Bonvests B28
SGD 0.895
+0.00% +0.00 Updated 30 Oct 2026, 11:14 SGT
Financials
ANNUAL REPORT 2025
Explore the statements
9 tablesConsolidated statement of comprehensive income
30 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$’000 | 228,236 | 224,250 | PDF p. 93 |
| Other income and other gains | |||
| – Interest$’000 | 321 | 563 | PDF p. 93 |
| – Other income$’000 | 2,608 | 3,465 | PDF p. 93 |
| – Other gains$’000 | 16,610 | 6,798 | PDF p. 93 |
| Income statement | |||
| Changes in inventories of finished goods$’000 | (404) | 465 | PDF p. 93 |
| Materials and consumables purchased$’000 | (23,975) | (25,122) | PDF p. 93 |
| Employee benefit costs$’000 | (83,086) | (79,756) | PDF p. 93 |
| Depreciation expenses$’000 | (26,929) | (27,254) | PDF p. 93 |
| Impairment loss on financial assets$’000 | (222) | (313) | PDF p. 93 |
| Other operating expenses$’000 | (71,222) | (75,269) | PDF p. 93 |
| Finance costs$’000 | (12,823) | (19,145) | PDF p. 93 |
| Profit before income tax$’000 | 29,114 | 8,682 | PDF p. 93 |
| Income tax expense$’000 | (9,722) | (6,826) | PDF p. 93 |
| Profit after income tax$’000 | 19,392 | 1,856 | PDF p. 93 |
| Other comprehensive (loss)/income; items that may be reclassified subsequently to profit or loss | |||
| Currency translation (losses)/gains arising from consolidation$’000 | (12,479) | 2,183 | PDF p. 93 |
| Exchange (losses)/gains relating to net investment hedge$’000 | (620) | 567 | PDF p. 93 |
| Other comprehensive (loss)/income; subtotal of items that may be reclassified subsequently to profit or loss | |||
| Subtotal$’000 | (13,099) | 2,750 | PDF p. 93 |
| Other comprehensive (loss)/income; items that will not be reclassified subsequently to profit or loss | |||
| Fair value losses on financial assets, at FVOCI$’000 | (842) | (843) | PDF p. 93 |
| Currency translation gains/(losses) arising from consolidation$’000 | 5 | (1) | PDF p. 93 |
| Remeasurement of retirement benefits, net of tax$’000 | 55 | 4 | PDF p. 93 |
| Other comprehensive (loss)/income | |||
| Other comprehensive (loss)/income net of tax$’000 | (13,881) | 1,910 | PDF p. 93 |
| Comprehensive income | |||
| Total comprehensive income$’000 | 5,511 | 3,766 | PDF p. 93 |
| Profit/(loss) attributable to | |||
| Equity holders of the Company$’000 | 19,385 | 1,866 | PDF p. 93 |
| Non-controlling interests$’000 | 7 | (10) | PDF p. 93 |
| Profit/(loss) attributable to; total | |||
| Subtotal$’000 | 19,392 | 1,856 | PDF p. 93 |
| Total comprehensive income/(loss) attributable to | |||
| Equity holders of the Company$’000 | 5,499 | 3,777 | PDF p. 93 |
| Non-controlling interests$’000 | 12 | (11) | PDF p. 93 |
| Total comprehensive income/(loss) attributable to; total | |||
| Subtotal$’000 | 5,511 | 3,766 | PDF p. 93 |
| Earnings per share attributable to equity holders of the Company | |||
| – Basiccents per share | 4.828 | 0.465 | PDF p. 93 |
| – Dilutedcents per share | 4.828 | 0.465 | PDF p. 93 |
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Definitions & sources
Original report: PDF p. 93 ↗
Statements of financial position — Company
37 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| Assets; non-current assets | |||
| Investment properties$’000 | – | – | PDF p. 92 |
| Property, plant and equipment$’000 | 290 | 508 | PDF p. 92 |
| Subsidiaries$’000 | 935,319 | 928,303 | PDF p. 92 |
| Goodwill$’000 | – | – | PDF p. 92 |
| Financial assets, at fair value through other comprehensive income (“FVOCI”)$’000 | – | – | PDF p. 92 |
| Financial assets, at fair value through profit or loss (“FVPL”)$’000 | – | – | PDF p. 92 |
| Club memberships$’000 | – | 21 | PDF p. 92 |
| Accrued rental income$’000 | – | – | PDF p. 92 |
| Long-term prepayments and receivables$’000 | – | – | PDF p. 92 |
