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Financials

Annual Report 2025

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Explore the statements

37 tables

Group income statement

18 metrics

Units appear below each metric. Scroll to compare years

Group income statement from Annual Report 2025
Metric / unit 2025Group / year ended December 31, 20252024Group / year ended December 31, 2024 Source
Group income statement
RevenueSingapore dollars thousands 81,54884,405 PDF p. 77
Cost of salesSingapore dollars thousands (47,131)(47,910) PDF p. 77
Gross profitSingapore dollars thousands 34,41736,495 PDF p. 77
Selling expensesSingapore dollars thousands (4,410)(4,232) PDF p. 77
General and administrative expensesSingapore dollars thousands (20,297)(18,999) PDF p. 77
Total operating expensesSingapore dollars thousands (24,707)(23,231) PDF p. 77
Operating profitSingapore dollars thousands 9,71013,264 PDF p. 77
Financial incomeSingapore dollars thousands 5,6275,806 PDF p. 77
Financial expensesSingapore dollars thousands (45)(19) PDF p. 77
Reversal of expected credit loss on trade receivablesSingapore dollars thousands 291 PDF p. 77
Other operating (expenses)/incomeSingapore dollars thousands (573)3,652 PDF p. 77
Profit before income taxSingapore dollars thousands 14,74822,704 PDF p. 77
Income taxSingapore dollars thousands (6,768)(8,681) PDF p. 77
Profit for the yearSingapore dollars thousands 7,98014,023 PDF p. 77
Profit for the year attributable to: Owners of the CompanySingapore dollars thousands 7,62613,565 PDF p. 77
Non-controlling interestsSingapore dollars thousands 354458 PDF p. 77
SubtotalSingapore dollars thousands 7,98014,023 PDF p. 77
Earnings per share (cents) Basic and dilutedSingapore cents per share 1.011.79 PDF p. 77
Definitions & sources

Original report: PDF p. 77 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Group comprehensive income

6 metrics

Units appear below each metric. Scroll to compare years

Group comprehensive income from Annual Report 2025
Metric / unit 2025Group / year ended December 31, 20252024Group / year ended December 31, 2024 Source
Group comprehensive income
Profit for the yearSingapore dollars thousands 7,98014,023 PDF p. 78
Other comprehensive (loss)/income Item that may be reclassified subsequently to profit or loss: Foreign currency translation differences arising from consolidationSingapore dollars thousands (5,994)2,929 PDF p. 78
Total comprehensive income for the year, net of taxSingapore dollars thousands 1,98616,952 PDF p. 78
Total comprehensive income for the year attributable to: Owners of the CompanySingapore dollars thousands 1,81616,477 PDF p. 78
Non-controlling interestsSingapore dollars thousands 170475 PDF p. 78
SubtotalSingapore dollars thousands 1,98616,952 PDF p. 78
Definitions & sources

Original report: PDF p. 78 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Group cash flows

