Katrina 1A0
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Financials
Annual Report 2025
Explore the statements
11 tablesConsolidated Statement of Comprehensive Income (Group)
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$'000 | 45,971 | 54,728 | PDF p. 125 |
| Cost of sales$'000 | (40,721) | (47,085) | PDF p. 125 |
| Gross profit$'000 | 5,250 | 7,643 | PDF p. 125 |
| Other income$'000 | 735 | 1,571 | PDF p. 125 |
| Selling and distribution costs$'000 | (649) | (802) | PDF p. 125 |
| Administrative expenses$'000 | (4,899) | (5,377) | PDF p. 125 |
| Finance costs$'000 | (2,102) | (2,327) | PDF p. 125 |
| Other (expenses)/gains$'000 | (1,001) | 1,609 | PDF p. 125 |
| Share of loss from investment in joint ventures$'000 | (123) | (10) | PDF p. 125 |
| (Loss)/profit before tax$'000 | (2,789) | 2,307 | PDF p. 125 |
| Income tax expense$'000 | – | (1) | PDF p. 125 |
| (Loss)/profit for the year, representing (loss)/profit for the year attributable to owners of the Company$'000 | (2,789) | 2,306 | PDF p. 125 |
| Other comprehensive income | |||
| Foreign currency translation$'000 | 34 | 7 | PDF p. 125 |
| Other comprehensive income for the year, net of tax$'000 | 34 | 7 | PDF p. 125 |
| Total comprehensive income for the year, representing total comprehensive income attributable to owners of the Company$'000 | (2,755) | 2,313 | PDF p. 125 |
| (Loss)/profit per share | |||
| Basiccents per share | (1.11) | 0.98 | PDF p. 125 |
| Dilutedcents per share | (1.11) | 0.73 | PDF p. 125 |
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Definitions & sources
Original report: PDF p. 125 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Year ended 31 December 2025.
Statements of Financial Position (Group)
42 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Non-current assets | |||
| Property, plant and equipment$'000 | 3,117 | 3,839 | PDF p. 126 |
| Intangible assets$'000 | 258 | – | PDF p. 126 |
| Right-of-use assets$'000 | 16,361 | 21,760 | PDF p. 126 |
| Investment in subsidiaries$'000 | – | – | PDF p. 126 |
| Investment in joint ventures$'000 | 267 | 390 | PDF p. 126 |
| Deferred tax asset$'000 | 425 | 425 | PDF p. 126 |
| Derivative instrument$'000 | 144 | 464 | PDF p. 126 |
| Refundable deposits$'000 | 2,554 | 3,238 | PDF p. 126 |
| Subtotal$'000 | 23,126 | 30,116 | PDF p. 126 |
| Current assets | |||
| Inventories$'000 | 111 | 171 | PDF p. 126 |
| Trade receivables$'000 | 689 | 948 | PDF p. 126 |
| Other receivables$'000 | 164 | 644 | PDF p. 126 |
| Refundable deposits$'000 | 1,867 | 1,324 | PDF p. 126 |
| Prepayments$'000 | 267 | 111 | PDF p. 126 |
| Amount due from a joint venture$'000 | 73 | 8 | PDF p. 126 |
| Amounts due from subsidiaries$'000 | – | – | PDF p. 126 |
| Cash and bank balances$'000 | 570 | 1,878 | PDF p. 126 |
| Subtotal$'000 | 3,741 | 5,084 | PDF p. 126 |
| Assets | |||
| Total assets$'000 | 26,867 | 35,200 | PDF p. 126 |
| Current liabilities | |||
| Trade and other payables$'000 | 8,922 | 7,303 | PDF p. 126 |
| Amount due to a subsidiary$'000 | – | – | PDF p. 126 |
| Amount due to a joint venture$'000 | 196 | 2 | PDF p. 126 |
| Other liabilities$'000 | 1,164 | 1,719 | PDF p. 126 |
| Lease liabilities$'000 | 10,193 | 12,765 | PDF p. 126 |
| Provision$'000 | 326 | 192 | PDF p. 126 |
| Contract liabilities$'000 | 299 | 480 | PDF p. 126 |
| Loans and borrowings$'000 | 1,015 | 1,671 | PDF p. 126 |
| Subtotal$'000 | 22,115 | 24,132 | PDF p. 126 |
| Net current (liabilities)/assets$'000 | (18,374) | (19,048) | PDF p. 126 |
| Non-current liabilities | |||
| Other payables$'000 | 92 | 92 | PDF p. 126 |
| Lease liabilities$'000 | 10,715 | 14,247 | PDF p. 126 |
| Provision$'000 | 550 | 653 | PDF p. 126 |
| Loans and borrowings$'000 | 28 | 43 | PDF p. 126 |
| Subtotal$'000 | 11,385 | 15,035 | PDF p. 126 |