| Deferred income tax assets$’000 | – | – | PDF p. 92 |
| Assets; non-current assets subtotal | |||
| Subtotal$’000 | 935,609 | 928,832 | PDF p. 92 |
| Assets; current assets | |||
| Inventories$’000 | – | – | PDF p. 92 |
| Trade and other receivables$’000 | 29 | 33 | PDF p. 92 |
| Income tax recoverable$’000 | – | – | PDF p. 92 |
| Advances to subsidiaries$’000 | 5,359 | 5,308 | PDF p. 92 |
| Cash and bank balances$’000 | 909 | 1,245 | PDF p. 92 |
| Assets; current assets subtotal | |||
| Subtotal$’000 | 6,297 | 6,586 | PDF p. 92 |
| Assets | |||
| Total assets$’000 | 941,906 | 935,418 | PDF p. 92 |
| Equity and liabilities; capital and reserves attributable to equity holders of the Company | |||
| Share capital$’000 | 254,139 | 254,139 | PDF p. 92 |
| Retained profits$’000 | 145,392 | 134,391 | PDF p. 92 |
| Other reserves$’000 | – | – | PDF p. 92 |
| Equity and liabilities; capital and reserves attributable to equity holders of the Company subtotal | |||
| Subtotal$’000 | 399,531 | 388,530 | PDF p. 92 |
| Equity and liabilities | |||
| Non-controlling interests$’000 | – | – | PDF p. 92 |
| Total equity$’000 | 399,531 | 388,530 | PDF p. 92 |
| Equity and liabilities; non-current liabilities | |||
| Borrowings$’000 | 80,000 | 125,000 | PDF p. 92 |
| Long-term liabilities$’000 | – | – | PDF p. 92 |
| Lease liabilities$’000 | – | – | PDF p. 92 |
| Deferred income tax liabilities$’000 | – | – | PDF p. 92 |
| Equity and liabilities; non-current liabilities subtotal | |||
| Subtotal$’000 | 80,000 | 125,000 | PDF p. 92 |
| Equity and liabilities; current liabilities | |||
| Trade and other payables$’000 | 924 | 761 | PDF p. 92 |
| Lease liabilities$’000 | – | – | PDF p. 92 |
| Current income tax liabilities$’000 | 106 | 104 | PDF p. 92 |
| Borrowings$’000 | 194,416 | 154,430 | PDF p. 92 |
| Advances from subsidiaries$’000 | 266,929 | 266,593 | PDF p. 92 |
| Equity and liabilities; current liabilities subtotal | |||
| Subtotal$’000 | 462,375 | 421,888 | PDF p. 92 |
| Equity and liabilities | |||
| Total liabilities$’000 | 542,375 | 546,888 | PDF p. 92 |
| Total equity and liabilities$’000 | 941,906 | 935,418 | PDF p. 92 |
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Definitions & sources
Original report: PDF p. 92 ↗
Statements of financial position — Group
37 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Assets; non-current assets | |||
| Investment properties$’000 | 623,834 | 606,664 | PDF p. 92 |
| Property, plant and equipment$’000 | 564,523 | 594,152 | PDF p. 92 |
| Subsidiaries$’000 | – | – | PDF p. 92 |
| Goodwill$’000 | 9,475 | 9,270 | PDF p. 92 |
| Financial assets, at fair value through other comprehensive income (“FVOCI”)$’000 | 1,620 | 962 | PDF p. 92 |
| Financial assets, at fair value through profit or loss (“FVPL”)$’000 | – | 1,500 | PDF p. 92 |
| Club memberships$’000 | – | 21 | PDF p. 92 |
| Accrued rental income$’000 | 1,566 | 1,910 | PDF p. 92 |
| Long-term prepayments and receivables$’000 | – | 18 | PDF p. 92 |
| Deferred income tax assets$’000 | 1,381 | 3,600 | PDF p. 92 |
| Assets; non-current assets subtotal | |||
| Subtotal$’000 | 1,202,399 | 1,218,097 | PDF p. 92 |
| Assets; current assets | |||
| Inventories$’000 | 8,671 | 9,107 | PDF p. 92 |
| Trade and other receivables$’000 | 25,902 | 29,282 | PDF p. 92 |
| Income tax recoverable$’000 | 2,861 | 3,229 | PDF p. 92 |
| Advances to subsidiaries$’000 | – | – | PDF p. 92 |
| Cash and bank balances$’000 | 36,181 | 29,663 | PDF p. 92 |
| Assets; current assets subtotal | |||
| Subtotal$’000 | 73,615 | 71,281 | PDF p. 92 |
| Assets | |||
| Total assets$’000 | 1,276,014 | 1,289,378 | PDF p. 92 |
| Equity and liabilities; capital and reserves attributable to equity holders of the Company | |||