33 metrics

Units appear below each metric. Scroll to compare years

Group cash flows from Annual Report 2025
Metric / unit 2025Group / year ended December 31, 20252024Group / year ended December 31, 2024 Source
Cash flows from operating activities
Profit for the yearSingapore dollars thousands 7,98014,023 PDF p. 82
Adjustments for:
Depreciation of investment propertiesSingapore dollars thousands 12,01212,072 PDF p. 82
Depreciation of property, plant and equipmentSingapore dollars thousands 9,7558,359 PDF p. 82
Amortisation of deferred chargesSingapore dollars thousands 2121 PDF p. 82
Property, plant and equipment written offSingapore dollars thousands 331188 PDF p. 82
Reversal of expected credit loss on trade receivablesSingapore dollars thousands (29)(1) PDF p. 82
Interest incomeSingapore dollars thousands (5,627)(5,806) PDF p. 82
Interest expenseSingapore dollars thousands 4519 PDF p. 82
Unrealised foreign exchange lossSingapore dollars thousands 1,6991,476 PDF p. 82
Income tax expensesSingapore dollars thousands 6,7688,681 PDF p. 82
Operating cash flow before working capital changesSingapore dollars thousands 32,95539,032 PDF p. 82
Changes in working capital:
Trade receivables and other current assetsSingapore dollars thousands 815(991) PDF p. 82
InventoriesSingapore dollars thousands (6)44 PDF p. 82
Trade and other payablesSingapore dollars thousands (330)(2,419) PDF p. 82
Cash generated from operationsSingapore dollars thousands 33,43435,666 PDF p. 82
Interest receivedSingapore dollars thousands 5,0105,817 PDF p. 82
Income tax paidSingapore dollars thousands (6,173)(8,687) PDF p. 82
Interest paidSingapore dollars thousands (45)(19) PDF p. 82
Net cash generated from operating activitiesSingapore dollars thousands 32,22632,777 PDF p. 82
Cash flows from investing activities
Capital expenditure on investment propertiesSingapore dollars thousands (342)(1,065) PDF p. 82
Capital expenditure on property, plant and equipmentSingapore dollars thousands (2,436)(1,995) PDF p. 82
Payments for deferred expenditureSingapore dollars thousands (43)- PDF p. 82
Placement of time deposit with maturity more than 3 monthsSingapore dollars thousands (102,800)- PDF p. 82
Net cash used in investing activitiesSingapore dollars thousands (105,621)(3,060) PDF p. 82
Cash flows from financing activities
Principal payment of lease liabilitySingapore dollars thousands (508)(140) PDF p. 82
Payment of dividendsSingapore dollars thousands (27,316)(10,623) PDF p. 82
Payment of dividends to non-controlling shareholdersSingapore dollars thousands -(460) PDF p. 82
Capital returned to non-controlling shareholdersSingapore dollars thousands (2,050)(2,714) PDF p. 82
Net cash used in financing activitiesSingapore dollars thousands (29,874)(13,937) PDF p. 82
Net (decrease)/increase in cash and cash equivalentsSingapore dollars thousands (103,269)15,780 PDF p. 82
Cash and cash equivalents at the beginning of the yearSingapore dollars thousands 168,718151,485 PDF p. 82
Effect of exchange rate changes on cash and cash equivalentsSingapore dollars thousands (4,961)1,453 PDF p. 82
Cash and cash equivalents at the end of the yearSingapore dollars thousands 60,488168,718 PDF p. 82
Definitions & sources

Original report: PDF p. 82 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Group financial position

31 metrics

Units appear below each metric. Scroll to compare years

Group financial position from Annual Report 2025
Metric / unit 2025Group / year ended December 31, 20252024Group / year ended December 31, 2024 Source
Current Assets
Cash and bank balancesSingapore dollars thousands 163,288168,718 PDF p. 79
Trade receivables and other current assetsSingapore dollars thousands 8,1398,292 PDF p. 79
Inventories, at costSingapore dollars thousands 274268 PDF p. 79
SubtotalSingapore dollars thousands 171,701177,278 PDF p. 79
Non-Current Assets
Interest in subsidiariesSingapore dollars thousands -- PDF p. 79
Investment propertiesSingapore dollars thousands 114,359126,414 PDF p. 79
Property, plant and equipmentSingapore dollars thousands 98,443106,476 PDF p. 79
Deferred tax assetsSingapore dollars thousands 2,0322,310 PDF p. 79
Deferred chargesSingapore dollars thousands 434417 PDF p. 79
SubtotalSingapore dollars thousands 215,268235,617 PDF p. 79
Total AssetsSingapore dollars thousands 386,969412,895 PDF p. 79
Current Liabilities
Trade and other payablesSingapore dollars thousands 18,23719,498 PDF p. 80
Income tax payableSingapore dollars thousands 9511,989 PDF p. 80
Lease liabilitiesSingapore dollars thousands 572140 PDF p. 80
SubtotalSingapore dollars thousands 19,76021,627 PDF p. 80
Non-Current Liabilities
Long-term liabilitiesSingapore dollars thousands 10,7749,227 PDF p. 80
Deferred tax liabilitiesSingapore dollars thousands 4,9643,550 PDF p. 80
Lease liabilitiesSingapore dollars thousands 710350 PDF p. 80
SubtotalSingapore dollars thousands 16,44813,127 PDF p. 80
Total LiabilitiesSingapore dollars thousands 36,20834,754 PDF p. 80
Equity Attributable to Owners of the Company Share capitalSingapore dollars thousands 105,784105,784 PDF p. 80
Share premiumSingapore dollars thousands 304,881304,881 PDF p. 80
Treasury sharesSingapore dollars thousands (1,498)(1,498) PDF p. 80
Asset revaluation reserveSingapore dollars thousands 65,17565,175 PDF p. 80
Merger reserveSingapore dollars thousands (133,639)(133,639) PDF p. 80
Foreign currency translation reserveSingapore dollars thousands 3,0388,848 PDF p. 80
(Accumulated losses)/Retained earningsSingapore dollars thousands (1,352)18,338 PDF p. 80
SubtotalSingapore dollars thousands 342,389367,889 PDF p. 80
Non-controlling interestsSingapore dollars thousands 8,37210,252 PDF p. 80
Total EquitySingapore dollars thousands 350,761378,141 PDF p. 80
Total Liabilities and EquitySingapore dollars thousands 386,969412,895 PDF p. 80
Definitions & sources

