Annual Report 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025The Group, 31 December 2025 | 2024The Group, 31 December 2024 | 2025The Company, 31 December 2025 | 2024The Company, 31 December 2024 | Source |
|---|---|---|---|---|---|
| Assets - Non-Current | |||||
| Intangible assets$'000 | 26,707 | 2,973 | 15 | 6 | PDF p. 96 |
| Property, plant and equipment$'000 | 320,824 | 150,472 | 52 | 90 | PDF p. 96 |
| Right-of-use assets$'000 | 12,653 | 5,023 | 165 | 413 | PDF p. 96 |
| Investment properties$'000 | 131,699 | 136,291 | – | – | PDF p. 96 |
| Subsidiaries$'000 | – | – | 1,137,019 | 1,131,692 | PDF p. 96 |
| Associates$'000 | 301,511 | 371,464 | 400,599 | 397,974 | PDF p. 96 |
| Deferred tax assets$'000 | 842 | 1,084 | – | – | PDF p. 96 |
| Trade and other receivables$'000 | – | 68 | – | 147 | PDF p. 96 |
| Other non-current assets$'000 | 430,160 | 11,508 | 432 | 416 | PDF p. 96 |
| Subtotal$'000 | 1,224,396 | 678,883 | 1,538,282 | 1,530,738 | PDF p. 96 |
| Assets - Current | |||||
| Land inventories$'000 | 613,725 | 604,371 | – | – | PDF p. 96 |
| Other inventories$'000 | 10,737 | 5,990 | – | – | PDF p. 96 |
| Trade and other receivables$'000 | 60,760 | 59,919 | 57,694 | 65,313 | PDF p. 96 |
| Cash and cash equivalents$'000 | 119,651 | 117,832 | 1,376 | 6,746 | PDF p. 96 |
| Subtotal$'000 | 804,873 | 788,112 | 59,070 | 72,059 | PDF p. 96 |
| Assets | |||||
| Total assets$'000 | 2,029,269 | 1,466,995 | 1,597,352 | 1,602,797 | PDF p. 96 |
| Equity | |||||
| Share capital$'000 | 1,963,457 | 1,963,457 | 1,963,457 | 1,963,457 | PDF p. 96 |
| Treasury shares$'000 | (50) | (50) | (50) | (50) | PDF p. 96 |
| Accumulated losses$'000 | (1,327,376) | (1,338,029) | (1,400,867) | (1,413,071) | PDF p. 96 |
| Reserves$'000 | (17,191) | 52,573 | 80,000 | 80,000 | PDF p. 96 |
| Equity attributable to owners of the Company$'000 | 618,840 | 677,951 | 642,540 | 630,336 | PDF p. 96 |
| Non-controlling interests$'000 | (9,270) | 9,273 | – | – | PDF p. 96 |
| Total equity$'000 | 609,570 | 687,224 | 642,540 | 630,336 | PDF p. 96 |
| Liabilities - Non-Current | |||||
| Deferred tax liabilities$'000 | 2,348 | 1,872 | – | – | PDF p. 96 |
| Borrowings$'000 | – | 461,217 | – | 256,017 | PDF p. 96 |
| Employee benefits liabilities$'000 | 11,353 | 11,093 | – | – | PDF p. 96 |
| Other non-current liabilities$'000 | 593,259 | 38,768 | 54 | 54 | PDF p. 96 |
| Lease liabilities$'000 | 6,490 | 1,821 | – | 389 | PDF p. 96 |
| Contract liabilities$'000 | 66,589 | 63,780 | – | – | PDF p. 96 |
| Subtotal$'000 | 680,039 | 578,551 | 54 | 256,460 | PDF p. 96 |
| Liabilities - Current | |||||
| Borrowings$'000 | 506,437 | 47,069 | 765,390 | 509,778 | PDF p. 96 |
| Lease liabilities$'000 | 6,915 | 4,564 | 389 | 535 | PDF p. 96 |
| Trade and other payables$'000 | 200,160 | 129,406 | 187,988 | 204,567 | PDF p. 96 |
| Contract liabilities$'000 | 16,844 | 15,819 | – | – | PDF p. 96 |
| Current tax payable$'000 | 9,304 | 4,362 | 991 | 1,121 | PDF p. 96 |
| Subtotal$'000 | 739,660 | 201,220 | 954,758 | 716,001 | PDF p. 96 |
| Liabilities | |||||
| Total liabilities$'000 | 1,419,699 | 779,771 | 954,812 | 972,461 | PDF p. 96 |
| Equity and Liabilities | |||||
| Total equity and liabilities$'000 | 2,029,269 | 1,466,995 | 1,597,352 | 1,602,797 | PDF p. 96 |
Original report: PDF p. 96 ↗
As at 31 December 2025. The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Note reference numbers appear in a Note column and are not included in values.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025The Group, year ended 31 December 2025 | 2024The Group, year ended 31 December 2024 | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$'000 | 215,041 | 190,915 | PDF p. 97 |
