GSH BDX
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Financials
ANNUAL REPORT 2025
Explore the statements
11 tablesStatements of Financial Position – Group and Company
39 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| ASSETS | |||||
| Property, plant and equipment$'000 | 591,813 | 581,681 | 35,020 | 36,014 | PDF p. 59 |
| Investment property$'000 | – | 5,360 | – | – | PDF p. 59 |
| Subsidiaries$'000 | – | – | 101,589 | 40,171 | PDF p. 59 |
| ASSETS - non-current | |||||
| Trade and other receivables$'000 | 550 | – | – | – | PDF p. 59 |
| ASSETS | |||||
| Deferred tax assets$'000 | 463 | 540 | 463 | 540 | PDF p. 59 |
| Non-current assets$'000 | 592,826 | 587,581 | 137,072 | 76,725 | PDF p. 59 |
| Development properties$'000 | 541,053 | 577,998 | – | – | PDF p. 59 |
| Contract costs$'000 | – | 2,104 | – | – | PDF p. 59 |
| Contract assets$'000 | – | 3,401 | – | – | PDF p. 59 |
| Inventories$'000 | 918 | 880 | – | – | PDF p. 59 |
| ASSETS - current | |||||
| Trade and other receivables$'000 | 38,185 | 41,296 | 324 | 327 | PDF p. 59 |
| ASSETS | |||||
| Amounts due from related parties$'000 | 657 | 630 | 529,000 | 619,418 | PDF p. 59 |
| Tax recoverables$'000 | – | 436 | – | – | PDF p. 59 |
| Time deposits$'000 | 1,225 | 1,146 | – | – | PDF p. 59 |
| Cash and cash equivalents$'000 | 31,605 | 26,209 | 8,202 | 2,277 | PDF p. 59 |
| Current assets$'000 | 613,643 | 654,100 | 537,526 | 622,022 | PDF p. 59 |
| Total assets$'000 | 1,206,469 | 1,241,681 | 674,598 | 698,747 | PDF p. 59 |
| EQUITY | |||||
| Share capital$'000 | 458,081 | 345,897 | 458,081 | 345,897 | PDF p. 59 |
| Treasury shares$'000 | (5,580) | (5,580) | (5,580) | (5,580) | PDF p. 59 |
| Reserves$'000 | 20,493 | 7,027 | 7,542 | 8,029 | PDF p. 59 |
| Accumulated (losses)/profits$'000 | (5,358) | 6,753 | (79,750) | (84,416) | PDF p. 59 |
| Equity attributable to owners of the Company$'000 | 467,636 | 354,097 | 380,293 | 263,930 | PDF p. 59 |
| Non-controlling interests$'000 | 127,119 | 137,045 | – | – | PDF p. 59 |
| Total equity$'000 | 594,755 | 491,142 | 380,293 | 263,930 | PDF p. 59 |
| LIABILITIES | |||||
| Provisions$'000 | 149 | 358 | – | – | PDF p. 59 |
| LIABILITIES - non-current | |||||
| Contract liabilities$'000 | 2,131 | 1,885 | – | – | PDF p. 59 |
| Loans and borrowings$'000 | 176,558 | 209,839 | 74,831 | 107,539 | PDF p. 59 |
| LIABILITIES | |||||
| Deferred tax liabilities$'000 | 71,157 | 70,020 | 1,352 | 1,548 | PDF p. 59 |
| LIABILITIES - non-current | |||||
| Derivative financial liabilities$'000 | 1,201 | – | 1,201 | – | PDF p. 59 |
| LIABILITIES | |||||
| Non-current liabilities$'000 | 251,196 | 282,102 | 77,384 | 109,087 | PDF p. 59 |
| Trade and other liabilities$'000 | 84,628 | 115,278 | 4,002 | 5,427 | PDF p. 59 |
| LIABILITIES - current | |||||
| Contract liabilities$'000 | 9,609 | 13,788 | – | 878 | PDF p. 59 |
| LIABILITIES | |||||
| Amounts due to related parties$'000 | 36,453 | 34,958 | 24,875 | 27,717 | PDF p. 59 |
| LIABILITIES - current | |||||
| Derivative financial liabilities$'000 | 1,199 | 3,475 | 1,199 | 1,833 | PDF p. 59 |
| Loans and borrowings$'000 | 225,279 | 297,659 | 186,845 | 289,875 | PDF p. 59 |
| LIABILITIES | |||||
| Current tax liabilities$'000 | 3,350 | 3,279 | – | – | PDF p. 59 |
| Current liabilities$'000 | 360,518 | 468,437 | 216,921 | 325,730 | PDF p. 59 |
| Total liabilities$'000 | 611,714 | 750,539 | 294,305 | 434,817 | PDF p. 59 |
| Total equity and liabilities$'000 | 1,206,469 | 1,241,681 | 674,598 | 698,747 | PDF p. 59 |
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Definitions & sources
Original report: PDF p. 59 ↗
As at 31 December 2025. The accompanying notes form an integral part of these financial statements. Note column omitted from values.
