To The Moon

For dividend investors, the amount of cash on a company's balance sheet is a more critical factor than many realize.

A business with more cash than debt does not need to rely on borrowing to finance its shareholder distributions.

This allows it to increase dividends even during economic downturns.

And when operating conditions are favorable, such a company has every reason to be generous with its payouts.

Highlighted below are three companies listed on the Singapore Exchange that exemplify this approach, maintaining net cash positions while simultaneously raising their dividends.

Three SGX Cash-Rich Dividend Growers

SIA Engineering Company Ltd (SGX: S59) stands out as one of the most debt-free entities on the exchange.

As of March 31, 2026, this maintenance, repair, and overhaul specialist held S$564.8 million in cash against just S$5.4 million in borrowings, excluding lease liabilities, resulting in a substantial net cash position of S$559.4 million.

Given this robust financial health, it was unsurprising when the board raised total dividends for the 2026 fiscal year by 22.2% year-on-year to S$0.11 per share.

The company's operational performance supported this move.

Revenue increased 14.3% year-on-year to S$1.4 billion, while net profit grew 21% to S$168.9 million, aided by a 22.5% rise in share of profits from associates and joint ventures.

Operating profit more than doubled to S$29.4 million.

Free cash flow did turn negative at S$10.6 million, a shift from a positive S$114.1 million the prior year.

This was primarily attributed to a S$63.5 million increase in contract assets, a working capital timing issue rather than a structural problem.

Management noted near-term uncertainties from geopolitical tensions and supply chain pressures but expects the impact on MRO demand to remain contained.

iFAST Corporation Ltd (SGX: AIY) announced the most significant dividend increase among the three firms.

The wealth management fintech's interim dividend surged 56.3% year-on-year to S$0.0250.

Management has also guided for a full-year dividend of at least S$0.1050, representing a minimum 25% increase over the previous fiscal year.

The company's cash reserves are substantial.

As of March 31, 2026, iFAST held S$620.0 million in cash against S$235.7 million in total debt, resulting in a net cash position of S$384.4 million.

Business momentum remains strong, with first-quarter revenue surging 44.5% year-on-year to S$154.5 million and net profit jumping 47.3% to S$28.0 million.

Assets under administration reached a record S$32.6 billion, and recurring net revenue from non-banking operations grew 70.1%, indicating high-quality earnings.

A point to monitor is that free cash flow turned negative, largely due to working capital timing effects at its digital banking division as the company continues to scale these operations.

BRC Asia Ltd (SGX: BEC) demonstrated the strongest free cash flow performance in this group.

For the six months ended March 31, 2026, free cash flow was S$61.0 million, a sharp improvement from negative S$44.8 million a year earlier.

This improvement supported a 33.3% increase in the interim dividend to S$0.08 per share.

The steel reinforcement specialist's balance sheet is positive, with a net cash position of S$52.0 million as of the reporting date.

Revenue for the period rose 30% year-on-year to S$931.0 million, and profit climbed 24%, driven by higher construction deliveries, increased international trade, and contributions from an acquisition.

The gross profit margin improved to 10.0%, supported by higher volumes of value-added products.

The company's forward order book is healthy at approximately S$1.76 billion, supported by projected strong construction demand in Singapore.

However, competitive pressures in the steel reinforcement sector remain high, and cost headwinds from energy and inflation persist.