | (19,296) |
| – | – | (8) | – | 8 | – | 8 | – | – | – |
| – | – | – | – | – | – | – | – | 906 | 906 |
| 27,471 | 4,721 | 249 | (1,509) | 77,204 | 394 | 76,089 | (2,361) | 483 | 106,652 |
| – | – | – | – | 178 | – | 178 | – | 2 | 180 |
| – | – | (106) | 459 | – | – | 459 | – | – | 353 |
| – | – | (106) | 459 | 178 | – | 637 | – | 2 | 533 |
| 27,471 | 4,721 | 143 | (1,050) | 77,382 | 394 | 76,726 | (2,361) | 485 | 107,185 |
Balance at 31 December 2023
Net loss for the period
Other comprehensive income
Total comprehensive loss for the period
Balance at 30 June 2024
Net loss for the period
Other comprehensive income (loss)
Total comprehensive income (loss) for the period
Reclassification of actuarial gains to revenue reserves
Deconsolidation of subsidiaries
Balance at 31 December 2024
Net profit for the period
Other comprehensive income (loss)
Total comprehensive income (loss) for the period
Balance at 30 June 2025
Company
| US$'000 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Share capital | Share premium | Actuarial gains | Revenue reserves | Other reserves | Total reserves | Treasury shares | Total equity | |
| Balance at 31 December 2023 | 27,471 | 4,721 | 105 | 32,071 | 561 | 32,632 | (2,361) | 62,568 |
| Net loss for the period, representing total comprehensive loss for the period | - | - | - | (574) | - | (574) | - | (574) |
| Balance at 30 June 2024 | 27,471 | 4,721 | 105 | 31,497 | 561 | 32,058 | (2,361) | 61,994 |
| Net loss for the period | - | - | - | (18,022) | - | (18,022) | - | (18,022) |
| Other comprehensive income for the period | - | - | 7 | - | - | - | - | 7 |
| Total comprehensive income (loss) for the period | - | - | 7 | (18,022) | - | (18,022) | - | (18,015) |
| Balance at 31 December 2024 | 27,471 | 4,721 | 112 | 13,475 | 561 | 14,036 | (2,361) | 43,979 |
| Net loss for the period | - | - | - | (98) | - | (98) | - | (98) |
| Other comprehensive loss for the period | - | - | (5) | - | - | - | - | (5) |
| Total comprehensive loss for the period | - | - | (5) | (98) | - | (98) | - | (103) |
| Balance at 30 June 2025 | 27,471 | 4,721 | 107 | 13,377 | 561 | 13,938 | (2,361) | 43,876 |
10
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
These notes form an integral part of the condensed interim financial statements.
1. CORPORATE INFORMATION
Medtecs International Corporation Limited (the “Company”) is a limited liability company, which is domiciled in the Philippines, incorporated in Bermuda and is listed on the Catalyst board of the Singapore Exchange Securities Trading Limited ("SGX-ST").
The Company’s registered office is located at Clarendon House, 2 Church Street, Hamilton HM11, Bermuda. The principal place of business of the Company is located at 22/F The World Center Building, #330 Sen. Gil Puyat Avenue Bel-air, Makati City, Philippines.
The principal activities of the Company are manufacturing and selling of medical supplies and equipment and woven and knitted medical textile products and nitrile gloves.
The condensed interim consolidated financial statements have not been audited or reviewed by auditors.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES
2.1 Basis of preparation
The condensed interim financial statements of the Company and its subsidiaries (collectively, the “Group”) have been prepared in accordance with Singapore Financial Reporting Standards (International) (SFRS(I)). The condensed interim financial statements of the Group for the six months ended 30 June 2025 have been prepared in accordance with SFRS(I) 1-34 Interim Financial Reporting issued by the Accounting Standards Council Singapore. 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 since the last annual financial statements for the 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 2.2.
The condensed interim financial statements are presented in United States dollars (US$) and all values in the tables are rounded to the nearest thousand ($’000) unless otherwise indicated.
2.2 New and amended standards adopted by the Group
New standards, amendments to standards and interpretations that have been issued at the end of the reporting period but are not yet effective for the half-year ended 30 June 2025 have not been applied in preparing these financial statements. None of these are expected to have a significant effect on the financial statements of the Group and the Company.
2.3 Use of judgments and estimates
In preparing the condensed interim financial statements, management has made judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results 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 financial statements as at and for the year ended 31 December 2024.