Consolidated Statement of Comprehensive Income – Group
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$'000 | 130,345 | 125,161 | PDF p. 60 |
| Cost of sales$'000 | (72,569) | (71,884) | PDF p. 60 |
| Gross profit$'000 | 57,776 | 53,277 | PDF p. 60 |
| Other net income$'000 | 2,175 | 2,324 | PDF p. 60 |
| Selling and marketing expenses$'000 | (3,083) | (3,240) | PDF p. 60 |
| Administrative expenses$'000 | (36,995) | (33,642) | PDF p. 60 |
| Net impairment losses on financial assets$'000 | (1,025) | (1,321) | PDF p. 60 |
| Write-down of development properties$'000 | (14,698) | – | PDF p. 60 |
| Results from operating activities$'000 | 4,150 | 17,398 | PDF p. 60 |
| Finance income$'000 | 391 | 780 | PDF p. 60 |
| Finance expenses$'000 | (27,238) | (29,268) | PDF p. 60 |
| Net finance costs$'000 | (26,847) | (28,488) | PDF p. 60 |
| Loss before tax$'000 | (22,697) | (11,090) | PDF p. 60 |
| Tax expenses$'000 | (2,592) | (4,402) | PDF p. 60 |
| Loss for the year$'000 | (25,289) | (15,492) | PDF p. 60 |
| Loss attributable to | |||
| Owners of the Company$'000 | (17,672) | (10,229) | PDF p. 60 |
| Non-controlling interests$'000 | (7,617) | (5,263) | PDF p. 60 |
| Other comprehensive income - items that are or may be reclassified | |||
| Exchange differences on monetary items forming part of net investments in foreign subsidiaries$'000 | 8,491 | 10,646 | PDF p. 60 |
| Foreign currency translation differences arising from consolidation$'000 | 9,859 | 14,433 | PDF p. 60 |
| Reclassification due to deconsolidation of a subsidiary$'000 | – | (106) | PDF p. 60 |
| Other comprehensive income - items that are or may be reclassified (subtotal) | |||
| Subtotal$'000 | 18,350 | 24,973 | PDF p. 60 |
| Other comprehensive income - items that will not be reclassified | |||
| Revaluation (loss)/gain on property, plant and equipment$'000 | (1,299) | 3,794 | PDF p. 60 |
| Foreign currency translation differences arising from consolidation$'000 | 1,736 | 3,838 | PDF p. 60 |
| Other comprehensive income | |||
| Other comprehensive income, net of tax$'000 | 18,787 | 32,605 | PDF p. 60 |
| Total comprehensive income | |||
| Total comprehensive (loss)/income for the year$'000 | (6,502) | 17,113 | PDF p. 60 |
| Total comprehensive (loss)/income attributable to | |||
| Owners of the Company$'000 | 1,355 | 19,304 | PDF p. 60 |
| Non-controlling interests$'000 | (7,857) | (2,191) | PDF p. 60 |
| Loss per share | |||
| Basic loss per share (cents)cents per share | (0.88) | (0.52) | PDF p. 60 |
| Diluted loss per share (cents)cents per share | (0.88) | (0.52) | PDF p. 60 |
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Definitions & sources
Original report: PDF p. 60 ↗
Year ended 31 December 2025. The accompanying notes form an integral part of these financial statements. Note column omitted from values.