Original report: PDF p. 79 ↗ PDF p. 80 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Company financial position

31 metrics

Units appear below each metric. Scroll to compare years

Company financial position from Annual Report 2025
Metric / unit 2025Company / year ended December 31, 20252024Company / year ended December 31, 2024 Source
Current Assets
Cash and bank balancesSingapore dollars thousands 116,33588,432 PDF p. 79
Trade receivables and other current assetsSingapore dollars thousands 12,5308,660 PDF p. 79
Inventories, at costSingapore dollars thousands -- PDF p. 79
SubtotalSingapore dollars thousands 128,86597,092 PDF p. 79
Non-Current Assets
Interest in subsidiariesSingapore dollars thousands 408,064410,659 PDF p. 79
Investment propertiesSingapore dollars thousands -- PDF p. 79
Property, plant and equipmentSingapore dollars thousands -- PDF p. 79
Deferred tax assetsSingapore dollars thousands -- PDF p. 79
Deferred chargesSingapore dollars thousands -- PDF p. 79
SubtotalSingapore dollars thousands 408,064410,659 PDF p. 79
Total AssetsSingapore dollars thousands 536,929507,751 PDF p. 79
Current Liabilities
Trade and other payablesSingapore dollars thousands 313259 PDF p. 80
Income tax payableSingapore dollars thousands -- PDF p. 80
Lease liabilitiesSingapore dollars thousands -- PDF p. 80
SubtotalSingapore dollars thousands 313259 PDF p. 80
Non-Current Liabilities
Long-term liabilitiesSingapore dollars thousands -- PDF p. 80
Deferred tax liabilitiesSingapore dollars thousands -- PDF p. 80
Lease liabilitiesSingapore dollars thousands -- PDF p. 80
SubtotalSingapore dollars thousands -- PDF p. 80
Total LiabilitiesSingapore dollars thousands 313259 PDF p. 80
Equity Attributable to Owners of the Company Share capitalSingapore dollars thousands 105,784105,784 PDF p. 80
Share premiumSingapore dollars thousands 304,881304,881 PDF p. 80
Treasury sharesSingapore dollars thousands (1,498)(1,498) PDF p. 80
Asset revaluation reserveSingapore dollars thousands -- PDF p. 80
Merger reserveSingapore dollars thousands -- PDF p. 80
Foreign currency translation reserveSingapore dollars thousands -- PDF p. 80
(Accumulated losses)/Retained earningsSingapore dollars thousands 127,44998,325 PDF p. 80
SubtotalSingapore dollars thousands 536,616507,492 PDF p. 80
Non-controlling interestsSingapore dollars thousands -- PDF p. 80
Total EquitySingapore dollars thousands 536,616507,492 PDF p. 80
Total Liabilities and EquitySingapore dollars thousands 536,929507,751 PDF p. 80
Definitions & sources

Original report: PDF p. 79 ↗ PDF p. 80 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Group changes in equity / 2025