11
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
3. SEGMENT AND REVENUE INFORMATION
Business segments
The manufacturing segment produces and sub-contracts a wide range of medical consumables, including patients' apparels, disposable surgical masks, boot covers and surgical gowns, underpads, adult diapers, blankets, bed linens and medical bandages. These medical consumables are supplied to large multinational corporate medical distributors, group purchasing organisations, pharmaceutical companies and hospital groups in North America and Europe.
The hospital services segment provides laundry and leasing services to various hospitals that are outsourcing its non-critical functions.
The distribution segment markets Medtecs-branded medical consumables to hospitals, pharmacies and other end users in Asia Pacific and through online channels. The Group also leverages its distribution network to market other branded medical supplies and equipment such as wheelchairs, syringes, and wireless hand-held ultrasounds.
Geographical segments
The Group's geographical segments are based on the location of the Group's assets. Sales to external customers disclosed in geographical segments are based on the geographical location of its customers.
(a) Business segments
The following table presents revenue, results and other information, assets, liabilities and other segment information regarding the Group's business segments for the half-years ended 30 June 2025 and 30 June 2024.
| Half-Year Ended 30 June 2025 | Manufacturing US$'000 | Hospital services US$'000 | Distribution and others US$'000 | Group US$'000 |
|---|---|---|---|---|
| Revenue | 26,611 | 8,598 | 1,229 | 36,438 |
| Results | (1,273) | 1,227 | (6) | (52) |
| Financial expenses | (337) | |||
| Financial income | 632 | |||
| Income tax expense | (63) | |||
| Net profit for the period | 180 | |||
| Total assets | 121,804 | 14,037 | 4,700 | 140,541 |
| Total liabilities | 33,035 | 317 | 4 | 33,356 |
| Other segment information: | ||||
| Capital expenditure | 112 | 1,203 | - | 1,315 |
| Depreciation and amortization | 1,876 | 1,302 | 55 | 3,233 |
| Reversal of write-down of inventory | (1,440) | - | - | (1,440) |
| Other non-cash expenses - net | 313 | - | - | 313 |
12
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
3. SEGMENT AND REVENUE INFORMATION (continued)
(a) Business segments (continued)
Half-Year Ended 30 June 2024
| Manufacturing US$’000 | Hospital services US$’000 | Distribution and others US$’000 | Group US$’000 | |
|---|---|---|---|---|
| Revenue | 16,454 | 7,496 | 1,577 | 25,527 |
| Results | (6,280) | 1,093 | 63 | (5,124) |
| Financial expenses | (407) | |||
| Financial income | 698 | |||
| Income tax benefit | 122 | |||
| Net loss for the period | (4,711) | |||
| Total assets | 142,324 | 13,339 | 5,468 | 161,131 |
| Total liabilities | 35,777 | 309 | 3 | 36,089 |
| Other segment information: | ||||
| Capital expenditure | 361 | – | – | 361 |
| Depreciation and amortization | 2,450 | 1,238 | 55 | 3,743 |
| Provision for expected credit losses | 491 | – | – | 491 |
| Provision for impairment loss on property, plant and equipment | 1,523 | – | – | 1,523 |
| Other non-cash expenses - net | (1,490) | – | – | (1,490) |
13
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
3. SEGMENT AND REVENUE INFORMATION (continued)
(b) Geographical segments
The following table presents revenue, capital expenditure and certain assets information regarding the Group’s geographical segments as at and for the half-years ended 30 June 2025 and 30 June 2024.
