Choo Chiang 42E

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Financials

Annual Report 2025

Open annual report

Auditor’s opinion: a true and fair view. Read auditor’s report (PDF p. 53)

Explore the statements

28 tables

Group statement of financial position

30 metrics

Units appear below each metric. Scroll to compare years

Group statement of financial position from Annual Report 2025
Metric / unit 2025Group / as at 31 December 20252024Group / as at 31 December 2024 Source
Current assets
Cash and cash equivalentsSingapore dollars thousands 37,17834,647 PDF p. 59
Trade receivablesSingapore dollars thousands 6,7366,432 PDF p. 59
Other receivables and prepaymentsSingapore dollars thousands 450443 PDF p. 59
Financial assets at fair value through profit or lossSingapore dollars thousands 1,3611,396 PDF p. 59
InventoriesSingapore dollars thousands 21,95822,539 PDF p. 59
Non-current asset held for saleSingapore dollars thousands 1,552– PDF p. 59
Total current assetsSingapore dollars thousands 69,23565,457 PDF p. 59
Non-current assets
Property, plant and equipmentSingapore dollars thousands 7,7718,095 PDF p. 59
Investment propertiesSingapore dollars thousands 14,23912,475 PDF p. 59
Club membershipSingapore dollars thousands 94112 PDF p. 59
PrepaymentSingapore dollars thousands 176– PDF p. 59
Investments in subsidiariesSingapore dollars thousands –– PDF p. 59
Right-of-use assetsSingapore dollars thousands 2,4252,504 PDF p. 59
Total non-current assetsSingapore dollars thousands 24,70523,186 PDF p. 59
Total assetsSingapore dollars thousands 93,94088,643 PDF p. 59
Current liabilities
Trade payablesSingapore dollars thousands 12,03410,503 PDF p. 59
Other payables and accrualsSingapore dollars thousands 3,3482,997 PDF p. 59
Contract liabilitiesSingapore dollars thousands 7523 PDF p. 59
Lease liabilitiesSingapore dollars thousands 419396 PDF p. 59
Income tax payableSingapore dollars thousands 2,0522,126 PDF p. 59
Total current liabilitiesSingapore dollars thousands 17,92816,045 PDF p. 59
Non-current liabilities
Lease liabilitiesSingapore dollars thousands 2,7272,812 PDF p. 59
Deferred tax liabilitiesSingapore dollars thousands 9389 PDF p. 59
Total non-current liabilitiesSingapore dollars thousands 2,8202,901 PDF p. 59
Total liabilitiesSingapore dollars thousands 20,74818,946 PDF p. 59
Capital and reserves
Share capitalSingapore dollars thousands 8,0208,020 PDF p. 59
Treasury sharesSingapore dollars thousands (89)(89) PDF p. 59
Retained earningsSingapore dollars thousands 65,26161,766 PDF p. 59
Total equitySingapore dollars thousands 73,19269,697 PDF p. 59
Total liabilities and equitySingapore dollars thousands 93,94088,643 PDF p. 59
Definitions & sources

Original report: PDF p. 59 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Company statement of financial position

30 metrics

Units appear below each metric. Scroll to compare years

Company statement of financial position from Annual Report 2025
Metric / unit 2025Company / as at 31 December 20252024Company / as at 31 December 2024 Source
Current assets
Cash and cash equivalentsSingapore dollars thousands 405422 PDF p. 59
Trade receivablesSingapore dollars thousands 5,85511,877 PDF p. 59
Other receivables and prepaymentsSingapore dollars thousands 16,74816,476 PDF p. 59
Financial assets at fair value through profit or lossSingapore dollars thousands –– PDF p. 59
InventoriesSingapore dollars thousands –– PDF p. 59
Non-current asset held for saleSingapore dollars thousands –– PDF p. 59
Total current assetsSingapore dollars thousands 23,00828,775 PDF p. 59
Non-current assets
Property, plant and equipmentSingapore dollars thousands –– PDF p. 59
Investment propertiesSingapore dollars thousands –– PDF p. 59
Club membershipSingapore dollars thousands –– PDF p. 59
PrepaymentSingapore dollars thousands –– PDF p. 59
Investments in subsidiariesSingapore dollars thousands 2,1102,110 PDF p. 59
Right-of-use assetsSingapore dollars thousands –– PDF p. 59
Total non-current assetsSingapore dollars thousands 2,1102,110 PDF p. 59
Total assetsSingapore dollars thousands 25,11830,885 PDF p. 59
Current liabilities
Trade payablesSingapore dollars thousands –– PDF p. 59
Other payables and accrualsSingapore dollars thousands 10269 PDF p. 59
Contract liabilitiesSingapore dollars thousands –– PDF p. 59
Lease liabilitiesSingapore dollars thousands –– PDF p. 59
Income tax payableSingapore dollars thousands 4052 PDF p. 59
Total current liabilitiesSingapore dollars thousands 142121 PDF p. 59
Non-current liabilities
Lease liabilitiesSingapore dollars thousands –– PDF p. 59
Deferred tax liabilitiesSingapore dollars thousands –– PDF p. 59
Total non-current liabilitiesSingapore dollars thousands –– PDF p. 59
Total liabilitiesSingapore dollars thousands 142121 PDF p. 59
Capital and reserves
Share capitalSingapore dollars thousands 8,0208,020 PDF p. 59
Treasury sharesSingapore dollars thousands (89)(89) PDF p. 59
Retained earningsSingapore dollars thousands 17,04522,833 PDF p. 59
Total equitySingapore dollars thousands 24,97630,764 PDF p. 59
Total liabilities and equitySingapore dollars thousands 25,11830,885 PDF p. 59
Definitions & sources

Original report: PDF p. 59 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group consolidated profit or loss and comprehensive income

12 metrics

Units appear below each metric. Scroll to compare years

Group consolidated profit or loss and comprehensive income from Annual Report 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 Source
income
RevenueSingapore dollars thousands 93,07589,622 PDF p. 58
Cost of salesSingapore dollars thousands (66,381)(63,465) PDF p. 58
Gross profitSingapore dollars thousands 26,69426,157 PDF p. 58
Other operating incomeSingapore dollars thousands 1,0733,273 PDF p. 58
Administrative and selling expensesSingapore dollars thousands (14,044)(13,851) PDF p. 58
Other operating expensesSingapore dollars thousands (2,135)(1,663) PDF p. 58
Finance costsSingapore dollars thousands (108)(107) PDF p. 58
Profit before income taxSingapore dollars thousands 11,48013,809 PDF p. 58
Income tax expenseSingapore dollars thousands (1,963)(2,021) PDF p. 58
Profit for the year, representing total comprehensive income for the yearSingapore dollars thousands 9,51711,788 PDF p. 58
Total comprehensive income attributable to:
Owners of the CompanySingapore dollars thousands 9,51711,788 PDF p. 58
Earnings per share (in cents):
Basic and dilutedSingapore cents per share 4.585.68 PDF p. 58
Definitions & sources

Original report: PDF p. 58 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group changes in equity / 2025

