Qian Hu BCV
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+0.00% +0.00 Updated 22 Oct 2026, 17:16 SGT
Financials
Annual Report 2025
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19 tablesStatements of Financial Position (Group and Company)
28 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$ | 12,791,855 | 8,601,905 | 1,956,325 | 2,545,205 | PDF p. 136 |
| Biological assets$ | 105,750 | 119,250 | 105,750 | 119,250 | PDF p. 136 |
| Intangible assets$ | 7,182,411 | 6,541,403 | 2,371,022 | 2,493,022 | PDF p. 136 |
| Subsidiaries$ | – | – | 3,678,787 | 3,627,287 | PDF p. 136 |
| Financial assets at fair value through profit or loss (“FVTPL”)$ | 613,500 | – | 500,000 | – | PDF p. 136 |
| Trade and other receivables$ | – | – | 6,098,239 | 5,661,492 | PDF p. 136 |
| Non-current assets$ | 20,693,516 | 15,262,558 | 14,710,123 | 14,446,256 | PDF p. 136 |
| Current assets | |||||
| Biological assets$ | 206,621 | 41,753 | – | – | PDF p. 136 |
| Financial assets at fair value through profit or loss (“FVTPL”)$ | – | 1,451,687 | – | 1,451,687 | PDF p. 136 |
| Inventories$ | 11,756,981 | 11,847,481 | 4,747,889 | 4,919,999 | PDF p. 136 |
| Trade and other receivables$ | 14,072,900 | 14,814,386 | 16,667,664 | 15,704,658 | PDF p. 136 |
| Cash and cash equivalents$ | 14,151,912 | 14,631,327 | 7,040,019 | 7,720,877 | PDF p. 136 |
| Current assets$ | 40,188,414 | 42,786,634 | 28,455,572 | 29,797,221 | PDF p. 136 |
| Assets | |||||
| Total assets$ | 60,881,930 | 58,049,192 | 43,165,695 | 44,243,477 | PDF p. 136 |
| Equity | |||||
| Share capital$ | 30,772,788 | 30,772,788 | 30,772,788 | 30,772,788 | PDF p. 136 |
| Reserves$ | 7,816,901 | 9,004,932 | (1,294,313) | 606,550 | PDF p. 136 |
| Equity attributable to owners of the Company$ | 38,589,689 | 39,777,720 | 29,478,475 | 31,379,338 | PDF p. 136 |
| Non-controlling interests$ | 2,291,307 | 2,265,499 | – | – | PDF p. 136 |
| Total equity$ | 40,880,996 | 42,043,219 | 29,478,475 | 31,379,338 | PDF p. 136 |
| Non-current liabilities | |||||
| Loans and borrowings$ | 1,494,816 | 526,818 | 174,573 | 105,712 | PDF p. 136 |
| Deferred tax liabilities$ | 95,818 | 37,200 | – | – | PDF p. 136 |
| Non-current liabilities$ | 1,590,634 | 564,018 | 174,573 | 105,712 | PDF p. 136 |
| Current liabilities | |||||
| Loans and borrowings$ | 9,284,093 | 5,910,712 | 5,088,986 | 4,639,011 | PDF p. 136 |
| Trade and other payables$ | 8,701,593 | 9,125,336 | 8,216,204 | 7,911,959 | PDF p. 136 |
| Current tax payable$ | 424,614 | 405,907 | 207,457 | 207,457 | PDF p. 136 |
| Current liabilities$ | 18,410,300 | 15,441,955 | 13,512,647 | 12,758,427 | PDF p. 136 |
| Liabilities | |||||
| Total liabilities$ | 20,000,934 | 16,005,973 | 13,687,220 | 12,864,139 | PDF p. 136 |
| Total equity and liabilities$ | 60,881,930 | 58,049,192 | 43,165,695 | 44,243,477 | PDF p. 136 |
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Definitions & sources
Original report: PDF p. 136 ↗
As at 31 December 2025; amounts in $ (Singapore dollars as printed). The accompanying notes form an integral part of these financial statements.
Statements of Profit or Loss (Group and Company)
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Profit or loss | |||||
| Revenue$ | 71,902,704 | 71,417,783 | 35,831,003 | 35,687,024 | PDF p. 137 |
| Cost of sales$ | (46,228,022) | (46,099,839) | (24,458,062) | (24,433,147) | PDF p. 137 |
| Gross profit$ | 25,674,682 | 25,317,944 | 11,372,941 | 11,253,877 | PDF p. 137 |
| Other income$ | 2,030,908 | 3,065,642 | 2,388,885 | 3,756,417 | PDF p. 137 |
| Selling and distribution expenses$ | (2,624,224) | (2,665,294) | (880,353) | (762,016) | PDF p. 137 |
| General and administrative expenses$ | (24,984,463) | (24,728,330) | (14,042,730) | (13,913,306) | PDF p. 137 |
| Impairment loss on trade receivables$ | (181,503) | (183,687) | (152,400) | (147,306) | PDF p. 137 |
| Results from operating activities$ | (84,600) | 806,275 | (1,313,657) | 187,666 | PDF p. 137 |
| Finance income$ | 69,307 | 168,976 | 49,431 | 125,038 | PDF p. 137 |
| Finance costs$ | (363,549) | (354,779) | (159,369) | (239,937) | PDF p. 137 |
| Net finance costs$ | (294,242) | (185,803) | (109,938) | (114,899) | PDF p. 137 |
| (Loss) Profit before tax$ | (378,842) | 620,472 | (1,423,595) | 72,767 | PDF p. 137 |
| Tax expense$ | (223,624) | (203,760) | (24,000) | (23,220) | PDF p. 137 |
| (Loss) Profit for the year$ | (602,466) | 416,712 | (1,447,595) | 49,547 | PDF p. 137 |
| (Loss) Profit attributable to | |||||
| Owners of the Company$ | (751,170) | 356,656 | (1,447,595) | 49,547 | PDF p. 137 |
| Non-controlling interests$ | 148,704 | 60,056 | – | – | PDF p. 137 |
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Definitions & sources
Original report: PDF p. 137 ↗
Year ended 31 December 2025; amounts in $. The accompanying notes form an integral part of these financial statements.
