Hiap Hoe 5JK
SGD 0.525
-1.90% -0.01 Updated 27 Oct 2026, 17:16 SGT
Financials
HIAP HOE LIMITED ANNUAL REPORT 2025
Explore the statements
14 tablesConsolidated Income Statement (Group)
22 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$ | 135,002,022 | 125,357,442 | PDF p. 99 |
| Other items of income | |||
| Dividend income$ | 7,854,326 | 7,116,840 | PDF p. 99 |
| Other income$ | 9,149,832 | 25,882,927 | PDF p. 99 |
| Impairment loss on trade receivables written back$ | 118,028 | 59,311 | PDF p. 99 |
| Interest income$ | 8,376,199 | 7,032,246 | PDF p. 99 |
| Fair value changes in financial instruments$ | 30,233,428 | 24,257,078 | PDF p. 99 |
| Subtotal$ | 55,731,813 | 64,348,402 | PDF p. 99 |
| Expenses | |||
| Employee benefits expense$ | (34,524,950) | (34,528,188) | PDF p. 99 |
| Depreciation of property, plant and equipment$ | (23,037,279) | (22,780,085) | PDF p. 99 |
| Depreciation of investment properties$ | (9,162,042) | (9,387,523) | PDF p. 99 |
| Finance costs$ | (26,487,500) | (38,543,495) | PDF p. 99 |
| Foreign exchange loss$ | (2,461,855) | (6,555,330) | PDF p. 99 |
| Impairment loss on trade receivables$ | (17,252) | (10,577) | PDF p. 99 |
| Other expenses$ | (58,464,835) | (60,699,974) | PDF p. 99 |
| Income statement | |||
| Profit before tax$ | 36,578,122 | 17,200,672 | PDF p. 99 |
| Income tax expense$ | (6,027,851) | (10,640,123) | PDF p. 99 |
| Profit for the year$ | 30,550,271 | 6,560,549 | PDF p. 99 |
| Attributable to | |||
| Owners of the Company$ | 30,371,090 | 6,568,980 | PDF p. 99 |
| Non-controlling interests$ | 179,181 | (8,431) | PDF p. 99 |
| Total$ | 30,550,271 | 6,560,549 | PDF p. 99 |
| Earnings per share attributable to owners of the Company (cents per share) | |||
| Basiccents per share | 6.45 | 1.40 | PDF p. 99 |
| Dilutedcents per share | 6.45 | 1.40 | PDF p. 99 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 99 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Consolidated Statement of Comprehensive Income (Group)
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit for the year$ | 30,550,271 | 6,560,549 | PDF p. 100 |
| Other comprehensive income/(loss) item that may be reclassified subsequently to income statement | |||
| - Foreign currency translation$ | 2,055,423 | (7,663,684) | PDF p. 100 |
| Comprehensive income | |||
| Other comprehensive income/(loss) for the year, net of tax of nil$ | 2,055,423 | (7,663,684) | PDF p. 100 |
| Total comprehensive income/(loss) for the year$ | 32,605,694 | (1,103,135) | PDF p. 100 |
| Attributable to | |||
| Owners of the Company$ | 32,426,513 | (1,094,704) | PDF p. 100 |
| Non-controlling interests$ | 179,181 | (8,431) | PDF p. 100 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 100 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Balance Sheets – Assets (Group and Company)
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$ | 542,584,611 | 559,822,729 | – | – | PDF p. 101 |
| Investment properties$ | 527,119,521 | 532,539,240 | – | – | PDF p. 101 |
| Subsidiaries$ | – | – | 622,601,021 | 622,601,021 | PDF p. 101 |
| Joint venture$ | – | – | 8,894,767 | 5,154,947 | PDF p. 101 |
| Other receivables$ | 3,202,652 | 3,095,029 | – | – | PDF p. 101 |
| Lease incentives$ | 9,084,691 | 8,568,710 | – | – | PDF p. 101 |
| Deferred tax assets$ | 4,228,034 | 5,807,789 | – | – | PDF p. 101 |
| Subtotal$ | 1,086,219,509 | 1,109,833,497 | 631,495,788 | 627,755,968 | PDF p. 101 |
| Current assets | |||||
| Other investments$ | 461,045,506 | 398,318,158 | – | – | PDF p. 101 |
| Inventories$ | 1,668,139 | 1,651,446 | – | – | PDF p. 101 |
| Other assets$ | 383,595 | 398,886 | – | – | PDF p. 101 |
| Trade and other receivables$ | 6,880,071 | 6,465,686 | 6,000 | – | PDF p. 101 |
| Lease incentives$ | 1,749,568 | 1,357,830 | – | – | PDF p. 101 |