4 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2025 from Annual Report 2025
Metric / unit 2025Group / Share capital2025Group / Treasury shares2025Group / Retained earnings2025Group / Total equity Source
in equity:
Balance at 31 December 2024Singapore dollars thousands 8,020(89)61,76669,697 PDF p. 60
Profit for the year, representing total comprehensive income for the yearSingapore dollars thousands ––9,5179,517 PDF p. 60
Dividend paid (Note 27)Singapore dollars thousands ––(6,022)(6,022) PDF p. 60
Balance at 31 December 2025Singapore dollars thousands 8,020(89)65,26173,192 PDF p. 60
Definitions & sources

Original report: PDF p. 60 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group changes in equity / 2024

4 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2024 from Annual Report 2025
Metric / unit 2024Group / Share capital2024Group / Treasury shares2024Group / Retained earnings2024Group / Total equity Source
Group
Balance at 1 January 2024Singapore dollars thousands 8,020(89)55,37763,308 PDF p. 60
Profit for the year, representing total comprehensive income for the yearSingapore dollars thousands ––11,78811,788 PDF p. 60
in equity:
Dividend paid (Note 27)Singapore dollars thousands ––(5,399)(5,399) PDF p. 60
Balance at 31 December 2024Singapore dollars thousands 8,020(89)61,76669,697 PDF p. 60
Definitions & sources

Original report: PDF p. 60 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group consolidated cash flows

44 metrics

Units appear below each metric. Scroll to compare years

Group consolidated cash flows from Annual Report 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 Source
Operating activities
Profit before income taxSingapore dollars thousands 11,48013,809 PDF p. 61
Adjustments for:
Interest expense on lease liabilitiesSingapore dollars thousands 108107 PDF p. 61
Interest incomeSingapore dollars thousands (611)(828) PDF p. 61
Depreciation of property, plant and equipmentSingapore dollars thousands 606450 PDF p. 61
Depreciation of investment propertiesSingapore dollars thousands 320331 PDF p. 61
Depreciation of right-of-use assetsSingapore dollars thousands 516639 PDF p. 61
Reversal of impairment loss on property, plant and equipmentSingapore dollars thousands –(430) PDF p. 61
Reversal of impairment loss on investment propertiesSingapore dollars thousands –(331) PDF p. 61
Amortisation of club membershipSingapore dollars thousands 1819 PDF p. 61
Loss allowance for trade receivablesSingapore dollars thousands 28674 PDF p. 61
Bad debts recoveredSingapore dollars thousands (2)(7) PDF p. 61
Provision for stock obsolescenceSingapore dollars thousands 321179 PDF p. 61
Dividend income from financial assets at fair value through profit or loss (“FVTPL”)Singapore dollars thousands (17)(15) PDF p. 61
Fair value gain on financial assets at FVTPL, netSingapore dollars thousands (87)(96) PDF p. 61
Gain on disposal of financial assets at FVTPLSingapore dollars thousands (20)(1) PDF p. 61
Gain on disposal of property, plant and equipmentSingapore dollars thousands (6)(31) PDF p. 61
Gain on disposal of an investment propertySingapore dollars thousands (127)(1,177) PDF p. 61
Gain on lease modificationSingapore dollars thousands –(59) PDF p. 61
Operating cash flows before movements in working capitalSingapore dollars thousands 12,78512,633 PDF p. 61
Changes in working capital:
Trade receivablesSingapore dollars thousands (588)(330) PDF p. 61
Other receivables and prepaymentsSingapore dollars thousands (183)82 PDF p. 61
InventoriesSingapore dollars thousands 260(1,902) PDF p. 61
Trade payablesSingapore dollars thousands 1,5311,093 PDF p. 61
Other payables and accrualsSingapore dollars thousands (221)(219) PDF p. 61
Contract liabilitiesSingapore dollars thousands 52(49) PDF p. 61
Cash generated from operationsSingapore dollars thousands 13,63611,308 PDF p. 61
Income tax paidSingapore dollars thousands (2,033)(2,165) PDF p. 61
Interest receivedSingapore dollars thousands 611828 PDF p. 61
Cash flows generated from operating activitiesSingapore dollars thousands 12,2149,971 PDF p. 61
Investing activities
Purchase of property, plant and equipmentSingapore dollars thousands (282)(776) PDF p. 61
Purchase of investment propertiesSingapore dollars thousands (3,445)(1,869) PDF p. 61
Dividend income from financial assets at FVTPLSingapore dollars thousands 8280 PDF p. 61
Proceeds from disposal of property, plant and equipmentSingapore dollars thousands 631 PDF p. 61
Proceeds from disposal of an investment propertySingapore dollars thousands 5082,771 PDF p. 61
Proceeds from disposal of financial assets at FVTPLSingapore dollars thousands 11223 PDF p. 61
Purchase of financial assets at FVTPLSingapore dollars thousands (35)(79) PDF p. 61
Cash flows (used in)/generated from investing activitiesSingapore dollars thousands (3,054)181 PDF p. 61
Financing activities
Repayment of lease liabilitiesSingapore dollars thousands (499)(562) PDF p. 61
Dividend paidSingapore dollars thousands (6,022)(5,399) PDF p. 61
Interest paidSingapore dollars thousands (108)(107) PDF p. 61
Cash flows used in financing activitiesSingapore dollars thousands (6,629)(6,068) PDF p. 61
Net increase in cash and cash equivalentsSingapore dollars thousands 2,5314,084 PDF p. 61
Cash and cash equivalents at beginning of yearSingapore dollars thousands 34,64730,563 PDF p. 61
Cash and cash equivalents at end of yearSingapore dollars thousands 37,17834,647 PDF p. 61
Definitions & sources

Original report: PDF p. 61 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group lease financing reconciliation / 2025

1 metrics

Units appear below each metric. Scroll to compare years

Group lease financing reconciliation / 2025 from Annual Report 2025
Metric / unit 2025Group / At 1 January2025Group / Financing cash flows2025Group / Acquisition2025Group / Lease modification2025Group / Interest expense2025Group / At 31 December Source
Reconciliation of liability arising from financing activities
Lease liabilitiesSingapore dollars thousands 3,208(607)437–1083,146 PDF p. 62
Definitions & sources

Original report: PDF p. 62 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group lease financing reconciliation / 2024

1 metrics

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Group lease financing reconciliation / 2024 from Annual Report 2025
Metric / unit 2024Group / At 1 January2024Group / Financing cash flows2024Group / Acquisition2024Group / Lease modification2024Group / Interest expense2024Group / At 31 December Source
Reconciliation of liability arising from financing activities
Lease liabilitiesSingapore dollars thousands 3,314(669)601(145)1073,208 PDF p. 62
Definitions & sources

Original report: PDF p. 62 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group investment-property cash and noncash additions / Note17

3 metrics

Units appear below each metric. Scroll to compare years

Group investment-property cash and noncash additions / Note17 from Annual Report 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 Source
Investment property cash and noncash additions
Additions to investment propertiesSingapore dollars thousands 4,0171,869 PDF p. 90
Less: Non-cash additions – other payablesSingapore dollars thousands (572)– PDF p. 90
Net cash outflow for purchase of investment propertiesSingapore dollars thousands 3,4451,869 PDF p. 90
Definitions & sources

Original report: PDF p. 90 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group statement of financial position