| Cost of sales$'000 | (134,664) | (116,039) | PDF p. 97 |
| Gross profit$'000 | 80,377 | 74,876 | PDF p. 97 |
| Other income/(expenses)$'000 | 52,715 | (6,911) | PDF p. 97 |
| General and administrative expenses$'000 | (21,931) | (20,357) | PDF p. 97 |
| Other operating expenses$'000 | (41,652) | (30,376) | PDF p. 97 |
| Share of associate companies’ results$'000 | (2,983) | 839 | PDF p. 97 |
| Finance costs$'000 | (41,632) | (50,471) | PDF p. 97 |
| Profit/(loss) before taxation$'000 | 24,894 | (32,400) | PDF p. 97 |
| Taxation$'000 | (15,690) | (14,114) | PDF p. 97 |
| Profit/(loss) for the year$'000 | 9,204 | (46,514) | PDF p. 97 |
| Other comprehensive income/(loss) - items that are/may be reclassified | |||
| Currency translation differences arising from foreign operations$'000 | 359 | (99) | PDF p. 97 |
| Other comprehensive income/(loss) - share of OCI of associates (reclassifiable) | |||
| – Currency translation differences$'000 | (56,325) | (11,028) | PDF p. 97 |
| – Fair value of cash flow hedges$'000 | (11,727) | (1,699) | PDF p. 97 |
| Other comprehensive income/(loss) - items not reclassified | |||
| Remeasurements of net defined benefit plans$'000 | (496) | 63 | PDF p. 97 |
| Other comprehensive income/(loss) - share of OCI of associates (not reclassified) | |||
| – Remeasurements of net defined benefit plans$'000 | (3,229) | (241) | PDF p. 97 |
| Other comprehensive income/(loss) | |||
| Other comprehensive income/(loss) for the year after taxation$'000 | (68,774) | (12,822) | PDF p. 97 |
| Total comprehensive loss | |||
| Total comprehensive loss for the year$'000 | (59,570) | (59,336) | PDF p. 97 |
| Profit/(loss) attributable to | |||
| – Owners of the Company$'000 | 10,653 | (46,690) | PDF p. 97 |
| – Non-controlling interests$'000 | (1,449) | 176 | PDF p. 97 |
| Subtotal$'000 | 9,204 | (46,514) | PDF p. 97 |
| Total comprehensive loss attributable to | |||
| – Owners of the Company$'000 | (58,389) | (59,729) | PDF p. 97 |
| – Non-controlling interests$'000 | (1,181) | 393 | PDF p. 97 |
| Subtotal$'000 | (59,570) | (59,336) | PDF p. 97 |
| Earnings/(loss) per share | |||
| – BasicCents | 0.195 | (0.855) | PDF p. 97 |
| – DilutedCents | 0.186 | (0.855) | PDF p. 97 |
Original report: PDF p. 97 ↗
For the financial year ended 31 December 2025. The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Rows for the share of associates' OCI and the fair value change on equity instruments at FVOCI (2,644 / 182) are split over two printed lines and are omitted from rows to avoid truncating the label.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025The Group, year ended 31 December 2025, $'000 | 2024The Group, year ended 31 December 2024, $'000 | Source |
|---|---|---|---|
| Income | |||
| Profit/(loss) for the year$'000 | 9,204 | (46,514) | PDF p. 97 |
| Items that are/may be reclassified subsequently to profit or loss | |||
| Currency translation differences arising from foreign operations$'000 | 359 | (99) | PDF p. 97 |
| Share of other comprehensive income/(loss) of associates (reclassifiable) | |||
| – Currency translation differences$'000 | (56,325) | (11,028) | PDF p. 97 |
| – Fair value of cash flow hedges$'000 | (11,727) | (1,699) | PDF p. 97 |
| Items that will not be reclassified subsequently to profit or loss | |||
| Remeasurements of net defined benefit plans$'000 | (496) | 63 | PDF p. 97 |
| Share of other comprehensive income of associates (not reclassifiable) | |||