7 metrics

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Group changes in equity / 2025 from Annual Report 2025
Metric / unit 2025Group / year ended December 31, 2025 / Share capital2025Group / year ended December 31, 2025 / Share premium2025Group / year ended December 31, 2025 / Treasury shares2025Group / year ended December 31, 2025 / Asset revaluation reserve2025Group / year ended December 31, 2025 / Merger reserve2025Group / year ended December 31, 2025 / Foreign currency translation reserve2025Group / year ended December 31, 2025 / Retained earnings / accumulated losses2025Group / year ended December 31, 2025 / Owners subtotal2025Group / year ended December 31, 2025 / Noncontrolling interests2025Group / year ended December 31, 2025 / Total equity Source
Group changes in equity
Balance as at 1 January 2025Singapore dollars thousands 105,784304,881(1,498)65,175(133,639)8,84818,338367,88910,252378,141 PDF p. 81
Profit for the yearSingapore dollars thousands ------7,6267,6263547,980 PDF p. 81
Other comprehensive loss for the year - Foreign currency translationSingapore dollars thousands -----(5,810)-(5,810)(184)(5,994) PDF p. 81
Total comprehensive (loss)/income for the yearSingapore dollars thousands -----(5,810)7,6261,8161701,986 PDF p. 81
Capital returned to non-controlling shareholdersSingapore dollars thousands --------(2,050)(2,050) PDF p. 81
Dividends (Note 24)Singapore dollars thousands ------(27,316)(27,316)-(27,316) PDF p. 81
Balance as at 31 December 2025Singapore dollars thousands 105,784304,881(1,498)65,175(133,639)3,038(1,352)342,3898,372350,761 PDF p. 81
Definitions & sources

Original report: PDF p. 81 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Group changes in equity / 2024

8 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2024 from Annual Report 2025
Metric / unit 2024Group / year ended December 31, 2024 / Share capital2024Group / year ended December 31, 2024 / Share premium2024Group / year ended December 31, 2024 / Treasury shares2024Group / year ended December 31, 2024 / Asset revaluation reserve2024Group / year ended December 31, 2024 / Merger reserve2024Group / year ended December 31, 2024 / Foreign currency translation reserve2024Group / year ended December 31, 2024 / Retained earnings / accumulated losses2024Group / year ended December 31, 2024 / Owners subtotal2024Group / year ended December 31, 2024 / Noncontrolling interests2024Group / year ended December 31, 2024 / Total equity Source
Group changes in equity
Balance as at 1 January 2024Singapore dollars thousands 105,784304,881(1,498)65,175(133,639)5,93615,396362,03512,951374,986 PDF p. 81
Profit for the yearSingapore dollars thousands ------13,56513,56545814,023 PDF p. 81
Other comprehensive income for the year - Foreign currency translationSingapore dollars thousands -----2,912-2,912172,929 PDF p. 81
Total comprehensive income for the yearSingapore dollars thousands -----2,91213,56516,47747516,952 PDF p. 81
Capital returned to non-controlling shareholdersSingapore dollars thousands --------(2,714)(2,714) PDF p. 81
Dividends (Note 24)Singapore dollars thousands ------(10,623)(10,623)-(10,623) PDF p. 81
Dividends paid to non-controlling shareholdersSingapore dollars thousands --------(460)(460) PDF p. 81
Balance as at 31 December 2024Singapore dollars thousands 105,784304,881(1,498)65,175(133,639)8,84818,338367,88910,252378,141 PDF p. 81
Definitions & sources

Original report: PDF p. 81 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Chairman and CEO financial highlights

3 metrics

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Chairman and CEO financial highlights from Annual Report 2025
Metric / unit 2025Group / year ended December 31, 2025 Source
Selected original disclosure
Group RevenueSingapore dollars millions 81.5 PDF p. 8
EBITDASingapore dollars millions 40.5 PDF p. 8
Net Cash from Operating ActivitiesSingapore dollars millions 32.2 PDF p. 8
Definitions & sources

Original report: PDF p. 8 ↗

Original rounded amounts are in millions. The report supplies no exact EBITDA definition or arithmetic bridge; preserve the management-reported40.5million and do not label it as independently recomputed standard EBITDA. No formal multi-year NAV, ROE or net-gearing series is disclosed.

