Dividend growth tends to grab headlines when it comes from Singapore’s big banks or blue-chip REITs.
Smaller companies rarely get the same attention.
That’s a shame.
Three SGX-listed small caps – HRnetGroup (SGX: CHZ), Info-Tech Systems (SGX: I49), and Credit Bureau Asia (SGX: TCU) – all raised their dividends in 2025.
Each sits on a debt-free balance sheet.
And each generated enough free cash flow to comfortably fund its higher payout.
HRnetGroup: The first dividend hike in four years
HRnetGroup’s board proposed a total dividend of S$0.042 per share for 2025, up from S$0.04.
That breaks a four-year streak of holding the payout flat between 2021 and 2024.
The numbers back it up.
Net profit jumped 15% year on year (YoY) to S$51.2 million – notable given that management had flagged tariff-related risks to hiring plans earlier in the year.
The Flexible Staffing (FS) division did the heavy lifting, with revenue rising 3.2% YoY to S$524.1 million. That’s nearly 90% of the group’s top line.
Average monthly contractors grew 5.6% to 16,421, with gains in Taiwan and Indonesia offsetting a dip in Singapore.
Professional Recruitment (PR) told an even better story.
Full-year placements rose 4.6% to 4,766 after a sluggish first half.
Senior executive search drove much of the improvement – gross profit in that segment climbed 16.2%, supported by both higher placements and higher gross profit per placement.
Management had been steering the business towards the upper end of the recruitment market, and the results are starting to show.
Free cash flow came in at S$52 million, up 5.2% YoY.
The net cash position: S$262.9 million, with zero debt.
Total dividends represented 79% of free cash flow.
Info-Tech Systems: Fast growth, first payout
Info-Tech Systems is a Singapore-based SaaS provider serving SMEs across the region.
Revenue surged 29% YoY to S$56.5 million, driven by higher Academy training revenue and continued subscription growth.
Net profit rose 22% to S$15 million, though that figure absorbed approximately S$2.9 million in one-off costs – IPO listing expenses and a Malaysia office relocation.
Strip those out, and adjusted profit after tax would have been 46% higher at S$18 million.
Total dividends came to S$0.035 per share, representing 60% of net profit.
For a company in its first full year as a listed entity, committing to that level of payout is worth noting.
Free cash flow dipped to S$15.7 million from S$17.6 million, largely due to a working capital build-up in receivables and higher capital expenditure.
The balance sheet, though, is in pristine shape: S$67.3 million in cash, no interest-bearing debt, and only S$4 million in lease liabilities.
Management isn’t standing still.
A new CRM software launched in February 2026, training facilities expanded at two Singapore locations in late 2025, and a Dubai subsidiary was incorporated to support longer-term Middle East expansion.
Growth and dividends are running in parallel.
Credit Bureau Asia: A dividend raise in a tough year
Credit Bureau Asia’s 2025 was tougher.
Revenue edged up just 0.7% YoY to S$60.1 million.
Net profit dipped 4.4% to S$10.7 million, weighed down by lower interest income, a weaker US dollar, and a sharp drop in the share of results from its Cambodia joint venture.
The board raised the final dividend anyway – from S$0.02 to S$0.022.
Total dividends per share for 2025 came to S$0.042, a 5% increase from the prior year’s S$0.04.
The balance sheet explains the confidence.
CBA carries zero debt.
Its combined cash and financial assets position grew to S$71.2 million, up from S$68 million a year ago.
Free cash flow remained healthy at S$27.2 million.
Underneath the headline numbers, there were signs of improvement too.
The FI data division – CBA’s growth engine – posted a 3% revenue increase to S$28 million, fuelled by new credit applications and higher employment check volumes.
The non-FI data division saw revenue slip 1.3%, but its second-half segment profit before tax rebounded 6.2% YoY as businesses adjusted to shifting trade policies.
Get Smart: Where Cash Flow Meets Rising Dividends
Dividend growth doesn’t belong to blue chips alone.
These three small caps share a common thread: zero debt, healthy free cash flow, and boards willing to raise the payout.
The yield you see today doesn’t tell you where the dividend is heading.
A growing payout, backed by a strong balance sheet and rising cash flow, can compound quietly over time.
While your friends debate which tech stock to buy next, money is quietly flowing into these 5 Singapore companies you see every day. They are proven to have steady dividends and strong balance sheets. Our FREE report shows you exactly which ones and why they’re safer than flashy darlings everyone’s chasing. Download your free report now.
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Disclosure: Calvina L. does not own shares of any companies mentioned. Chin Hui Leong contributed to the article and owns shares of HRnetGroup and CBA.