Consolidated Statement of Comprehensive Income
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $'000 | 2024Group, $'000 | Source |
|---|---|---|---|
| Income | |||
| Revenue$'000 | 130,345 | 125,161 | PDF p. 60 |
| Cost of sales$'000 | (72,569) | (71,884) | PDF p. 60 |
| Gross profit$'000 | 57,776 | 53,277 | PDF p. 60 |
| Other net income$'000 | 2,175 | 2,324 | PDF p. 60 |
| Selling and marketing expenses$'000 | (3,083) | (3,240) | PDF p. 60 |
| Administrative expenses$'000 | (36,995) | (33,642) | PDF p. 60 |
| Net impairment losses on financial assets$'000 | (1,025) | (1,321) | PDF p. 60 |
| Write-down of development properties$'000 | (14,698) | – | PDF p. 60 |
| Results from operating activities$'000 | 4,150 | 17,398 | PDF p. 60 |
| Finance income$'000 | 391 | 780 | PDF p. 60 |
| Finance expenses$'000 | (27,238) | (29,268) | PDF p. 60 |
| Net finance costs$'000 | (26,847) | (28,488) | PDF p. 60 |
| Loss before tax$'000 | (22,697) | (11,090) | PDF p. 60 |
| Tax expenses$'000 | (2,592) | (4,402) | PDF p. 60 |
| Loss for the year$'000 | (25,289) | (15,492) | PDF p. 60 |
| Loss attributable to | |||
| Owners of the Company$'000 | (17,672) | (10,229) | PDF p. 60 |
| Non-controlling interests$'000 | (7,617) | (5,263) | PDF p. 60 |
| OCI - items that are or may be reclassified | |||
| Exchange differences on monetary items forming part of net investments in foreign subsidiaries$'000 | 8,491 | 10,646 | PDF p. 60 |
| Foreign currency translation differences arising from consolidation$'000 | 9,859 | 14,433 | PDF p. 60 |
| Reclassification due to deconsolidation of a subsidiary$'000 | – | (106) | PDF p. 60 |
| Subtotal of items that are or may be reclassified$'000 | 18,350 | 24,973 | PDF p. 60 |
| OCI - items not reclassified | |||
| Revaluation (loss)/gain on property, plant and equipment$'000 | (1,299) | 3,794 | PDF p. 60 |
| Foreign currency translation differences arising from consolidation$'000 | 1,736 | 3,838 | PDF p. 60 |
| OCI | |||
| Other comprehensive income, net of tax$'000 | 18,787 | 32,605 | PDF p. 60 |
| Total comprehensive income | |||
| Total comprehensive (loss)/income for the year$'000 | (6,502) | 17,113 | PDF p. 60 |
| Total comprehensive (loss)/income attributable to | |||
| Owners of the Company$'000 | 1,355 | 19,304 | PDF p. 60 |
| Non-controlling interests$'000 | (7,857) | (2,191) | PDF p. 60 |
| Loss per share | |||
| Basic loss per share (cents)cents | (0.88) | (0.52) | PDF p. 60 |
| Diluted loss per share (cents)cents | (0.88) | (0.52) | PDF p. 60 |
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Definitions & sources
Original report: PDF p. 60 ↗
Presented in Singapore dollars, $'000. Loss per share in cents.
Consolidated Statement of Cash Flows
43 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $'000 | 2024Group, $'000 | Source |
|---|---|---|---|
| Operating activities | |||
| Loss for the year$'000 | (25,289) | (15,492) | PDF p. 63 |
| Operating activities - Adjustments for | |||
| Change in fair value of investment property$'000 | – | (273) | PDF p. 63 |
| Allowance for trade receivables$'000 | 1,025 | 1,409 | PDF p. 63 |
| Depreciation of property, plant and equipment$'000 | 15,789 | 15,010 | PDF p. 63 |
| Interest expense$'000 | 28,335 | 30,438 | PDF p. 63 |
| Interest income$'000 | (391) | (780) | PDF p. 63 |
| Net change in fair value of financial derivatives$'000 | (1,075) | 4,393 | PDF p. 63 |
| Net loss on disposals/write-off of property, plant and equipment$'000 | 324 | 21 | PDF p. 63 |
| (Reversal of)/allowance for inventories$'000 | (1) | 2 | PDF p. 63 |
| Gain on deconsolidation of a subsidiary corporation$'000 | – | (584) | PDF p. 63 |
| Write-down of development properties$'000 | 14,698 | – | PDF p. 63 |
| Tax expenses$'000 | 2,592 | 4,402 | PDF p. 63 |
| Operating activities | |||
| Operating cash flows before working capital changes (unlabelled subtotal)$'000 | 36,007 | 38,546 | PDF p. 63 |
| Operating activities - Changes in | |||
| – Development properties$'000 | 34,699 | (27,804) | PDF p. 63 |
| – Contract costs$'000 | 2,104 | (513) | PDF p. 63 |
| – Contract assets/liabilities, net$'000 | (532) | 15,534 | PDF p. 63 |
| – Inventories$'000 | (37) | 1,378 | PDF p. 63 |
| – Trade and other receivables$'000 | 1,733 | (5,060) | PDF p. 63 |
| – Trade and other liabilities$'000 | (37,064) | 15,381 | PDF p. 63 |
| Operating activities | |||
| Cash from operations$'000 | 36,910 | 37,462 | PDF p. 63 |
| Tax paid, net$'000 | (2,810) | (1,813) | PDF p. 63 |
| Net cash from operating activities$'000 | 34,100 | 35,649 | PDF p. 63 |
| Investing activities | |||
| Net cash outflow due to deconsolidation of a subsidiary$'000 | – | (2,625) | PDF p. 63 |
| Escrow monies related to the deconsolidation of a subsidiary$'000 | – | 3,917 | PDF p. 63 |