28 metrics

Units appear below each metric. Scroll to compare years

Group statement of financial position from Annual Report 2025
Metric / unit 2023Group / as at 31 December 2023 Source
Current assets
Cash and cash equivalentsSingapore dollars thousands 30,563 PDF p. 54
Trade receivablesSingapore dollars thousands 6,169 PDF p. 54
Other receivables and prepaymentsSingapore dollars thousands 525 PDF p. 54
Financial assets at fair value through profit or lossSingapore dollars thousands 1,308 PDF p. 54
InventoriesSingapore dollars thousands 20,816 PDF p. 54
Total current assetsSingapore dollars thousands 59,381 PDF p. 54
Non-current assets
Property, plant and equipmentSingapore dollars thousands 6,827 PDF p. 54
Investment propertiesSingapore dollars thousands 12,200 PDF p. 54
Club membershipSingapore dollars thousands 131 PDF p. 54
Investments in subsidiariesSingapore dollars thousands – PDF p. 54
Right-of-use assetsSingapore dollars thousands 3,140 PDF p. 54
Total non-current assetsSingapore dollars thousands 22,298 PDF p. 54
Total assetsSingapore dollars thousands 81,679 PDF p. 54
Current liabilities
Trade payablesSingapore dollars thousands 9,410 PDF p. 54
Other payables and accrualsSingapore dollars thousands 3,216 PDF p. 54
Contract liabilitiesSingapore dollars thousands 72 PDF p. 54
Lease liabilitiesSingapore dollars thousands 503 PDF p. 54
Income tax payableSingapore dollars thousands 2,284 PDF p. 54
Total current liabilitiesSingapore dollars thousands 15,485 PDF p. 54
Non-current liabilities
Lease liabilitiesSingapore dollars thousands 2,811 PDF p. 54
Deferred tax liabilitiesSingapore dollars thousands 75 PDF p. 54
Total non-current liabilitiesSingapore dollars thousands 2,886 PDF p. 54
Total liabilitiesSingapore dollars thousands 18,371 PDF p. 54
Capital and reserves
Share capitalSingapore dollars thousands 8,020 PDF p. 54
Treasury sharesSingapore dollars thousands (89) PDF p. 54
Retained earningsSingapore dollars thousands 55,377 PDF p. 54
Total equitySingapore dollars thousands 63,308 PDF p. 54
Total liabilities and equitySingapore dollars thousands 81,679 PDF p. 54
Definitions & sources

Original report: PDF p. 54 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Company statement of financial position

28 metrics

Units appear below each metric. Scroll to compare years

Company statement of financial position from Annual Report 2025
Metric / unit 2023Company / as at 31 December 2023 Source
Current assets
Cash and cash equivalentsSingapore dollars thousands 414 PDF p. 54
Trade receivablesSingapore dollars thousands 6,166 PDF p. 54
Other receivables and prepaymentsSingapore dollars thousands 15,262 PDF p. 54
Financial assets at fair value through profit or lossSingapore dollars thousands – PDF p. 54
InventoriesSingapore dollars thousands – PDF p. 54
Total current assetsSingapore dollars thousands 21,842 PDF p. 54
Non-current assets
Property, plant and equipmentSingapore dollars thousands – PDF p. 54
Investment propertiesSingapore dollars thousands – PDF p. 54
Club membershipSingapore dollars thousands – PDF p. 54
Investments in subsidiariesSingapore dollars thousands 2,110 PDF p. 54
Right-of-use assetsSingapore dollars thousands – PDF p. 54
Total non-current assetsSingapore dollars thousands 2,110 PDF p. 54
Total assetsSingapore dollars thousands 23,952 PDF p. 54
Current liabilities
Trade payablesSingapore dollars thousands – PDF p. 54
Other payables and accrualsSingapore dollars thousands 112 PDF p. 54
Contract liabilitiesSingapore dollars thousands – PDF p. 54
Lease liabilitiesSingapore dollars thousands – PDF p. 54
Income tax payableSingapore dollars thousands 47 PDF p. 54
Total current liabilitiesSingapore dollars thousands 159 PDF p. 54
Non-current liabilities
Lease liabilitiesSingapore dollars thousands – PDF p. 54
Deferred tax liabilitiesSingapore dollars thousands – PDF p. 54
Total non-current liabilitiesSingapore dollars thousands – PDF p. 54
Total liabilitiesSingapore dollars thousands 159 PDF p. 54
Capital and reserves
Share capitalSingapore dollars thousands 8,020 PDF p. 54
Treasury sharesSingapore dollars thousands (89) PDF p. 54
Retained earningsSingapore dollars thousands 15,862 PDF p. 54
Total equitySingapore dollars thousands 23,793 PDF p. 54
Total liabilities and equitySingapore dollars thousands 23,952 PDF p. 54
Definitions & sources

Original report: PDF p. 54 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group consolidated profit or loss and comprehensive income

12 metrics

Units appear below each metric. Scroll to compare years

Group consolidated profit or loss and comprehensive income from Annual Report 2025
Metric / unit 2023Group / year ended 31 December 2023 Source
income
RevenueSingapore dollars thousands 91,006 PDF p. 53
Cost of salesSingapore dollars thousands (63,573) PDF p. 53
Gross profitSingapore dollars thousands 27,433 PDF p. 53
Other operating incomeSingapore dollars thousands 1,038 PDF p. 53
Administrative and selling expensesSingapore dollars thousands (13,774) PDF p. 53
Other operating expensesSingapore dollars thousands (1,733) PDF p. 53
Finance costsSingapore dollars thousands (116) PDF p. 53
Profit before income taxSingapore dollars thousands 12,848 PDF p. 53
Income tax expenseSingapore dollars thousands (2,307) PDF p. 53
Profit for the year, representing total comprehensive income for the yearSingapore dollars thousands 10,541 PDF p. 53
Total comprehensive income attributable to:
Owners of the CompanySingapore dollars thousands 10,541 PDF p. 53
Earnings per share (in cents):
Basic and dilutedSingapore cents per share 5.08 PDF p. 53
Definitions & sources

Original report: PDF p. 53 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group changes in equity / 2023

4 metrics

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Group changes in equity / 2023 from Annual Report 2025
Metric / unit 2023Group / Share capital2023Group / Treasury shares2023Group / Retained earnings2023Group / Total equity Source
Group
Balance at 1 January 2023Singapore dollars thousands 8,020(89)49,61257,543 PDF p. 55
Profit for the year, representing total comprehensive income for the yearSingapore dollars thousands ––10,54110,541 PDF p. 55
Transactions with owners, recognised directly in equity:
Dividend paid (Note 26)Singapore dollars thousands ––(4,776)(4,776) PDF p. 55
Balance at 31 December 2023Singapore dollars thousands 8,020(89)55,37763,308 PDF p. 55
Definitions & sources

Original report: PDF p. 55 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group consolidated cash flows