| Share capital$’000 | 254,139 | 254,139 | PDF p. 92 |
| Retained profits$’000 | 728,492 | 712,264 | PDF p. 92 |
| Other reserves$’000 | (142,067) | (128,126) | PDF p. 92 |
| Equity and liabilities; capital and reserves attributable to equity holders of the Company subtotal | |||
| Subtotal$’000 | 840,564 | 838,277 | PDF p. 92 |
| Equity and liabilities | |||
| Non-controlling interests$’000 | 132 | 120 | PDF p. 92 |
| Total equity$’000 | 840,696 | 838,397 | PDF p. 92 |
| Equity and liabilities; non-current liabilities | |||
| Borrowings$’000 | 114,268 | 127,770 | PDF p. 92 |
| Long-term liabilities$’000 | 8,106 | 9,733 | PDF p. 92 |
| Lease liabilities$’000 | 29,909 | 32,318 | PDF p. 92 |
| Deferred income tax liabilities$’000 | 17,374 | 14,283 | PDF p. 92 |
| Equity and liabilities; non-current liabilities subtotal | |||
| Subtotal$’000 | 169,657 | 184,104 | PDF p. 92 |
| Equity and liabilities; current liabilities | |||
| Trade and other payables$’000 | 42,152 | 44,102 | PDF p. 92 |
| Lease liabilities$’000 | 1,612 | 1,435 | PDF p. 92 |
| Current income tax liabilities$’000 | 5,228 | 6,551 | PDF p. 92 |
| Borrowings$’000 | 216,669 | 214,789 | PDF p. 92 |
| Advances from subsidiaries$’000 | – | – | PDF p. 92 |
| Equity and liabilities; current liabilities subtotal | |||
| Subtotal$’000 | 265,661 | 266,877 | PDF p. 92 |
| Equity and liabilities | |||
| Total liabilities$’000 | 435,318 | 450,981 | PDF p. 92 |
| Total equity and liabilities$’000 | 1,276,014 | 1,289,378 | PDF p. 92 |
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Definitions & sources
Original report: PDF p. 92 ↗
Consolidated Statement of Comprehensive Income
28 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income | |||
| Revenue$’000 | 228,236 | 224,250 | PDF p. 93 |
| Other income and other gains | |||
| – Interest$’000 | 321 | 563 | PDF p. 93 |
| – Other income$’000 | 2,608 | 3,465 | PDF p. 93 |
| – Other gains$’000 | 16,610 | 6,798 | PDF p. 93 |
| Expenses | |||
| Changes in inventories of finished goods$’000 | (404) | 465 | PDF p. 93 |
| Materials and consumables purchased$’000 | (23,975) | (25,122) | PDF p. 93 |
| Employee benefit costs$’000 | (83,086) | (79,756) | PDF p. 93 |
| Depreciation expenses$’000 | (26,929) | (27,254) | PDF p. 93 |
| Impairment loss on financial assets$’000 | (222) | (313) | PDF p. 93 |
| Other operating expenses$’000 | (71,222) | (75,269) | PDF p. 93 |
| Finance costs$’000 | (12,823) | (19,145) | PDF p. 93 |
| Profit | |||
| Profit before income tax$’000 | 29,114 | 8,682 | PDF p. 93 |
| Tax | |||
| Income tax expense$’000 | (9,722) | (6,826) | PDF p. 93 |
| Profit | |||
| Profit after income tax$’000 | 19,392 | 1,856 | PDF p. 93 |
| Other comprehensive income; items that may be reclassified subsequently to profit or loss | |||
| Currency translation (losses)/gains arising from consolidation$’000 | (12,479) | 2,183 | PDF p. 93 |
| Exchange (losses)/gains relating to net investment hedge$’000 | (620) | 567 | PDF p. 93 |
| Other comprehensive income | |||
| Subtotal, items that may be reclassified subsequently to profit or loss$’000 | (13,099) | 2,750 | PDF p. 93 |
| Other comprehensive income; items that will not be reclassified subsequently to profit or loss | |||
| Fair value losses on financial assets, at FVOCI$’000 | (842) | (843) | PDF p. 93 |
| Currency translation gains/(losses) arising from consolidation$’000 | 5 | (1) | PDF p. 93 |
| Remeasurement of retirement benefits, net of tax$’000 | 55 | 4 | PDF p. 93 |
| Other comprehensive income | |||
| Other comprehensive (loss)/income net of tax$’000 | (13,881) | 1,910 | PDF p. 93 |
| Comprehensive income | |||
| Total comprehensive income$’000 | 5,511 | 3,766 | PDF p. 93 |
