ZACD Group (08313) reported a FY2025 net loss attributable to shareholders of S$5.57 million, widening from a S$1.20 million loss in FY2024. Revenue declined 45.7% year-on-year to S$2.70 million, mainly due to lower performance fees in the Fund Management segment and reduced establishment fees, project-management income and dividend receipts from SPV investments.
Gross performance by segment showed: • Fund Management revenue fell to S$2.18 million (-45.8%), reflecting the absence of prior-year performance fees as several funds concluded in 2024. • SPV Investment Management revenue slipped 27.7% to S$0.39 million on smaller dividend distributions from legacy projects. • Acquisitions & Project Management revenue contracted 77.6% to S$0.08 million after completion of a Mandai project in 2024. • Property & Tenancy Management revenue was stable at S$0.04 million; no new mandates were secured as the business pivots to government and international projects.
Expense trends were mixed. Staff costs dropped 20.8% to S$2.97 million after a reduction in headcount to 27 and the suspension of bonuses, but impairment charges of S$4.17 million—largely on bridging loans and receivables from ZACD Mount Emily Residential Development Fund and ZACD LV Development Fund—offset cost savings. Other income and gains halved to S$0.52 million following an interest-income waiver on underperforming funds, while the fair-value loss on a put-option derivative narrowed to S$0.18 million (FY2024: S$0.95 million).
Total assets fell to S$27.28 million (-17.5%), with net assets down to S$14.28 million (-30.1%). Net current assets stood at S$15.65 million versus S$21.01 million a year earlier, mainly due to lower cash balances and higher impairment provisions. Cash and bank balances declined to S$3.94 million after net operating and investing outflows and a S$2.38 million deposit pledge linked to the La Ville project’s financing facility. The temporary bridging loan obtained in 2020 was fully repaid during the year.
ZACD provided several corporate guarantees for development SPV loan facilities, the largest covering up to S$129.09 million for the La Ville redevelopment project. A put option granted to Top Global Limited on its investment in ZACD LV Development Fund remains outstanding at a fair-value liability of S$2.75 million.
No dividend was declared for FY2025.
Looking ahead, management expects residential demand in Singapore to remain supported by a lower interest-rate environment and plans to launch new funds, explore industrial land tenders and divest remaining overseas hotel assets following the sale of The Sebel Perth in 2025. The group continues to monitor credit exposures and pursue cost discipline while seeking growth opportunities in fund management and selective development projects.
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