| Liabilities | |||
| Total liabilities$'000 | 33,500 | 39,167 | PDF p. 126 |
| Net assets | |||
| Net (liabilities)/assets$'000 | (6,633) | (3,967) | PDF p. 126 |
| Equity attributable to owners of the Company | |||
| Share capital$'000 | 8,670 | 8,581 | PDF p. 126 |
| Warrant reserve$'000 | 75 | 75 | PDF p. 126 |
| Foreign currency translation reserve$'000 | 71 | 37 | PDF p. 126 |
| (Accumulated losses)/retained earnings$'000 | (15,449) | (12,660) | PDF p. 126 |
| Total (deficit)/equity$'000 | (6,633) | (3,967) | PDF p. 126 |
| Equity and liabilities | |||
| Total equity and liabilities$'000 | 26,867 | 35,200 | PDF p. 126 |
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Definitions & sources
Original report: PDF p. 126 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
As at 31 December 2025. Group columns only; the quoted rows also contain Company figures, which are in the next table.
Statements of Financial Position (Company)
42 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| Non-current assets | |||
| Property, plant and equipment$'000 | 62 | 1 | PDF p. 126 |
| Intangible assets$'000 | – | – | PDF p. 126 |
| Right-of-use assets$'000 | 930 | – | PDF p. 126 |
| Investment in subsidiaries$'000 | 7,781 | 7,781 | PDF p. 126 |
| Investment in joint ventures$'000 | – | – | PDF p. 126 |
| Deferred tax asset$'000 | – | – | PDF p. 126 |
| Derivative instrument$'000 | – | – | PDF p. 126 |
| Refundable deposits$'000 | 54 | – | PDF p. 126 |
| Subtotal$'000 | 8,827 | 7,782 | PDF p. 126 |
| Current assets | |||
| Inventories$'000 | – | – | PDF p. 126 |
| Trade receivables$'000 | – | – | PDF p. 126 |
| Other receivables$'000 | – | – | PDF p. 126 |
| Refundable deposits$'000 | – | 9 | PDF p. 126 |
| Prepayments$'000 | 15 | 12 | PDF p. 126 |
| Amount due from a joint venture$'000 | – | – | PDF p. 126 |
| Amounts due from subsidiaries$'000 | 4,451 | 2,782 | PDF p. 126 |
| Cash and bank balances$'000 | 75 | 723 | PDF p. 126 |
| Subtotal$'000 | 4,541 | 3,526 | PDF p. 126 |
| Assets | |||
| Total assets$'000 | 13,368 | 11,308 | PDF p. 126 |
| Current liabilities | |||
| Trade and other payables$'000 | 2,899 | 1,757 | PDF p. 126 |
| Amount due to a subsidiary$'000 | – | 54 | PDF p. 126 |
| Amount due to a joint venture$'000 | – | – | PDF p. 126 |
| Other liabilities$'000 | 245 | 214 | PDF p. 126 |
| Lease liabilities$'000 | 142 | – | PDF p. 126 |
| Provision$'000 | – | – | PDF p. 126 |
| Contract liabilities$'000 | – | – | PDF p. 126 |
| Loans and borrowings$'000 | – | – | PDF p. 126 |
| Subtotal$'000 | 3,286 | 2,025 | PDF p. 126 |
| Net current (liabilities)/assets$'000 | 1,255 | 1,501 | PDF p. 126 |
| Non-current liabilities | |||
| Other payables$'000 | – | – | PDF p. 126 |
| Lease liabilities$'000 | 838 | – | PDF p. 126 |
| Provision$'000 | – | – | PDF p. 126 |
| Loans and borrowings$'000 | – | – | PDF p. 126 |
| Subtotal$'000 | 838 | – | PDF p. 126 |
| Liabilities | |||
| Total liabilities$'000 | 4,124 | 2,025 | PDF p. 126 |
| Net assets | |||
| Net (liabilities)/assets$'000 | 9,244 | 9,283 | PDF p. 126 |
| Equity attributable to owners of the Company | |||
| Share capital$'000 | 8,670 | 8,581 | PDF p. 126 |
| Warrant reserve$'000 | 75 | 75 | PDF p. 126 |
| Foreign currency translation reserve$'000 | – | – | PDF p. 126 |
| (Accumulated losses)/retained earnings$'000 | 499 | 627 | PDF p. 126 |
| Total (deficit)/equity$'000 | 9,244 | 9,283 | PDF p. 126 |
| Equity and liabilities | |||
| Total equity and liabilities$'000 | 13,368 | 11,308 | PDF p. 126 |
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Definitions & sources
Original report: PDF p. 126 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
As at 31 December 2025. Company columns only; the quoted rows also contain Group figures.