| Half-Year Ended 30 June 2025 | North America US$’000 | Asia Pacific US$’000 | Europe US$’000 | Australia US$’000 | Group US$’000 |
|---|---|---|---|---|---|
| Revenue | 4,366 | 17,872 | 14,179 | 21 | 36,438 |
| Results | (6) | (26) | (20) | – | (52) |
| Financial expenses | (337) | ||||
| Financial income | 632 | ||||
| Income tax expense | (63) | ||||
| Net profit for the period | 180 | ||||
| Total assets | 5,882 | 128,794 | 5,865 | – | 140,541 |
| Total liabilities | – | 33,356 | – | – | 33,356 |
| Other segment information: | |||||
| Capital expenditures | – | 1,315 | – | – | 1,315 |
| Depreciation and amortization | – | 3,233 | – | – | 3,233 |
| Reversal of write-down of inventory | – | (1,440) | – | – | (1,440) |
| Other non-cash expenses - net | – | 313 | – | – | 313 |
14
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
3. SEGMENT AND REVENUE INFORMATION (continued)
(b) Geographical segments (continued)
| Half-Year Ended 30 June 2024 | North America US$’000 | Asia Pacific US$’000 | Europe US$’000 | Group US$’000 |
|---|---|---|---|---|
| Revenue | 3,945 | 10,400 | 11,182 | 25,527 |
| Results | (792) | (2,088) | (2,244) | (5,124) |
| Financial expenses | (407) | |||
| Financial income | 698 | |||
| Income tax benefit | 122 | |||
| Net loss for the period | (4,711) | |||
| Total assets | 1,972 | 154,344 | 4,815 | 161,131 |
| Total liabilities | – | 36,089 | – | 36,089 |
| Other segment information: | ||||
| Capital expenditures | – | 361 | – | 361 |
| Depreciation and amortization | – | 3,743 | – | 3,743 |
| Provision for expected credit losses | – | 491 | – | 491 |
| Provision for impairment loss on property, plant and equipment | – | 1,523 | – | 1,523 |
| Other non-cash expenses - net | – | (1,490) | – | (1,490) |
15
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
3. SEGMENT AND REVENUE INFORMATION (continued)
Disaggregation of revenue
| Manufacturing | Hospital Services | Distribution and Others | Total | |||||
|---|---|---|---|---|---|---|---|---|
| 1H2025 US$'000 | 1H2024 US$'000 | 1H2025 US$'000 | 1H2024 US$'000 | 1H2025 US$'000 | 1H2024 US$'000 | 1H2025 US$'000 | 1H2024 US$'000 | |
| Primary geographical markets | ||||||||
| North America | 4,366 | 3,945 | - | - | - | - | 4,366 | 3,945 |
| Asia Pacific | 8,045 | 1,327 | 8,598 | 7,496 | 1,229 | 1,577 | 17,872 | 10,400 |
| Europe | 14,179 | 11,182 | - | - | - | - | 14,179 | 11,182 |
| Australia | 21 | - | - | - | - | - | 21 | - |
| 26,611 | 16,454 | 8,598 | 7,496 | 1,229 | 1,577 | 36,438 | 25,527 | |
| Revenue from contracts | ||||||||
| Revenue from manufacturing | 26,611 | 16,454 | - | - | - | - | 26,611 | 16,454 |
| Revenue from hospital services | - | - | 8,598 | 7,496 | - | - | 8,598 | 7,496 |
| Revenue from distribution and others | - | - | - | - | 1,229 | 1,577 | 1,229 | 1,577 |
| 26,611 | 16,454 | 8,598 | 7,496 | 1,229 | 1,577 | 36,438 | 25,527 | |
| Timing of transfer of goods or services | ||||||||
| At a point in time | 26,611 | 16,454 | - | - | 925 | 1,273 | 27,536 | 17,727 |
| Over time | - | - | 8,598 | 7,496 | 304 | 304 | 8,902 | 7,800 |
| 26,611 | 16,454 | 8,598 | 7,496 | 1,229 | 1,577 | 36,438 | 25,527 |
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
4. BUSINESS COMBINATION
Acquisition of RMKH Glove Pte. Ltd.
As disclosed in the Company’s announcement dated 28 May 2025, the Company has acquired 100% voting shares of RMKH SG, through a declaration of a dividend in specie of RMPL, comprising 2,000,000 ordinary shares in the issued share capital of RMKH SG on 28 May 2025. Following the completion of the share transfer, RMKH SG is now a direct wholly-owned subsidiary of the Company. The acquisition has been accounted for using the acquisition method. The condensed interim financial statements include the results of RMKH Group for the one-month period from acquisition date.
The fair values of the identifiable assets and liabilities of RMKH Group as at the date of acquisition were:
| Fair value recognized on acquisition US$’000 | |
|---|---|
| Assets | |
| Property, plant and equipment (provisional) | 20,151 |
| Right-of-use assets | 3,644 |
| Other noncurrent assets | 113 |
| Cash | 757 |
| Trade and other receivables | 3,544 |
| Inventories | 4,617 |
| Other current assets | 2,914 |
| 35,740 | |
| Liabilities | |
| Trade payables and other current liabilities | (9,164) |
| Lease liability | (3,749) |
| (12,913) | |
| Total identifiable net assets at fair value | 22,827 |
| Goodwill arising on acquisition (provisional) | 1,892 |
| Consideration transferred (non-cash) | 24,719 |
| Net cash acquired with subsidiary (included in cash flows from investing activities) | 757 |
Following the completion of the acquisition of RMKH SG on 28 May 2025, the Group is currently in the process of finalizing the purchase price allocation in accordance with SFRS(I) 3. As such, the initial accounting for the business combination is provisional and subject to further adjustment.