| – Remeasurements of net defined benefit plans$'000 | (3,229) | (241) | PDF p. 97 |
| Other comprehensive income | |||
| Other comprehensive income/(loss) for the year after taxation$'000 | (68,774) | (12,822) | PDF p. 97 |
| Total comprehensive income | |||
| Total comprehensive loss for the year$'000 | (59,570) | (59,336) | PDF p. 97 |
| Profit/(loss) attributable to | |||
| – Owners of the Company$'000 | 10,653 | (46,690) | PDF p. 97 |
| – Non-controlling interests$'000 | (1,449) | 176 | PDF p. 97 |
| Total comprehensive loss attributable to | |||
| – Owners of the Company$'000 | (58,389) | (59,729) | PDF p. 97 |
| – Non-controlling interests$'000 | (1,181) | 393 | PDF p. 97 |
Original report: PDF p. 97 ↗
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Only OCI lines and totals extracted; revenue-to-profit lines not extracted in this stage. Attribution rows split by section.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Share capital, $'000 | 2025Treasury shares, $'000 | 2025Capital reserve, $'000 | 2025Translation reserve, $'000 | 2025Hedging reserve, $'000 | 2025Fair value reserve, $'000 | 2025Other reserves, $'000 | 2025Accumulated losses, $'000 | 2025Total attributable to owners of the Company, $'000 | 2025Non-controlling interests, $'000 | 2025Total equity, $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | ||||||||||||
| Balance at 1 January 2025$'000 | 1,963,457 | (50) | 80,000 | (80,474) | 6,029 | 48,536 | (1,518) | (1,338,029) | 677,951 | 9,273 | 687,224 | PDF p. 98 |
| Profit for the year$'000 | – | – | – | – | – | – | – | 10,653 | 10,653 | (1,449) | 9,204 | PDF p. 98 |
| Other comprehensive income/(loss)$'000 | – | – | – | 61 | – | – | (466) | – | (405) | 268 | (137) | PDF p. 98 |
| Share of other comprehensive income/(loss) of associates$'000 | – | – | – | (56,325) | (11,727) | 2,644 | (3,229) | – | (68,637) | – | (68,637) | PDF p. 98 |
| Total comprehensive income/(loss) for the year$'000 | – | – | – | (56,264) | (11,727) | 2,644 | (3,695) | 10,653 | (58,389) | (1,181) | (59,570) | PDF p. 98 |
| Dividend paid$'000 | – | – | – | – | – | – | – | – | – | (237) | (237) | PDF p. 98 |
| Acquisition of subsidiary with non-controlling interests (Note 8(a))$'000 | – | – | – | – | – | – | – | – | – | (17,125) | (17,125) | PDF p. 98 |
| Share of reserves of associates (Note 9)$'000 | – | – | – | – | – | – | (722) | – | (722) | – | (722) | PDF p. 98 |
| Transactions with owners, recognised directly in equity$'000 | – | – | – | – | – | – | (722) | – | (722) | (17,362) | (18,084) | PDF p. 98 |
| Balance at 31 December 2025$'000 | 1,963,457 | (50) | 80,000 | (136,738) | (5,698) | 51,180 | (5,935) | (1,327,376) | 618,840 | (9,270) | 609,570 | PDF p. 98 |
Original report: PDF p. 98 ↗
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
No separate Company statement of changes in equity was found in the pages read (only consolidated statement printed).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Share capital, $'000 | 2024Treasury shares, $'000 | 2024Capital reserve, $'000 | 2024Translation reserve, $'000 | 2024Hedging reserve, $'000 | 2024Fair value reserve, $'000 | 2024Other reserves, $'000 | 2024Accumulated losses, $'000 | 2024Total attributable to owners of the Company, $'000 | 2024Non-controlling interests, $'000 | 2024Total equity, $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | ||||||||||||
| Balance at 1 January 2024$'000 | 1,963,457 | (50) | 80,000 | (69,303) | 7,728 | 48,354 | 1,923 | (1,291,339) | 740,770 | 6,964 | 747,734 | PDF p. 99 |