Consolidated Statement of Comprehensive Income
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY ended 31 Dec 2025, $'000 | 2024Group, FY ended 31 Dec 2024, $'000 | Source |
|---|---|---|---|
| Income | |||
| Revenue$'000 | 45,971 | 54,728 | PDF p. 125 |
| Cost of sales$'000 | (40,721) | (47,085) | PDF p. 125 |
| Gross profit$'000 | 5,250 | 7,643 | PDF p. 125 |
| Other income$'000 | 735 | 1,571 | PDF p. 125 |
| Selling and distribution costs$'000 | (649) | (802) | PDF p. 125 |
| Administrative expenses$'000 | (4,899) | (5,377) | PDF p. 125 |
| Finance costs$'000 | (2,102) | (2,327) | PDF p. 125 |
| Other (expenses)/gains$'000 | (1,001) | 1,609 | PDF p. 125 |
| Share of loss from investment in joint ventures$'000 | (123) | (10) | PDF p. 125 |
| (Loss)/profit before tax$'000 | (2,789) | 2,307 | PDF p. 125 |
| Income tax expense$'000 | – | (1) | PDF p. 125 |
| (Loss)/profit for the year, representing (loss)/profit for the year attributable to owners of the Company$'000 | (2,789) | 2,306 | PDF p. 125 |
| Other comprehensive income | |||
| Foreign currency translation$'000 | 34 | 7 | PDF p. 125 |
| Other comprehensive income for the year, net of tax$'000 | 34 | 7 | PDF p. 125 |
| Total comprehensive income | |||
| Total comprehensive income for the year, representing total comprehensive income attributable to owners of the Company$'000 | (2,755) | 2,313 | PDF p. 125 |
| (Loss)/profit per share | |||
| Basiccents per share | (1.11) | 0.98 | PDF p. 125 |
| Dilutedcents per share | (1.11) | 0.73 | PDF p. 125 |
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Definitions & sources
Original report: PDF p. 125 ↗
Items that may be reclassified subsequently to profit or loss: Foreign currency translation. Total comprehensive income label wraps across two lines: 'Total comprehensive income for the year, representing total comprehensive / income attributable to owners of the Company'. Entire profit attributable to owners of the Company; no NCI.