Earnings per share (Group)
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| (Loss) Earnings per share (cents) | |||
| Basiccents per share | (0.66) | 0.31 | PDF p. 137 |
| Dilutedcents per share | (0.66) | 0.31 | PDF p. 137 |
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Definitions & sources
Original report: PDF p. 137 ↗
Printed under Group columns only, in cents per share.
Statements of Comprehensive Income (Group and Company)
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Comprehensive income | |||||
| (Loss) Profit for the year$ | (602,466) | 416,712 | (1,447,595) | 49,547 | PDF p. 138 |
| Other comprehensive income – Items that are or may be reclassified subsequently to profit or loss | |||||
| Foreign currency translation differences – foreign operations, net of tax$ | 57,149 | 350,958 | 838 | – | PDF p. 138 |
| Other comprehensive income | |||||
| Other comprehensive income for the year, net of tax$ | 57,149 | 350,958 | 838 | – | PDF p. 138 |
| Comprehensive income | |||||
| Total comprehensive income for the year$ | (545,317) | 767,670 | (1,446,757) | 49,547 | PDF p. 138 |
| Total comprehensive income attributable to | |||||
| Owners of the Company$ | (733,925) | 624,959 | (1,446,757) | 49,547 | PDF p. 138 |
| Non-controlling interests$ | 188,608 | 142,711 | – | – | PDF p. 138 |
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Definitions & sources
Original report: PDF p. 138 ↗
Year ended 31 December 2025; amounts in $. The accompanying notes form an integral part of these financial statements.
Statements of Comprehensive Income (Group and Company), year ended 31 December 2025
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Comprehensive income | |||||
| (Loss) Profit for the year$ | (602,466) | 416,712 | (1,447,595) | 49,547 | PDF p. 138 |
| Other comprehensive income | |||||
| Foreign currency translation differences – foreign operations, net of tax$ | 57,149 | 350,958 | 838 | – | PDF p. 138 |
| Other comprehensive income for the year, net of tax$ | 57,149 | 350,958 | 838 | – | PDF p. 138 |
| Comprehensive income | |||||
| Total comprehensive income for the year$ | (545,317) | 767,670 | (1,446,757) | 49,547 | PDF p. 138 |
| Total comprehensive income attributable to | |||||
| Owners of the Company$ | (733,925) | 624,959 | (1,446,757) | 49,547 | PDF p. 138 |
| Non-controlling interests$ | 188,608 | 142,711 | – | – | PDF p. 138 |
| Total comprehensive income attributable to (total) | |||||
| Total comprehensive income for the year$ | (545,317) | 767,670 | (1,446,757) | 49,547 | PDF p. 138 |
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Definitions & sources
Original report: PDF p. 138 ↗
Amounts in Singapore dollars ($) as printed. Items that are or may be reclassified subsequently to profit or loss. The accompanying notes form an integral part of these financial statements.
Group Statement of Changes in Equity – year ended 31 December 2024
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group – Share capital | 2024Group – Translation reserve | 2024Group – Retained earnings | 2024Group – Total attributable to owners of the Company | 2024Group – Non-controlling interests | 2024Group – Total equity | Source |
|---|---|---|---|---|---|---|---|
| Group | |||||||
| At 1 January 2024$ | 30,772,788 | (657,177) | 9,377,729 | 39,493,340 | 2,238,288 | 41,731,628 | PDF p. 139 |
| Total comprehensive income for the year | |||||||
| Profit for the year$ | – | – | 356,656 | 356,656 | 60,056 | 416,712 | PDF p. 139 |
| Other comprehensive income | |||||||
| Foreign currency translation$ | – | 268,303 | – | 268,303 | 82,655 | 350,958 | PDF p. 139 |
| Total other comprehensive$ | – | 268,303 | – | 268,303 | 82,655 | 350,958 | PDF p. 139 |
| Total comprehensive income for the year | |||||||
| Total comprehensive income$ | – | 268,303 | 356,656 | 624,959 | 142,711 | 767,670 | PDF p. 139 |
| Distributions to owners | |||||||
| Dividends paid (See Note 23)$ | – | – | (340,579) | (340,579) | (159,600) | (500,179) | PDF p. 139 |
| Total distribution to owners$ | – | – | (340,579) | (340,579) | (159,600) | (500,179) | PDF p. 139 |
| Changes in ownership interests | |||||||
| Incorporation of subsidiary with$ | – | – | – | – | 44,100 | 44,100 | PDF p. 139 |
| Total changes in ownership$ | – | – | – | – | 44,100 | 44,100 | PDF p. 139 |
| Transactions with owners of the Company, recognised directly in equity | |||||||
| Total transactions with owners$ | – | – | (340,579) | (340,579) | (115,500) | (456,079) | PDF p. 139 |
| Group | |||||||
| At 31 December 2024$ | 30,772,788 | (388,874) | 9,393,806 | 39,777,720 | 2,265,499 | 42,043,219 | PDF p. 139 |
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Definitions & sources
Original report: PDF p. 139 ↗
Amounts in $. Columns under 'Attributable to owners of the Company': Share capital, Translation reserve, Retained earnings, Total; then Non-controlling interests and Total equity. Dividends paid: see Note 23.