| Profit/(loss) attributable to | |||
| Equity holders of the Company$’000 | 19,385 | 1,866 | PDF p. 93 |
| Non-controlling interests$’000 | 7 | (10) | PDF p. 93 |
| Attributable subtotal$’000 | 19,392 | 1,856 | PDF p. 93 |
| Total comprehensive income/(loss) attributable to | |||
| Equity holders of the Company$’000 | 5,499 | 3,777 | PDF p. 93 |
| Non-controlling interests$’000 | 12 | (11) | PDF p. 93 |
| Attributable subtotal$’000 | 5,511 | 3,766 | PDF p. 93 |
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Definitions & sources
Original report: PDF p. 93 ↗
Consolidated Statement of Cash Flows
35 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before taxation$’000 | 29,114 | 8,682 | PDF p. 96 |
| Adjustments for | |||
| – Depreciation of property, plant and equipment$’000 | 26,929 | 27,254 | PDF p. 96 |
| – Property, plant and equipment written off$’000 | 101 | 1,082 | PDF p. 96 |
| – Loss on disposal of investment properties$’000 | – | 16 | PDF p. 96 |
| – Net loss/(gain) on disposal of property, plant and equipment$’000 | 26 | (145) | PDF p. 96 |
| – Loss on disposal of club membership$’000 | 21 | – | PDF p. 96 |
| – Fair value gain of investment properties$’000 | (13,801) | (6,980) | PDF p. 96 |
| – Amortisation of commission expense capitalised and land betterment charge$’000 | 141 | 35 | PDF p. 96 |
| – Impairment loss on financial assets, net$’000 | 222 | 313 | PDF p. 96 |
| – Interest income$’000 | (321) | (563) | PDF p. 96 |
| – Interest expense$’000 | 12,823 | 19,145 | PDF p. 96 |
| – Unrealised currency translation gains$’000 | (2,634) | (1,123) | PDF p. 96 |
| Adjusted operating cash flow subtotal$’000 | 52,621 | 47,716 | PDF p. 96 |
| Change in working capital | |||
| – Inventories$’000 | 5 | 28 | PDF p. 96 |
| – Trade and other receivables$’000 | 1,713 | (1,515) | PDF p. 96 |
| – Trade and other payables$’000 | (2,701) | 4,559 | PDF p. 96 |
| Cash flows from operating activities | |||
| Cash generated from operations$’000 | 51,638 | 50,788 | PDF p. 96 |
| Income tax paid$’000 | (5,873) | (4,759) | PDF p. 96 |
| Net cash provided by operating activities$’000 | 45,765 | 46,029 | PDF p. 96 |
| Cash flows from investing activities | |||
| Acquisition of property, plant and equipment (Note A)$’000 | (10,233) | (11,788) | PDF p. 96 |
| Additions to investment properties$’000 | (934) | (172) | PDF p. 96 |
| Acquisition of quoted equity investments$’000 | – | (165) | PDF p. 96 |
| Proceeds from disposal of property, plant and equipment$’000 | 88 | 1,549 | PDF p. 96 |
| Interest received$’000 | 321 | 563 | PDF p. 96 |
| Net cash used in investing activities$’000 | (10,758) | (10,013) | PDF p. 96 |
| Cash flows from financing activities | |||
| Proceeds from bank borrowings$’000 | 125,283 | 6,117 | PDF p. 96 |
| Repayment of bank borrowings$’000 | (134,866) | (18,048) | PDF p. 96 |
| Principal payment of lease liabilities$’000 | (2,047) | (1,682) | PDF p. 96 |
| Interest paid$’000 | (13,875) | (19,349) | PDF p. 96 |
| Dividends paid to equity holders of the Company$’000 | (3,212) | (3,212) | PDF p. 96 |
| Net cash used in financing activities$’000 | (28,717) | (36,174) | PDF p. 96 |
| Cash flows | |||
| Net increase/(decrease) in cash and bank balances$’000 | 6,290 | (158) | PDF p. 96 |
| Cash and bank balances | |||
| Beginning of financial year$’000 | 29,663 | 29,682 | PDF p. 96 |
| Effects of currency translation on cash and bank balances$’000 | (43) | 139 | PDF p. 96 |
| End of financial year$’000 | 35,910 | 29,663 | PDF p. 96 |
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Definitions & sources
Original report: PDF p. 96 ↗
The accompanying notes form an integral part of these financial statements.