Statements of Changes in Equity - Group
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital (Note 28), $'000 | 2025Group, Warrant reserve (Note 29), $'000 | 2025Group, Foreign currency translation reserve (Note 29), $'000 | 2025Group, Accumulated losses, $'000 | 2025Group, Total deficit, $'000 | Source |
|---|---|---|---|---|---|---|
| FY2024 | ||||||
| Opening balance at 1 January 2024$'000 | 8,321 | 75 | 30 | (14,966) | (6,540) | PDF p. 127 |
| Exercise of warrants$'000 | 260 | – | – | – | 260 | PDF p. 127 |
| Profit for the year$'000 | – | – | – | 2,306 | 2,306 | PDF p. 127 |
| FY2024 Other comprehensive income | ||||||
| Foreign currency translation$'000 | – | – | 7 | – | 7 | PDF p. 127 |
| FY2024 | ||||||
| Total comprehensive income for the year$'000 | – | – | 7 | 2,306 | 2,313 | PDF p. 127 |
| Closing balance at 31 December 2024$'000 | 8,581 | 75 | 37 | (12,660) | (3,967) | PDF p. 127 |
| FY2025 | ||||||
| Opening balance at 1 January 2025$'000 | 8,581 | 75 | 37 | (12,660) | (3,967) | PDF p. 127 |
| Exercise of warrants$'000 | 89 | – | – | – | 89 | PDF p. 127 |
| Loss for the year$'000 | – | – | – | (2,789) | (2,789) | PDF p. 127 |
| FY2025 Other comprehensive income | ||||||
| Foreign currency translation$'000 | – | – | 34 | – | 34 | PDF p. 127 |
| FY2025 | ||||||
| Total comprehensive income for the year$'000 | – | – | 34 | (2,789) | (2,755) | PDF p. 127 |
| Closing balance at 31 December 2025$'000 | 8,670 | 75 | 71 | (15,449) | (6,633) | PDF p. 127 |
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Definitions & sources
Original report: PDF p. 127 ↗
All columns attributable to owners of the Company. Rows cover FY2024 (opening 1 Jan 2024 to closing 31 Dec 2024) and FY2025 (opening 1 Jan 2025 to closing 31 Dec 2025); column year label 2025 applies to the component columns, period given in section. No non-controlling interest column printed.
Statements of Changes in Equity - Company
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company, Share capital (Note 28), $'000 | 2025Company, Warrant reserve (Note 29), $'000 | 2025Company, Retained earnings, $'000 | 2025Company, Total equity, $'000 | Source |
|---|---|---|---|---|---|
| FY2024 | |||||
| Opening balance at 1 January 2024$'000 | 8,321 | 75 | 2,154 | 10,550 | PDF p. 127 |
| Exercise of warrants$'000 | 260 | – | – | 260 | PDF p. 127 |
| Loss for the year, representing total comprehensive income for the year$'000 | – | – | (1,527) | (1,527) | PDF p. 127 |
| Closing balance at 31 December 2024$'000 | 8,581 | 75 | 627 | 9,283 | PDF p. 127 |
| FY2025 | |||||
| Opening balance at 1 January 2025$'000 | 8,581 | 75 | 627 | 9,283 | PDF p. 127 |
| Exercise of warrants$'000 | 89 | – | – | 89 | PDF p. 127 |
| Loss for the year, representing total comprehensive income for the year$'000 | – | – | (128) | (128) | PDF p. 127 |
| Closing balance at 31 December 2025$'000 | 8,670 | 75 | 499 | 9,244 | PDF p. 127 |
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Definitions & sources
Original report: PDF p. 127 ↗
Loss row label wraps: 'Loss for the year, representing total comprehensive income / for the year'. Quotes for those rows are the second-line fragment with values.
Consolidated Statement of Cash Flows (Operating activities)
34 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $'000 | 2024Group, $'000 | Source |
|---|---|---|---|
| Operating activities | |||
| (Loss)/profit before tax$'000 | (2,789) | 2,307 | PDF p. 128 |
| Adjustments for | |||
| Write back of allowance for expected credit losses$'000 | – | (16) | PDF p. 128 |
| Depreciation of property, plant and equipment$'000 | 1,540 | 1,585 | PDF p. 128 |
| Depreciation of investment property$'000 | – | 34 | PDF p. 128 |
| Depreciation of right-of-use assets$'000 | 12,552 | 13,792 | PDF p. 128 |
| Fair value loss/(gain) on derivative$'000 | 320 | (464) | PDF p. 128 |
| Interest income$'000 | (3) | (9) | PDF p. 128 |