| Acquisition of property, plant and equipment$'000 | (4,097) | (25,854) | PDF p. 63 |
| Proceeds from sale of investment property$'000 | 5,298 | – | PDF p. 63 |
| Interest received$'000 | 277 | 711 | PDF p. 63 |
| Proceeds from disposals of property, plant and equipment$'000 | 70 | 9 | PDF p. 63 |
| Net cash from/(used in) investing activities$'000 | 1,548 | (23,842) | PDF p. 63 |
| Financing activities | |||
| Changes in deposits pledged$'000 | 461 | 29,818 | PDF p. 63 |
| Changes in time deposits$'000 | (79) | 347 | PDF p. 63 |
| Payment of upfront fees on borrowings$'000 | (83) | (249) | PDF p. 63 |
| Dividend paid to non-controlling interests (“NCI”)$'000 | (2,069) | – | PDF p. 63 |
| Interest paid$'000 | (28,099) | (24,440) | PDF p. 63 |
| Payment of lease liabilities$'000 | (976) | (787) | PDF p. 63 |
| Proceeds from loans and borrowings$'000 | 327,153 | 243,832 | PDF p. 63 |
| Repayment of loans and borrowings$'000 | (439,141) | (256,570) | PDF p. 63 |
| Proceeds from issuance of new shares$'000 | 112,184 | – | PDF p. 63 |
| Net cash used in financing activities$'000 | (30,649) | (8,049) | PDF p. 63 |
| Closing cash | |||
| Net increase in cash and cash equivalents$'000 | 4,999 | 3,758 | PDF p. 63 |
| Cash and cash equivalents at 1 January$'000 | 23,385 | 19,263 | PDF p. 63 |
| Effect of exchange rate fluctuations$'000 | 858 | 364 | PDF p. 63 |
| Cash and cash equivalents at 31 December$'000 | 29,242 | 23,385 | PDF p. 63 |
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Definitions & sources
Original report: PDF p. 63 ↗
Presented in $'000. No Company-level cash flow statement is presented.
Consolidated Statement of Changes in Equity - year 2024 (comparative)
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Share capital, $'000 | 2024Group, Treasury shares, $'000 | 2024Group, Asset revaluation reserve, $'000 | 2024Group, Translation reserve, $'000 | 2024Group, Capital reserve, $'000 | 2024Group, Accumulated profits, $'000 | 2024Group, Total attributable to owners of the Company, $'000 | 2024Group, Non-controlling interests, $'000 | 2024Group, Total equity, $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening balance | ||||||||||
| At 1 January 2024$'000 | 345,244 | (5,580) | 76,341 | (97,637) | 890 | 15,772 | 335,030 | 142,606 | 477,636 | PDF p. 61 |
| Total comprehensive loss for the year | ||||||||||
| Loss for the year$'000 | – | – | – | – | – | (10,229) | (10,229) | (5,263) | (15,492) | PDF p. 61 |
| Other comprehensive income/(loss) | ||||||||||
| Exchange differences on monetary items forming part of net investment in foreign subsidiaries$'000 | – | – | – | 10,646 | – | – | 10,646 | – | 10,646 | PDF p. 61 |
| Foreign currency translation differences arising from consolidation$'000 | – | – | – | 14,433 | – | – | 14,433 | 3,838 | 18,271 | PDF p. 61 |
| Reclassification due to deconsolidation of a subsidiary$'000 | – | – | – | (106) | – | – | (106) | – | (106) | PDF p. 61 |
| Revaluation gain/(loss) on property, plant and equipment$'000 | – | – | 4,560 | – | – | – | 4,560 | (766) | 3,794 | PDF p. 61 |
| Total other comprehensive income, net of tax$'000 | – | – | 4,560 | 24,973 | – | – | 29,533 | 3,072 | 32,605 | PDF p. 61 |
| Total comprehensive income | ||||||||||
| Total comprehensive income/(loss) for the year$'000 | – | – | 4,560 | 24,973 | – | (10,229) | 19,304 | (2,191) | 17,113 | PDF p. 61 |
| Transfers | ||||||||||
| Transfer of revaluation surplus on property, plant and equipment$'000 | – | – | (1,210) | – | – | 1,210 | – | – | – | PDF p. 61 |
| Changes in ownership interest in subsidiaries | ||||||||||
| Reclassification due to deconsolidation of a subsidiary$'000 | – | – | – | – | – | – | – | (3,370) | (3,370) | PDF p. 61 |
| Total changes in ownership interest in a subsidiary$'000 | – | – | – | – | – | – | – | (3,370) | (3,370) | PDF p. 61 |
| Transactions with owners, recognised directly in equity | ||||||||||
| Issuance of new shares$'000 | 653 | – | – | – | (7) | – | 646 | – | 646 | PDF p. 61 |
| Reclassification of capital reserve$'000 | – | – | – | – | (883) | – | (883) | – | (883) | PDF p. 61 |
| Total transactions with owners of the Company$'000 | 653 | – | – | – | (890) | – | (237) | – | (237) | PDF p. 61 |
| Closing balance | ||||||||||
| At 31 December 2024$'000 | 345,897 | (5,580) | 79,691 | (72,664) | – | 6,753 | 354,097 | 137,045 | 491,142 | PDF p. 61 |
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Definitions & sources
Original report: PDF p. 61 ↗
The page prints the caption 'Year ended 31 December 2025' beside the 2024 opening balance, but the rows run from At 1 January 2024 to At 31 December 2024 (the 2025 movements are on the next page).