Group Statement of Changes in Equity – year ended 31 December 2025
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group – Share capital | 2025Group – Translation reserve | 2025Group – Retained earnings | 2025Group – Total attributable to owners of the Company | 2025Group – Non-controlling interests | 2025Group – Total equity | Source |
|---|---|---|---|---|---|---|---|
| Group | |||||||
| At 1 January 2025$ | 30,772,788 | (388,874) | 9,393,806 | 39,777,720 | 2,265,499 | 42,043,219 | PDF p. 140 |
| Total comprehensive income for the year | |||||||
| (Loss) Profit for the year$ | – | – | (751,170) | (751,170) | 148,704 | (602,466) | PDF p. 140 |
| Other comprehensive income | |||||||
| Foreign currency translation$ | – | 17,245 | – | 17,245 | 39,904 | 57,149 | PDF p. 140 |
| Total other comprehensive$ | – | 17,245 | – | 17,245 | 39,904 | 57,149 | PDF p. 140 |
| Total comprehensive income for the year | |||||||
| Total comprehensive income$ | – | 17,245 | (751,170) | (733,925) | 188,608 | (545,317) | PDF p. 140 |
| Distributions to owners | |||||||
| Dividends paid (See Note 23)$ | – | – | (454,106) | (454,106) | (162,800) | (616,906) | PDF p. 140 |
| Transactions with owners of the Company, recognised directly in equity | |||||||
| Total transactions with owners$ | – | – | (454,106) | (454,106) | (162,800) | (616,906) | PDF p. 140 |
| Group | |||||||
| At 31 December 2025$ | 30,772,788 | (371,629) | 8,188,530 | 38,589,689 | 2,291,307 | 40,880,996 | PDF p. 140 |
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Definitions & sources
Original report: PDF p. 140 ↗
Amounts in $. Dividends paid: see Note 23.
Company Statement of Changes in Equity – year ended 31 December 2024
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Company – Share capital | 2024Company – Translation reserve | 2024Company – Retained earnings (Accumulated losses) | 2024Company – Total equity | Source |
|---|---|---|---|---|---|
| Company | |||||
| At 1 January 2024$ | 30,772,788 | 89,552 | 808,030 | 31,670,370 | PDF p. 141 |
| Total comprehensive income for the year | |||||
| Profit for the year$ | – | – | 49,547 | 49,547 | PDF p. 141 |
| Other comprehensive income | |||||
| Foreign currency translation differences – foreign$ | – | – | – | – | PDF p. 141 |
| Total other comprehensive income$ | – | – | – | – | PDF p. 141 |
| Total comprehensive income for the year | |||||
| Total comprehensive income for the year$ | – | – | 49,547 | 49,547 | PDF p. 141 |
| Distributions to owners | |||||
| Dividends paid (See Note 23)$ | – | – | (340,579) | (340,579) | PDF p. 141 |
| Transactions with owners of the Company, recognised directly in equity | |||||
| Total transactions with owners of the Company$ | – | – | (340,579) | (340,579) | PDF p. 141 |
| Company | |||||
| At 31 December 2024$ | 30,772,788 | 89,552 | 516,998 | 31,379,338 | PDF p. 141 |
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Original report: PDF p. 141 ↗
Amounts in $. Column header: Retained earnings (Accumulated losses). Dividends paid: see Note 23. The page presents 2024 and 2025 movements sequentially.
Company Statement of Changes in Equity – year ended 31 December 2025
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company – Share capital | 2025Company – Translation reserve | 2025Company – Retained earnings (Accumulated losses) | 2025Company – Total equity | Source |
|---|---|---|---|---|---|
| Total comprehensive income for the year | |||||
| Loss for the year$ | – | – | (1,447,595) | (1,447,595) | PDF p. 141 |
| Other comprehensive income | |||||
| Foreign currency translation differences – foreign$ | – | 838 | – | 838 | PDF p. 141 |
| Total other comprehensive income$ | – | 838 | – | 838 | PDF p. 141 |
| Total comprehensive income for the year | |||||
| Total comprehensive income for the year$ | – | 838 | (1,447,595) | (1,446,757) | PDF p. 141 |
| Distributions to owners | |||||
| Dividends paid (See Note 23)$ | – | – | (454,106) | (454,106) | PDF p. 141 |
| Transactions with owners of the Company, recognised directly in equity | |||||
| Total transactions with owners of the Company$ | – | – | (454,106) | (454,106) | PDF p. 141 |
| Company | |||||
| At 31 December 2025$ | 30,772,788 | 90,390 | (1,384,703) | 29,478,475 | PDF p. 141 |
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Definitions & sources
Original report: PDF p. 141 ↗
Amounts in $. Opening balance for 2025 is the printed 'At 31 December 2024' row. Dividends paid: see Note 23.
Consolidated Statement of Cash Flows (Group) – operating and investing activities, year ended 31 December 2025
28 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| (Loss) Profit before tax$ | (378,842) | 620,472 | PDF p. 142 |
| Adjustments for | |||
| Amortisation of intangible assets$ | 123,745 | 123,672 | PDF p. 142 |
| Bad trade receivables written off$ | 30,369 | 9,752 | PDF p. 142 |
| Impairment loss on trade receivables$ | 181,503 | 183,687 | PDF p. 142 |
| Allowance for inventory obsolescence$ | 58,938 | – | PDF p. 142 |
| Adjustments for: Depreciation of | |||
| - property, plant and equipment$ | 2,921,055 | 2,947,571 | PDF p. 142 |
| - biological assets$ | 13,500 | 13,500 | PDF p. 142 |
| Adjustments for | |||
| Property, plant and equipment written off$ | 277 | 55,122 | PDF p. 142 |
| Loss (Gain) on disposal of property, plant and equipment$ | 19,401 | (6,490) | PDF p. 142 |
| Adjustments for: Net change in fair value of | |||
| - biological assets$ | (205,053) | (16,554) | PDF p. 142 |
| - financial assets at FVTPL$ | 233,386 | (72,506) | PDF p. 142 |
| Adjustments for | |||
| Gain on derecognition of right-of-use assets and lease liabilities$ | (16,889) | (3,128) | PDF p. 142 |
| Finance costs$ | 363,549 | 354,779 | PDF p. 142 |
| Finance income$ | (69,307) | (168,976) | PDF p. 142 |
| Cash flows from operating activities | |||
| (unlabelled subtotal before changes in working capital)$ | 3,275,632 | 4,040,901 | PDF p. 142 |
| Changes in | |||
| Inventories$ | 565,934 | 356,329 | PDF p. 142 |
| Biological assets$ | 41,970 | (25,199) | PDF p. 142 |
| Trade and other receivables$ | 671,914 | (482,194) | PDF p. 142 |
| Trade and other payables$ | (507,119) | 303,021 | PDF p. 142 |
| Cash flows from operating activities | |||
| Cash generated from operations$ | 4,048,331 | 4,192,858 | PDF p. 142 |
| Tax paid$ | (223,806) | (163,411) | PDF p. 142 |
| Net cash from operating activities$ | 3,824,525 | 4,029,447 | PDF p. 142 |
| Cash flows from investing activities: Acquisition of | |||
| - property, plant and equipment$ | (5,215,101) | (2,489,592) | PDF p. 142 |
| - financial assets at FVTPL$ | (658,500) | – | PDF p. 142 |
| Cash flows from investing activities | |||
| Acquisition of a subsidiary, net of cash acquired$ | (51,500) | – | PDF p. 142 |
| Interest received$ | 69,307 | 168,976 | PDF p. 142 |
| Proceeds from disposal of property, plant and equipment$ | 75,433 | 6,495 | PDF p. 142 |
| Net cash used in investing activities$ | (5,780,361) | (2,314,121) | PDF p. 142 |
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Definitions & sources
Original report: PDF p. 142 ↗
Amounts in $. Statement continues on page 143 (financing activities). The Company has no separate cash flow statement in the primary statements.