| Impairment loss on right-of-use assets, net$'000 | 664 | 641 | PDF p. 128 |
| Write back of impairment loss on property, plant and equipment, net$'000 | (37) | (491) | PDF p. 128 |
| Loss on property, plant and equipment written-off$'000 | 66 | 45 | PDF p. 128 |
| Reversal of provision for restoration cost$'000 | (6) | (59) | PDF p. 128 |
| Gain on disposal of investment property$'000 | – | (1,290) | PDF p. 128 |
| Gain on disposal of property, plant and equipment$'000 | – | (6) | PDF p. 128 |
| Finance costs$'000 | 2,102 | 2,327 | PDF p. 128 |
| Share of loss from investment in joint ventures$'000 | 123 | 10 | PDF p. 128 |
| Gain on early termination and modification of leases, net$'000 | (12) | (28) | PDF p. 128 |
| Currency realignment$'000 | 35 | 7 | PDF p. 128 |
| Total adjustments$'000 | 17,344 | 16,078 | PDF p. 128 |
| Operating activities | |||
| Operating cash flows before changes in working capital$'000 | 14,555 | 18,385 | PDF p. 128 |
| Changes in working capital | |||
| Inventories$'000 | 60 | (32) | PDF p. 128 |
| Trade and other receivables$'000 | 739 | 8 | PDF p. 128 |
| Amount due from a joint venture$'000 | (65) | – | PDF p. 128 |
| Refundable deposits$'000 | 176 | 712 | PDF p. 128 |
| Prepayments$'000 | (156) | 275 | PDF p. 128 |
| Other assets$'000 | – | 2 | PDF p. 128 |
| Trade and other payables$'000 | 523 | (712) | PDF p. 128 |
| Other liabilities$'000 | (555) | (627) | PDF p. 128 |
| Amounts due to a joint venture$'000 | 194 | 2 | PDF p. 128 |
| Contract liabilities$'000 | (181) | 78 | PDF p. 128 |
| Total changes in working capital$'000 | 735 | (294) | PDF p. 128 |
| Operating activities | |||
| Cash flows from operations$'000 | 15,290 | 18,091 | PDF p. 128 |
| Income taxes paid$'000 | – | (1) | PDF p. 128 |
| Interest received$'000 | 3 | 9 | PDF p. 128 |
| Net cash flows generated from operating activities$'000 | 15,293 | 18,099 | PDF p. 128 |
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Definitions & sources
Original report: PDF p. 128 ↗
Working capital sub-headings: '(Increase)/decrease in:' (Inventories to Other assets) and '(Decrease)/increase in:' (Trade and other payables to Contract liabilities).
Consolidated Statement of Cash Flows (Investing, Financing, closing cash)
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $'000 | 2024Group, $'000 | Source |
|---|---|---|---|
| Investing activities | |||
| Payment for franchise right$'000 | (258) | – | PDF p. 129 |
| Purchase of property, plant and equipment$'000 | (794) | (662) | PDF p. 129 |
| Cash paid for restoration cost$'000 | (31) | (334) | PDF p. 129 |
| Proceeds from disposal of investment property$'000 | – | 2,000 | PDF p. 129 |
| Proceeds from disposal of property, plant and equipment$'000 | – | 6 | PDF p. 129 |
| Investment in joint venture$'000 | – | (400) | PDF p. 129 |
| Net cash flows (used in)/generated from investing activities$'000 | (1,083) | 610 | PDF p. 129 |
| Financing activities | |||
| Exercise of warrants$'000 | 89 | 260 | PDF p. 129 |
| Repayments of loans and borrowings$'000 | (671) | (2,299) | PDF p. 129 |
| Interest paid$'000 | (54) | (122) | PDF p. 129 |
| Lease principal and interest payments$'000 | (15,978) | (17,651) | PDF p. 129 |
| Restricted cash (pledged)/released$'000 | (149) | 1,000 | PDF p. 129 |
| Amounts due to a director and a controlling shareholder$'000 | 1,096 | – | PDF p. 129 |
| Repayment of amounts due to directors$'000 | – | (50) | PDF p. 129 |
| Net cash flows used in financing activities$'000 | (15,667) | (18,862) | PDF p. 129 |
| Cash | |||
| Net change in cash and cash equivalents$'000 | (1,457) | (153) | PDF p. 129 |
| Cash and cash equivalents at 1 January$'000 | 1,878 | 2,031 | PDF p. 129 |
| Cash and cash equivalents at 31 December$'000 | 421 | 1,878 | PDF p. 129 |
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Definitions & sources
Original report: PDF p. 129 ↗
Continuation of consolidated cash flow statement; operating section on page 128.