Group cash and cash-equivalents reconciliation

6 metrics

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Group cash and cash-equivalents reconciliation from Annual Report 2025
Metric / unit 2025Group / year ended December 31, 20252024Group / year ended December 31, 2024 Source
Cash and bank balances
Cash on handSingapore dollars thousands 2926 PDF p. 96
Cash in banksSingapore dollars thousands 25,766168,653 PDF p. 96
Time depositsSingapore dollars thousands 137,49339 PDF p. 96
Cash and bank balances in statements of financial positionSingapore dollars thousands 163,288168,718 PDF p. 96
Less: Time deposit with maturity more than 3 monthsSingapore dollars thousands (102,800)- PDF p. 96
Cash and cash equivalents in the consolidated statement of cash flowsSingapore dollars thousands 60,488168,718 PDF p. 96
Definitions & sources

Original report: PDF p. 96 ↗

Bank balances include102800SGDthousand time deposits with maturity over three months; cash-flow cash excludes them.

Company cash and bank balances

4 metrics

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Company cash and bank balances from Annual Report 2025
Metric / unit 2025Company / year ended December 31, 20252024Company / year ended December 31, 2024 Source
Cash and bank balances
Cash on handSingapore dollars thousands -- PDF p. 96
Cash in banksSingapore dollars thousands 68588,432 PDF p. 96
Time depositsSingapore dollars thousands 115,650- PDF p. 96
Cash and bank balances in statements of financial positionSingapore dollars thousands 116,33588,432 PDF p. 96
Definitions & sources

Original report: PDF p. 96 ↗

The report does not print a separate Company cash-flow cash figure. Unprinted Company reconciliation cells are not inserted as zero.

Currency composition of cash and bank balances

5 metrics

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Currency composition of cash and bank balances from Annual Report 2025
Metric / unit 2025Group / year ended December 31, 20252024Group / year ended December 31, 20242025Company / year ended December 31, 20252024Company / year ended December 31, 2024 Source
Currency composition of bank balances
USDSingapore dollars thousands 116,80388,892116,27588,365 PDF p. 96
RMBSingapore dollars thousands 44,97079,54645 PDF p. 96
SGDSingapore dollars thousands 1,5122775662 PDF p. 96
OthersSingapore dollars thousands 33-- PDF p. 96
SubtotalSingapore dollars thousands 163,288168,718116,33588,432 PDF p. 96
Definitions & sources

Original report: PDF p. 96 ↗

Currency row labels identify denomination; numeric values remain translated Singapore dollars thousands under the original headers, not original-currency whole amounts.

Earnings per share / exact original inputs

2 metrics

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Earnings per share / exact original inputs from Annual Report 2025
Metric / unit 2025Group / year ended December 31, 20252024Group / year ended December 31, 2024 Source
Selected original disclosure
Profit attributable to owners used for EPSSingapore dollars whole 7,626,00013,565,000 PDF p. 96
Weighted average ordinary shares excluding treasuryShares whole 758,768,832758,768,832 PDF p. 96
Definitions & sources

Original report: PDF p. 96 ↗

Original paragraph uses whole Singapore dollars and whole ordinary shares. Basic equals diluted; no potential ordinary shares outstanding.

Interim dividends paid / original annual disclosure

1 metrics

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Interim dividends paid / original annual disclosure from Annual Report 2025
Metric / unit 2025Group / interim dividend paid for year 20252024Group / interim dividend paid for year 2024 Source
Interim dividends paid
Dividends paid: Interim dividend paid for the year of S$0.036 (2024: S$0.014) per shareSingapore dollars thousands 27,31610,623 PDF p. 106 Label p. 106
Definitions & sources

Original report: PDF p. 106 ↗

Printed rate is Singapore dollars per share; cash cells are Singapore dollars thousands. FY2025paid0.036,FY2024paid0.014,FY2023paid0.028,FY2022paid0.035,FY2021paid0.03. A proposed special finalFY2025dividend0.068SGDper share, totalSGD51596280.58, is subject to approval and belongs to FY2026equity appropriation; it is not a liability or cash payment in theseFY2025statements.