45 metrics

Units appear below each metric. Scroll to compare years

Group consolidated cash flows from Annual Report 2025
Metric / unit 2023Group / year ended 31 December 2023 Source
Operating activities
Profit before income taxSingapore dollars thousands 12,848 PDF p. 56
Adjustments for:
Interest expense on lease liabilitiesSingapore dollars thousands 116 PDF p. 56
Interest incomeSingapore dollars thousands (682) PDF p. 56
Depreciation of property, plant and equipmentSingapore dollars thousands 411 PDF p. 56
Depreciation of investment propertiesSingapore dollars thousands 333 PDF p. 56
Depreciation of right-of-use assetsSingapore dollars thousands 622 PDF p. 56
Reversal of impairment loss on property, plant and equipmentSingapore dollars thousands – PDF p. 56
Reversal of impairment loss on investment propertiesSingapore dollars thousands – PDF p. 56
Amortisation of club membershipSingapore dollars thousands 19 PDF p. 56
Loss allowance for trade receivablesSingapore dollars thousands 215 PDF p. 56
Bad debts recoveredSingapore dollars thousands (6) PDF p. 56
Provision for stock obsolescenceSingapore dollars thousands 313 PDF p. 56
Dividend income from financial assets at fair value through profit or loss (“FVTPL”)Singapore dollars thousands (10) PDF p. 56
Fair value gain on financial assets at FVTPLSingapore dollars thousands (23) PDF p. 56
Gain on disposal of financial assets at FVTPLSingapore dollars thousands (12) PDF p. 56
(Gain)/Loss on disposal of property, plant and equipmentSingapore dollars thousands 1 PDF p. 56
Gain on disposal of an investment propertySingapore dollars thousands – PDF p. 56
Gain on lease modificationSingapore dollars thousands – PDF p. 56
Operating cash flows before movements in working capitalSingapore dollars thousands 14,145 PDF p. 56
Changes in working capital:
Trade receivablesSingapore dollars thousands (419) PDF p. 56
Other receivables and prepaymentsSingapore dollars thousands 207 PDF p. 56
InventoriesSingapore dollars thousands 462 PDF p. 56
Trade payablesSingapore dollars thousands 35 PDF p. 56
Other payables and accrualsSingapore dollars thousands 360 PDF p. 56
Contract liabilitiesSingapore dollars thousands (145) PDF p. 56
Cash generated from operationsSingapore dollars thousands 14,645 PDF p. 56
Income tax paidSingapore dollars thousands (1,962) PDF p. 56
Interest receivedSingapore dollars thousands 682 PDF p. 56
Cash flows generated from operating activitiesSingapore dollars thousands 13,365 PDF p. 56
Investing activities
Purchase of property, plant and equipmentSingapore dollars thousands (115) PDF p. 56
Purchase of right-of-use assetsSingapore dollars thousands (572) PDF p. 56
Purchase of investment propertiesSingapore dollars thousands – PDF p. 56
Dividend income from financial assets at FVTPLSingapore dollars thousands 75 PDF p. 56
Proceeds from disposal of property, plant and equipmentSingapore dollars thousands – PDF p. 56
Proceeds from disposal of an investment propertySingapore dollars thousands – PDF p. 56
Proceeds from disposal of financial assets at FVTPLSingapore dollars thousands 114 PDF p. 56
Purchase of financial assets at FVTPLSingapore dollars thousands (97) PDF p. 56
Cash flows generated from/(used in) investing activitiesSingapore dollars thousands (595) PDF p. 56
Financing activities
Repayment of lease liabilitiesSingapore dollars thousands (585) PDF p. 56
Dividend paidSingapore dollars thousands (4,776) PDF p. 56
Interest paidSingapore dollars thousands (116) PDF p. 56
Cash flows used in financing activitiesSingapore dollars thousands (5,477) PDF p. 56
Net increase in cash and cash equivalentsSingapore dollars thousands 7,293 PDF p. 56
Cash and cash equivalents at beginning of yearSingapore dollars thousands 23,270 PDF p. 56
Cash and cash equivalents at end of yearSingapore dollars thousands 30,563 PDF p. 56
Definitions & sources

Original report: PDF p. 56 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group lease financing reconciliation / 2023

1 metrics

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Group lease financing reconciliation / 2023 from Annual Report 2025
Metric / unit 2023Group / At 1 January2023Group / Financing cash flows2023Group / Acquisition2023Group / Interest expense2023Group / At 31 December Source
Reconciliation of liability arising from financing activities
Lease liabilitiesSingapore dollars thousands 3,129(701)7701163,314 PDF p. 57
Definitions & sources

Original report: PDF p. 57 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group statement of financial position

28 metrics

Units appear below each metric. Scroll to compare years

Group statement of financial position from Annual Report 2025
Metric / unit 2022Group / as at 31 December 2022 Source
Current assets
Cash and cash equivalentsSingapore dollars thousands 23,270 PDF p. 56
Trade receivablesSingapore dollars thousands 5,959 PDF p. 56
Other receivables and prepaymentsSingapore dollars thousands 732 PDF p. 56
Financial assets at fair value through profit or lossSingapore dollars thousands 1,355 PDF p. 56
InventoriesSingapore dollars thousands 21,591 PDF p. 56
Total current assetsSingapore dollars thousands 52,907 PDF p. 56
Non-current assets
Property, plant and equipmentSingapore dollars thousands 7,124 PDF p. 56
Investment propertiesSingapore dollars thousands 12,533 PDF p. 56
Club membershipSingapore dollars thousands 150 PDF p. 56
Investments in subsidiariesSingapore dollars thousands – PDF p. 56
Right-of-use assetsSingapore dollars thousands 2,420 PDF p. 56
Total non-current assetsSingapore dollars thousands 22,227 PDF p. 56
Total assetsSingapore dollars thousands 75,134 PDF p. 56
Current liabilities
Trade payablesSingapore dollars thousands 9,375 PDF p. 56
Other payables and accrualsSingapore dollars thousands 2,856 PDF p. 56
Contract liabilitiesSingapore dollars thousands 217 PDF p. 56
Lease liabilitiesSingapore dollars thousands 430 PDF p. 56
Income tax payableSingapore dollars thousands 1,923 PDF p. 56
Total current liabilitiesSingapore dollars thousands 14,801 PDF p. 56
Non-current liabilities
Lease liabilitiesSingapore dollars thousands 2,699 PDF p. 56
Deferred tax liabilitiesSingapore dollars thousands 91 PDF p. 56
Total non-current liabilitiesSingapore dollars thousands 2,790 PDF p. 56
Total liabilitiesSingapore dollars thousands 17,591 PDF p. 56
Capital and reserves
Share capitalSingapore dollars thousands 8,020 PDF p. 56
Treasury sharesSingapore dollars thousands (89) PDF p. 56
Retained earningsSingapore dollars thousands 49,612 PDF p. 56
Total equitySingapore dollars thousands 57,543 PDF p. 56
Total liabilities and equitySingapore dollars thousands 75,134 PDF p. 56
Definitions & sources

Original report: PDF p. 56 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Company statement of financial position