| Prepaid operating expenses$ | 1,788,862 | 1,552,509 | 301 | 147 | PDF p. 101 |
| Due from subsidiaries, trade$ | – | – | 403,378 | 769,778 | PDF p. 101 |
| Due from subsidiaries, non-trade$ | – | – | 37,188,606 | 21,106,594 | PDF p. 101 |
| Due from a related company, non-trade$ | 2,034 | – | – | – | PDF p. 101 |
| Derivatives – assets$ | 20 | 300 | – | – | PDF p. 101 |
| Completed properties for sale$ | 519,765 | 742,416 | – | – | PDF p. 101 |
| Cash and short-term deposits$ | 140,101,372 | 69,846,265 | 166,156 | 385,913 | PDF p. 101 |
| Subtotal$ | 614,138,932 | 480,333,496 | 37,764,441 | 22,262,432 | PDF p. 101 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 101 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Balance Sheets – Liabilities and Equity (Group and Company)
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current liabilities | |||||
| Trade and other payables$ | 5,775,882 | 7,888,056 | 72,898 | 62,716 | PDF p. 102 |
| Derivatives – liabilities$ | – | 11,899 | – | – | PDF p. 102 |
| Due to a subsidiary, trade$ | – | – | 196,401 | – | PDF p. 102 |
| Due to subsidiaries, non-trade$ | – | – | 154,672,135 | 132,631,431 | PDF p. 102 |
| Due to a related company, trade$ | 16,216 | 7,630 | – | – | PDF p. 102 |
| Due to a related company, non-trade$ | 15,906 | 26,040 | – | – | PDF p. 102 |
| Interest-bearing loans and borrowings$ | 246,189,138 | 174,047,808 | – | – | PDF p. 102 |
| Tax payable$ | 6,170,683 | 7,876,557 | 45,000 | 64,000 | PDF p. 102 |
| Other liabilities$ | 11,490,835 | 12,707,743 | 923,191 | 896,497 | PDF p. 102 |
| Subtotal$ | 269,658,660 | 202,565,733 | 155,909,625 | 133,654,644 | PDF p. 102 |
| Non-current liabilities | |||||
| Interest-bearing loans and borrowings$ | 607,334,866 | 594,255,118 | – | – | PDF p. 102 |
| Deferred tax liabilities$ | 67,842,718 | 68,004,804 | – | – | PDF p. 102 |
| Other liabilities$ | 8,215,461 | 7,110,578 | – | – | PDF p. 102 |
| Subtotal$ | 683,393,045 | 669,370,500 | – | – | PDF p. 102 |
| Balance sheet | |||||
| Net assets$ | 747,306,736 | 718,230,760 | 513,350,604 | 516,363,756 | PDF p. 102 |
| Equity attributable to owners of the Company | |||||
| Share capital$ | 83,344,131 | 84,445,256 | 83,344,131 | 84,445,256 | PDF p. 102 |
| Treasury shares$ | – | (1,101,125) | – | (1,101,125) | PDF p. 102 |
| Reserves$ | 660,673,546 | 631,776,221 | 430,006,473 | 433,019,625 | PDF p. 102 |
| Subtotal$ | 744,017,677 | 715,120,352 | 513,350,604 | 516,363,756 | PDF p. 102 |
| Equity | |||||
| Non-controlling interests$ | 3,289,059 | 3,110,408 | – | – | PDF p. 102 |
| Total equity$ | 747,306,736 | 718,230,760 | 513,350,604 | 516,363,756 | PDF p. 102 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 102 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Consolidated Statement of Comprehensive Income
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $ | 2024Group, $ | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit for the year$ | 30,550,271 | 6,560,549 | PDF p. 100 |
| Other comprehensive income/(loss) item that may be reclassified subsequently to income statement | |||
| - Foreign currency translation$ | 2,055,423 | (7,663,684) | PDF p. 100 |
| Other comprehensive income | |||
| Other comprehensive income/(loss) for the year, net of tax of nil$ | 2,055,423 | (7,663,684) | PDF p. 100 |
| Total comprehensive income | |||
| Total comprehensive income/(loss) for the year$ | 32,605,694 | (1,103,135) | PDF p. 100 |
| Attributable to | |||
| Owners of the Company$ | 32,426,513 | (1,094,704) | PDF p. 100 |
| Non-controlling interests$ | 179,181 | (8,431) | PDF p. 100 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 100 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Other comprehensive income/(loss) item that may be reclassified subsequently to income statement.