Financial highlights (five years)
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue$'000 | 228,236 | 224,250 | 216,758 | 209,024 | 134,414 | PDF p. 6 |
| Profit before Taxation and Non-Controlling Interests$'000 | 29,114 | 8,682 | 12,537 | 26,000 | 9,690 | PDF p. 6 |
| Profit after Taxation and Non-Controlling Interests$'000 | 19,385 | 1,866 | 7,167 | 20,723 | 12,250 | PDF p. 6 |
| Profit/(loss) after Taxation and Non-Controlling Interests and excluding Fair Value Gain/(Loss) on Investment Properties, Deferred Tax on Fair Value, Allowance for Impairment of Property, Plant and Equipment ("PPE") and Goodwill, Redevelopment and Acquisition costs and Termination benefits incurred$'000 | 5,806 | (3,465) | (637) | 10,913 | (5,804) | PDF p. 6 |
| Balance sheet | ||||||
| Property, Plant and Equipment and Investment Properties$'000 | 1,188,357 | 1,200,816 | 1,210,724 | 1,204,782 | 1,231,966 | PDF p. 6 |
| Net Current Liabilities$'000 | (192,046) | (195,596) | (96,080) | (113,935) | (303,427) | PDF p. 6 |
| Shareholders' Funds$'000 | 840,564 | 838,277 | 837,712 | 842,237 | 847,614 | PDF p. 6 |
| Non-Controlling Interests$'000 | 132 | 120 | 131 | 3,569 | 6,280 | PDF p. 6 |
| Short-term Borrowings$'000 | 216,669 | 214,789 | 113,856 | 134,447 | 336,045 | PDF p. 6 |
| Long-term Borrowings$'000 | 114,268 | 127,770 | 241,815 | 210,528 | 43,798 | PDF p. 6 |
| Per Share Information | ||||||
| Gross Dividend Per Share (cents)cents per share | 1.20 | 0.80 | 0.80 | 1.60 | 0.75 | PDF p. 6 |
| Earnings Per Share (cents)cents per share | 4.828 | 0.465 | 1.785 | 5.161 | 3.051 | PDF p. 6 |
| Net Asset Value Per Share ($)$ per share | 2.09 | 2.09 | 2.09 | 2.10 | 2.11 | PDF p. 6 |
| Dividend Cover (times)times | 4.02 | 0.58 | 2.23 | 3.23 | 4.07 | PDF p. 6 |
| Key Ratios | ||||||
| Gearing Ratioratio | 0.28 | 0.29 | 0.30 | 0.29 | 0.31 | PDF p. 6 |
| Debt to Equity Ratioratio | 0.39 | 0.41 | 0.42 | 0.41 | 0.44 | PDF p. 6 |
| Return on Shareholders' Funds (%)% | 2.3 | 0.2 | 0.9 | 2.5 | 1.5 | PDF p. 6 |
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Definitions & sources
Original report: PDF p. 6 ↗
Company and Group capital management and gearing
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025The Company, $'000 | 2024The Company, $'000 | 2025The Group, $'000 | 2024The Group, $'000 | Source |
|---|---|---|---|---|---|
| Capital management | |||||
| Total borrowings$'000 | 274,416 | 279,430 | 330,937 | 342,559 | PDF p. 156 |
| Total equity$'000 | 399,531 | 388,530 | 840,696 | 838,397 | PDF p. 156 |
| Total capital$'000 | 673,947 | 667,960 | 1,171,633 | 1,180,956 | PDF p. 156 |
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Definitions & sources
Original report: PDF p. 156 ↗
The Company and the Group monitor capital on the basis of the carrying amount of equity plus borrowings as presented in the statements of financial position. Total capital is calculated as equity plus total borrowings (excluding lease liabilities). The gearing ratio is calculated as total borrowings divided by total capital.