| Loss for the year$'000 | – | – | – | – | – | – | – | (46,690) | (46,690) | 176 | (46,514) | PDF p. 99 |
| Other comprehensive income/(loss)$'000 | – | – | – | (143) | – | – | (110) | – | (253) | 217 | (36) | PDF p. 99 |
| Share of other comprehensive income/(loss) of associates$'000 | – | – | – | (11,028) | (1,699) | 182 | (241) | – | (12,786) | – | (12,786) | PDF p. 99 |
| Total comprehensive income/(loss) for the year$'000 | – | – | – | (11,171) | (1,699) | 182 | (351) | (46,690) | (59,729) | 393 | (59,336) | PDF p. 99 |
| Changes in interest in a subsidiary without a change of control (Note 8(a))$'000 | – | – | – | – | – | – | (3,178) | – | (3,178) | 1,558 | (1,620) | PDF p. 99 |
| Acquisition of subsidiary with non-controlling interests (Note 8(a))$'000 | – | – | – | – | – | – | – | – | – | 358 | 358 | PDF p. 99 |
| Share of reserves of associates (Note 9)$'000 | – | – | – | – | – | – | 88 | – | 88 | – | 88 | PDF p. 99 |
| Transactions with owners, recognised directly in equity$'000 | – | – | – | – | – | – | (3,090) | – | (3,090) | 1,916 | (1,174) | PDF p. 99 |
| Balance at 31 December 2024$'000 | 1,963,457 | (50) | 80,000 | (80,474) | 6,029 | 48,536 | (1,518) | (1,338,029) | 677,951 | 9,273 | 687,224 | PDF p. 99 |
Original report: PDF p. 99 ↗
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025The Group, year ended 31 December 2025, $'000 | 2024The Group, year ended 31 December 2024, $'000 | Source |
|---|---|---|---|
| Cash Flows from Operating Activities | |||
| Profit/(loss) before taxation$'000 | 24,894 | (32,400) | PDF p. 100 |
| Cash Flows from Operating Activities - Adjustments | |||
| Amortisation of intangible assets$'000 | 207 | 84 | PDF p. 100 |
| Depreciation of property, plant and equipment, investment properties and right-of-use assets$'000 | 35,653 | 29,802 | PDF p. 100 |
| Gain on disposals of property, plant and equipment$'000 | (20) | (228) | PDF p. 100 |
| Net allowance for expected credit losses of trade and other receivables$'000 | (1,658) | 120 | PDF p. 100 |
| Impairment of goodwill$'000 | 4,000 | – | PDF p. 100 |
| (Reversal of)/allowance for inventories obsolescence$'000 | (13) | 4 | PDF p. 100 |
| Bargain purchase gain from acquisition of business$'000 | – | (162) | PDF p. 100 |
| Gain on assignment of receivable$'000 | (2,648) | (964) | PDF p. 100 |
| Provision for employees’ benefits$'000 | 2,025 | 2,211 | PDF p. 100 |
| Interest expense$'000 | 41,632 | 50,471 | PDF p. 100 |
| Interest income$'000 | (5,404) | (2,299) | PDF p. 100 |
| Share of associate companies’ results$'000 | 2,983 | (839) | PDF p. 100 |
| Cash Flows from Operating Activities | |||
| Operating profit before working capital changes$'000 | 101,651 | 45,800 | PDF p. 100 |
| Increase in land inventories$'000 | (9,354) | (1,973) | PDF p. 100 |
| (Increase)/decrease in other inventories$'000 | (1,310) | 821 | PDF p. 100 |
| Increase in operating receivables$'000 | (208) | (20,387) | PDF p. 100 |
| Increase/(decrease) in operating payables and contract liabilities$'000 | 124,990 | (15,495) | PDF p. 100 |
| Cash generated from operating activities$'000 | 215,769 | 8,766 | PDF p. 100 |
| Income tax paid$'000 | (13,822) | (17,407) | PDF p. 100 |
| Interest paid$'000 | (39,124) | (31,651) | PDF p. 100 |
| Interest received$'000 | 3,216 | 2,507 | PDF p. 100 |
| Employee benefit paid$'000 | (1,478) | (1,614) | PDF p. 100 |
| Net cash generated from/(used in) operating activities$'000 | 164,561 | (39,399) | PDF p. 100 |
| Cash Flows from Investing Activities | |||
| Acquisition of intangible assets$'000 | (391) | (2,952) | PDF p. 100 |