Consolidated Statement of Cash Flows (operating activities)
34 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $ | 2024Group, $ | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before tax$ | 36,578,122 | 17,200,672 | PDF p. 105 |
| Operating activities - Adjustments for | |||
| Impairment loss on trade receivables$ | 17,252 | 10,577 | PDF p. 105 |
| Impairment loss on trade receivables written back$ | (118,028) | (59,311) | PDF p. 105 |
| Amortisation of deferred income$ | (250,000) | (214,845) | PDF p. 105 |
| Amortisation of lease incentives$ | 1,802,001 | 1,361,911 | PDF p. 105 |
| Depreciation of investment properties$ | 9,162,042 | 9,387,523 | PDF p. 105 |
| Depreciation of property, plant and equipment$ | 23,037,279 | 22,780,085 | PDF p. 105 |
| Dividend income from investments$ | (7,854,326) | (7,116,840) | PDF p. 105 |
| Fair value changes in other investments$ | (30,221,809) | (24,555,150) | PDF p. 105 |
| Fair value changes in derivative instruments$ | (11,619) | 298,072 | PDF p. 105 |
| (Gain)/loss on disposal of other investments$ | (65,697) | 377,390 | PDF p. 105 |
| Gain on disposal of property, plant and equipment/asset held-for-sale$ | (88,880) | (18,173,105) | PDF p. 105 |
| Derecognition of a lease liability$ | (333) | – | PDF p. 105 |
| Write back of impairment loss on an investment property$ | (2,539,045) | – | PDF p. 105 |
| Impairment loss on investment properties$ | 534,101 | 4,079,775 | PDF p. 105 |
| Finance costs$ | 26,487,500 | 38,543,495 | PDF p. 105 |
| Interest income$ | (8,376,199) | (7,032,246) | PDF p. 105 |
| Property, plant and equipment written off$ | 11,425 | 9,456 | PDF p. 105 |
| Exchange difference$ | 2,733,489 | 5,719,668 | PDF p. 105 |
| Operating activities | |||
| Operating cash flows before changes in working capital$ | 50,837,275 | 42,617,127 | PDF p. 105 |
| Changes in working capital - (Increase)/decrease in | |||
| Due from a related company, non-trade$ | (2,034) | 904 | PDF p. 105 |
| Inventories$ | (13,902) | 622,803 | PDF p. 105 |
| Other assets$ | 16,363 | (46,880) | PDF p. 105 |
| Payment of upfront lease incentives$ | (2,484,600) | (561,043) | PDF p. 105 |
| Prepaid operating expenses$ | (230,538) | 403,199 | PDF p. 105 |
| Completed properties for sale$ | 238,853 | 765,046 | PDF p. 105 |
| Trade and other receivables$ | 422,242 | 274,592 | PDF p. 105 |
| Changes in working capital - Increase/(decrease) in | |||
| Due to a related company, trade$ | 8,586 | (60,156) | PDF p. 105 |
| Due to a related company, non-trade$ | (10,134) | 392 | PDF p. 105 |
| Other liabilities$ | 90,982 | (2,118,657) | PDF p. 105 |
| Trade and other payables$ | (2,150,169) | (477,129) | PDF p. 105 |
| Operating activities | |||
| Cash flows generated from operations$ | 46,722,924 | 41,420,198 | PDF p. 105 |
| Income tax paid$ | (6,223,351) | (3,723,873) | PDF p. 105 |
| Net cash flows generated from operating activities$ | 40,499,573 | 37,696,325 | PDF p. 105 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 105 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Note column omitted from values.
Consolidated Statement of Cash Flows (investing and financing activities)
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $ | 2024Group, $ | Source |
|---|---|---|---|
| Investing activities | |||
| Dividend income received and return of capital$ | 20,620,362 | 7,168,412 | PDF p. 106 |
| Interest income received and settlement of derivatives$ | 7,711,577 | 6,546,875 | PDF p. 106 |
| Additions to property, plant and equipment$ | (2,180,078) | (34,759,742) | PDF p. 106 |
| Proceeds from disposal of other investments$ | 14,284,005 | 17,895,592 | PDF p. 106 |
| Proceeds from disposal of property, plant and equipment/asset held-for-sale$ | 102,722 | 77,945,654 | PDF p. 106 |
| Purchase of other investments$ | (59,489,883) | (50,184,707) | PDF p. 106 |
| Net cash flows (used in)/generated from investing activities$ | (18,951,295) | 24,612,084 | PDF p. 106 |
| Financing activities | |||
| Acquisition of non-controlling interests$ | (530) | (7,700) | PDF p. 106 |
| Dividends paid on ordinary shares by the Company$ | (3,529,188) | (3,529,188) | PDF p. 106 |
| Interest paid$ | (20,576,691) | (30,729,849) | PDF p. 106 |
| Changes in cash and bank balances pledged$ | 1,411,734 | 1,406,767 | PDF p. 106 |
| Changes in fixed deposits pledged$ | (81,430,342) | (19,438,930) | PDF p. 106 |
| Proceeds from loans and borrowings$ | 850,116,503 | 191,698,587 | PDF p. 106 |
| Repayment of loans and borrowings$ | (774,269,183) | (186,248,244) | PDF p. 106 |
| Repayment of principal portion of lease liabilities$ | (4,007,965) | (3,709,898) | PDF p. 106 |
| Net cash flows used in financing activities$ | (32,285,662) | (50,558,455) | PDF p. 106 |
| Cash and cash equivalents | |||
| Net (decrease)/increase in cash and cash equivalents$ | (10,737,384) | 11,749,954 | PDF p. 106 |
| Effect of exchange rate changes on cash and cash equivalents$ | 273,792 | (464,302) | PDF p. 106 |
| Cash and cash equivalents at beginning of year$ | 23,463,459 | 12,177,807 | PDF p. 106 |
| Cash and cash equivalents at end of year (Note 25)$ | 12,999,867 | 23,463,459 | PDF p. 106 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 106 ↗
A. (i) Additions to property, plant and equipment: During the year, the Group added property, plant and equipment of $4,430,865 (2024: $38,535,584) which included non-cash additions to right-of-use assets of $2,250,787 (2024: $169,442). Included in 2024 was the acquisition of Great Eastern Motor Lodge (“GEML”) of S$36,947,000 (A$42,051,000). The Group had transferred from other assets relating to a deposit paid in prior year for GEML of $3,606,400 (A$4,000,000) and the balance of $34,759,742 was made in cash.
(ii) Proceeds from disposal of property, plant and equipment/asset held-for-sale: Included in 2024 was the net proceeds from the disposal of the hotel at Four Points by Sheraton, Melbourne Docklands of $77,935,351 (A$88,543,000).