The Group is in the process of assessing the fair values of the identifiable assets acquired, liabilities assumed, and any non-controlling interests. The final allocation of the purchase consideration will be completed within the measurement period of 12 months from the acquisition date.
Any adjustments arising from the finalization of the purchase price allocation will be recognized retrospectively from the acquisition date, and comparative information will be restated accordingly, if required.
From the date of acquisition, RMKH Group has contributed US$1.2 million of revenue and US$457,000 net loss to the net profit before tax of the Group for the half-year ended 30 June 2025. If the acquisition had taken place at the beginning of the year, revenue would have been US$5.4 million and the net loss of the period would have been US$3.2 million.
16
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
5. FINANCIAL INSTRUMENTS
| As at 30 June 2025
Group | Financial assets
US$’000 | Financial liabilities
US$’000 | Total
US$’000 |
| --- | --- | --- | --- |
| Financial assets: | | | |
| Cash and bank balances and fixed deposits | 19,976 | – | 19,976 |
| Trade receivables | 20,985 | – | 20,985 |
| Other current assets | 1,387 | – | 1,387 |
| | 42,348 | – | 42,348 |
| Financial liabilities: | | | |
| Bank loans | – | (18,849) | (18,849) |
| Trade payables and other current liabilities* | – | (9,091) | (9,091) |
| Lease liabilities | – | (2,666) | (2,666) |
| | – | (30,606) | (30,606) |
| | 42,348 | (30,606) | 11,742 |
excluding non-financial assets
*excluding non-financial liabilities
| As at 30 June 2025
Company | Financial assets
US$’000 | Financial liabilities
US$’000 | Total
US$’000 |
| --- | --- | --- | --- |
| Financial assets: | | | |
| Cash and bank balances and fixed deposits | 1,731 | – | 1,731 |
| Trade receivables | 207 | – | 207 |
| Other current assets | 155 | – | 155 |
| Net investment on sub-lease | 4,755 | – | 4,755 |
| | 6,848 | – | 6,848 |
| Financial liabilities: | | | |
| Trade payables and other current liabilities* | – | (531) | (531) |
| Due to subsidiaries (trade) | – | (14,474) | (14,474) |
| Lease liabilities | – | (489) | (489) |
| | – | (15,494) | (15,494) |
| | 6,848 | (15,494) | (8,646) |
excluding non-financial assets
*excluding non-financial liabilities
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
5. FINANCIAL INSTRUMENTS (continued)
| As at 31 December 2024 | |||
|---|---|---|---|
| Group | Financial assets US$’000 | Financial liabilities US$’000 | Total US$’000 |
| Financial assets: | |||
| Cash and bank balances and fixed deposits | 27,336 | – | 27,336 |
| Trade receivables | 10,666 | – | 10,666 |
| Other current assets* | 29,500 | – | 29,500 |
| Net investment on sub-lease | 4,710 | – | 4,710 |
| 72,212 | – | 72,212 | |
| Financial liabilities: | |||
| Bank loans | – | (19,358) | (19,358) |
| Trade payables and other current liabilities** | – | (6,139) | (6,139) |
| Lease liabilities | – | (2,927) | (2,927) |
| – | (28,424) | (28,424) | |
| 72,212 | (28,424) | 43,788 |
excluding non-financial assets
*excluding non-financial liabilities
As at 31 December 2024
| Company | Financial assets US$’000 | Financial liabilities US$’000 | Total US$’000 |
|---|---|---|---|
| Financial assets: | |||
| Cash and bank balances and fixed deposits | 795 | – | 795 |
| Trade receivables | 173 | – | 173 |
| Other current assets* | 24,781 | – | 24,781 |
| Net investment on sub-lease | 4,710 | – | 4,710 |
| 30,549 | – | 30,549 | |
| Financial liabilities: | |||
| Trade payables and other current liabilities** | – | (601) | (601) |
| Due to subsidiaries (trade) | – | (13,361) | (13,361) |
| Lease liabilities | – | (516) | (516) |
| – | (14,478) | (14,478) | |
| 30,549 | (14,478) | 16,071 |
excluding non-financial assets
*excluding non-financial liabilities
19
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
6. TAXATION
The major components of income tax expense (benefit) for the half-years ended 30 June 2025 and 30 June 2024 are:
| Group | Company | |||
|---|---|---|---|---|
| 1H2025 | ||||
| US$’000 | 1H2024 | |||
| US$’000 | 1H2025 | |||
| US$’000 | 1H2024 | |||
| US$’000 | ||||
| Current | 57 | (8) | – | – |
| Deferred income tax: | ||||
| Origination and reversal of temporary differences | 6 | (114) | – | – |
| Income tax expense (benefit) | ||||
| Recognised in the profit and loss accounts | 63 | (122) | – | – |
7. DIVIDENDS
No dividends were declared in 1H2025 and FY2024.
