From S76 Million to S50 Thousand: 4 Shocking Truths Buried in One Company’s Financial Report

Introduction:

Let’s pull apart the latest financial report from OneApex Limited. At first glance, the headline numbers are shocking. A revenue collapse of over 99% would typically signal a company in crisis. However, beneath the dense tables of its FY2025 results, this report tells a fascinating story of a massive business transformation—a revenue drop that isn’t what it seems, and strategic decisions that have completely reshaped the company in just one year.

1. A 99.9% Revenue Plunge That Isn’t a Catastrophe

The most startling figure in the entire report is on the income statement: The Group’s revenue from continuing operations plummeted from S76.2 million in the 2024 financial year (FY2024) to just S50,000 in FY2025.

This isn’t a sign of operational collapse; it’s the predictable, deafening silence after a blockbuster success. The report’s performance review clarifies that the massive revenue recognized in FY2024 was almost entirely due to a single event: the sale of 23 units from a property project named “Apex Foodworks.” The company recognized this revenue after the project received its Temporary Occupation Permit (TOP) in May 2024.

By contrast, the S$50,000 revenue in FY2025 consists only of management fees from the property management division. This stark difference highlights the lumpy, project-based nature of property development. A single year’s results can be incredibly misleading without understanding the underlying business events. The “disaster” was simply the predictable lull after a highly successful project completion.

2. A Hard Pivot: Selling Off a Business Segment

While its property division was having a banner year in FY2024, OneApex made a major strategic decision to simplify its business. The report quietly notes that on February 6, 2025, the Group completed the disposal of its 51% shareholding interest in the companies that ran its financial services operation.

This move was a deliberate refocusing of the company. The segment reports show that with its controlling stake in the financial services division sold, OneApex is now purely concentrated on its core activities: property development, investment, and management. By shedding its financial services arm, OneApex was performing strategic house-cleaning—eliminating the complexity of a secondary business to pour all its focus and future capital into the property sector that had just delivered a S$76 million windfall.

3. The S16 Million Profit Swing and an S8 Million Payout

The change in revenue had a direct and dramatic impact on the bottom line. The Group’s core business swung from a S15.1 million net profit after tax in FY2024 to a S1.3 million net loss after tax in FY2025—a reversal of over S$16 million. This swing is directly connected to the “vanishing revenue” from the now-completed Apex Foodworks project.

But here is the surprising twist. Following its highly profitable year, the company chose to share the spoils of its success with its investors. The “Statement of changes in equity” reveals that the company paid out S$8,027,000 in dividends for FY2024.

The contrasting decision for the unprofitable FY2025 is just as telling. The report states, “No dividend has been declared or recommended for FY2025 as the Group had recorded a net loss after tax and the Company has deemed it necessary to retain the cash in the Group for its future growth.” This tells a complete story: the company rewarded its shareholders for a highly successful project while simultaneously conserving cash to navigate the next phase of its journey.

4. Cash Halved, Assets Shrink: Following the Money

The strategic decisions made during the year had a tangible impact on the company’s financial health. The balance sheet shows that Total Assets decreased from S25.0 million to S9.2 million, while Cash and cash equivalents fell from S14.3 million to S6.4 million.

Where did all that money go? The “Review of the Statement of Cash Flows” provides a clear trail. The primary uses of cash were not operational failures but deliberate capital deployments:

• Payment of S$8.0 million in dividends.
• Payment of S$2.5 million in income taxes, settling the bill for the highly profitable prior year.
• A S$2.0 million capital reduction exercise in a subsidiary.
• A S$0.3 million net cash outflow from selling the financial services business.

This cash flow statement is the final chapter of the story: it shows precisely how the profits from the Apex Foodworks project (Point 1) were used to reward shareholders (Point 3) and streamline the company for the future (Point 2). Despite the significant cash outlay, the report notes that the group still maintained a positive working capital of S$8.7 million, signaling a stable financial position.

Conclusion:

A quick glance at OneApex’s financials could paint a picture of a company on the brink of collapse. But digging just a little deeper reveals a completely different narrative. The four key takeaways show that the headline numbers rarely tell the whole story:

1. The 99.9% revenue drop was a normal part of the property development cycle.
2. The company strategically sold off a non-core business to focus on its core strengths.
3. A profitable year was followed by a large dividend, while a lean year prompted cash conservation.
4. Shrinking assets and cash reserves were the result of deliberate choices, not operational losses.

OneApex’s seemingly disastrous year was actually a period of planned transition: cashing in on a major project, rewarding shareholders, shedding a non-core business, and conserving resources for the future.

The next time you see a shocking financial headline, will you dismiss it at face value, or will you dig deeper for the real story?

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