Note column (A(i), A(ii), B) omitted from values. Note B reconciliation of liabilities arising from financing activities is on page 107 and not tabulated here.
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Consolidated Statement of Changes in Equity - Group, year ended 31 December 2025
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital (Note 29), $ | 2025Group, Treasury shares (Note 30), $ | 2025Group, Accumulated profits, $ | 2025Group, Capital reserve, $ | 2025Group, Foreign currency translation reserve, $ | 2025Group, Gain on reissuance of treasury shares, $ | 2025Group, Total reserves (Note 31), $ | 2025Group, Total equity attributable to equity holders of the Company, $ | 2025Group, Non-controlling interests, $ | 2025Group, Total equity, $ | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||||
| At 1 January 2025$ | 84,445,256 | (1,101,125) | 677,644,390 | (7,671,719) | (38,248,340) | 51,890 | 631,776,221 | 715,120,352 | 3,110,408 | 718,230,760 | PDF p. 103 |
| Profit for the year$ | – | – | 30,371,090 | – | – | – | 30,371,090 | 30,371,090 | 179,181 | 30,550,271 | PDF p. 103 |
| Group - Other comprehensive income | |||||||||||
| Foreign currency translation$ | – | – | – | – | 2,055,423 | – | 2,055,423 | 2,055,423 | – | 2,055,423 | PDF p. 103 |
| Other comprehensive income net of tax of nil$ | – | – | – | – | 2,055,423 | – | 2,055,423 | 2,055,423 | – | 2,055,423 | PDF p. 103 |
| Group | |||||||||||
| Total comprehensive income for the year$ | – | – | 30,371,090 | – | 2,055,423 | – | 32,426,513 | 32,426,513 | 179,181 | 32,605,694 | PDF p. 103 |
| Group - Contributions by and distributions to owners | |||||||||||
| Dividends on ordinary shares (Note 35)$ | – | – | (3,529,188) | – | – | – | (3,529,188) | (3,529,188) | – | (3,529,188) | PDF p. 103 |
| Acquisition of non-controlling interests$ | – | – | – | – | – | – | – | – | (530) | (530) | PDF p. 103 |
| Cancellation of treasury shares$ | (1,101,125) | 1,101,125 | 51,890 | – | – | (51,890) | – | – | – | – | PDF p. 103 |
| Group | |||||||||||
| Total contributions by and distributions to owners$ | (1,101,125) | 1,101,125 | (3,477,298) | – | – | (51,890) | (3,529,188) | (3,529,188) | (530) | (3,529,718) | PDF p. 103 |
| At 31 December 2025$ | 83,344,131 | – | 704,538,182 | (7,671,719) | (36,192,917) | – | 660,673,546 | 744,017,677 | 3,289,059 | 747,306,736 | PDF p. 103 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 103 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Columns in order as printed: Share capital, Treasury shares, Accumulated profits, Capital reserve, Foreign currency translation reserve, Gain on reissuance of treasury shares, Total reserves, Total equity attributable to equity holders of the Company, Non-controlling interests, Total equity.
Consolidated Statement of Changes in Equity - Group, year ended 31 December 2024
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Share capital (Note 29), $ | 2024Group, Treasury shares (Note 30), $ | 2024Group, Accumulated profits, $ | 2024Group, Capital reserve, $ | 2024Group, Foreign currency translation reserve, $ | 2024Group, Gain on reissuance of treasury shares, $ | 2024Group, Total reserves (Note 31), $ | 2024Group, Total equity attributable to equity holders of the Company, $ | 2024Group, Non-controlling interests, $ | 2024Group, Total equity, $ | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||||
| At 1 January 2024$ | 84,445,256 | (1,101,125) | 674,604,598 | (7,671,719) | (30,584,656) | 51,890 | 636,400,113 | 719,744,244 | 3,126,539 | 722,870,783 | PDF p. 104 |
| Profit/(loss) for the year$ | – | – | 6,568,980 | – | – | – | 6,568,980 | 6,568,980 | (8,431) | 6,560,549 | PDF p. 104 |
| Group - Other comprehensive loss | |||||||||||
| Foreign currency translation$ | – | – | – | – | (7,663,684) | – | (7,663,684) | (7,663,684) | – | (7,663,684) | PDF p. 104 |
| Other comprehensive loss net of tax of nil$ | – | – | – | – | (7,663,684) | – | (7,663,684) | (7,663,684) | – | (7,663,684) | PDF p. 104 |
| Group | |||||||||||
| Total comprehensive income/(loss) for the year$ | – | – | 6,568,980 | – | (7,663,684) | – | (1,094,704) | (1,094,704) | (8,431) | (1,103,135) | PDF p. 104 |
| Group - Contributions by and distributions to owners | |||||||||||
| Dividends on ordinary shares (Note 35)$ | – | – | (3,529,188) | – | – | – | (3,529,188) | (3,529,188) | – | (3,529,188) | PDF p. 104 |
| Acquisition of non-controlling interests$ | – | – | – | – | – | – | – | – | (7,700) | (7,700) | PDF p. 104 |
| Group | |||||||||||
| Total contributions by and distributions to owners$ | – | – | (3,529,188) | – | – | – | (3,529,188) | (3,529,188) | (7,700) | (3,536,888) | PDF p. 104 |
| At 31 December 2024$ | 84,445,256 | (1,101,125) | 677,644,390 | (7,671,719) | (38,248,340) | 51,890 | 631,776,221 | 715,120,352 | 3,110,408 | 718,230,760 | PDF p. 104 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 104 ↗
Comparative year statement (balances 1 January 2024 to 31 December 2024); page header reads Financial Year Ended 31 December 2025 as printed.