Ordinary dividends paid and proposed
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company and Group, $’000 | 2024Company and Group, $’000 | Source |
|---|---|---|---|
| Ordinary dividends paid | |||
| Final dividend paid in respect of the previous financial year of 0.80 cents (2024: 0.80 cents) per share$’000 | 3,212 | 3,212 | PDF p. 141 |
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Definitions & sources
Original report: PDF p. 141 ↗
At the forthcoming Annual General Meeting, a final tax-exempt (one-tier) dividend of 1.20 cents per share amounting to $4,818,000 will be proposed. These financial statements do not reflect these dividends, which will be accounted in shareholders’ equity as an appropriation of retained profits in the financial year ending 31 December 2026. The payment of these dividends will not have any tax consequences for the Group.
Basic and diluted earnings per share
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per share | |||
| Net profit attributable to equity holders of the Company$’000 | 19,385 | 1,866 | PDF p. 141 |
| Basic earnings per sharecents per share | 4.828 | 0.465 | PDF p. 141 |
| Diluted earnings per sharecents per share | 4.828 | 0.465 | PDF p. 141 |
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Definitions & sources
Original report: PDF p. 141 ↗
Basic earnings per share is calculated by dividing the net profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue of 401,516,968 (2024: 401,516,968) shares during the financial year. The weighted average number is adjusted for share repurchases and cancellations using a time-weighting factor. There were no dilutive potential ordinary shares outstanding during the year, so basic earnings per share equals diluted earnings per share.
Where the money comes from
Segment information
By business
Note 35(a) Business segments – revenue, expenses and results 7 lines
| Item / unit | 2025Rental | 2024Rental | 2025Hotel | 2024Hotel | 2025Industrial | 2024Industrial | 2025Investment | 2024Investment | 2025Development | 2024Development | 2025Others | 2024Others | 2025Consolidated | 2024Consolidated | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||
| External revenue$'000 | 20,565 | 20,171 | 161,453 | 159,951 | 46,218 | 44,128 | – | – | – | – | – | – | 228,236 | 224,250 | PDF p. 144 |
| Inter-segment revenue$'000 | – | – | 1,238 | 1,229 | 1,175 | 1,119 | – | – | – | – | 22,363 | 27,508 | 24,776 | 29,856 | PDF p. 144 |
| Total revenue$'000 | 20,565 | 20,171 | 162,691 | 161,180 | 47,393 | 45,247 | – | – | – | – | 22,363 | 27,508 | 253,012 | 254,106 | PDF p. 144 |
| Expenses | |||||||||||||||
| Materials and employee compensation$'000 | 2,515 | 2,414 | 69,232 | 69,308 | 33,108 | 31,618 | – | – | – | – | 2,206 | 1,538 | 107,061 | 104,878 | PDF p. 144 |
| Results | |||||||||||||||
| Segment results$'000 | 12,710 | 12,218 | 37,184 | 35,147 | 3,694 | 3,519 | (15) | (15) | (7) | (7) | 1,178 | (3,324) | 54,744 | 47,538 | PDF p. 144 |
| Net fair value gain on investment properties$'000 | 13,801 | 6,980 | – | – | – | – | – | – | – | – | – | – | 13,801 | 6,980 | PDF p. 144 |
| Depreciation of property, plant and equipment$'000 | (63) | (69) | (23,162) | (23,507) | (3,486) | (3,460) | – | – | – | – | (218) | (218) | (26,929) | (27,254) | PDF p. 144 |
Notes
Segment results = earnings before interest, tax, depreciation and excluding the effects of fair value and other gains and losses. Finance costs, interest income, profit before tax, income tax expense and profit after tax are printed only in the Consolidated columns (2025, 2024).