28 metrics

Units appear below each metric. Scroll to compare years

Company statement of financial position from Annual Report 2025
Metric / unit 2022Company / as at 31 December 2022 Source
Current assets
Cash and cash equivalentsSingapore dollars thousands 999 PDF p. 56
Trade receivablesSingapore dollars thousands 2,173 PDF p. 56
Other receivables and prepaymentsSingapore dollars thousands 16,153 PDF p. 56
Financial assets at fair value through profit or lossSingapore dollars thousands – PDF p. 56
InventoriesSingapore dollars thousands – PDF p. 56
Total current assetsSingapore dollars thousands 19,325 PDF p. 56
Non-current assets
Property, plant and equipmentSingapore dollars thousands – PDF p. 56
Investment propertiesSingapore dollars thousands – PDF p. 56
Club membershipSingapore dollars thousands – PDF p. 56
Investments in subsidiariesSingapore dollars thousands 2,110 PDF p. 56
Right-of-use assetsSingapore dollars thousands – PDF p. 56
Total non-current assetsSingapore dollars thousands 2,110 PDF p. 56
Total assetsSingapore dollars thousands 21,435 PDF p. 56
Current liabilities
Trade payablesSingapore dollars thousands – PDF p. 56
Other payables and accrualsSingapore dollars thousands 159 PDF p. 56
Contract liabilitiesSingapore dollars thousands – PDF p. 56
Lease liabilitiesSingapore dollars thousands – PDF p. 56
Income tax payableSingapore dollars thousands 40 PDF p. 56
Total current liabilitiesSingapore dollars thousands 199 PDF p. 56
Non-current liabilities
Lease liabilitiesSingapore dollars thousands – PDF p. 56
Deferred tax liabilitiesSingapore dollars thousands – PDF p. 56
Total non-current liabilitiesSingapore dollars thousands – PDF p. 56
Total liabilitiesSingapore dollars thousands 199 PDF p. 56
Capital and reserves
Share capitalSingapore dollars thousands 8,020 PDF p. 56
Treasury sharesSingapore dollars thousands (89) PDF p. 56
Retained earningsSingapore dollars thousands 13,305 PDF p. 56
Total equitySingapore dollars thousands 21,236 PDF p. 56
Total liabilities and equitySingapore dollars thousands 21,435 PDF p. 56
Definitions & sources

Original report: PDF p. 56 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group consolidated profit or loss and comprehensive income

12 metrics

Units appear below each metric. Scroll to compare years

Group consolidated profit or loss and comprehensive income from Annual Report 2025
Metric / unit 2022Group / year ended 31 December 2022 Source
income
RevenueSingapore dollars thousands 87,587 PDF p. 55
Cost of salesSingapore dollars thousands (62,256) PDF p. 55
Gross profitSingapore dollars thousands 25,331 PDF p. 55
Other operating incomeSingapore dollars thousands 439 PDF p. 55
Administrative and selling expensesSingapore dollars thousands (13,012) PDF p. 55
Other operating expensesSingapore dollars thousands (1,737) PDF p. 55
Finance costsSingapore dollars thousands (113) PDF p. 55
Profit before income taxSingapore dollars thousands 10,908 PDF p. 55
Income tax expenseSingapore dollars thousands (1,890) PDF p. 55
Profit for the year, representing total comprehensive income for the yearSingapore dollars thousands 9,018 PDF p. 55
Total comprehensive income attributable to:
Owners of the CompanySingapore dollars thousands 9,018 PDF p. 55
Earnings per share (in cents):
Basic and dilutedSingapore cents per share 4.34 PDF p. 55
Definitions & sources

Original report: PDF p. 55 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group changes in equity / 2022

6 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2022 from Annual Report 2025
Metric / unit 2022Group / Share capital2022Group / Treasury shares2022Group / Retained earnings2022Group / Total equity Source
Group
Balance at 1 January 2022Singapore dollars thousands 8,020(59)45,37253,333 PDF p. 57
Profit for the year, representing total comprehensive income for the yearSingapore dollars thousands ––9,0189,018 PDF p. 57
Transactions with owners, recognised directly in equity:
Purchase of treasury shares (Note 25)Singapore dollars thousands –(30)–(30) PDF p. 57
Dividend paid (Note 26)Singapore dollars thousands ––(4,778)(4,778) PDF p. 57
Transactions with owners, recognised directly in
Transactions with owners, recognised directly in equitySingapore dollars thousands –(30)(4,778)(4,808) PDF p. 57
Balance at 31 December 2022Singapore dollars thousands 8,020(89)49,61257,543 PDF p. 57
Definitions & sources

Original report: PDF p. 57 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group consolidated cash flows

42 metrics

Units appear below each metric. Scroll to compare years

Group consolidated cash flows from Annual Report 2025
Metric / unit 2022Group / year ended 31 December 2022 Source
Operating activities
Profit before income taxSingapore dollars thousands 10,908 PDF p. 58
Adjustments for:
Interest expense on lease liabilitiesSingapore dollars thousands 113 PDF p. 58
Interest incomeSingapore dollars thousands (100) PDF p. 58
Depreciation of property, plant and equipmentSingapore dollars thousands 496 PDF p. 58
Depreciation of investment propertiesSingapore dollars thousands 332 PDF p. 58
Depreciation of right-of-use assetsSingapore dollars thousands 601 PDF p. 58
Amortisation of club membershipSingapore dollars thousands 17 PDF p. 58
Loss allowance for trade receivablesSingapore dollars thousands 42 PDF p. 58
Bad debts recoveredSingapore dollars thousands (5) PDF p. 58
Provision for stock obsolescenceSingapore dollars thousands – PDF p. 58
Dividend income from financial assets at fair value through profit or loss (“FVTPL”)Singapore dollars thousands (11) PDF p. 58
Fair value gain on financial assets at FVTPLSingapore dollars thousands (28) PDF p. 58
Gain on disposal of financial assets at FVTPLSingapore dollars thousands – PDF p. 58
Loss/(Gain) on disposal of property, plant and equipmentSingapore dollars thousands (3) PDF p. 58
Gain on disposal of right-of-use assets/lease modificationSingapore dollars thousands (121) PDF p. 58
Operating cash flows before movements in working capitalSingapore dollars thousands 12,241 PDF p. 58
Changes in working capital:
Trade receivablesSingapore dollars thousands (713) PDF p. 58
Other receivables and prepaymentsSingapore dollars thousands 63 PDF p. 58
InventoriesSingapore dollars thousands (2,680) PDF p. 58
Trade payablesSingapore dollars thousands 1,213 PDF p. 58
Other payables and accrualsSingapore dollars thousands 243 PDF p. 58
Contract liabilitiesSingapore dollars thousands 57 PDF p. 58
Cash generated from operationsSingapore dollars thousands 10,424 PDF p. 58
Income tax paidSingapore dollars thousands (1,860) PDF p. 58
Interest receivedSingapore dollars thousands 100 PDF p. 58
Cashflows generated from operating activitiesSingapore dollars thousands 8,664 PDF p. 58
Investing activities
Purchase of property, plant and equipmentSingapore dollars thousands (491) PDF p. 58
Purchase of right-of-use assetsSingapore dollars thousands – PDF p. 58
Dividend income from financial assets at FVTPLSingapore dollars thousands 53 PDF p. 58
Proceed from disposal of property, plant and equipmentSingapore dollars thousands 3 PDF p. 58
Proceed from disposal of financial assets at FVTPLSingapore dollars thousands 29 PDF p. 58
Purchase of financial assets at FVTPLSingapore dollars thousands (95) PDF p. 58
Cashflows used in investing activitiesSingapore dollars thousands (501) PDF p. 58
Financing activities
Purchase of treasury sharesSingapore dollars thousands (30) PDF p. 58
Repayment of lease liabilitiesSingapore dollars thousands (572) PDF p. 58
Proceed from disposal of right-of-use assetsSingapore dollars thousands 206 PDF p. 58
Dividend paidSingapore dollars thousands (4,778) PDF p. 58
Interest paidSingapore dollars thousands (113) PDF p. 58
Cashflows used in financing activitiesSingapore dollars thousands (5,287) PDF p. 58
Net increase in cash and cash equivalentsSingapore dollars thousands 2,876 PDF p. 58
Cash and cash equivalents at beginning of yearSingapore dollars thousands 20,394 PDF p. 58
Cash and cash equivalents at end of yearSingapore dollars thousands 23,270 PDF p. 58
Definitions & sources