Cash flow Note A - Property, plant and equipment
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $'000 | 2024Group, $'000 | Source |
|---|---|---|---|
| A. Property, plant and equipment | |||
| Current year additions to property, plant and equipment$'000 | (847) | (785) | PDF p. 129 |
| Less: Provision for restoration cost$'000 | 53 | 123 | PDF p. 129 |
| Net cash outflow for purchase of property, plant and equipment$'000 | (794) | (662) | PDF p. 129 |
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Definitions & sources
Original report: PDF p. 129 ↗
Financial Highlights – five-year summary by segment (F&B and Hospitality)
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group F&B segment, FY2025 | 2025Group Hospitality segment, FY2025 | 2024Group F&B segment, FY2024 | 2024Group Hospitality segment, FY2024 | 2023Group F&B segment, FY2023 | 2023Group Hospitality segment, FY2023 | 2022Group F&B segment, FY2022 | 2022Group Hospitality segment, FY2022 | 2021Group F&B segment, FY2021 | 2021Group Hospitality segment, FY2021 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||
| RevenueS$'000 | 33,237 | 12,734 | 38,196 | 16,532 | 42,068 | 17,247 | 47,323 | 17,135 | 40,968 | 12,830 | PDF p. 17 |
| EBITDA 1S$'000 | 6,145 | 7,285 | 10,411 | 9,688 | 8,191 | 9,383 | 11,420 | 10,402 | 9,968 | 11,871 | PDF p. 17 |
| Adjusted EBITDA2S$'000 | (2,700) | 779 | (18) | 2,616 | (3,022) | 3,609 | (938) | 3,434 | (1,833) | 670 | PDF p. 17 |
| Financial Position | |||||||||||
| Total AssetsS$'000 | 15,732 | 11,135 | 19,567 | 15,633 | 22,611 | 20,883 | 27,254 | 24,786 | 29,939 | 27,506 | PDF p. 17 |
| Total LiabilitiesS$'000 | (23,525) | (9,975) | (24,905) | (14,262) | (30,023) | (20,011) | (33,878) | (23,466) | (38,510) | (27,810) | PDF p. 17 |
| Cash and Cash EquivalentsS$'000 | 330 | 240 | 1,330 | 548 | 2,060 | 971 | 3,647 | 1,843 | 5,573 | 1,627 | PDF p. 17 |
| Basic earnings per ordinary shares (cents)cents | (1.57) | 0.46 | (0.21) | 1.19 | (1.79) | 1.21 | (0.13) | 1.62 | (1.94) | 1.85 | PDF p. 17 |
| Diluted earnings per ordinary shares (cents)cents | (1.44) | 0.33 | (0.15) | 0.88 | (1.43) | 0.96 | (0.13) | 1.62 | (1.94) | 1.85 | PDF p. 17 |
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Definitions & sources
Original report: PDF p. 17 ↗
1 EBITDA: Earnings before Interest, Tax, Depreciation and Amortisation.
2 Adjusted EBITDA: EBITDA less lease payments and add back impairment losses.
Per-share rows are printed under the Financial Position block with F&B/Hospitality columns as shown.
Note 12 (Loss)/profit per share – Group
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Note 12 | |||
| (Loss)/profit for the year attributable to owners of the Company ($’000)$'000 | (2,789) | 2,306 | PDF p. 147 |
| Weighted average number of ordinary shares for basic (loss)/profit per share computation (’000)'000 shares | 251,120 | 235,483 | PDF p. 147 |
| Warrants (’000)'000 shares | 104,879 | 82,220 | PDF p. 147 |
| Weighted average number of ordinary shares for diluted (loss)/profit per share computation (’000)'000 shares | 355,999 | 317,703 | PDF p. 147 |
| Basic earnings per share (cents)cents | (1.11) | 0.98 | PDF p. 147 |
| Diluted earnings per share (cents)cents | (1.11) | 0.73 | PDF p. 147 |
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Definitions & sources
Original report: PDF p. 147 ↗
In 2025, the warrants that are outstanding have an anti-dilutive effect as the conversion to ordinary shares would decrease loss per share.
In 2024, the warrants that are outstanding have a dilutive effect as the average market price of the ordinary shares during the period exceeds the exercise price of the warrants.
Basic (loss)/profit per share are calculated by dividing the Group’s (loss)/profit for the year attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the financial year.
