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...