Original report: PDF p. 58 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group lease financing reconciliation / 2022

1 metrics

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Group lease financing reconciliation / 2022 from Annual Report 2025
Metric / unit 2022Group / At 1 January2022Group / Financing cash flows2022Group / Acquisition2022Group / Interest expense2022Group / At 31 December Source
Reconciliation of liability arising from financing activities
Lease liabilitiesSingapore dollars thousands 3,384(685)3171133,129 PDF p. 59
Definitions & sources

Original report: PDF p. 59 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group statement of financial position

28 metrics

Units appear below each metric. Scroll to compare years

Group statement of financial position from Annual Report 2025
Metric / unit 2021Group / as at 31 December 2021 Source
Current assets
Cash and cash equivalentsSingapore dollars thousands 20,394 PDF p. 59
Trade receivablesSingapore dollars thousands 5,283 PDF p. 59
Other receivables and prepaymentsSingapore dollars thousands 795 PDF p. 59
Financial assets at fair value through profit or lossSingapore dollars thousands 1,303 PDF p. 59
InventoriesSingapore dollars thousands 18,911 PDF p. 59
Total current assetsSingapore dollars thousands 46,686 PDF p. 59
Non-current assets
Property, plant and equipmentSingapore dollars thousands 7,129 PDF p. 59
Investment propertiesSingapore dollars thousands 12,865 PDF p. 59
Club membershipSingapore dollars thousands 167 PDF p. 59
Investments in subsidiariesSingapore dollars thousands – PDF p. 59
Right-of-use assetsSingapore dollars thousands 2,789 PDF p. 59
Total non-current assetsSingapore dollars thousands 22,950 PDF p. 59
Total assetsSingapore dollars thousands 69,636 PDF p. 59
Current liabilities
Trade payablesSingapore dollars thousands 8,162 PDF p. 59
Other payables and accrualsSingapore dollars thousands 2,613 PDF p. 59
Contract liabilitiesSingapore dollars thousands 160 PDF p. 59
Lease liabilitiesSingapore dollars thousands 476 PDF p. 59
Income tax payableSingapore dollars thousands 1,853 PDF p. 59
Total current liabilitiesSingapore dollars thousands 13,264 PDF p. 59
Non-current liabilities
Lease liabilitiesSingapore dollars thousands 2,908 PDF p. 59
Deferred tax liabilitiesSingapore dollars thousands 131 PDF p. 59
Total non-current liabilitiesSingapore dollars thousands 3,039 PDF p. 59
Total liabilitiesSingapore dollars thousands 16,303 PDF p. 59
Capital and reserves
Share capitalSingapore dollars thousands 8,020 PDF p. 59
Treasury sharesSingapore dollars thousands (59) PDF p. 59
Retained earningsSingapore dollars thousands 45,372 PDF p. 59
Total equitySingapore dollars thousands 53,333 PDF p. 59
Total liabilities and equitySingapore dollars thousands 69,636 PDF p. 59
Definitions & sources

Original report: PDF p. 59 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Company statement of financial position

28 metrics

Units appear below each metric. Scroll to compare years

Company statement of financial position from Annual Report 2025
Metric / unit 2021Company / as at 31 December 2021 Source
Current assets
Cash and cash equivalentsSingapore dollars thousands 769 PDF p. 59
Trade receivablesSingapore dollars thousands 1,473 PDF p. 59
Other receivables and prepaymentsSingapore dollars thousands 16,512 PDF p. 59
Financial assets at fair value through profit or lossSingapore dollars thousands – PDF p. 59
InventoriesSingapore dollars thousands – PDF p. 59
Total current assetsSingapore dollars thousands 18,754 PDF p. 59
Non-current assets
Property, plant and equipmentSingapore dollars thousands – PDF p. 59
Investment propertiesSingapore dollars thousands – PDF p. 59
Club membershipSingapore dollars thousands – PDF p. 59
Investments in subsidiariesSingapore dollars thousands 2,110 PDF p. 59
Right-of-use assetsSingapore dollars thousands – PDF p. 59
Total non-current assetsSingapore dollars thousands 2,110 PDF p. 59
Total assetsSingapore dollars thousands 20,864 PDF p. 59
Current liabilities
Trade payablesSingapore dollars thousands – PDF p. 59
Other payables and accrualsSingapore dollars thousands 74 PDF p. 59
Contract liabilitiesSingapore dollars thousands – PDF p. 59
Lease liabilitiesSingapore dollars thousands – PDF p. 59
Income tax payableSingapore dollars thousands 48 PDF p. 59
Total current liabilitiesSingapore dollars thousands 122 PDF p. 59
Non-current liabilities
Lease liabilitiesSingapore dollars thousands – PDF p. 59
Deferred tax liabilitiesSingapore dollars thousands – PDF p. 59
Total non-current liabilitiesSingapore dollars thousands – PDF p. 59
Total liabilitiesSingapore dollars thousands 122 PDF p. 59
Capital and reserves
Share capitalSingapore dollars thousands 8,020 PDF p. 59
Treasury sharesSingapore dollars thousands (59) PDF p. 59
Retained earningsSingapore dollars thousands 12,781 PDF p. 59
Total equitySingapore dollars thousands 20,742 PDF p. 59
Total liabilities and equitySingapore dollars thousands 20,864 PDF p. 59
Definitions & sources

Original report: PDF p. 59 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group consolidated profit or loss and comprehensive income

12 metrics

Units appear below each metric. Scroll to compare years

Group consolidated profit or loss and comprehensive income from Annual Report 2025
Metric / unit 2021Group / year ended 31 December 2021 Source
income
RevenueSingapore dollars thousands 79,375 PDF p. 58
Cost of salesSingapore dollars thousands (55,790) PDF p. 58
Gross profitSingapore dollars thousands 23,585 PDF p. 58
Other operating incomeSingapore dollars thousands 445 PDF p. 58
Administrative and selling expensesSingapore dollars thousands (11,817) PDF p. 58
Other operating expensesSingapore dollars thousands (1,711) PDF p. 58
Finance costsSingapore dollars thousands (108) PDF p. 58
Profit before income taxSingapore dollars thousands 10,394 PDF p. 58
Income tax expenseSingapore dollars thousands (1,826) PDF p. 58
Profit for the year, representing total comprehensive income for the yearSingapore dollars thousands 8,568 PDF p. 58
Total comprehensive income attributable to:
Owners of the CompanySingapore dollars thousands 8,568 PDF p. 58
Earnings per share (in cents):
Basic and dilutedSingapore cents per share 4.12 PDF p. 58
Definitions & sources

Original report: PDF p. 58 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group changes in equity / 2021

6 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2021 from Annual Report 2025
Metric / unit 2021Group / Share capital2021Group / Treasury shares2021Group / Retained earnings2021Group / Total equity Source
Group
Balance at 1 January 2021Singapore dollars thousands 8,020(28)39,71447,706 PDF p. 60
Profit for the year, representing comprehensive income for the yearSingapore dollars thousands ––8,5688,568 PDF p. 60
in equity:
Purchase of treasury shares (Note 25)Singapore dollars thousands –(31)–(31) PDF p. 60
Dividend paid (Note 26)Singapore dollars thousands ––(2,910)(2,910) PDF p. 60
Transactions with owners, recognised directly
Transactions with owners, recognised directly in equitySingapore dollars thousands –(31)(2,910)(2,941) PDF p. 60
Balance at 31 December 2021Singapore dollars thousands 8,020(59)45,37253,333 PDF p. 60
Definitions & sources