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Financial Highlights (five-year summary)
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $'000 unless stated | 2024Group, $'000 unless stated | 2023Group, $'000 unless stated | 2022Group, $'000 unless stated | 2021Group, $'000 unless stated | Source |
|---|---|---|---|---|---|---|
| Group Income Statements | ||||||
| Revenue$'000 | 135,002 | 125,357 | 111,887 | 119,399 | 93,688 | PDF p. 6 |
| Profit/(Loss) before Tax$'000 | 36,578 | 17,201 | 6,080 | (23,609) | 26,535 | PDF p. 6 |
| Net Profit/(Loss) Attributable to Owners of the Company$'000 | 30,371 | 6,569 | 5,559 | (22,001) | 21,196 | PDF p. 6 |
| Group Balance Sheets | ||||||
| Non-Current Assets$'000 | 1,086,221 | 1,109,834 | 1,129,432 | 1,208,123 | 1,258,473 | PDF p. 6 |
| Current Assets$'000 | 614,140 | 480,333 | 459,821 | 361,821 | 370,189 | PDF p. 6 |
| Current Liabilities$'000 | 269,661 | 202,567 | 307,325 | 412,003 | 392,224 | PDF p. 6 |
| Non-Current Liabilities$'000 | 683,393 | 669,370 | 559,057 | 436,310 | 480,575 | PDF p. 6 |
| Equity Attributable to Owners of the Company$'000 | 744,018 | 715,120 | 719,744 | 718,446 | 752,511 | PDF p. 6 |
| Per Share Data (Cents) | ||||||
| Earnings Attributable to Owners of the Company (Basic)cents | 6.45 | 1.40 | 1.18 | (4.67) | 4.50 | PDF p. 6 |
| Net Asset Valuecents | 158.11 | 151.97 | 152.96 | 152.68 | 159.92 | PDF p. 6 |
| Dividendcents | 1.25 | 0.75 | 0.60 | 0.75 | 0.50 | PDF p. 6 |
| Financial Ratios | ||||||
| Debt Equity Ratio (Times) 1times | 1.15 | 1.07 | 1.05 | 1.04 | 1.03 | PDF p. 6 |
| Net Debt Equity Ratio (Times) 2times | 0.96 | 0.98 | 1.00 | 0.97 | 0.99 | PDF p. 6 |
| Current Ratio (Times)times | 2.28 | 2.37 | 1.50 | 0.88 | 0.94 | PDF p. 6 |
| Dividend Yield (%)% | 2.23 | 1.29 | 0.94 | 1.00 | 0.77 | PDF p. 6 |
| Dividend Payout (%)% | 19.37 | 53.73 | 50.79 | (16.04) | 11.10 | PDF p. 6 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 6 ↗
(1) Debt includes amount due to related companies (non-trade) and lease liabilities.
(2) Net debt is debt less cash and short-term deposits.
Revenue by Segments
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $'000 | 2024Group, $'000 | Source |
|---|---|---|---|
| Revenue by Segments | |||
| Hotel Income$'000 | 94,819 | 83,976 | PDF p. 6 |
| Rental and Carpark Income$'000 | 29,371 | 29,289 | PDF p. 6 |
| Leisure Business$'000 | 10,812 | 11,071 | PDF p. 6 |
| Development Properties$'000 | - | 1,021 | PDF p. 6 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 6 ↗
Revenue by Geographical
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $'000 | 2024Group, $'000 | Source |
|---|---|---|---|
| Revenue by Geographical | |||
| Australia$'000 | 39,745 | 42,238 | PDF p. 6 |
| United Kingdom$'000 | 9,620 | 8,860 | PDF p. 6 |
| Singapore$'000 | 85,637 | 74,259 | PDF p. 6 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 6 ↗
Note 11 Earnings per share
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per share | |||
| Profit for the year attributable to owners of the Company used in the computation of basic and diluted earnings per ordinary share$ | 30,371,090 | 6,568,980 | PDF p. 136 |
| Weighted average number of ordinary shares for basic and dilutive earnings per share computation (no. of shares)no. of shares | 470,557,541 | 470,557,541 | PDF p. 136 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 136 ↗
Basic EPS = profit net of tax attributable to owners divided by weighted average number of ordinary shares outstanding. Diluted EPS adds weighted average shares from conversion of dilutive potential ordinary shares. Row label wraps across two lines in source.
Note 35 Dividends
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group and Company | 2024Group and Company | Source |
|---|---|---|---|
| Proposed but not recognised as a liability as at 31 December | |||
| - Final exempt (one-tier) dividend for 2025 – 1.00 cent (2024: 0.5 cent) per share$ | 4,705,582 | 2,352,791 | PDF p. 163 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 163 ↗
Proposed final dividend is subject to shareholders' approval at the Annual General Meeting.