8. INVESTMENT PROPERTIES
| Group | ||
|---|---|---|
| 2025 | ||
| US$’000 | 2024 | |
| US$’000 | ||
| Cost: | ||
| As at 1 January | 5,465 | 5,465 |
| Accumulated depreciation: | ||
| As at 1 January | 3,071 | 2,959 |
| Depreciation charge for the period | 55 | 56 |
| As at 30 June | 3,126 | 3,015 |
| Net carrying amount as at 30 June | 2,339 | 2,450 |
The Group’s investment properties includes buildings and building improvements that are mainly held to earn rentals and capital appreciation. The Group has no restrictions on the realizability of its investment properties and no contractual obligations to purchase, construct or develop investment property or for repairs, maintenance or enhancements.
20
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
8. INVESTMENT PROPERTIES (continued)
Investment properties are stated at cost less accumulated depreciation and any accumulated impairment losses. A valuation of the fair value of the investment properties was performed by an independent appraiser. Aggregate fair value of the investment properties was determined using the income approach. Income approach is a method in which the appraiser derives an indication of value for income producing property by converting anticipated future benefits into current property value. The discount rate of 11.1% used under the income approach for valuing anticipated future benefits into current property value is computed under the "Built-Up" method. As at 31 December 2024, fair market value of the investment properties, which is based on its highest and best use, amounted to US$3.8 million. The fair value is categorised under Level 3 (valuation techniques for which the lowest level input that is significant to the fair value measurement is not based on observable data) fair value hierarchy.
9. LOANS AND BORROWINGS
Amount repayable in one year or less, or on demand
| As at 30 June 2025
US$'000 | | As at 31 December 2024
US$'000 | |
| --- | --- | --- | --- |
| Secured | Unsecured | Secured | Unsecured |
| 17,135 | 1,714 | 17,221 | 2,137 |
Details of any collateral
Secured short-term bank loans of approximately US$18.8 million and US$17.2 million as of 30 June 2025 and 31 December 2024, respectively, are secured by property, plant and equipment and guarantee deposit, with net book values of approximately US$7.2 million and US$8.9 million as of 30 June 2025 and 31 December 2024, respectively.
10. PROPERTY, PLANT AND EQUIPMENT
During the six months ended 30 June 2025, the Group acquired property, plant and equipment amounting to US$1.3 million (30 June 2024: US$0.4 million).
21
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (continued)
11. SHARE CAPITAL
11.1 Share Capital
| Group and Company | |
|---|---|
| US$’000 | |
| Authorised | |
| As at 1 January 2024, 31 December 2024 and 30 June 2025 | 50,000 |
| - 1,000,000,000 ordinary shares of US$0.05 each | |
| Issued and paid up | |
| As at 1 January 2024, 31 December 2024 and 30 June 2025 | 27,246 |
| - 544,911,240 ordinary shares of US$0.05 each |
The Company has only one class of shares: ordinary shares of US$0.05 each, with each share carrying one vote, without restriction. The holders of ordinary shares are entitled to receive dividends as and when declared by the Company and subsequently approved by the shareholders.
11.2 Treasury Shares
| Group and Company | |
|---|---|
| US$’000 | |
| As at 1 January 2024, 31 December 2024 and 30 June 2025 | 2,361 |
| - 4,500,000 treasury shares |
There were no changes in the share capital of the Company in the half-year ended 30 June 2025.
The total number of issued Shares (excluding treasury shares) as at 30 June 2025 and 31 December 2024 was 544,911,240. The total number of treasury shares as at 30 June 2025 and 31 December 2024 was 4,500,000, which represented approximately 0.83% of the total number of issued Shares (excluding treasury shares) of 544,911,240 as at 30 June 2025 and 31 December 2024.
The Company had no convertibles or subsidiary holdings as at 30 June 2025 and 30 June 2024.