Consolidated Statement of Changes in Equity - year ended 31 December 2025
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital, $'000 | 2025Group, Treasury shares, $'000 | 2025Group, Asset revaluation reserve, $'000 | 2025Group, Translation reserve, $'000 | 2025Group, Accumulated profits/(losses), $'000 | 2025Group, Total attributable to owners of the Company, $'000 | 2025Group, Non-controlling interests, $'000 | 2025Group, Total equity, $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| Opening balance | |||||||||
| At 1 January 2025$'000 | 345,897 | (5,580) | 79,691 | (72,664) | 6,753 | 354,097 | 137,045 | 491,142 | PDF p. 62 |
| Total comprehensive loss for the year | |||||||||
| Loss for the year$'000 | – | – | – | – | (17,672) | (17,672) | (7,617) | (25,289) | PDF p. 62 |
| Other comprehensive income/(loss) | |||||||||
| Exchange differences on monetary items forming part of net investment in foreign subsidiaries$'000 | – | – | – | 8,491 | – | 8,491 | – | 8,491 | PDF p. 62 |
| Foreign currency translation differences arising from consolidation$'000 | – | – | – | 9,859 | – | 9,859 | 1,736 | 11,595 | PDF p. 62 |
| Revaluation gain/(loss) on property, plant and equipment$'000 | – | – | 677 | – | – | 677 | (1,976) | (1,299) | PDF p. 62 |
| Total other comprehensive income/(loss), net of tax$'000 | – | – | 677 | 18,350 | – | 19,027 | (240) | 18,787 | PDF p. 62 |
| Total comprehensive income | |||||||||
| Total comprehensive income/(loss) for the year$'000 | – | – | 677 | 18,350 | (17,672) | 1,355 | (7,857) | (6,502) | PDF p. 62 |
| Transfers | |||||||||
| Transfer of revaluation surplus on property, plant and equipment$'000 | – | – | (1,427) | – | 1,427 | – | – | – | PDF p. 62 |
| Changes in ownership interest | |||||||||
| Total changes in ownership interest in a subsidiary$'000 | – | – | (5,561) | – | 5,561 | – | – | – | PDF p. 62 |
| Transactions with owners, recognised directly in equity | |||||||||
| Issuance of new shares$'000 | 112,184 | – | – | – | – | 112,184 | – | 112,184 | PDF p. 62 |
| Total transactions with owners of the Company$'000 | 112,184 | – | – | – | – | 112,184 | – | 112,184 | PDF p. 62 |
| Dividends | |||||||||
| Dividend paid to non-controlling interests$'000 | – | – | – | – | – | – | (2,069) | (2,069) | PDF p. 62 |
| Closing balance | |||||||||
| At 31 December 2025$'000 | 458,081 | (5,580) | 74,807 | (54,314) | (5,358) | 467,636 | 127,119 | 594,755 | PDF p. 62 |
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Definitions & sources
Original report: PDF p. 62 ↗
No capital reserve column in 2025 (printed layout differs from 2024 table).