Consolidated Statement of Cash Flows (Group) – financing activities and closing cash, year ended 31 December 2025
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from financing activities: Dividends paid to | |||
| - owners of the Company$ | (454,106) | (340,579) | PDF p. 143 |
| - non-controlling interests$ | (162,800) | (159,600) | PDF p. 143 |
| Cash flows from financing activities | |||
| Interest paid$ | (366,825) | (355,370) | PDF p. 143 |
| Drawdown of bank term loans$ | 3,963,225 | – | PDF p. 143 |
| Cash flows from financing activities: Repayment of | |||
| - lease liabilities$ | (1,451,492) | (1,476,533) | PDF p. 143 |
| - bank term loans$ | (56,183) | (500,000) | PDF p. 143 |
| Cash flows from financing activities | |||
| Capital contribution from non-controlling interest$ | – | 44,100 | PDF p. 143 |
| Net cash from (used in) financing activities$ | 1,471,819 | (2,787,982) | PDF p. 143 |
| Net change in cash | |||
| Net decrease in cash and cash equivalents$ | (484,017) | (1,072,656) | PDF p. 143 |
| Cash and cash equivalents at beginning of year$ | 14,631,327 | 15,546,221 | PDF p. 143 |
| Effect of exchange rate fluctuations on cash held$ | 4,602 | 157,762 | PDF p. 143 |
| Cash and cash equivalents at end of year$ | 14,151,912 | 14,631,327 | PDF p. 143 |
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Original report: PDF p. 143 ↗
Amounts in $. Continuation of the statement on page 142.
Financial Highlights (five-year summary), Group
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| FOR THE YEAR | ||||||
| Revenue$’000 | 71,903 | 71,418 | 70,314 | 75,265 | 80,003 | PDF p. 34 |
| Gross profit$’000 | 25,675 | 25,318 | 23,566 | 24,443 | 26,817 | PDF p. 34 |
| Earnings (loss) before interest, taxation, depreciation and amortisation (EBITDA)$’000 | 2,974 | 3,891 | (5,644) | 5,407 | 6,128 | PDF p. 34 |
| (Loss) profit before tax$’000 | (379) | 620 | (8,969) | 1,896 | 2,311 | PDF p. 34 |
| Net (loss) profit attributable to owners of the Company (PATMI)$’000 | (751) | 357 | (9,277) | 1,400 | 1,720 | PDF p. 34 |
| Operating cashflow$’000 | 3,825 | 4,029 | 3,355 | 6,039 | 8,517 | PDF p. 34 |
| Capital expenditure$’000 | 5,334 | 2,558 | 749 | 1,103 | 1,550 | PDF p. 34 |
| AT YEAR END | ||||||
| Total assets$’000 | 60,882 | 58,049 | 58,933 | 72,391 | 74,794 | PDF p. 34 |
| Total liabilities$’000 | 20,001 | 16,006 | 17,201 | 20,840 | 24,163 | PDF p. 34 |
| Equity attributable to owners of the Company$’000 | 38,590 | 39,778 | 39,494 | 49,255 | 48,320 | PDF p. 34 |
| Net current assets$’000 | 21,778 | 27,345 | 27,942 | 29,827 | 27,761 | PDF p. 34 |
| Cash and cash equivalents$’000 | 14,152 | 14,631 | 15,546 | 20,117 | 21,671 | PDF p. 34 |
| KEY FINANCIAL RATIOS | ||||||
| Revenue growth (%)% | 0.7 | 1.6 | (6.6) | (5.9) | 6.3 | PDF p. 34 |
| Net profit growth (%)% | NM | 103.9 | NM | 18.6 | 218.4 | PDF p. 34 |
| Debt-to-equity ratio (times)times | 0.49 | 0.38 | 0.41 | 0.40 | 0.48 | PDF p. 34 |
| Return on shareholders’ equity (%)% | (1.9) | 0.9 | (23.5) | 2.8 | 3.6 | PDF p. 34 |
| Return on total assets (%)% | (1.2) | 0.6 | (15.7) | 1.9 | 2.3 | PDF p. 34 |
| Dividend payout ratio (%)% | NM | 127.2 | NM | 24.3 | 19.8 | PDF p. 34 |
| PER SHARE INFORMATION | ||||||
| (Loss) earnings per sharecents | (0.66) | 0.31 | (8.17) | 1.23 | 1.51 | PDF p. 34 |
| Net assets per sharecents | 33.99 | 35.04 | 34.79 | 43.39 | 42.56 | PDF p. 34 |
| Cash per sharecents | 12.47 | 12.89 | 13.69 | 17.72 | 19.09 | PDF p. 34 |
| Dividend per sharecents | 0.00 | 0.40 | 0.30 | 0.30 | 0.30 | PDF p. 34 |
| MARKET CAPITALISATION | ||||||
| At close of business on the first trading day after the announcement of audited results$’million | 16.12 | 21.00 | 18.73 | 26.11 | 25.54 | PDF p. 34 |
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Definitions & sources
Original report: PDF p. 34 ↗
NM: Not Meaningful
Section headings: FOR THE YEAR ($’000); AT YEAR END ($’000); KEY FINANCIAL RATIOS; PER SHARE INFORMATION (CENTS); MARKET CAPITALISATION ($’MILLION) at close of business on the first trading day after the announcement of audited results
Page text is interleaved with side-panel callouts; labels wrapping across lines are quoted from the numeric line.