Where the money comes from
Segment information
By business
Segment information - 31 December 2025 (Group, by business segment) 16 lines
| Item / unit | 2025Rental Income | 2025Leisure Business | 2025Hotel Income | 2025Other Investments | 2025Others | 2025Elimination | 2025Total | Source |
|---|---|---|---|---|---|---|---|---|
| Revenue: Segment revenue | ||||||||
| - External sales$ | 29,370,981 | 10,812,414 | 94,818,627 | – | – | – | 135,002,022 | PDF p. 177 |
| - Inter-segment sales (Note A)$ | 291,211 | – | – | – | 2,813,389 | (3,104,600) | – | PDF p. 177 |
| Revenue | ||||||||
| Segment revenue total$ | 29,662,192 | 10,812,414 | 94,818,627 | – | 2,813,389 | (3,104,600) | 135,002,022 | PDF p. 177 |
| Results | ||||||||
| Segment profit/(loss) (Note B)$ | 6,792,107 | 2,247,235 | 14,849,318 | 35,802,132 | (7,995,861) | (15,116,809) | 36,578,122 | PDF p. 177 |
| Other information | ||||||||
| Other income$ | 8,424,160 | 25,991 | 526,665 | 154,852 | 18,164 | – | 9,149,832 | PDF p. 177 |
| Interest income$ | 171,755 | – | 76,049 | 8,101,753 | 26,642 | – | 8,376,199 | PDF p. 177 |
| Finance cost$ | (7,356,068) | (351,111) | (5,554,633) | (7,610,285) | (5,615,403) | – | (26,487,500) | PDF p. 177 |
| Other information: Fair value changes in | ||||||||
| other investments$ | – | – | – | 30,221,809 | – | – | 30,221,809 | PDF p. 177 |
| derivative instruments$ | – | – | – | 11,619 | – | – | 11,619 | PDF p. 177 |
| Other information | ||||||||
| Depreciation expense$ | (8,667,729) | (2,438,963) | (9,019,800) | – | (60,620) | (12,012,209) | (32,199,321) | PDF p. 177 |
| Other expenses$ | (14,530,364) | (1,845,559) | (40,600,099) | (543,557) | (945,256) | – | (58,464,835) | PDF p. 177 |
| Other material non-cash items: Write back of | ||||||||
| impairment loss on investment property (write back)$ | 2,539,045 | – | – | – | – | – | 2,539,045 | PDF p. 177 |
| Other material non-cash items | ||||||||
| Impairment loss on investment property$ | (534,101) | – | – | – | – | – | (534,101) | PDF p. 177 |
| Assets | ||||||||
| Additions to non-current assets (Note C)$ | 940,961 | 1,194,297 | 2,284,726 | – | 10,881 | – | 4,430,865 | PDF p. 177 |
| Segment assets (Note D)$ | 472,189,794 | 12,550,398 | 214,902,091 | 591,226,973 | 4,453,884 | – | 1,295,323,140 | PDF p. 177 |
| Liabilities | ||||||||
| Segment liabilities (Note E)$ | 299,326,756 | 9,844,157 | 192,536,242 | 249,621,909 | 138,430,989 | – | 889,760,053 | PDF p. 177 |
Notes
Group has four reportable segments in 2025 (2024: five); development properties remaining activity (two unsold units at Marina Tower, Melbourne) presented within rental segment from 2025.
Note A: Inter-segment revenues are eliminated on consolidation.
Note C: Additions to non-current assets consist of additions to property, plant and equipment.
Row labels for wrapped rows are given as the printed fragment on the value line.
Segment information - 31 December 2024 (Group, by business segment) 14 lines
| Item / unit | 2024Development Properties | 2024Rental Income | 2024Leisure Business | 2024Hotel Income | 2024Other Investments | 2024Others | 2024Elimination | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Revenue: Segment revenue | |||||||||
| - External sales$ | 1,020,824 | 29,288,857 | 11,071,392 | 83,976,369 | – | – | – | 125,357,442 | PDF p. 178 |
| - Inter-segment sales (Note A)$ | – | 291,211 | – | – | – | 2,894,265 | (3,185,476) | – | PDF p. 178 |
| Revenue | |||||||||
| Segment revenue total$ | 1,020,824 | 29,580,068 | 11,071,392 | 83,976,369 | – | 2,894,265 | (3,185,476) | 125,357,442 | PDF p. 178 |
| Other information | |||||||||
| Other income$ | 13,395 | 5,107,025 | 68,076 | 20,462,606 | – | 231,825 | – | 25,882,927 | PDF p. 178 |
| Interest income$ | – | 202,727 | – | 22,147 | 6,703,855 | 103,517 | – | 7,032,246 | PDF p. 178 |
| Finance cost$ | – | (11,752,782) | (421,266) | (13,318,757) | (9,036,452) | (4,014,238) | – | (38,543,495) | PDF p. 178 |
| Other information: Fair value changes in | |||||||||
| other investments$ | – | – | – | – | 24,555,150 | – | – | 24,555,150 | PDF p. 178 |
| derivative instruments$ | – | – | – | – | (298,072) | – | – | (298,072) | PDF p. 178 |
| Other information | |||||||||
| Depreciation expense$ | – | (8,844,529) | (2,421,024) | (8,827,053) | – | (62,793) | (12,012,209) | (32,167,608) | PDF p. 178 |
| Other expenses$ | (863,360) | (17,412,824) | (1,906,136) | (38,652,782) | (860,247) | (1,004,625) | – | (60,699,974) | PDF p. 178 |
| Other material non-cash item: Impairment loss on | |||||||||
| investment property (Impairment loss)$ | – | (4,079,775) | – | – | – | – | – | (4,079,775) | PDF p. 178 |
| Assets | |||||||||
| Additions to non-current assets (Note C)$ | – | 92,651 | 256,712 | 38,184,502 | – | 1,719 | – | 38,535,584 | PDF p. 178 |
| Segment assets (Note D)$ | 742,418 | 474,079,629 | 13,842,734 | 220,451,312 | 454,740,551 | 9,262,839 | – | 1,173,119,483 | PDF p. 178 |
| Liabilities | |||||||||
| Segment liabilities (Note E)$ | – | 299,851,544 | 10,304,804 | 194,441,813 | 171,042,087 | 131,304,605 | – | 806,944,853 | PDF p. 178 |
Notes
* This includes $18,162,000 gain on disposal of Four Points by Sheraton, Melbourne Docklands and defects claims received of $851,485.