12. SUBSEQUENT EVENTS
There are no known subsequent events which have led to adjustments to this set of interim financial statements.
OTHER INFORMATION REQUIRED UNDER APPENDIX 7C OF THE SGX-ST LISTING MANUAL SECTION B: RULES OF CATALIST
- Whether the same accounting policies and methods of computation as in the issuer's most recently audited annual financial statement have been applied.
The Group has applied the same accounting policies and methods of computation in the financial statements for the current financial period compared with those of the audited financial statements as at and for the financial year ended 31 December 2024.
- If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change.
Not Applicable.
- Earnings per ordinary share of the group for the current financial period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends: (a) based on the weighted average number of ordinary shares on issue and (b) on a fully diluted basis (detailing any adjustments made to the earnings).
| Group | |
|---|---|
| First Half Ended | |
| 30 June 2025 | First Half Ended |
| 30 June 2024 |
Earnings/(Loss) per ordinary share for the period after deducting any provision for preference dividends:
(i) Based on weighted average number of ordinary shares in issue during the period
0.033 US cents (0.712 US cents)
(ii) On a fully diluted basis
0.033 US cents (0.712 US cents)
Explanatory note to 3 (i) and (ii)
Earnings/(Loss) per share for the six-month periods ended 30 June 2025 and 30 June 2024 are calculated based on the weighted average number of issued ordinary shares, excluding treasury shares, during the six-month periods ended 30 June 2025 and 30 June 2024 of 544,911,240.
- Net asset value (for the issuer and group) per ordinary share based on the total number of issued shares excluding treasury shares of the issuer at the end of the: (a) current financial period reported on and (b) immediately preceding financial year.
| Group | |
|---|---|
| As at | |
| 30 June 2025 | As at |
| 31 December 2024 |
Net asset value per ordinary share based on the total number of issued shares excluding treasury shares as at the end of the period reported on
19.58 US cents 19.48 US cents
22
| Company | |
|---|---|
| As at 30 June 2025 | As at 31 December 2024 |
Net asset value per ordinary share based on the total number of issued shares excluding treasury shares as at the end of the period reported on
8.05 US cents
8.07 US cents
Explanatory note to 4
The net asset value per ordinary share is calculated based on 544,911,240 issued shares, excluding treasury shares, as at 30 June 2025 and 31 December 2024.
- A review of the performance of the group, to the extent necessary for a reasonable understanding of the group's business. It must include a discussion of the following: (a) any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable) seasonal or cyclical factors; and (b) any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on.
Business Overview
The Group's revenue increased by 42.7% from US$25.5 million in 1H2024 to US$36.4 million in 1H2025, driven by contributions from new OEM customers, which generated US$6.2 million sales. Revenue from regular OEM customers also increased by 18.9%, from US$12.4 million in 1H 2024 to US$14.7 million in 1H 2025 from improved demands. Following the recent re-acquisition of the glove factory in Cambodia, the Group leveraged on the new orders of the nitrile gloves, further improving its revenue position.
Revenue
Revenue from the Manufacturing division increased by 61.7% from US$16.5 million in 1H2024 to US$26.6 million in 1H2025 due to higher sales from new and regular OEM customers.
Revenue from the Hospital Services division increased by 14.7% from US$7.5 million in 1H2024 to US$8.6 million in 1H2025 due to higher linen utilization in Taiwan and Philippines from new hospital contracts.
Revenue from the Trading and Distribution division decreased by 22.1% from US$1.6 million in 1H2024 to US$1.2 million in 1H2025 arising from lower demand for our healthcare products in Taiwan.
Profitability
The Group's gross profit increased by 137.6% from US$3.2 million in 1H2024 to US$7.5 million in 1H2025 due to improved sales from OEM customers and hospital services and reversal of inventory provisions in Cambodia and Philippines following higher inventory consumption.
Gross profit from the Manufacturing division increased significantly by 230.2% from US$1.6 million in 1H2024 to US$5.3 million in 1H2025 due to higher sales from OEM customers, improvement in high-margin e-commerce sales and economies of scale.
Gross profit from the Hospital Services division increased by 51.5% from US$1.3 million in 1H2024 to US$2.0 million in 1H2025 due to an increase in price from contract renewals and better linen management.
Gross profit from the Trading and Distribution division decreased by 29.0% from US$214,000 in 1H2024 to US$152,000 in 1H2025 due to decline in demand and mark-down in price of product offerings in the Taiwan domestic market.