Financial Highlights (Group)
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY2025 (S$'000) | 2024Group, FY2024 (S$'000) | Source |
|---|---|---|---|
| Financial Highlights | |||
| RevenueS$'000 | 130,345 | 125,161 | PDF p. 4 |
| Loss attributable to | |||
| Owners of the CompanyS$'000 | (17,672) | (10,229) | PDF p. 4 |
| Non-controlling interestsS$'000 | (7,617) | (5,263) | PDF p. 4 |
| Financial Highlights | |||
| Loss for the yearS$'000 | (25,289) | (15,492) | PDF p. 4 |
| Total comprehensive (loss)/income attributable to | |||
| Owners of the CompanyS$'000 | 1,355 | 19,304 | PDF p. 4 |
| Non-controlling interestsS$'000 | (7,857) | (2,191) | PDF p. 4 |
| Financial Highlights | |||
| Total comprehensive (loss)/income for the yearS$'000 | (6,502) | 17,113 | PDF p. 4 |
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Definitions & sources
Original report: PDF p. 4 ↗
Hospitality Business highlights
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Hospitality segment FY2025 (S$'000) | 2024Hospitality segment FY2024 (S$'000) | Source |
|---|---|---|---|
| Hospitality Business | |||
| RevenueS$'000 | 72,265 | 66,939 | PDF p. 5 |
| Profit Before TaxS$'000 | 5,936 | 4,095 | PDF p. 5 |
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Definitions & sources
Original report: PDF p. 5 ↗
Property Development highlights
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Property development segment FY2025 (S$'000) | 2024Property development segment FY2024 (S$'000) | Source |
|---|---|---|---|
| Property Development | |||
| RevenueS$'000 | 58,080 | 56,727 | PDF p. 5 |
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Definitions & sources
Original report: PDF p. 5 ↗
* This included a write-down of development properties amounting to S$14.7million
Note 25 Loss per share - weighted-average number of ordinary shares (Group)
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Loss per share is based on | |||
| Loss attributable to ordinary shareholders$'000 | (17,672) | (10,229) | PDF p. 103 |
| Weighted-average number of ordinary shares | |||
| Issued ordinary shares at 1 January'000 shares (header printed as $'000 under 'Number of shares') | 1,991,384 | 1,987,541 | PDF p. 103 |
| Issuance of new ordinary shares'000 shares (header printed as $'000 under 'Number of shares') | 45,548 | 1,899 | PDF p. 103 |
| Effect of treasury shares'000 shares (header printed as $'000 under 'Number of shares') | (20,102) | (20,102) | PDF p. 103 |
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Definitions & sources
Original report: PDF p. 103 ↗
The financial impact of the convertible notes was excluded from the calculation of the loss attributable to ordinary shareholders (diluted) for the year ended 31 December 2025 as their effect would have been anti-dilutive.
Note 25 Loss per share (Group)
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per share | |||
| Basic loss per share (cents)cents | (0.88) | (0.52) | PDF p. 104 |
| Diluted loss per share basic (cents)cents | (0.88) | (0.52) | PDF p. 104 |
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Definitions & sources
Original report: PDF p. 104 ↗
The weighted average number of ordinary shares detailed above is used for both the basic and diluted earnings per share as there are anti-dilutive potential ordinary shares outstanding.
Where the money comes from
Segment information
By business
Operating segments – 31 December 16 lines
| Item / unit | 2025Hospitality | 2025Property | 2025Others | 2025Total | 2024Hospitality | 2024Property | 2024Others | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| 31 December | |||||||||
| Segment revenue$’000 | 72,265 | 58,080 | 3,574 | 133,919 | 66,939 | 56,727 | 5,079 | 128,745 | PDF p. 105PDF p. 106 |
| Elimination of inter-segment revenue$’000 | – | – | (3,574) | (3,574) | – | – | (3,584) | (3,584) | PDF p. 105PDF p. 106 |
| External revenue$’000 | 72,265 | 58,080 | – | 130,345 | 66,939 | 56,727 | 1,495 | 125,161 | PDF p. 105PDF p. 106 |
| Interest income$’000 | 288 | 59 | 44 | 391 | 317 | 398 | 65 | 780 | PDF p. 105PDF p. 106 |
| Interest expense$’000 | (5,682) | (1,334) | (21,319) | (28,335) | (5,714) | (1,442) | (23,282) | (30,438) | PDF p. 105PDF p. 106 |
| Other material non-cash items | |||||||||