Original report: PDF p. 60 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group consolidated cash flows

42 metrics

Units appear below each metric. Scroll to compare years

Group consolidated cash flows from Annual Report 2025
Metric / unit 2021Group / year ended 31 December 2021 Source
Operating activities
Profit before income taxSingapore dollars thousands 10,394 PDF p. 61
Adjustments for:
Interest expense on lease liabilitiesSingapore dollars thousands 108 PDF p. 61
Interest incomeSingapore dollars thousands (23) PDF p. 61
Depreciation of property, plant and equipmentSingapore dollars thousands 561 PDF p. 61
Depreciation of investment propertiesSingapore dollars thousands 331 PDF p. 61
Depreciation of right-of-use assetsSingapore dollars thousands 604 PDF p. 61
Amortisation of club membershipSingapore dollars thousands 19 PDF p. 61
Loss allowance for trade receivablesSingapore dollars thousands 48 PDF p. 61
Bad debts recoveredSingapore dollars thousands (3) PDF p. 61
Reversal of stock obsolescenceSingapore dollars thousands (98) PDF p. 61
Dividend income from financial assets at fair value through profit or loss (“FVTPL”)Singapore dollars thousands (73) PDF p. 61
Fair value (gain)/loss on financial assets at FVTPLSingapore dollars thousands 47 PDF p. 61
Loss on disposal of financial assets at FVTPLSingapore dollars thousands 40 PDF p. 61
Gain on disposal of property, plant and equipmentSingapore dollars thousands – PDF p. 61
Gain on disposal of right-of-use assets/lease modificationSingapore dollars thousands (14) PDF p. 61
Foreign exchange differences arising from financial assets at FVTPLSingapore dollars thousands 8 PDF p. 61
Operating cash flows before movements in working capitalSingapore dollars thousands 11,949 PDF p. 61
Changes in working capital:
Trade receivablesSingapore dollars thousands (574) PDF p. 61
Other receivables and prepaymentsSingapore dollars thousands (240) PDF p. 61
InventoriesSingapore dollars thousands (1,745) PDF p. 61
Trade payablesSingapore dollars thousands 159 PDF p. 61
Other payables and accrualsSingapore dollars thousands 922 PDF p. 61
Contract liabilitiesSingapore dollars thousands 160 PDF p. 61
Cash generated from operationsSingapore dollars thousands 10,631 PDF p. 61
Income tax paidSingapore dollars thousands (922) PDF p. 61
Interest receivedSingapore dollars thousands 23 PDF p. 61
Cashflows generated from operating activitiesSingapore dollars thousands 9,732 PDF p. 61
Investing activities
Purchase of property, plant and equipmentSingapore dollars thousands (40) PDF p. 61
Dividend income from financial assets at FVTPLSingapore dollars thousands 73 PDF p. 61
Proceed from disposal of property, plant and equipmentSingapore dollars thousands – PDF p. 61
Proceed from disposal of financial assets at FVTPLSingapore dollars thousands 1,940 PDF p. 61
Purchase of financial assets at FVTPLSingapore dollars thousands (1,220) PDF p. 61
Cashflows (used in)/generated from investing activitiesSingapore dollars thousands 753 PDF p. 61
Financing activities
Purchase of treasury sharesSingapore dollars thousands (31) PDF p. 62
Repayment of lease liabilitiesSingapore dollars thousands (568) PDF p. 62
Proceed from disposal of right-of-use assetsSingapore dollars thousands – PDF p. 62
Dividend paidSingapore dollars thousands (2,910) PDF p. 62
Interest paidSingapore dollars thousands (108) PDF p. 62
Cashflows used in financing activitiesSingapore dollars thousands (3,617) PDF p. 62
Net increase in cash and cash equivalentsSingapore dollars thousands 6,868 PDF p. 62
Cash and cash equivalents at beginning of yearSingapore dollars thousands 13,526 PDF p. 62
Cash and cash equivalents at end of yearSingapore dollars thousands 20,394 PDF p. 62
Definitions & sources

Original report: PDF p. 61 ↗ PDF p. 62 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group lease financing reconciliation / 2021

1 metrics

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Group lease financing reconciliation / 2021 from Annual Report 2025
Metric / unit 2021Group / At 1 January2021Group / Financing cash flows2021Group / Acquisition2021Group / Interest expense2021Group / Gain on lease modification2021Group / At 31 December Source
Reconciliation of liability arising from financing activities
Lease liabilitiesSingapore dollars thousands 3,338(676)628108(14)3,384 PDF p. 62
Definitions & sources

Original report: PDF p. 62 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Group lease financing reconciliation / retained FY2021 original

1 metrics

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Group lease financing reconciliation / retained FY2021 original from Annual Report 2025
Metric / unit 2021Group / At 1 January / original presentation2021Group / Financing cash flows excluding interest / original presentation2021Group / Acquisition / original presentation2021Group / Gains on lease modification / original presentation2021Group / At 31 December / original presentation Source
Reconciliation of liability arising from financing activities
Lease liabilitiesSingapore dollars thousands 3,338(568)628(14)3,384 PDF p. 60
Definitions & sources

Original report: PDF p. 60 ↗

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

Where the money comes from

Segment information

By business

Segment revenue and results 2025 (Group, $'000) 12 lines
Segment revenue and results 2025 (Group, $'000)
Item / unit 2025Distribution business2025Property investment business2025Total Source
Revenue
External sales of goods$'000 92,505–92,505 PDF p. 100
Rental income$'000 –570570 PDF p. 100
Segment revenue$'000 92,50557093,075 PDF p. 100
Cost of sales
External purchases$'000 (65,996)–(65,996) PDF p. 100
Cost of property maintenance$'000 –(385)(385) PDF p. 100
Segment cost of sales$'000 (65,996)(385)(66,381) PDF p. 100
Results
Segment result$'000 26,50918526,694 PDF p. 100
Other operating income$'000 9361371,073 PDF p. 100
Administrative and selling expenses$'000 (13,999)(45)(14,044) PDF p. 100
Other operating expenses$'000 (2,102)(33)(2,135) PDF p. 100
Finance costs$'000 (108)–(108) PDF p. 100
Profit before income tax$'000 11,23624411,480 PDF p. 100
Notes

Income tax and profit after income tax are shown only in the Total column; segment cells blank in source. A 'Results' sub-heading line also printed with same values as Segment result (26,509 185 26,694).