Other operating income decreased by 89.6% from US$1.0 million in 1H2024 to US$108,000 in 1H2025 primarily due to foreign exchange losses arising from currency exposures on non-USD denominated foreign currencies during the period.
Distribution and selling expenses increased by 8.4% from US$2.7 million in 1H2024 to US$2.9 million in 1H2025 due to higher freight and handling costs following improved sales. Administrative expenses decreased by 28.4% from US$6.6 million in 1H 2024 to US$4.8 million in 1H 2025 due to lower provisions and impairment.
Financial expenses decreased by 17.2% from US$407,000 in 1H2024 to US$337,000 in 1H2025 due to fewer availments of bank loans. Financial income decreased by 9.5% from US$698,000 in 1H2024 to US$632,000 in 1H2025 due to lower interest income earned from fewer fixed deposit placements made.
Income tax expenses increased by 151.6% from an income tax benefit of US$122,000 in 1H2024 to an income tax expense of US$63,000 in 1H2025 due to net operating profit position in 1H2025.
Overall, the Group's net profit after tax increased to US$180,000 in 1H2025 from a net loss after tax of US$4.7 million in 1H2024 due to higher profits generated from the improved sales and reversal of inventory provisions.
24
25
Cash Flow and Balance Sheet
The Group’s total assets increased from US$138.0 million as at 31 December 2024 to US$140.5 million as at 30 June 2025 due to increase in trade receivables from higher sales generated, but partially offset by the higher net cash used from operations. Property, plant and equipment increased to US$39.0 million as at 30 June 2025 from US$18.3 million as at 31 December 2024 following the re-acquisition of RMKH Group, contributing the glove factory assets to the Group.
The Group’s cash outflow from operating activities increased to US$5.0 million in 1H2025 from US$1.9 million in 1H2024 due to higher net working capital requirements, mainly for the glove factory operations. Cash outflow from investing activities amounted to US$543,000 in 1H2025 from US$492,000 in 1H2024, due to new capital expenditures and hospital linen investments. Cash inflow from financing activities amounted to US$1.4 million in 1H2025 from a cash outflow in 1H2024:US$2.2 million due to fewer pledged fixed deposits from lower loan availability.
- Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results
No forecast or prospect statement has been disclosed to shareholders previously.
- A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months.
Looking ahead to the second half of 2025 and the following 12 months, although the global economy continues to face risks such as trade policy volatility, geopolitical tensions, and heightened market competition, the easing of tariff-related uncertainties in the United States is expected to support the Group’s production and sales strategies across its operating bases. Building on the solid foundation established in the first half of the year, we believe that by steadfastly executing our strategic growth plans, proactively addressing external challenges, and maintaining our commitment to innovation, efficiency enhancements, and sustainability, we will be able to achieve our goals of continuing to increase revenue and enhancing profitability.
Strengthening the OEM Business and Improving Asset Efficiency
Our core business in OEM remains resilient, underpinned by sustained demand from regular OEM customers and a growing portfolio of protective products. To maintain our competitive edge, we are leveraging AI to gain deeper insights into customer needs and enhance product customization. By integrating AI-driven analytics into our e-commerce strategies, we aim to keep our offerings accessible and relevant across both B2B and B2C markets. We use AI-powered recommendation engines to analyze user behavior and transaction data, offering personalized product suggestions to improve our browse-to-buyer conversion. Dynamic pricing algorithms help us track market trends, monitor competitor pricing, and adjust prices to stay competitive while managing margins effectively.
Medtecs remains committed to enhancing operational efficiency and cost competitiveness by streamlining its manufacturing operations and improving responsiveness to market demands. The adoption of advanced automation technologies—such as automated fabric inspection systems, flatbed cutters, and pocket stitching machines—has boosted production efficiency.
With the resumption of operations at our RMKH glove manufacturing facility in Cambodia and our joint venture with Shijiazhuang Hongray Group Co., Ltd., Medtecs is positioned to strengthen its competitiveness in the nitrile glove market in 2H2025 and beyond. The Group aims to leverage Medtecs’ existing glove manufacturing infrastructure with Hongray’s production technology and distribution network, we aim to expand scale, improve efficiency, and enhance our market position, thereby driving revenue growth and improving profitability.
Expanding the Healthcare Services
In recent years, the demand for healthcare outsourcing has continued to grow. With a long-standing presence and proven capabilities in providing hospital support services in the Philippines and Taiwan, the Group is positioned to capture opportunities arising from the continuing growth in healthcare outsourcing demand.