Value-Added Statements, Group
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Value-added | ||||||
| Revenue earned$’000 | 71,903 | 71,418 | 70,314 | 75,265 | 80,003 | PDF p. 35 |
| Less : Purchase of goods and services$’000 | (54,013) | (53,861) | (54,485) | (58,188) | (60,984) | PDF p. 35 |
| Gross value-added from operations$’000 | 17,890 | 17,557 | 15,829 | 17,077 | 19,019 | PDF p. 35 |
| Other income$’000 | 2,031 | 3,066 | 3,544 | 4,282 | 3,524 | PDF p. 35 |
| Loss on biological assets$’000 | – | – | (7,391) | (4) | – | PDF p. 35 |
| Exchange (loss) gain$’000 | (133) | 166 | (30) | (179) | 508 | PDF p. 35 |
| Total value-added available for distribution$’000 | 19,788 | 20,789 | 11,952 | 21,176 | 23,051 | PDF p. 35 |
| To employees | ||||||
| - Salaries and other related costs$’000 | 16,280 | 16,397 | 15,590 | 15,728 | 15,469 | PDF p. 35 |
| To government | ||||||
| - Corporate and other taxes$’000 | 417 | 341 | 300 | 385 | 431 | PDF p. 35 |
| To providers of capital | ||||||
| - Interest paid on borrowings$’000 | 364 | 355 | 451 | 352 | 252 | PDF p. 35 |
| - Dividends to shareholders$’000 | 454 | 341 | 341 | 341 | 227 | PDF p. 35 |
| Retained for re-investment and future growth | ||||||
| - Depreciation and amortisation$’000 | 3,058 | 3,085 | 3,015 | 3,194 | 3,596 | PDF p. 35 |
| - Accumulated (loss) profit$’000 | (1,205) | 16 | (9,617) | 1,059 | 1,493 | PDF p. 35 |
| - Non-controlling interests$’000 | 149 | 60 | 151 | 239 | 281 | PDF p. 35 |
| PRODUCTIVITY DATA | ||||||
| Number of employeesnumber | 502 | 520 | 522 | 524 | 563 | PDF p. 35 |
| Value-added per employee ($’000)$’000 | 39 | 40 | 23 | 40 | 41 | PDF p. 35 |
| Value-added per dollar of employment cost$ | 1.22 | 1.27 | 0.77 | 1.35 | 1.49 | PDF p. 35 |
| Value-added per dollar of revenue$ | 0.28 | 0.29 | 0.17 | 0.28 | 0.29 | PDF p. 35 |
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Definitions & sources
Original report: PDF p. 35 ↗
Productivity data rows have own units as labelled.
Financial Review – Statement of Profit or Loss
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $’000 | 2024Group, $’000 | 2025Change (%), 2025 vs 2024 | Source |
|---|---|---|---|---|
| REVENUE | ||||
| - Fish$’000; change in % | 30,651 | 29,324 | 4.5 | PDF p. 36 |
| - Accessories$’000; change in % | 33,497 | 34,032 | (1.6) | PDF p. 36 |
| - Plastics$’000; change in % | 7,755 | 8,062 | (3.8) | PDF p. 36 |
| TOTAL REVENUE$’000; change in % | 71,903 | 71,418 | 0.7 | PDF p. 36 |
| Profit or loss | ||||
| Less : Cost of sales$’000; change in % | (46,228) | (46,100) | 0.3 | PDF p. 36 |
| GROSS PROFIT$’000; change in % | 25,675 | 25,318 | 1.4 | PDF p. 36 |
| Add : Other income$’000; change in % | 2,031 | 3,066 | (33.8) | PDF p. 36 |
| Less : Operating expenses$’000; change in % | (28,085) | (27,764) | 1.2 | PDF p. 36 |
| (LOSS) PROFIT BEFORE TAX$’000; change in % | (379) | 620 | NM | PDF p. 36 |
| Less : Tax expense$’000; change in % | (223) | (203) | 9.9 | PDF p. 36 |
| (LOSS) PROFIT FOR THE YEAR$’000; change in % | (602) | 417 | NM | PDF p. 36 |
| (LOSS) PROFIT ATTRIBUTABLE TO | ||||
| Owners of the Company$’000; change in % | (751) | 357 | NM | PDF p. 36 |
| Non-controlling interests$’000; change in % | 149 | 60 | 148.3 | PDF p. 36 |
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Definitions & sources
Original report: PDF p. 36 ↗
NM: Not Meaningful
Financial Review – Statement of Financial Position
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $’000 | 2024Group, $’000 | 2025Change (%), 2025 vs 2024 | Source |
|---|---|---|---|---|
| Assets | ||||
| TOTAL ASSETS$’000; change in % | 60,882 | 58,049 | 4.9 | PDF p. 37 |
| - Property, plant and equipment$’000; change in % | 12,792 | 8,602 | 48.7 | PDF p. 37 |
| - Intangible assets$’000; change in % | 7,182 | 6,541 | 9.8 | PDF p. 37 |
| - Biological assets$’000; change in % | 312 | 161 | 93.8 | PDF p. 37 |
| - Inventories$’000; change in % | 11,757 | 11,848 | (0.8) | PDF p. 37 |
| - Trade and other receivables$’000; change in % | 14,073 | 14,814 | (5.0) | PDF p. 37 |
| - Cash and cash equivalents$’000; change in % | 14,152 | 14,631 | (3.3) | PDF p. 37 |
| Liabilities | ||||
| TOTAL LIABILITIES$’000; change in % | 20,001 | 16,006 | 25.0 | PDF p. 37 |
| - Trade and other payables$’000; change in % | 8,702 | 9,125 | (4.6) | PDF p. 37 |
| - Tax liabilities$’000; change in % | 520 | 443 | 17.4 | PDF p. 37 |
| - Loans and borrowings$’000; change in % | 10,779 | 6,438 | 67.4 | PDF p. 37 |
| Equity | ||||
| TOTAL EQUITY ATTRIBUTABLE$’000; change in % | 38,590 | 39,778 | (3.0) | PDF p. 37 |
| TOTAL NON-CONTROLLING$’000; change in % | 2,291 | 2,265 | 1.1 | PDF p. 37 |
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Definitions & sources
Original report: PDF p. 37 ↗
Financial Review – Cash and cash equivalents movements
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flow | |||
| Net cash from operating activities$’000 | 3,825 | 4,029 | PDF p. 42 |
| Net cash used in investing activities$’000 | (5,781) | (2,314) | PDF p. 42 |
| Net cash from (used in) financing activities$’000 | 1,472 | (2,788) | PDF p. 42 |
| Net decrease in cash and cash equivalents$’000 | (484) | (1,073) | PDF p. 42 |
| Cash and cash equivalents as at end of year$’000 | 14,152 | 14,631 | PDF p. 42 |
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Definitions & sources
Original report: PDF p. 42 ↗
Financial Review – Loans and borrowings
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Current liabilities | |||
| Bank term loans (unsecured)$’000 | 5,000 | 4,500 | PDF p. 43 |
| Bank term loans (secured)$’000 | 3,407 | - | PDF p. 43 |
| Bills payable to banks (unsecured)$’000 | - | 74 | PDF p. 43 |
| Lease liabilities$’000 | 877 | 1,337 | PDF p. 43 |
| Non-current liabilities | |||
| Lease liabilities$’000 | 1,495 | 527 | PDF p. 43 |
| Total loans and borrowings$’000 | 10,779 | 6,438 | PDF p. 43 |
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Definitions & sources
Original report: PDF p. 43 ↗
Gross gearing ratio (total liabilities as a percentage of total equity) was 0.49 times in 2025 from 0.38 times in FY 2024 (text on same page).