| Acquisition of property, plant and equipment$'000 | (169,243) | (38,094) | PDF p. 100 |
| Acquisition of investment properties$'000 | (5,645) | (26,809) | PDF p. 100 |
| Dividend from associates$'000 | 623 | 1,638 | PDF p. 100 |
| Proceeds from disposal of property, plant and equipment$'000 | 229 | 376 | PDF p. 100 |
| Addition in investment in associate$'000 | (386) | (16,000) | PDF p. 100 |
| Acquisition of a subsidiary, net of cash acquired$'000 | 1,089 | 146 | PDF p. 100 |
| Net cash used in investing activities$'000 | (173,724) | (81,695) | PDF p. 100 |
| Cash Flows from Financing Activities | |||
| Payment of lease liabilities$'000 | (6,102) | (5,084) | PDF p. 100 |
| Proceeds from borrowings$'000 | 81,600 | 585,024 | PDF p. 100 |
| Repayment of borrowings$'000 | (64,104) | (451,100) | PDF p. 100 |
| Changes in non-controlling interests in a subsidiary$'000 | – | 996 | PDF p. 100 |
| Decrease/(increase) in restricted bank balances$'000 | 529 | (1,587) | PDF p. 100 |
| Dividend paid to non-controlling interests$'000 | (237) | – | PDF p. 100 |
| Net cash generated from financing activities$'000 | 11,686 | 128,249 | PDF p. 100 |
| Net change in cash | |||
| Increase in cash and cash equivalents$'000 | 2,523 | 7,155 | PDF p. 100 |
| Cash and cash equivalents at beginning of year$'000 | 97,702 | 90,594 | PDF p. 100 |
| Effect of currency translation on cash and cash equivalents$'000 | (175) | (47) | PDF p. 100 |
| Cash and cash equivalents at end of year$'000 | 100,050 | 97,702 | PDF p. 100 |
Original report: PDF p. 100 ↗
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Note A (page 101) reconciles liabilities arising from financing activities; not extracted as rows. Only a Group cash flow statement is printed.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY2025 | 2024Group FY2024 | Source |
|---|---|---|---|
| INCOME STATEMENT (IN S$ MILLION) | |||
| RevenueS$ million | 215.0 | 190.9 | PDF p. 29 |
| Gross profitS$ million | 80.4 | 74.9 | PDF p. 29 |
| Earnings before interest, tax, depreciation and amortisation (EBITDA)S$ million | 97.0 | 45.7 | PDF p. 29 |
| Profit/(loss) for the yearS$ million | 9.2 | (46.5) | PDF p. 29 |
| Profit/(loss) attributable to owners of the CompanyS$ million | 10.7 | (46.7) | PDF p. 29 |
| STATEMENT OF FINANCIAL POSITION (IN S$ MILLION) | |||
| Total assetsS$ million | 2,029.3 | 1,467.0 | PDF p. 29 |
| Total liabilitiesS$ million | 1,419.7 | 779.8 | PDF p. 29 |
| Total equityS$ million | 609.6 | 687.2 | PDF p. 29 |
| Equity attributable to owners of the CompanyS$ million | 618.8 | 678.0 | PDF p. 29 |
| Total debtS$ million | 519.8 | 514.7 | PDF p. 29 |
| Total cash and cash equivalentsS$ million | 119.7 | 117.8 | PDF p. 29 |
| SEGMENT (IN S$ MILLION) – Revenue | |||
| – Industrial ParksS$ million | 58.6 | 49.3 | PDF p. 29 |
| – UtilitiesS$ million | 121.0 | 114.2 | PDF p. 29 |
| – ResortsS$ million | 29.4 | 25.7 | PDF p. 29 |
| SEGMENT (IN S$ MILLION) – EBITDA | |||
| – Industrial ParksS$ million | 49.5 | 31.4 | PDF p. 29 |
| – UtilitiesS$ million | 58.1 | 45.9 | PDF p. 29 |
| – ResortsS$ million | 4.6 | 1.2 | PDF p. 29 |
| – Property DevelopmentsS$ million | (14.2) | (12.8) | PDF p. 29 |
| – CorporateS$ million | 6.4 | (20.0) | PDF p. 29 |
| PER SHARE (IN CENTS) | |||
| Basic earnings/(loss) per sharecents | 0.195 | (0.855) | PDF p. 29 |
| Diluted earnings/(loss) per sharecents | 0.186 | (0.855) | PDF p. 29 |
| Net asset value per sharecents | 11.33 | 12.41 | PDF p. 29 |
| OTHER FINANCIAL INFORMATION | |||
| Current ratio (no. of times)times | 1.1 | 3.9 | PDF p. 29 |
| EBITDA margin% | 45.0 | 23.9 | PDF p. 29 |