Group-level EPS in the note (2025: (1.11)) differs from segment-level EPS in the highlights, which are printed per segment.
Where the money comes from
Segment information
By business
Business segments (Note 35) - part 1 14 lines
| Item / unit | 2025Hospitality, $'000 | 2024Hospitality, $'000 | 2025Food and beverages, $'000 | 2024Food and beverages, $'000 | 2025Consolidated, $'000 | 2024Consolidated, $'000 | Source |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| External customers$'000 | 12,734 | 16,532 | 33,237 | 38,196 | 45,971 | 54,728 | PDF p. 167 |
| Results | |||||||
| Write back of allowance for expected credit losses$'000 | – | 16 | – | – | – | 16 | PDF p. 167 |
| Interest on loans and borrowings$'000 | – | – | (51) | (119) | (51) | (119) | PDF p. 167 |
| Interest on lease liabilities$'000 | (847) | (1,102) | (1,226) | (1,154) | (2,073) | (2,256) | PDF p. 167 |
| Hire purchase interest$'000 | – | – | (3) | (3) | (3) | (3) | PDF p. 167 |
| Income tax expense$'000 | – | (1) | – | – | – | (1) | PDF p. 167 |
| Depreciation of property, plant and equipment$'000 | (648) | (732) | (892) | (853) | (1,540) | (1,585) | PDF p. 167 |
| Depreciation of right-of-use assets$'000 | (4,631) | (5,055) | (7,921) | (8,737) | (12,552) | (13,792) | PDF p. 167 |
| Depreciation of investment property$'000 | – | – | – | (34) | – | (34) | PDF p. 167 |
| Fair value (loss)/gain on derivative$'000 | – | – | (320) | 464 | (320) | 464 | PDF p. 167 |
| Gain on disposal of investment property$'000 | – | – | – | 1,290 | – | 1,290 | PDF p. 167 |
| Gain on disposal of property, plant and equipment$'000 | – | 6 | – | – | – | 6 | PDF p. 167 |
| Interest income$'000 | – | 3 | 3 | 6 | 3 | 9 | PDF p. 167 |
| Gain on early termination and modification of leases, net$'000 | – | 3 | 12 | 25 | 12 | 28 | PDF p. 167 |
Notes
Group is organised into two operating business segments: Hospitality; and Food and beverages. Table continues on next page.
Business segments (Note 35) - part 2 (cont'd) 8 lines
| Item / unit | 2025Hospitality, $'000 | 2024Hospitality, $'000 | 2025Food and beverages, $'000 | 2024Food and beverages, $'000 | 2025Consolidated, $'000 | 2024Consolidated, $'000 | Source |
|---|---|---|---|---|---|---|---|
| Results | |||||||
| Reversal of provision for restoration cost$'000 | – | – | 6 | 59 | 6 | 59 | PDF p. 168 |
| Impairment loss on right-of-use assets, net$'000 | 201 | (165) | (865) | (476) | (664) | (641) | PDF p. 168 |
| Write back of/(impairment loss) on property, plant and equipment, net$'000 | 191 | 491 | (154) | – | 37 | 491 | PDF p. 168 |
| Write-off of property, plant and equipment$'000 | (3) | – | (63) | (45) | (66) | (45) | PDF p. 168 |
| Share of loss from investment in joint ventures$'000 | – | – | (123) | (10) | (123) | (10) | PDF p. 168 |
| Segment net profit/(loss)$'000 | 1,159 | 2,798 | (3,948) | (492) | (2,789) | 2,306 | PDF p. 168 |
| Assets | |||||||
| Segment assets$'000 | 11,135 | 15,633 | 15,732 | 19,567 | 26,867 | 35,200 | PDF p. 168 |
| Liabilities | |||||||
| Segment liabilities$'000 | (9,975) | (14,262) | (23,525) | (24,905) | (33,500) | (39,167) | PDF p. 168 |
Notes
Continuation of Note 35 business segments table.