Row labels for wrapped rows are given as the printed fragment on the value line.
Segment reconciliations (Notes B, D, E) - Group 9 lines
| Item / unit | 2025Group 2025 | 2024Group 2024 | Source |
|---|---|---|---|
| Note B: Items deducted from segment profit | |||
| Profit from inter-segment sales$ | 3,104,600 | 3,185,476 | PDF p. 179 |
| Depreciation$ | 12,012,209 | 12,012,209 | PDF p. 179 |
| Note D | |||
| Segment assets$ | 1,295,323,140 | 1,173,119,483 | PDF p. 179 |
| Note D: Unallocated assets | |||
| Property, plant and equipment$ | 292,241,649 | 300,753,649 | PDF p. 179 |
| Investment properties$ | 112,793,652 | 116,293,861 | PDF p. 179 |
| Note D | |||
| Consolidated total assets$ | 1,700,358,441 | 1,590,166,993 | PDF p. 179 |
| Note E | |||
| Segment liabilities$ | 889,760,053 | 806,944,853 | PDF p. 179 |
| Note E: Unallocated liability | |||
| Deferred tax liabilities$ | 63,291,652 | 64,991,380 | PDF p. 179 |
| Note E | |||
| Consolidated total liabilities$ | 953,051,705 | 871,936,233 | PDF p. 179 |
Notes
Note B: items deducted from segment profit to arrive at profit before tax in the consolidated income statement.
Note D: items added to segment assets to arrive at total assets in the consolidated balance sheet.
Note E: item added to segment liabilities to arrive at total liabilities in the consolidated balance sheet.
By geography
Geographical information - Revenue 3 lines
| Item / unit | 2025Revenue | 2024Revenue | Source |
|---|---|---|---|
| Revenue | |||
| Australia$ | 39,744,883 | 42,238,006 | PDF p. 180 |
| Singapore$ | 85,636,701 | 74,138,068 | PDF p. 180 |
| United Kingdom$ | 9,620,438 | 8,981,368 | PDF p. 180 |
Notes
Based on the geographical location of customers. No transaction with a single external customer amounts to 10% of Group revenue.
Geographical information - Non-current assets 3 lines
| Item / unit | 2025Non-current assets | 2024Non-current assets | Source |
|---|---|---|---|
| Non-current assets | |||
| Australia$ | 175,697,770 | 174,313,586 | PDF p. 180 |
| Singapore$ | 874,308,277 | 896,891,359 | PDF p. 180 |
| United Kingdom$ | 31,985,428 | 32,820,763 | PDF p. 180 |
Notes
Based on the geographical location of assets.
Debt
Borrowings
Lease liabilities maturity
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Lease liabilities payable | |||
| Due not later than one year (payable)$ | 4,961,953 | 4,791,269 | PDF p. 158 |
| Due later than one year but not later than five years (payable)$ | 16,473,038 | 16,563,532 | PDF p. 158 |
| Due later than five years (payable)$ | 5,305,952 | 8,116,656 | PDF p. 158 |
| Finance charges allocated to future periods$ | (3,100,716) | (4,059,725) | PDF p. 158 |
| Present value of lease liabilities$ | 23,640,227 | 25,411,732 | PDF p. 158 |
Notes
Subtotal of undiscounted payments 26,740,943 (2025) and 29,471,457 (2024). Present value split: within one year 4,086,257/3,784,898; one to five years 14,517,981/14,068,905; after five years 5,035,989/7,557,929.
Contractual undiscounted maturity profile of Group financial liabilities - borrowings and leases
| Item / unit | 2025Group 31 December 2025 Less than 1 year | 2025Group 31 December 2025 1 to 5 years | 2025Group 31 December 2025 More than 5 years | 2025Group 31 December 2025 Total | Source |
|---|---|---|---|---|---|
| 31 December 2025 | |||||
| Interest bearing loans and borrowings (excluding lease liabilities)$ | 264,553,951 | 603,084,476 | – | 867,638,427 | PDF p. 165 |
| Lease liabilities$ | 4,961,953 | 16,473,038 | 5,305,952 | 26,740,943 | PDF p. 165 |
Notes
Based on contractual undiscounted repayment obligations.