| Gross debt to equity ratio (no. of times)times | 0.8 | 0.7 | PDF p. 29 |
| Net debt to equity ratio (no. of times)times | 0.6 | 0.6 | PDF p. 29 |
Original report: PDF p. 29 ↗
(1) “n.m” denotes not meaningful
(2) “n.a” denotes not applicable
Printed page number 27. Gearing ratio per Financial Review (p.32): total debt to total shareholders’ equity (including non-controlling interests).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group 2025 | 2024Group 2024 | Source |
|---|---|---|---|
| Earnings/(loss) per share | |||
| Profit/(loss) attributable to owners of the Company ($’000)$’000 | 10,653 | (46,690) | PDF p. 178 |
| Weighted average number of ordinary shares for basic earnings/(loss) per share (’000)'000 shares | 5,463,155 | 5,463,155 | PDF p. 178 |
| Basic earnings/(loss) per share (Cents)cents | 0.195 | (0.855) | PDF p. 178 |
| Adjustment for | |||
| – Conversion right of the convertible bonds (’000)'000 shares | 250,000 | – | PDF p. 178 |
| Earnings/(loss) per share | |||
| Weighted average number of ordinary shares for (diluted) used to determine diluted earnings per share (’000)'000 shares | 5,713,155 | 5,463,155 | PDF p. 178 |
| Diluted earnings/(loss) per share (Cents)cents | 0.186 | (0.855) | PDF p. 178 |
Original report: PDF p. 178 ↗
The 250,000,000 shares issuable upon conversion of the convertible bonds were excluded from the calculation of diluted loss per share for the year ended 31 December 2024 as their inclusion would have been anti-dilutive.
Where the money comes from
| Item / unit | 2025Industrial Parks | 2025Utilities | 2025Resort Operations | 2025Property Development | 2025Others | 2025Corporate | 2025Adjustment/Elimination | 2025Total | 2024Industrial Parks | 2024Utilities | 2024Resort Operations | 2024Property Development | 2024Corporate | 2024Adjustment/Elimination | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating revenue | ||||||||||||||||
| External sales$'000 | 58,627 | 121,024 | 29,305 | 57 | 6,028 | – | – | 215,041 | 49,325 | 114,162 | 25,663 | 1,765 | – | – | 190,915 | PDF p. 183PDF p. 184 |
| Inter segment sales$'000 | 132 | 1,092 | – | 137 | – | – | (1,361) | – | – | 105 | – | 126 | – | (231) | – | PDF p. 183PDF p. 184 |
| Total revenue$'000 | 58,759 | 122,116 | 29,305 | 194 | 6,028 | – | (1,361) | 215,041 | 49,325 | 114,267 | 25,663 | 1,891 | – | (231) | 190,915 | PDF p. 183PDF p. 184 |
| Segment results | ||||||||||||||||
| Profit/(loss) from operations$'000 | 37,777 | 48,296 | 1,324 | (17,493) | (9,502) | 9,107 | – | 69,509 | 20,467 | 35,896 | (2,077) | (15,538) | (21,516) | – | 17,232 | PDF p. 183PDF p. 184 |
| Assets and liabilities | ||||||||||||||||
| Segment assets$'000 | 324,532 | 529,042 | 23,797 | 670,451 | 51,397 | 8,046 | – | 1,607,265 | 151,078 | 122,192 | 23,566 | 663,713 | 16,066 | – | 976,615 | PDF p. 183PDF p. 184 |
| Segment liabilities$'000 | 224,139 | 503,584 | 12,864 | 13,812 | 66,732 | 89,783 | – | 910,914 | 51,728 | 106,668 | 9,538 | 10,145 | 91,534 | – | 269,613 | PDF p. 183PDF p. 184 |
| Other material information | ||||||||||||||||
| Capital expenditure$'000 | 166,059 | 896 | 7,865 | 142 | 4,662 | 29 | – | 179,653 | 54,535 | 11,019 | 2,098 | 165 | 38 | – | 67,855 | PDF p. 183PDF p. 184 |
| Depreciation and amortisation$'000 | 12,846 | 12,629 | 3,486 | 3,360 | 3,232 | 307 | – | 35,860 | 11,345 | 11,670 | 3,240 | 3,334 | 297 | – | 29,886 | PDF p. 183PDF p. 184 |
| Allowance for inventories obsolescence$'000 | 4 | – | – | – | – | – | 4 | PDF p. 184 | ||||||||
Group operates mainly in Indonesia; geographical analysis not presented (Note 35(b)).
