ZACD Group Ltd. (ZACD) reported a net loss of S$5.57 million for the year ended 31 December 2025, sharply wider than the S$1.20 million loss booked in 2024.
Revenue fell 45.7% year-on-year to S$2.70 million, reflecting subdued activity across core operations: • Fund management income declined 45.8% to S$2.18 million as performance and project‐management fees moderated with fewer funds reaching incentive-fee milestones. • SPV investment-management revenue contracted 27.7% to S$0.39 million on lower dividend flows from legacy establishment shares. • Acquisitions & project-management fees dropped 77.6% to S$0.08 million after the completion of Mandai project services in 2024. • Property and tenancy management income was steady at S$0.04 million; no financial-advisory revenue was recorded following cessation of SFC-regulated activities.
Cost measures curbed staff expenses by 20.8% to S$2.97 million, aided by headcount reduction from 33 to 27 and no bonus payout. These savings were offset by S$4.17 million in impairment losses, mainly on bridging loans and receivables from ZACD Mount Emily Residential Development Fund (S$3.13 million) and ZACD LV Development Fund (S$0.89 million). Other income and gains contracted 52.3% to S$0.52 million after the waiver of interest on under-performing fund loans.
Finance costs increased to S$0.86 million (2024: S$0.58 million) due to interest on short-term related-party loans. Fair-value loss on a put-option derivative tied to an investor in ZACD LV Development Fund narrowed to S$0.18 million (2024: S$0.95 million). A corporate income-tax credit of S$1.08 million partially offset operating losses.
Total assets stood at S$27.28 million (2024: S$33.08 million) while total liabilities were S$12.99 million (2024: S$12.65 million). Net assets fell to S$14.28 million, trimming net asset value per share to 0.71 Singapore cents from 1.02 cents a year earlier. Net current assets slipped to S$15.65 million (2024: S$21.01 million) and the current ratio weakened to 2.58x (2024: 3.11x).
Cash and cash equivalents declined to S$1.56 million from S$5.31 million, mainly due to S$2.64 million net outflows for bridging advances to funds and the placement of a S$2.38 million restricted cash deposit pledged for a bank facility.
No final dividend was declared.
The board highlighted ongoing guarantees on development-project loans totalling S$358.94 million and noted a material uncertainty related to going-concern, citing exposure to ZACD LV Development Fund’s project loan and an investor put-option exercisable in 2027.
Auditors Ernst & Young LLP issued an unqualified opinion with emphasis on the going-concern uncertainty.