Group financing and income taxes are managed on a group basis and are not allocated to operating segments.
Note 35(a) Business segments – assets, liabilities and other segment information 5 lines
| Item / unit | 2025Rental | 2024Rental | 2025Hotel | 2024Hotel | 2025Industrial | 2024Industrial | 2025Investment | 2024Investment | 2025Development | 2024Development | 2025Others | 2024Others | 2025Consolidated | 2024Consolidated | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||||||||
| Segment assets$'000 | 628,510 | 610,504 | 617,655 | 644,614 | 22,712 | 23,041 | 1,653 | 2,573 | – | – | 1,242 | 1,817 | 1,271,772 | 1,282,549 | PDF p. 145 |
| Liabilities | |||||||||||||||
| Segment liabilities$'000 | 7,136 | 6,620 | 65,736 | 72,188 | 7,954 | 7,987 | 12 | 12 | 5 | 5 | 936 | 776 | 81,779 | 87,588 | PDF p. 145 |
| Other segment information | |||||||||||||||
| Capital expenditure – property, plant and equipment$'000 | 427 | 2,731 | 10,943 | 6,276 | 2,301 | 2,014 | – | – | – | – | – | – | 13,671 | 11,021 | PDF p. 145 |
| Capital expenditure – investment properties$'000 | 1,804 | 172 | – | – | – | – | – | – | – | – | – | – | 1,804 | 172 | PDF p. 145 |
| Property, plant and equipment written off$'000 | – | – | 100 | 1,075 | 1 | 7 | – | – | – | – | – | – | 101 | 1,082 | PDF p. 145 |
Notes
All assets and all liabilities are allocated to reportable segments other than tax assets and liabilities, and borrowings. Unallocated and consolidated total lines are printed only in the Consolidated columns (2025, 2024).
By geography
Note 35(b) Geographical segments – revenue and non-current assets 12 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue | |||
| Revenue – Singapore$'000 | 113,613 | 117,242 | PDF p. 146 |
| Revenue – Maldives$'000 | 34,435 | 31,711 | PDF p. 146 |
| Revenue – Africa$'000 | 55,776 | 51,083 | PDF p. 146 |
| Revenue – Australia$'000 | 16,671 | 15,316 | PDF p. 146 |
| Revenue – Others$'000 | 7,741 | 8,898 | PDF p. 146 |
| Revenue – Total$'000 | 228,236 | 224,250 | PDF p. 146 |
| Non-current assets | |||
| Non-current assets – Singapore$'000 | 670,077 | 676,198 | PDF p. 146 |
| Non-current assets – Maldives$'000 | 212,126 | 226,029 | PDF p. 146 |
| Non-current assets – Africa$'000 | 167,335 | 173,376 | PDF p. 146 |
| Non-current assets – Australia$'000 | 96,848 | 86,252 | PDF p. 146 |
| Non-current assets – Others$'000 | 53,012 | 50,179 | PDF p. 146 |
| Non-current assets – Total$'000 | 1,199,398 | 1,212,034 | PDF p. 146 |
Notes
Revenue and non-current assets information based on geographical location of customers and assets respectively.
All segment revenue and expense are directly attributable to the segments. There is no revenue from transactions with a single external customer that amounts to 10 per cent or more of the Group’s revenues.
Debt
Borrowings
Borrowing notes 4 tables
Borrowings
| Item / unit | 2025The Company, $'000 | 2024The Company, $'000 | 2025The Group, $'000 | 2024The Group, $'000 | Source |
|---|---|---|---|---|---|
| Non-current | |||||
| Bank borrowings – unsecured$'000 | – | – | 351 | 414 | PDF p. 136 |
| Bank borrowings – secured$'000 | 80,000 | 125,000 | 113,917 | 127,356 | PDF p. 136 |
| Total non-current$'000 | 80,000 | 125,000 | 114,268 | 127,770 | PDF p. 136 |
| Current | |||||
| Bank overdrafts – unsecured$'000 | – | – | 271 | – | PDF p. 136 |
| Bank borrowings – unsecured$'000 | – | – | 88 | 200 | PDF p. 136 |
| Bank borrowings – secured$'000 | 194,416 | 154,430 | 216,310 | 214,589 | PDF p. 136 |
| Total current$'000 | 194,416 | 154,430 | 216,669 | 214,789 | PDF p. 136 |
| Total | |||||
| Total borrowings$'000 | 274,416 | 279,430 | 330,937 | 342,559 | PDF p. 136 |
Notes
Total rows have no printed label; labels 'Total non-current' and 'Total current' are descriptors for unlabeled subtotal lines.