Rows 'Reversal of inventories obsolescence', 'Gain/(loss) on disposal of PPE' and '(Reversal of)/allowance for expected credit losses' omitted because their wrapped lines are interleaved with page header text.
The 2024 table has no 'Others' segment column.
Wrapped rows for gain/(loss) on disposal of PPE and expected credit losses omitted.
Debt
| Item / unit | 2025The Group, $'000 | 2024The Group, $'000 | 2025The Company, $'000 | 2024The Company, $'000 | Source |
|---|---|---|---|---|---|
| Repayable | |||||
| Not later than one year$'000 | 506,437 | 47,069 | 765,390 | 509,778 | PDF p. 166 |
| Later than one year and not later than five years$'000 | – | 461,217 | – | 256,017 | PDF p. 166 |
Row label wraps: 'Later than one year and not / later than five years'. Total 506,437 / 508,286 / 765,390 / 765,795. No 'after five years' category printed.
| Item / unit | 2025The Group, $'000 | 2024The Group, $'000 | 2025The Company, $'000 | 2024The Company, $'000 | Source |
|---|---|---|---|---|---|
| Current | |||||
| Loans from subsidiaries$'000 | – | – | 470,896 | 476,833 | PDF p. 164 |
| Bank loans$'000 | 506,437 | 47,069 | 294,494 | 32,945 | PDF p. 164 |
| Non-current | |||||
| Bank loans$'000 | – | 461,217 | – | 256,017 | PDF p. 164 |
| Total | |||||
| Total borrowings$'000 | 506,437 | 508,286 | 765,390 | 765,795 | PDF p. 164 |
| Represented by | |||||
| Secured$'000 | 506,437 | 508,286 | 294,494 | 288,962 | PDF p. 164 |
| Unsecured$'000 | – | – | 470,896 | 476,833 | PDF p. 164 |
Loans from subsidiaries are unsecured and repayable on demand. Interest is charged at the interest rate of 1.80% to 6.09% (31 December 2024 – 2.42% to 6.37%) per annum.
Syndicated loan carrying amount S$491,437,000 at 31 December 2025; classified as current due to breach of minimum net worth covenant; waiver obtained after reporting date. UOB facility max S$15,000,000 at 3.76% to 4.91% per annum (31 December 2024 – Nil), repriced monthly, secured over vessels, repayable on demand, current. New facilities: up to US$311 million and S$141 million, tenure 5 to 10 years, margin 2.5% to 3.5% over 3-month SOFR and SORA.
| Item / unit | 2025The Group, $'000 | 2024The Group, $'000 | 2025The Company, $'000 | 2024The Company, $'000 | Source |
|---|---|---|---|---|---|
| Current portion | |||||
| – at floating interest rate$'000 | 506,437 | 46,529 | 765,390 | 509,778 | PDF p. 166 |
| – at fixed interest rate$'000 | – | 540 | – | – | PDF p. 166 |
| Non-current portion | |||||
| – at floating interest rate$'000 | – | 461,217 | – | 256,017 | PDF p. 166 |
| – at fixed interest rate$'000 | – | – | – | – | PDF p. 166 |
Subtotal rows (current 506,437/47,069/765,390/509,778; non-current –/461,217/–/256,017; total 506,437/508,286/765,390/765,795) printed but not separately extracted.