Note 22 (Loss) Earnings per share, Group
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per share | |||
| (Loss) Profit attributable to equity holders of the Company ($)$ | (751,170) | 356,656 | PDF p. 187 |
| Weighted average number of ordinary shares in issue for calculation of basic and diluted earnings per shareshares | 113,526,467 | 113,526,467 | PDF p. 187 |
| Basic (Loss) Earnings per share (cents)cents | (0.66) | 0.31 | PDF p. 187 |
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Definitions & sources
Original report: PDF p. 187 ↗
The Group has no dilution in its (loss) earnings per share at 31 December 2025 and 31 December 2024; basic and diluted use the same weighted average share count.
Note 23 Dividends, Group and Company
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group and Company | 2024Group and Company | Source |
|---|---|---|---|
| Dividends | |||
| Final dividend paid of 0.4 cents per share (one-tier tax exempt) in respect of the year ended 31 December 2024$ | 454,106 | – | PDF p. 187 |
| Final dividend paid of 0.3 cents per share (one-tier tax exempt) in respect of the year ended 31 December 2023$ | – | 340,579 | PDF p. 187 |
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Definitions & sources
Original report: PDF p. 187 ↗
The directors do not propose a final dividend in respect of the financial year ended 31 December 2025. A final dividend of $0.004 per ordinary share, one-tier exempt, totalling $454,106, was paid in respect of the financial year ended 31 December 2024.
Dividend paid by a subsidiary to non-controlling interests: $162,800 (2024: $159,600).
Where the money comes from
Segment information
By business
Operating segments – Group, 2025 (Note 25) 20 lines
| Item / unit | 2025Fish | 2025Accessories | 2025Plastics | 2025Others | 2025Total | Source |
|---|---|---|---|---|---|---|
| Revenue | ||||||
| External revenue$’000 | 30,651 | 33,497 | 7,755 | – | 71,903 | PDF p. 189 |
| Inter-segment revenue$’000 | 2,986 | 5,387 | 141 | (8,514) | – | PDF p. 189 |
| Total revenue$’000 | 33,637 | 38,884 | 7,896 | (8,514) | 71,903 | PDF p. 189 |
| Results | ||||||
| EBITDA*$’000 | 3,022 | 1,891 | 1,378 | (3,317) | 2,974 | PDF p. 189 |
| Depreciation and amortisation$’000 | (1,180) | (1,265) | (489) | (124) | (3,058) | PDF p. 189 |
| Interest expense$’000 | (57) | (139) | (18) | (150) | (364) | PDF p. 189 |
| Interest income$’000 | 51 | 18 | – | – | 69 | PDF p. 189 |
| Profit (Loss) before tax$’000 | 1,836 | 505 | 871 | (3,591) | (379) | PDF p. 189 |
| Tax expense$’000 | (185) | (14) | – | (24) | (223) | PDF p. 189 |
| Profit (Loss) for the year$’000 | 1,651 | 491 | 871 | (3,615) | (602) | PDF p. 189 |
| Assets and liabilities | ||||||
| Segment assets$’000 | 25,143 | 29,058 | 5,611 | 1,070 | 60,882 | PDF p. 189 |
| Segment liabilities$’000 | 6,275 | 6,677 | 1,440 | 5,609 | 20,001 | PDF p. 189 |
| Other segment information | ||||||
| Expenditure for non-current assets**$’000 | 1,414 | 4,017 | 37 | 525 | 5,993 | PDF p. 189 |
| Other non-cash items | ||||||
| Bad trade receivables written off$’000 | 30 | – | – | – | 30 | PDF p. 189 |
| (Gain) Loss on disposal of property, plant and equipment$’000 | (13) | 35 | (3) | – | 19 | PDF p. 189 |
| Gain on derecognition of right-of-use assets and lease liabilities$’000 | – | (15) | (2) | – | (17) | PDF p. 189 |
| Impairment loss (Reversal of impairment loss) on trade receivables$’000 | 227 | (45) | – | – | 182 | PDF p. 189 |
| Allowance for inventory obsolescence$’000 | – | 59 | – | – | 59 | PDF p. 189 |
| Net change in fair value of - biological assets$’000 | (205) | – | – | – | (205) | PDF p. 189 |
| Net change in fair value of - financial assets at FVTPL$’000 | – | – | – | 233 | 233 | PDF p. 189 |
Notes
* EBITDA – Earnings (Loss) Before Interest, Taxation, Depreciation and Amortisation
** This includes capital expenditure and additions to other non-current assets
*** Amount less than $1,000
Others includes corporate office and consolidation adjustments.