Segment revenue and results 2024 (Group, $'000) 12 lines
Segment revenue and results 2024 (Group, $'000)
Item / unit 2024Distribution business2024Property investment business2024Total Source
Revenue
External sales of goods$'000 89,010–89,010 PDF p. 100
Rental income$'000 –612612 PDF p. 100
Segment revenue$'000 89,01061289,622 PDF p. 100
Cost of sales
External purchases$'000 (63,021)–(63,021) PDF p. 100
Cost of property maintenance$'000 –(444)(444) PDF p. 100
Segment cost of sales$'000 (63,021)(444)(63,465) PDF p. 100
Results
Segment result$'000 25,98916826,157 PDF p. 100
Other operating income$'000 1,3351,9383,273 PDF p. 100
Administrative and selling expenses$'000 (13,809)(42)(13,851) PDF p. 100
Other operating expenses$'000 (1,663)–(1,663) PDF p. 100
Finance costs$'000 (107)–(107) PDF p. 100
Profit before income tax$'000 11,7452,06413,809 PDF p. 100
Notes

Income tax and profit after income tax are shown only in the Total column; segment cells blank in source.

Segment assets, liabilities and other information 2025 (Group, $'000) 9 lines
Segment assets, liabilities and other information 2025 (Group, $'000)
Item / unit 2025Distribution business2025Property investment business2025Total Source
Assets
Segment assets$'000 77,16516,33193,496 PDF p. 101
Liabilities
Segment liabilities$'000 19,78182420,605 PDF p. 101
Other information
Purchase of property, plant and equipment$'000 282–282 PDF p. 101
Addition of right-of-use assets$'000 437–437 PDF p. 101
Addition of investment properties$'000 –4,0174,017 PDF p. 101
Depreciation of property, plant and equipment$'000 606–606 PDF p. 101
Depreciation of right-of-use assets$'000 516–516 PDF p. 101
Depreciation of investment properties$'000 –320320 PDF p. 101
Amortisation of club membership$'000 18–18 PDF p. 101
Notes

Unallocated and combined totals shown only in Total column.

Segment assets, liabilities and other information 2024 (Group, $'000) 11 lines
Segment assets, liabilities and other information 2024 (Group, $'000)
Item / unit 2024Distribution business2024Property investment business2024Total Source
Assets
Segment assets$'000 75,60112,56588,166 PDF p. 101
Liabilities
Segment liabilities$'000 18,35247618,828 PDF p. 101
Other information
Purchase of property, plant and equipment$'000 776–776 PDF p. 101
Addition of right-of-use assets$'000 601–601 PDF p. 101
Addition of investment properties$'000 –1,8691,869 PDF p. 101
Depreciation of property, plant and equipment$'000 450–450 PDF p. 101
Depreciation of right-of-use assets$'000 639–639 PDF p. 101
Depreciation of investment properties$'000 –331331 PDF p. 101
Amortisation of club membership$'000 19–19 PDF p. 101
Reversal of impairment loss on property, plant and equipment$'000 (430)–(430) PDF p. 101
Reversal of impairment loss on investment properties$'000 –(331)(331) PDF p. 101
Notes

Unallocated and combined totals shown only in Total column. Row 'Reversal of impairment loss on property, plant and equipment' wraps across two lines in the source; values on second line.

Debt

Borrowings

Borrowing notes 1 tables

Lease liabilities

Lease liabilities — Group
Item / unit 2025$'0002024$'000 Source
Lease liabilities
Lease liabilities - non-current$'000 2,7272,812 PDF p. 95
Lease liabilities - current$'000 419396 PDF p. 95
Notes

Total 3,146 (2025) and 3,208 (2024). The maturity analysis of lease liabilities is disclosed in Note 32.

No bank borrowings are shown in the Group statement of financial position.

Payout

Dividends & distributions

Dividend policy

ItemValuePeriod / scopeSource
Provision 11.6 – Dividend policy The Company does not have a fixed dividend policy currently in force. Company PDF p. 46

Dividends declared and proposed

ItemValuePeriod / scopeSource
interim dividend 1.10 Singapore cents per share FY2025, interim, paid PDF p. 47
interim tax-exempt dividend FY2025 3 September 2025 FY2025, interim PDF p. 96
final dividend 1.50 Singapore cents per share FY2025, final, proposed (subject to AGM approval) PDF p. 47
proposed final dividend a final one-tier tax exempt dividend of 1.5 cents per ordinary share FY2025, final, proposed PDF p. 96
final tax-exempt dividend 1.5 cents per ordinary share FY2024, final, paid 16 May 2025 PDF p. 96
special tax-exempt dividend 0.3 cents per ordinary share FY2024, special, paid 16 May 2025 PDF p. 96
interim tax-exempt dividend 1.1 cents per ordinary share FY2024, interim, paid 29 August 2024 PDF p. 96

Payout

ItemValuePeriod / scopeSource
total amount of dividend declared S$5,399,000 FY2025 total (interim + proposed final); comparative 2024: S$6,022,000 PDF p. 47
payout ratio (dividend as % of profit attributable to owners) 56.73% FY2025; comparative 2024: 51.09% PDF p. 47

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

ItemValuePeriod / scopeSource
Audit firm FORVIS MAZARS LLP Group PDF p. 57
Engagement partner Chan Hock Leong, Rick Group PDF p. 57
Auditor's report date 20 March 2026 Group · As at 2026-03-20 PDF p. 57
Opinion In our opinion, the accompanying financial statements of the Group and the statement of financial position of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 Group and Company PDF p. 53

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.

Five full financial years ended 31 December 2021–2025. Monetary amounts are Singapore dollars thousands; earnings per share is Singapore cents. Group income/comprehensive income, financial position, equity, cash flows and financing reconciliations are retained. The Company has a separate financial-position primary statement; separate Company income, comprehensive-income, changes-in-equity and cash-flow primary statements are not disclosed.

The FY2021 original lease reconciliation presents financing cash flows (568) excluding interest. The FY2022 comparative presents (676) including interest and separately adds accrued interest 108; both roll to the same 3,384 closing lease liability. The original FY2021 five-column reconciliation is retained alongside the later six-column comparative. No underlying lease balance or cash-flow primary amount is altered.

EPS uses the source-reported weighted ordinary share denominator, in thousands: 207,657 for FY2025/FY2024/FY2023; 207,695 for FY2022; 207,785 for FY2021. Issued capital, treasury shares, weighted EPS shares and the later 12 March 2026 register are distinct measures and dates.

FY2025 investment-property additions 4,017 less noncash additions through other payables 572 equals investing cash purchase 3,445. FY2024 is 1,869 with nil noncash additions. Property fair values in the unit schedule are not acquisition cost or cash consideration.

The FY2025 annual overview physical page 2 says 12 investment properties. Physical page 5 says 14, the Chairman physical page 9 dates the 14-unit total to February 2026, and Note17 physical pages90–91 lists 14 investment-property units with positive current-year values, plus disposed and held-for-sale rows. Original statements are retained by date; the overview count is qualified and not silently replaced.

The 421 Tagore Industrial Avenue #01-23 property is a noncurrent asset held for sale of 1,552 at 31 December 2025. Note36 records sale completion on 12 February 2026 for 3,120; this is a post-year-end asset sale, not a subsidiary disposal or FY2025 disposal profit.

Cash dividends paid are separate from dividends declared or proposed in respect of a financial year. The 12 March 2026 performance-share award transfers treasury shares after FY2025 and does not change the FY2025 weighted EPS denominator. Rounded three-year chart highlights are not substituted for the five full audited primary years.

FVTPL dividend income adjustments in the FY2025/FY2024 operating cash calculation are (17)/(15), while investing cash receipts labelled dividend income from financial assets at FVTPL are 82/80. The original cash-receipt and accrual-adjustment fields are retained separately; no equality or undisclosed explanation is imposed.

These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.