By geography
Geographical information (Note 35) 3 lines
| Item / unit | 2025Revenue, $'000 | 2024Revenue, $'000 | 2025Non-current assets, $'000 | 2024Non-current assets, $'000 | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| Singapore$'000 | 45,971 | 54,721 | 20,147 | 26,453 | PDF p. 168 |
| Indonesia$'000 | – | 7 | – | – | PDF p. 168 |
| Total$'000 | 45,971 | 54,728 | 20,147 | 26,453 | PDF p. 168 |
Notes
Non-current assets information presented above consist of property, plant and equipment, intangible assets, right-of-use assets, derivative instrument and investment in joint venture presented in the consolidated statement of financial position.
The total row has no printed label.
Debt
Borrowings
Contractual undiscounted maturity profile - Company lease liabilities
| Item / unit | 2025one year or less | 2025one to five years | 2025after five years | 2025total | Source |
|---|---|---|---|---|---|
| Company 2025 | |||||
| Lease liabilities$’000 | 216 | 922 | 79 | 1,217 | PDF p. 166 |
Notes
Company has no loans and borrowings line in the maturity table. No Company lease liabilities line is printed for 2024.
Borrowing notes 1 tables
Loans and borrowings
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| SGD Bank Loans | |||
| – SGD loan at SORA + 2.5% p.a. (Revolving (Note i))$’000 | – | 1,000 | PDF p. 159 |
| – SGD loan at 2.75% p.a. (2025 (Note ii))$’000 | – | 656 | PDF p. 159 |
| – SGD loan at SORA + 2.5% p.a. (2026 (Note i))$’000 | 1,000 | – | PDF p. 159 |
| Loans and borrowings | |||
| Financing arrangement$’000 | 43 | 58 | PDF p. 159 |
| Current portion$’000 | 1,015 | 1,671 | PDF p. 159 |
| Non-current portion$’000 | 28 | 43 | PDF p. 159 |
Notes
Total loans and borrowings 1,043 (2025) and 1,714 (2024).
(i) SORA + 2.5% p.a. loan: restructured in 2025 into a term loan; repayable in five monthly instalments of $50,000 from 31 January 2026, then five of $150,000 from 30 June 2026; secured by continuing guarantees by the Company; includes financial covenants; no breach at 31 December 2025.
(ii) 2.75% p.a. loan: 60 equal monthly instalments from June 2020; secured by continuing guarantees by the Company; fully repaid on 10 June 2025.
(iii) Financing arrangement: hire purchase of a motor vehicle, 60 equal monthly instalments from November 2023, interest 3.68% p.a.; secured by a charge over the motor vehicle and a personal guarantee from a director of the Group.
All borrowings are SGD denominated.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | The Company does not have a fixed dividend policy. The declaration and payment of dividends will depend on the Group’s earnings, general financial condition, results of operations, capital requirements, cash flow, general business condition, development plans and other factors as the Directors may, in their absolute discretion, deem appropriate. | Group, FY2025 | PDF p. 104 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend recommendation FY2025 | The Board is not recommending any dividends for FY2025 in view of prevailing business and financial conditions of the Group. | Group, FY2025 | PDF p. 104 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Auditor | Ernst & Young LLP | Group and Company, FY ended 31 December 2025 | PDF p. 124 |
| Engagement partner | Tan Peck Yen | Group and Company | PDF p. 124 |
| Opinion | Our opinion is not modified in respect of this matter. | Group and Company | PDF p. 121 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Material uncertainty related to going concern | These factors indicate the existence of a material uncertainty that may cast significant doubt about the Group’s and the Company’s ability to continue as going concern. | Group and Company · As at 2025-12-31 | PDF p. 121 |
| Fundamental accounting concept | The financial statements of the Group and the Company have been prepared on a going concern basis | Group and Company, Note 2.1 | PDF p. 130 |
Emphasis of matter
| Item | Value | Period / scope | Source |
|---|---|---|---|
| On-going litigation by the Urban Redevelopment Authority | We draw attention to Note 31(c) which describes the uncertainty related to the outcome of an on-going litigation brought by the Urban Redevelopment Authority concerning alleged breaches of the minimum stay requirement in connection with short-term accommodation provided by ST Hospitality Pte. Ltd.. | Group | PDF p. 121 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment loss on right-of-use assets and property, plant and equipment | Management has assessed that there were indicators of impairment or reversal of impairment on certain CGUs in the hospitality and food and beverages segments. | Group · As at 2025-12-31 | PDF p. 122 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.