Contractual undiscounted maturity profile of Group financial liabilities - borrowings and leases
| Item / unit | 2025Group 31 December 2025 Less than 1 year | 2025Group 31 December 2025 1 to 5 years | 2025Group 31 December 2025 More than 5 years | 2025Group 31 December 2025 Total | 2024Group 31 December 2024 Less than 1 year | 2024Group 31 December 2024 1 to 5 years | 2024Group 31 December 2024 More than 5 years | 2024Group 31 December 2024 Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| 31 December | |||||||||
| Interest bearing loans and borrowings (excluding lease liabilities)$ | 264,553,951 | 603,084,476 | – | 867,638,427 | 202,416,170 | 582,096,628 | – | 784,512,798 | PDF p. 165 |
| Lease liabilities$ | 4,961,953 | 16,473,038 | 5,305,952 | 26,740,943 | 4,791,269 | 16,563,532 | 8,116,656 | 29,471,457 | PDF p. 165 |
Notes
Based on contractual undiscounted repayment obligations.
Borrowing notes 2 tables
Interest-bearing loans and borrowings
| Item / unit | 2025Group effective interest rate (% per annum) | 2024Group effective interest rate (% per annum) | 2025Group carrying amount ($) | 2024Group carrying amount ($) | Source |
|---|---|---|---|---|---|
| Current liabilities | |||||
| Secured bank borrowings (Note 27.1) [current]$ (rates % p.a.) | 3.15 | 5.04 | 241,584,269 | 169,747,604 | PDF p. 156 |
| Interest payable$ | – | – | 518,612 | 515,306 | PDF p. 156 |
| Lease liabilities (Note 27.3) [current]$ (rates % p.a.) | 3.89 | 4.36 | 4,086,257 | 3,784,898 | PDF p. 156 |
| Non-current liabilities | |||||
| Secured bank borrowings (Note 27.1) [non-current]$ (rates % p.a.) | 2.41 | 4.39 | 587,780,896 | 572,628,284 | PDF p. 156 |
| Lease liabilities (Note 27.3) [non-current]$ (rates % p.a.) | 3.89 | 4.36 | 19,553,970 | 21,626,834 | PDF p. 156 |
Notes
(1) Based on weighted average effective interest rates. Maturity years printed: current 2026; non-current secured bank borrowings 2027 – 2028; non-current lease liabilities 2027 – 2035. Total rows have no rate columns; only the two carrying amounts are given. All borrowings secured bank borrowings.
Borrowings denominated in foreign currencies
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Foreign currency borrowings | |||
| Australian Dollar$ | 93,128,114 | 307,002 | PDF p. 159 |
| British Pound$ | 38,490,100 | 22,607,233 | PDF p. 159 |
| Euro$ | 121,241,158 | 110,915,345 | PDF p. 159 |
| Hong Kong Dollar$ | 4,203,029 | 4,663,073 | PDF p. 159 |
| Japanese Yen$ | 837,487 | 808,346 | PDF p. 159 |
| United States Dollar$ | 52,314,199 | 56,956,868 | PDF p. 159 |
Notes
Amounts printed in $ (Singapore dollar equivalents) as denominated in foreign currencies.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a fixed dividend policy. The form, frequency and amount of dividends will depend on the Company’s earnings, general financial condition, results of operations, capital requirement, cash flow, general business conditions, development plans and other factors as the Directors may deem appropriate. | Company | PDF p. 86 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Interim exempt (one-tier) dividend for 2025 – 0.25 cent | 0.25 cents per share | Group and Company, FY2025 interim, tax-exempt one-tier, declared 14 August 2025 | PDF p. 163 |
| Interim exempt (one-tier) dividend for 2024 – 0.25 cent | 0.25 cents per share | Group and Company, FY2024 interim, tax-exempt one-tier (comparative) | PDF p. 163 |
| Final exempt (one-tier) dividend for 2025 – 1.00 cent | 1.00 cents per share | Group and Company, FY2025 proposed final, tax-exempt one-tier, subject to shareholder approval at AGM 30 April 2026 | PDF p. 163 |
| Final exempt (one-tier) dividend for 2024 – 0.5 cent | 0.5 cents per share | Group and Company, FY2024 final, tax-exempt one-tier, paid in 2025 (comparative) | PDF p. 163 |
| Dividend | 1.25 cents per share | Per share data, 2025 (comparative 2024: 0.75) | PDF p. 6 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Payout (%) | 19.37% | 2025 (comparative 2024: 53.73) | PDF p. 6 |
Extracted from HIAP HOE LIMITED ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | Ernst & Young LLP | Group | PDF p. 98 |
| Engagement partner | Briston Loo | Group | PDF p. 98 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view | Group and Company | PDF p. 94 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Carrying value of investment properties and properties included in property, plant and equipment | The fair value assessment is complex and highly dependent on a range of assumptions made by the external valuers. | Group | PDF p. 95 |
| Valuation of unquoted investments | The valuation of the unquoted investments was considered a key audit matter given the significance of judgements and estimates involved. | Group | PDF p. 95 |
Extracted from HIAP HOE LIMITED 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 HIAP HOE LIMITED 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.