| - Depreciation$’000 | (13,648) | (1,571) | (570) | (15,789) | (12,899) | (1,530) | (581) | (15,010) | PDF p. 105PDF p. 106 |
| - Net change in fair value of financial derivatives$’000 | – | 1,642 | (567) | 1,075 | – | (1,893) | (2,500) | (4,393) | PDF p. 105PDF p. 106 |
| - Write-down of development properties$’000 | – | (14,698) | – | (14,698) | PDF p. 105 | ||||
| - Allowance for trade receivables$’000 | (23) | (1,002) | – | (1,025) | (20) | (1,389) | – | (1,409) | PDF p. 105PDF p. 106 |
| 31 December | |||||||||
| Reportable segment profit/(loss) before tax$’000 | 5,936 | (2,022) | (26,611) | (22,697) | 4,095 | 12,009 | (27,194) | (11,090) | PDF p. 105PDF p. 106 |
| Tax (expense)/credit$’000 | (1,139) | (1,471) | 18 | (2,592) | (1,187) | (3,319) | 104 | (4,402) | PDF p. 105PDF p. 106 |
| Reportable segment profit/(loss) after tax$’000 | 4,797 | (3,493) | (26,593) | (25,289) | 2,908 | 8,690 | (27,090) | (15,492) | PDF p. 105PDF p. 106 |
| Reportable segment assets$’000 | 463,215 | 699,466 | 43,788 | 1,206,469 | 446,175 | 752,675 | 42,831 | 1,241,681 | PDF p. 105PDF p. 106 |
| Reportable segment liabilities$’000 | (196,349) | (141,455) | (273,920) | (611,714) | (191,497) | (147,455) | (411,587) | (750,539) | PDF p. 105PDF p. 106 |
| Capital expenditure$’000 | 4,128 | 8,691 | 13 | 12,832 | 2,787 | 1,219 | 1 | 4,007 | PDF p. 105PDF p. 106 |
| Other material non-cash items | |||||||||
| - Change in fair value of investment property$’000 | – | 273 | – | 273 | PDF p. 106 | ||||
Notes
Amounts in $’000. Segment liabilities printed in parentheses. Performance measured on segment profit before tax.
Amounts in $’000. Segment liabilities printed in parentheses.
By geography
Geographical information – Revenue and Non-current assets 5 lines
| Item / unit | 2025Revenue | 2024Revenue | 2025Non-current assets* | 2024Non-current assets* | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| Malaysia$’000 | 105,368 | 108,844 | 446,991 | 428,721 | PDF p. 106 |
| People’s Republic of China$’000 | 24,977 | 16,317 | 109,802 | 116,796 | PDF p. 106 |
| United Arab Emirates$’000 | – | – | – | 5,510 | PDF p. 106 |
| Singapore$’000 | – | – | 35,020 | 36,014 | PDF p. 106 |
| Total (unlabelled)$’000 | 130,345 | 125,161 | 591,813 | 587,041 | PDF p. 106 |
Notes
Amounts in $’000.
* Non-current assets relate to the carrying amounts of investment properties, and property, plant and equipment.
Segment revenue is based on the geographical location of where service is rendered or product is located. Segment assets are based on the geographical location of the assets.
Debt
Borrowings
Loans and borrowings – composition and maturities
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Company, $'000 | 2024Company, $'000 | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Bank loans (secured)$'000 | 174,938 | 208,422 | 74,831 | 107,539 | PDF p. 93 |
| Lease liabilities$'000 | 1,203 | 1,020 | – | – | PDF p. 93 |
| Redeemable preference shares$'000 | 417 | 397 | – | – | PDF p. 93 |
| Total non-current (unlabelled subtotal)$'000 | 176,558 | 209,839 | 74,831 | 107,539 | PDF p. 93 |
| Current liabilities | |||||
| Bank loan (unsecured)$'000 | – | 1,079 | – | 1,079 | PDF p. 93 |
| Bank loans (secured)$'000 | 37,629 | 40,970 | – | 34,027 | PDF p. 93 |
| Convertible notes (unsecured)$'000 | – | 83,663 | – | 83,663 | PDF p. 93 |
| Lease liabilities$'000 | 805 | 841 | – | – | PDF p. 93 |
| Shareholder loan (unsecured)$'000 | – | 60,940 | – | 60,940 | PDF p. 93 |
| Commercial papers (unsecured)$'000 | 186,845 | 110,166 | 186,845 | 110,166 | PDF p. 93 |
| Total current (unlabelled subtotal)$'000 | 225,279 | 297,659 | 186,845 | 289,875 | PDF p. 93 |
| Total | |||||
| Total loans and borrowings$'000 | 401,837 | 507,498 | 261,676 | 397,414 | PDF p. 93 |
| Maturities of liabilities | |||||
| Within 1 year$'000 | 225,279 | 297,659 | 186,845 | 289,875 | PDF p. 93 |
| After 1 year but within 5 years$'000 | 120,972 | 127,446 | 74,831 | 90,719 | PDF p. 93 |
| After 5 years$'000 | 55,586 | 82,393 | – | 16,820 | PDF p. 93 |
Notes
Printed header: Group / Company, 2025 2024, $'000. Redeemable preference shares are mandatorily redeemable at par on 31 December 2091 by subsidiary Sutera Harbour Golf & Country Club Berhad and classified as liabilities.