26
Harnessing Technology and Sustainability Initiatives
Medtecs is accelerating its digital transformation by integrating AI and automation to enhance operational efficiency, precision, and responsiveness across the Group. We recognize that AI adoption goes beyond technology—it is also about empowering people. To this end, we have developed a clear roadmap for workforce transformation, which includes targeted upskilling initiatives, hands-on workshops for practical AI applications, and the implementation of our Artificial Intelligence Usage Policy to ensure ethical and responsible deployment. By embedding AI into both our operations and workforce development, we are improving production consistency, reducing dependence on manual labor, and strengthening supply chain resilience.
At the same time, sustainability remains a key strategic priority. As global demand for eco-friendly solutions continues to rise, we are leveraging data-driven insights to develop sustainable products while optimizing cost efficiency through our manufacturing expertise and supplier partnerships. This approach has led to the introduction of biodegradable materials in PPE accessories—such as shoe covers and bouffant caps—and the adoption of eco-friendly packaging solutions, including HDPE plastic and paper-based materials tailored to meet European market requirements. These efforts further underscore Medtecs’ commitment to supporting global sustainability goals.
To support our evolving business needs, Medtecs is building a more agile and resilient supply chain. Through logistics optimization and stronger supplier partnerships, we aim to improve responsiveness, minimize risks, and maintain seamless operations—even amid rapidly changing market conditions.
Our focus remains on driving long-term growth through efficiency, innovation, and sustainability. By harnessing automation, AI, and eco-friendly solutions, we are strengthening our market position while increasing operational resilience. Looking ahead, we will continue to explore opportunities in the renewable energy sector to align with global sustainability trends and tap into emerging growth areas.
Based on current market conditions, confirmed customer orders, and ongoing initiatives in OEM expansion, healthcare services, and automation, the Group expects its revenue for FY2025 to be higher than that of FY2024. However, profitability is expected to remain under pressure due to raw material cost volatility and price competition in key markets, and our investments in technology, automation, and sustainability initiatives to strengthen our long-term competitiveness.
8. If a decision regarding dividend has been made:
(a) Whether an interim (final) ordinary dividend has been declared (recommended).
No.
(b)
(i) Amount per share
Not applicable.
(ii) Previous corresponding period
Not applicable.
(c) Whether the dividend is before tax, net of tax or tax exempt. If before tax or net of tax, state the tax rate and the country where the dividend is derived. (If the dividend is not taxable in the hands of shareholders, this must be stated)
Not Applicable
(d) The date the dividend is payable
Not Applicable
(e) The date on which Registrable Transfers received by the company (up to 5.00 pm) will be registered before entitlements to the dividend are determined.
Not Applicable
- If no dividend has been declared (recommended), a statement to that effect and the reason(s) for the decision.
No dividend has been declared, in order to focus our resources on working capital requirements and on potential and upcoming expansion projects.
- 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 does not have a shareholders' mandate for interested person transactions.
- Negative confirmation pursuant to Rule 705(5).
The board of directors hereby confirms that, to the best of its knowledge, nothing has come to its attention which may render the unaudited interim financial results of the Group for the half year ended 30 June 2025 to be false or misleading in any material respect.
- Confirmation that the issuer has procured undertakings from all its directors and executive officers (in the format set out in Appendix 7H) under Rule 720(1).
The Company hereby confirms that it has procured undertakings from all its directors and executive officers (in the format as set out in Appendix 7H) in accordance with Rule 720(1) of the Catalist Rules.
ON BEHALF OF THE BOARD
Clement Yang Ker-Cheng
Chairman
Date: 13 August 2025
28
MEDTECS INTERNATIONAL COPORATION LIMITED
(Incorporated in Bermuda)
CONFIRMATION BY THE BOARD OF DIRECTORS
PURSUANT TO RULE 705(5) OF THE
LISTING MANUAL SECTION B: RULES OF CATALIST
We, Clement Yang Ker-Cheng and William Yang Weiyuan, being two of the Directors of Medtecs International Corporation Limited (the "Company"), do hereby confirm on behalf of the Directors of the Company, that, to the best of our knowledge, nothing has come to the attention of the Board of Directors of the Company which may render the unaudited interim financial statements of the Company and of the Group for the half year ended 30 June 2025 to be false or misleading in any material aspect.
For and on behalf of the Board
of MEDTECS INTERNATIONAL CORPORATION LIMITED
Name: Clement Yang Ker-Cheng
Director
Name: William Yang Weiyuan
Director
Date: 13 August 2025