Bank borrowings repayable between earliest date in 2026 (2024: earliest date in 2025) and latest date in 2035 (2024: latest date in 2035), secured over certain investment property [Note 5(d)] and certain freehold and leasehold land and buildings and equipment of the Group [Note 6(d)].
Fair values of current and non-current borrowings approximate carrying values; Level 2.
Note 21(a)(i) Interest rate exposure of bank borrowings and overdrafts
| Item / unit | 2025The Company, $'000 | 2024The Company, $'000 | 2025The Group, $'000 | 2024The Group, $'000 | Source |
|---|---|---|---|---|---|
| Interest rate exposure | |||||
| Variable rate borrowings$'000 | 274,416 | 279,430 | 330,926 | 341,157 | PDF p. 136 |
| Fixed rate borrowings – maturity dates | |||||
| Less than one year$'000 | – | – | 11 | – | PDF p. 136 |
| One – five years$'000 | – | – | – | 1,402 | PDF p. 136 |
| Interest rate exposure | |||||
| Total$'000 | 274,416 | 279,430 | 330,937 | 342,559 | PDF p. 136 |
Notes
Total line is unlabeled in source.
Lease liabilities
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Lease liabilities | |||
| – Current$'000 | 1,612 | 1,435 | PDF p. 137 |
| – Non-current$'000 | 29,909 | 32,318 | PDF p. 137 |
| Lease liabilities total$'000 | 31,521 | 33,753 | PDF p. 137 |
Notes
Total line is unlabeled in source.
Capital management – total borrowings and gearing
| Item / unit | 2025The Company, $'000 | 2024The Company, $'000 | 2025The Group, $'000 | 2024The Group, $'000 | Source |
|---|---|---|---|---|---|
| Capital management | |||||
| Total borrowings$'000 | 274,416 | 279,430 | 330,937 | 342,559 | PDF p. 156 |
| Gearing ratio% | 40.72 | 41.83 | 28.25 | 29.01 | PDF p. 156 |
Notes
Total capital is calculated as equity plus total borrowings (excluding lease liabilities). Gearing ratio is calculated as total borrowings divided by total capital.
The group is required to comply with financial covenants for its borrowings at each half-yearly period; the Group has complied with these covenants as at 31 December 2025.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | The Company does not have a policy on payment of dividend. The Board will consider the Group’s level of cash and retained earnings and projected capital expenditure and investments in proposing a dividend. | Company | PDF p. 45 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| final dividend | 1.20 cents per share | FY2025 proposed final dividend, 1-tier tax exempt; record date 13 May 2026; payment 28 May 2026 | PDF p. 7 |
| Record Date | 13 May 2026 | FY2025 proposed final dividend | PDF p. 171 |
| The proposed Final Dividend will be paid on | 28 May 2026 | FY2025 proposed final dividend | PDF p. 171 |
| final tax-exempt (one-tier) dividend | $4,818,000 | FY2025 proposed final dividend, Company and Group | PDF p. 141 |
| Final dividend paid in respect of the previous financial year of | 0.80 cents per share | Comparative: final dividend paid in 2024 (in respect of FY2023), Company and Group; also 0.80 cents paid in 2025 in respect of FY2024 | PDF p. 141 |
| Gross Dividend Per Share (cents) | 1.20 cents | Financial highlights, FY2025 (comparative 2024: 0.80) | PDF p. 6 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Cover (times) | 4.02 times | FY2025 (comparative 2024: 0.58) | PDF p. 6 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | PricewaterhouseCoopers LLP | Group and Company, FY2025 | PDF p. 91 |
| Engagement partner | Kok Moi Lre | Group and Company, FY2025 | PDF p. 91 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of investment properties | We focus our audit on the valuation of investment properties due to significant judgement on the use of valuation | Group, as at 31 December 2025 · As at 2025-12-31 | PDF p. 89 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern | there is no material uncertainty for the Group and the Company to continue as a going concern | Group and Company, 12 months after 31 December 2025 · As at 2025-12-31 | PDF p. 117 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.