Operating segments – Group, 2024 (Note 25) 20 lines
| Item / unit | 2024Fish | 2024Accessories | 2024Plastics | 2024Others | 2024Total | Source |
|---|---|---|---|---|---|---|
| Revenue | ||||||
| External revenue$’000 | 29,324 | 34,032 | 8,062 | – | 71,418 | PDF p. 190 |
| Inter-segment revenue$’000 | 2,930 | 6,536 | 130 | (9,596) | – | PDF p. 190 |
| Total revenue$’000 | 32,254 | 40,568 | 8,192 | (9,596) | 71,418 | PDF p. 190 |
| Results | ||||||
| EBITDA*$’000 | 3,124 | 2,409 | 1,538 | (3,180) | 3,891 | PDF p. 190 |
| Depreciation and amortisation$’000 | (1,125) | (1,403) | (511) | (46) | (3,085) | PDF p. 190 |
| Interest expense$’000 | (13) | (76) | (39) | (227) | (355) | PDF p. 190 |
| Interest income$’000 | 62 | 89 | – | 18 | 169 | PDF p. 190 |
| Profit before tax$’000 | 2,048 | 1,019 | 988 | (3,435) | 620 | PDF p. 190 |
| Tax expense$’000 | (145) | (31) | – | (27) | (203) | PDF p. 190 |
| Profit for the year$’000 | 1,903 | 988 | 988 | (3,462) | 417 | PDF p. 190 |
| Assets and liabilities | ||||||
| Segment assets$’000 | 21,776 | 26,407 | 5,672 | 4,194 | 58,049 | PDF p. 190 |
| Segment liabilities$’000 | 5,245 | 4,065 | 1,530 | 5,166 | 16,006 | PDF p. 190 |
| Other segment information | ||||||
| Expenditure for non-current assets**$’000 | 657 | 174 | 43 | 1,684 | 2,558 | PDF p. 190 |
| Other non-cash items | ||||||
| Bad trade receivables written off$’000 | 10 | – | – | – | 10 | PDF p. 190 |
| Gain on disposal of property, plant and equipment$’000 | – | (6) | – | – | (6) | PDF p. 190 |
| Gain on derecognition of right-of-use assets and lease liabilities$’000 | – | (3) | – | – | (3) | PDF p. 190 |
| Property, plant and equipment written off$’000 | 42 | 13 | – | – | 55 | PDF p. 190 |
| Impairment loss (Reversal of impairment loss) on trade receivables$’000 | 211 | (27) | – | – | 184 | PDF p. 190 |
| Net change in fair value of - biological assets$’000 | (17) | – | – | – | (17) | PDF p. 190 |
| Net change in fair value of - financial assets at FVTPL$’000 | – | – | – | (73) | (73) | PDF p. 190 |
Notes
* EBITDA – Earnings (Loss) Before Interest, Taxation, Depreciation and Amortisation
** This includes capital expenditure and additions to other non-current assets
Others includes corporate office and consolidation adjustments.
By geography
Geographical Information 3 lines
| Item / unit | 2025Singapore | 2025Other Asian countries | 2025Europe | 2025Others | 2025Consolidated | 2024Singapore | 2024Other Asian countries | 2024Europe | 2024Others | 2024Consolidated | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from external customers$’000 | 26,140 | 29,851 | 6,440 | 9,472 | 71,903 | 25,652 | 31,600 | 5,046 | 9,120 | 71,418 | PDF p. 191 |
| Segment non-current assets$’000 | 10,093 | 10,601 | – | – | 20,694 | 9,989 | 5,274 | – | – | 15,263 | PDF p. 191 |
| Segment assets$’000 | 34,824 | 26,058 | – | – | 60,882 | 37,054 | 20,995 | – | – | 58,049 | PDF p. 191 |
Notes
Segment revenue is based on the geographical location of the customers; segment non-current assets and segment assets are based on the geographical location of the assets. Others = rest of the world.
Debt
Borrowings
Contractual maturities of financial liabilities - Group
| Item / unit | 2025Carrying amount | 2025Contractual cash flows | 2025Cash flows within 1 year | 2025Cash flows within 1 to 5 years | 2025Cash flows more than 5 years | 2024Carrying amount | 2024Contractual cash flows | 2024Cash flows within 1 year | 2024Cash flows within 1 to 5 years | 2024Cash flows more than 5 years | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||||
| Short-term bank loans (unsecured)$ | 5,000,000 | 5,127,750 | 5,127,750 | – | – | PDF p. 178 | |||||
| Long-term bank loans (secured)$ | 3,407,042 | 5,490,806 | 234,357 | 937,429 | 4,319,020 | PDF p. 178 | |||||
| Lease liabilities$ | 2,371,867 | 2,493,125 | 935,548 | 1,557,577 | – | 1,864,019 | 1,952,537 | 1,400,479 | 552,058 | – | PDF p. 178 |
| Trade and other payables*$ | 6,264,435 | 6,264,435 | 6,264,435 | – | – | 6,200,593 | 6,200,593 | 6,200,593 | – | – | PDF p. 178 |
| Total (unlabelled)$ | 17,043,344 | 19,376,116 | 12,562,090 | 2,495,006 | 4,319,020 | 12,638,123 | 12,916,093 | 12,364,035 | 552,058 | – | PDF p. 178 |
| Bank term loans$ | 4,500,000 | 4,685,850 | 4,685,850 | – | – | PDF p. 178 | |||||
| Bills payable to banks$ | 73,511 | 77,113 | 77,113 | – | – | PDF p. 178 | |||||
Notes
The following are the contractual maturities of financial liabilities, including estimated interest payments.
* Excludes advance received from customers and accrued staff costs (footnote printed on page 179).