| Item / unit | 2025The Group, $'000 | 2024The Group, $'000 | 2025The Company, $'000 | 2024The Company, $'000 | Source |
|---|---|---|---|---|---|
| Currency | |||||
| Singapore Dollar$'000 | 149,723 | 101,985 | 332,483 | 282,548 | PDF p. 166 |
| United States Dollar$'000 | 356,714 | 406,301 | 207,878 | 236,521 | PDF p. 166 |
| Indonesian Rupiah$'000 | – | – | 225,029 | 246,726 | PDF p. 166 |
Total 506,437 / 508,286 / 765,390 / 765,795.
| Item / unit | 2025Not later than one year, $'000 | 2025Later than one year and not later than five years, $'000 | 2025Later than five years, $'000 | 2025Total, $'000 | 2025Total carrying amount, $'000 | 2024Not later than one year, $'000 | 2024Later than one year and not later than five years, $'000 | 2024Later than five years, $'000 | 2024Total, $'000 | 2024Total carrying amount, $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| As at 31 December - Non-derivative financial liabilities | |||||||||||
| Borrowings$'000 | 711,883 | – | – | 711,883 | 506,437 | 48,612 | 234,685 | 341,462 | 624,759 | 508,286 | PDF p. 193 |
| Lease liabilities$'000 | 6,519 | 7,358 | 651 | 14,528 | 13,405 | 4,627 | 2,199 | 196 | 7,022 | 6,385 | PDF p. 193 |
| Item / unit | 2025Not later than one year, $'000 | 2025Later than one year and not later than five years, $'000 | 2025Later than five years, $'000 | 2025Total, $'000 | 2025Total carrying amount, $'000 | 2024Not later than one year, $'000 | 2024Later than one year and not later than five years, $'000 | 2024Later than five years, $'000 | 2024Total, $'000 | 2024Total carrying amount, $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| As at 31 December - Non-derivative financial liabilities | |||||||||||
| Borrowings$'000 | 858,480 | – | – | 858,480 | 765,390 | 526,688 | 128,032 | 164,928 | 819,648 | 765,795 | PDF p. 194 |
| Lease liabilities$'000 | 412 | – | – | 412 | 389 | 618 | 412 | – | 1,030 | 924 | PDF p. 194 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Provision 11.6 – Dividend Policy | The Company does not have a formal dividend policy. Before recommending a dividend, the Board considers factors such as the Group’s financial performance, liquidity, capital expenditure commitments, and debt repayment obligations. No dividend is included in the notice for the upcoming AGM for FY2025, as the Company is prioritizing cash resources to the going development and expansion of its Utilities and Industrial Parks businesses. Dividends will be considered when the Group’s cash position allows. | Company, FY2025 | PDF p. 82 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Independent auditor | Foo Kon Tan LLP | Group and Company, FY2025 | PDF p. 95 |
| Engagement partner | Ling Guo Leng | Group and Company, FY2025 | PDF p. 95 |
| Opinion | true and fair view | Group and Company, FY2025 | PDF p. 90 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| (a) Impairment assessment of investments in subsidiaries (Note 8) of the Company and associates (Note 9) of the Company and of the Group | The impairment assessment of investments in subsidiaries and associates is a key audit matter because it involves significant judgement and estimation uncertainty in the methodology and assumptions used. | Company and Group, FY2025 | PDF p. 91 |
| (b) Net realisable value of land inventories (Note 12) of the Group | Therefore, the determination of net realisable value of land inventories is a key audit matter. | Group, FY2025 | PDF p. 92 |
| (c) Impairment assessment of property, plant equipment (Note 5) and right-of-use assets (Note 6) of the Group | The impairment assessment of property, plant and equipment and right-of-use assets is a key audit matter because it involves significant judgement and estimation uncertainty in the methodology and assumption used. | Group, FY2025 | PDF p. 93 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern | As of 31 December 2025, the Company’s current liabilities exceeded its current assets by S$895,688,000 | Company, 31 December 2025 (comparative 31 December 2024 – S$643,942,000) | PDF p. 128 |
| Going concern | the Group and the Company did not comply with certain financial covenants for their borrowings. | Group and Company, 31 December 2025 | PDF p. 129 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.