Convertible notes: $83,779,477 principal issued 11 October 2024, due 11 October 2025, 6.00% p.a., conversion price $0.17; matured and redeemed 11 October 2025.
Borrowing notes 2 tables
Liquidity risk – contractual undiscounted cash flows, Group, at 31 December
| Item / unit | 2025Group carrying amount $'000 | 2025Group contractual cash flows $'000 | 2025Group within 1 year $'000 | 2025Group after 1 year but within 5 years $'000 | 2025Group after 5 years $'000 | 2024Group carrying amount $'000 | 2024Group contractual cash flows $'000 | 2024Group within 1 year $'000 | 2024Group after 1 year but within 5 years $'000 | 2024Group after 5 years $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| At 31 December | |||||||||||
| Bank loans (secured)$'000 | 212,567 | (250,596) | (37,732) | (104,850) | (108,014) | 249,392 | (304,252) | (49,160) | (120,661) | (134,431) | PDF p. 114 |
| Commercial papers (unsecured)$'000 | 186,845 | (190,031) | (190,031) | – | – | 110,166 | (112,321) | (112,321) | – | – | PDF p. 114 |
| Lease liabilities$'000 | 2,008 | (2,121) | (950) | (1,171) | – | 1,861 | (2,121) | (950) | (1,171) | – | PDF p. 114 |
| Redeemable preference shares$'000 | 417 | (417) | – | – | (417) | 397 | (397) | – | – | (397) | PDF p. 114 |
| Bank loan (unsecured)$'000 | 1,079 | (1,098) | (1,098) | – | – | PDF p. 114 | |||||
| Convertible notes (unsecured)$'000 | 83,663 | (87,610) | (87,610) | – | – | PDF p. 114 | |||||
| Shareholder loan (unsecured)$'000 | 60,940 | (61,899) | (61,899) | – | – | PDF p. 114 | |||||
Notes
Undiscounted cash flows including interest, earliest possible contractual maturity.
Undiscounted cash flows including interest.
Interest rate profile – fixed and variable rate instruments
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Company, $'000 | 2024Company, $'000 | Source |
|---|---|---|---|---|---|
| Fixed rate instruments | |||||
| Lease liabilities$'000 | 2,008 | 1,861 | – | – | PDF p. 116 |
| Commercial papers (unsecured)$'000 | 186,845 | 110,166 | 186,845 | 110,166 | PDF p. 116 |
| Variable rate instruments | |||||
| Bank loans (secured)$'000 | 212,567 | 249,392 | 74,831 | 141,566 | PDF p. 116 |
Notes
Fixed rate total Group 188,853 (2024: 257,709); Company 186,845 (2024: 255,848). Convertible notes, shareholder loan and unsecured bank loan are fixed in 2024 only.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | The Company does not have a specific policy on the amount of dividends to be paid, due to the nature of the business and the way that income is realised. Nevertheless, the Board has adopted a policy of issuing dividends when there is the availability of both sufficient profits and cash flow, after taking into account the Group’s short and long term capital requirements, future investment plans, general global and business economic conditions. The Board endeavours to maintain a balance between meeting shareholders’ expectations and prudent capital management, with a sustainable dividend policy. | Group policy | PDF p. 47 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| final dividend | 0.0666 Singapore cents per ordinary share | Proposed final dividend, FY ended 31 December 2025, one-tier exempt; subject to shareholder approval at AGM on 24 April 2026 | PDF p. 123 |
| final dividend | Nil | Comparative FY2024 final dividend | PDF p. 123 |
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 |
|---|---|---|---|
| Independent auditor | Baker Tilly TFW LLP | Group and Company, FY2025 | PDF p. 58 |
| Engagement partner | Khor Boon Hong | Group and Company, FY2025 | PDF p. 58 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of leasehold land, buildings and golf club | This is a key audit matter because the valuation process involves significant judgement in determining the valuation method to be used, assumptions made and key unobservable inputs used in the valuation techniques. | Group, FY2025 | PDF p. 55 |
| Net realisable values of development properties | This is a key audit matter because the determination of the net realisable values of these development properties are dependent on the management’s expectation of future selling prices, cost to complete and costs to be incurred in the sales of these properties. | Group, FY2025 | PDF p. 56 |
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.