Contractual maturities of financial liabilities - Company 2025 and 2024
| Item / unit | 2025Carrying amount | 2025Contractual cash flows | 2025Cash flows within 1 year | 2025Cash flows within 1 to 5 years | 2025Cash flows more than 5 years | Source |
|---|---|---|---|---|---|---|
| Company 2025 | ||||||
| Bank term loans$ | 5,000,000 | 5,127,750 | 5,127,750 | – | – | PDF p. 179 |
| Lease liabilities$ | 263,559 | 285,210 | 96,776 | 188,434 | – | PDF p. 179 |
| Trade and other payables*$ | 6,463,193 | 6,463,193 | 6,463,193 | – | – | PDF p. 179 |
| Total (unlabelled)$ | 11,726,752 | 11,876,153 | 11,687,719 | 188,434 | – | PDF p. 179 |
Notes
* Excludes advance received from customers and accrued staff costs.
Contractual maturities of financial liabilities - Company 2024
| Item / unit | 2024Carrying amount | 2024Contractual cash flows | 2024Cash flows within 1 year | 2024Cash flows within 1 to 5 years | 2024Cash flows more than 5 years | Source |
|---|---|---|---|---|---|---|
| Company 2024 | ||||||
| Bank term loans$ | 4,500,000 | 4,685,850 | 4,685,850 | – | – | PDF p. 179 |
| Lease liabilities$ | 244,723 | 267,238 | 147,528 | 119,710 | – | PDF p. 179 |
| Trade and other payables*$ | 5,621,023 | 5,621,023 | 5,621,023 | – | – | PDF p. 179 |
| Total (unlabelled)$ | 10,365,746 | 10,574,111 | 10,454,401 | 119,710 | – | PDF p. 179 |
Notes
* Excludes advance received from customers and accrued staff costs.
Borrowing notes 2 tables
Loans and borrowings
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Lease liabilities$ | 1,494,816 | 526,818 | 174,573 | 105,712 | PDF p. 178 |
| Current liabilities | |||||
| Bank term loans (unsecured)$ | 5,000,000 | 4,500,000 | 5,000,000 | 4,500,000 | PDF p. 178 |
| Bank term loans (secured)$ | 3,407,042 | – | – | – | PDF p. 178 |
| Bills payable to banks (unsecured)$ | – | 73,511 | – | – | PDF p. 178 |
| Lease liabilities$ | 877,051 | 1,337,201 | 88,986 | 139,011 | PDF p. 178 |
| Total current liabilities (unlabelled subtotal)$ | 9,284,093 | 5,910,712 | 5,088,986 | 4,639,011 | PDF p. 178 |
| Total | |||||
| Total borrowings$ | 10,778,909 | 6,437,530 | 5,263,559 | 4,744,723 | PDF p. 178 |
Notes
As at 31 December 2025, the secured bank loan of the Group are secured by corporate guarantees provided by the holding company and a related company, and are secured over the land and building with carrying amounts of $4,785,363 and a keyman insurance contract (see Note 8).
The unsecured bank term loans are revolving bank loans that bear interest at rates ranging from 2.26% to 2.85% (2024: 4.08% to 4.14%) per annum and are repayable within the next 12 months from the reporting date.
Corporate guarantees given by the Company to financial institutions for banking facilities extended to subsidiaries amounting to approximately $5.1 million (2024: $5.0 million).
There were no bills payable to banks for the Group and for the Company as at 31 December 2025. The weighted average effective interest rate relating to the bills payable to banks was 4.90% per annum in the previous financial year. These bills were matured within one to three months from 31 December 2024.
The subtotal 9,284,093 etc. is unlabelled in the source (current liabilities subtotal). Currency denomination of borrowings not printed in this note; amounts in $ (Singapore dollars presumably, not stated in this note).
Management discussion: Group loans and borrowings ($'000)
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Current liabilities | |||
| Bank term loans (unsecured)$'000 | 5,000 | 4,500 | PDF p. 43 |
| Bank term loans (secured)$'000 | 3,407 | - | PDF p. 43 |
| Bills payable to banks (unsecured)$'000 | - | 74 | PDF p. 43 |
| Lease liabilities$'000 | 877 | 1,337 | PDF p. 43 |
| Non-current liabilities | |||
| Lease liabilities$'000 | 1,495 | 527 | PDF p. 43 |
| Total | |||
| Total loans and borrowings$'000 | 10,779 | 6,438 | PDF p. 43 |
Notes
Unsecured bank term loans are revolving loans with several banks, bearing interest rates ranging from 2.26% to 2.85% (2024: 4.08% to 4.14%) per annum, repayable within the next 12 months.
Secured bank loans are secured by corporate guarantees provided by the holding company and a related company, and are secured over the land and building and a keyman insurance contract.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | It has formalised its dividend policy to provide a return to shareholders at least once a year through the payment of dividends, which aims to pay shareholders sustainable and growing dividend over time, consistent with its long-term growth prospects. | Company | PDF p. 115 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend per share | 0.00 cents per share | Group, FY2025 | PDF p. 34 |
| Dividend Policy | the Directors have decided not to propose a dividend for the financial year ended 31 December 2025 (FY 2024: 0.4 Singapore cents per ordinary share) | Company, FY2025 vs FY2024 | PDF p. 115 |
| Final dividend paid of 0.4 cents per share (one-tier tax exempt) in respect of the year ended 31 December 2024 | 0.4 cents per share | Group and Company, FY2024 final dividend paid in 2025 | PDF p. 187 |
| Final dividend paid of 0.3 cents per share (one-tier tax exempt) in respect of the year ended 31 December 2023 | 0.3 cents per share | Group and Company, FY2023 final dividend paid in 2024 | PDF p. 187 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend payout ratio (%) | NM | Group, 2025 (2024: 127.2%) | PDF p. 34 |
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 |
|---|---|---|---|
| KPMG LLP | KPMG LLP | Group and Company, FY ended 31 December 2025 | PDF p. 135 |
| Engagement partner | Tan Khai Boon | Group and Company, FY2025 | PDF p. 135 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 (‘the Act’) and Singapore Financial Reporting Standards (International) (‘SFRS(I)s’) so as to give a true and fair view | Group and Company, FY ended 31 December 2025 | PDF p. 133 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Key audit matters | We have determined that there are no key audit matters to communicate in our report. | Group, FY2025 | PDF p. 133 |
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.