When it comes to dividends, cash on the balance sheet matters more than most investors think.
A company that holds more cash than debt doesn’t need to borrow to fund its payout.
It can raise dividends even when the economy hits a rough patch.
And when business is good, there’s no reason to hold back.
Here are three SGX-listed companies doing exactly that – sitting on net cash positions while raising their dividends.
SIA Engineering Company (SGX: S59)
SIAEC is about as close to debt-free as you’ll find on the SGX.
As at 31 March 2026, the MRO specialist held S$564.8 million in cash against just S$5.4 million in borrowings (excluding lease liabilities). That’s a net cash position of S$559.4 million.
With that kind of balance sheet, it’s no surprise the board raised total dividends for FY2026 by 22.2% year on year (YoY) to S$0.11 per share.
The numbers back it up.
Revenue climbed 14.3% YoY to S$1.4 billion. Net profit rose 21% to S$168.9 million, helped by a 22.5% increase in share of profits from associates and joint ventures to S$145.3 million. Operating profit more than doubled to S$29.4 million.
Now, free cash flow did turn negative at S$10.6 million, down from a positive S$114.1 million a year ago.
The main culprit was a S$63.5 million build-up in contract assets – a working capital issue, not a structural one.
Management also flagged near-term uncertainty from Middle East tensions and supply chain pressures, though it expects the impact on MRO demand to remain moderate.
iFAST Corporation (SGX: AIY)
iFAST had the biggest dividend jump of the three.
The wealth management fintech’s interim dividend surged 56.3% YoY to S$0.0250.
And management isn’t stopping there – it guided for a full-year dividend of S$0.1050 or higher, at least a 25% increase over FY2025.
The cash pile is sizeable.
As at 31 March 2026, iFAST held S$620.0 million in cash against S$235.7 million in total debt (excluding lease liabilities), leaving a net cash position of S$384.4 million.
Business momentum is strong, too.
For 1Q2026, revenue surged 44.5% YoY to S$154.5 million and net profit jumped 47.3% to S$28.0 million.
Assets under administration hit a record S$32.6 billion, up 27.1% YoY, with net inflows of S$1.25 billion.
Recurring net revenue from non-banking operations grew 70.1% to S$87.2 million, making up 90.9% of non-banking net revenue – a sign of earnings quality.
The catch? Free cash flow swung to negative S$39.4 million from a positive S$88.2 million a year ago, largely due to working capital timing effects at its digital bank’s EzRemit division.
iFAST is still scaling its banking operations, so this is worth keeping an eye on.
BRC Asia (SGX: BEC)
BRC Asia had the best free cash flow story of the group.
For the six months ended 31 March 2026, free cash flow came in at S$61.0 million – a sharp reversal from negative S$44.8 million a year ago.
That turnaround helped support a 33.3% dividend hike, with the interim payout rising to S$0.08 per share from S$0.06.
The balance sheet is positive but more modest.
As at 31 March 2026, the steel reinforcement specialist held S$197.8 million in cash against S$145.8 million in short-term borrowings – a net cash position of S$52.0 million.
Revenue rose 30% YoY to S$931.0 million and profit attributable to owners climbed 24% to S$52.0 million.
Higher domestic construction deliveries, increased international trade, and contributions from the acquisition of Malaysian subsidiary Southern Steel Mesh in August 2025 drove the performance.
Gross profit margin improved to 10.0% from 9.4% on greater volumes of value-added products.
The forward pipeline is encouraging.
BRC’s sales order book stood at approximately S$1.76 billion, with BCA projecting S$47–53 billion in Singapore construction demand for 2026.
Major projects such as Changi Airport Terminal 5 and MRT extensions should keep order flow healthy.
But competitive intensity in steel reinforcement remains elevated, and cost headwinds from energy prices and inflation haven’t gone away.
Get Smart: Cash is the bedrock of rising dividends
A net cash position is a dividend safety net.
When a company holds more cash than debt, it can ride out downturns without cutting payouts.
All three companies increased their dividends by at least 22% in their latest results, and all three sit in net cash positions.
For dividend investors, the balance sheet is where the story starts.
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Disclosure: The Smart Investor owns shares of iFast.
