Hong Kong-listed C&N Holdings Limited released its audited results for the year ended 31 December 2025.

Revenue and Profitability • Group revenue fell 31.8% year on year to S$17.60 million, as trucking turnover dropped 30.3% to S$17.13 million and hubbing revenue declined 61.8% to S$0.47 million. • A gross loss of S$0.66 million replaced the prior-year gross profit of S$2.75 million, pushing the gross margin from 10.6% to –3.7%. • Net loss attributable to shareholders widened to S$3.01 million from S$0.41 million, driven mainly by the sharp fall in gross profit. Basic loss per share increased to 1.81 Singapore cents (2024: 0.25 cents).

Cost and Expense Dynamics • Cost of services eased 20.8% to S$18.26 million, but the decline lagged the revenue contraction, eroding margins. • Administrative expenses fell 12.1% to S$2.61 million, reflecting tighter cost control. • Finance costs decreased 44.2% to S$0.04 million on lower borrowing levels. • Staff costs, including directors’ emoluments, slipped 7.5% to S$6.04 million.

Balance Sheet and Liquidity • Total assets stood at S$14.60 million (2024: S$16.86 million). Cash and bank balances amounted to S$0.70 million. • Total liabilities increased to S$4.05 million (2024: S$2.92 million), while equity declined to S$10.56 million. • The current ratio was 2.5x (2024: 3.9x). Bank borrowings and lease liabilities totalled S$0.58 million, resulting in a gearing ratio of 5.5% (2024: 7.7%). • Property and pledged bank deposits of S$0.66 million and S$0.54 million, respectively, secured the Group’s bank loans.

Cash Flow and Capital Allocation • No dividend was declared for 2025. • Capital expenditure totalled S$0.17 million, primarily for right-of-use asset additions. • All 1.22 million outstanding share options lapsed in January 2025; 16.68 million shares (10% of issued share capital) remain available for future grants under the share option scheme.

Operational Highlights • Major customers A and B contributed S$6.57 million and S$1.86 million of revenue, respectively. • Singapore operations continued to dominate, generating S$10.74 million of revenue, while Hong Kong contributed S$6.86 million. • Depreciation and amortisation expense was S$1.89 million; gain on disposal of property, plant and equipment rose to S$0.21 million.

Outlook Management noted ongoing weakness in global trade, rising operating costs and falling cargo volumes, particularly in Singapore’s trade-related sectors. In response, the Group is adopting a cautious stance on expansion and is evaluating strategic options, including a potential sale of the business, while also exploring opportunities in power-line and energy-saving services to diversify revenue streams.