Segment revenue

3 metrics

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Segment revenue from Annual Report 2025
Metric / unit 2025Group / year ended December 31, 20252024Group / year ended December 31, 2024 Source
Segment results
HotelSingapore dollars thousands 48,83248,407 PDF p. 106
Property leasingSingapore dollars thousands 32,71635,998 PDF p. 106
SubtotalSingapore dollars thousands 81,54884,405 PDF p. 106
Definitions & sources

Original report: PDF p. 106 ↗

Property leasing includes the Group property business; operating-review Office Tower revenue is a narrower asset scope.

Segment profit and reconciliation to Group pretax profit

9 metrics

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Segment profit and reconciliation to Group pretax profit from Annual Report 2025
Metric / unit 2025Group / year ended December 31, 20252024Group / year ended December 31, 2024 Source
Segment results
HotelSingapore dollars thousands 16,67014,900 PDF p. 106
Property leasingSingapore dollars thousands 22,27328,041 PDF p. 106
SubtotalSingapore dollars thousands 38,94342,941 PDF p. 106
Depreciation and amortisation expensesSingapore dollars thousands (21,788)(20,452) PDF p. 106
Interest incomeSingapore dollars thousands 5,6275,806 PDF p. 106
Interest expenseSingapore dollars thousands (45)(19) PDF p. 106
Net foreign exchange lossSingapore dollars thousands (3,871)(1,460) PDF p. 106
Certain administrative expenses not allocatedSingapore dollars thousands (4,118)(4,112) PDF p. 106
Profit before income taxSingapore dollars thousands 14,74822,704 PDF p. 106
Definitions & sources

Original report: PDF p. 106 ↗

Segment profit is before the original unallocated depreciation, interest, foreign exchange and certain administrative expenses. It is not Group net profit or the undefined chairman EBITDA metric.

Shanghai Golden Bund / financial information before intragroup eliminations

13 metrics

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Shanghai Golden Bund / financial information before intragroup eliminations from Annual Report 2025
Metric / unit 2025Shanghai Golden Bund, full entity before eliminations / year ended December 31, 20252024Shanghai Golden Bund, full entity before eliminations / year ended December 31, 2024 Source
SGB financial information before intragroup eliminations
Non-current assetsSingapore dollars thousands 198,846219,283 PDF p. 99
Current assetsSingapore dollars thousands 47,01482,408 PDF p. 99
Non-current liabilitiesSingapore dollars thousands (9,670)(8,111) PDF p. 99
Current liabilitiesSingapore dollars thousands (29,356)(31,608) PDF p. 99
RevenueSingapore dollars thousands 80,16282,989 PDF p. 99
Profit for the yearSingapore dollars thousands 13,72817,117 PDF p. 99
Total comprehensive income for the yearSingapore dollars thousands 10,76817,117 PDF p. 99
Profit for the year allocated to NCISingapore dollars thousands 441550 PDF p. 99
Dividends paid to NCISingapore dollars thousands -460 PDF p. 99
Cash flows from operating activitiesSingapore dollars thousands 34,25232,607 PDF p. 99
Cash flows used in investing activitiesSingapore dollars thousands (2,206)(3,058) PDF p. 99
Cash flows used in financing activities, before capital returned and dividends to NCISingapore dollars thousands (64,142)(95,064) PDF p. 99
Net decrease in cash and cash equivalentsSingapore dollars thousands (32,096)(65,515) PDF p. 99
Definitions & sources

Original report: PDF p. 99 ↗

Full subsidiary amounts, not the Group share of those amounts. Group ownership96.79%/NCI3.21%; NCI carrying amounts can include consolidation adjustments and are not inferred as a simple percentage of these pre-elimination assets.

Group income statement

18 metrics

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Group income statement from Annual Report 2025
Metric / unit 2023Group / year ended December 31, 2023 Source
Group income statement
RevenueSingapore dollars thousands 83,889 PDF p. 51
Cost of salesSingapore dollars thousands (47,965) PDF p. 51
Gross profitSingapore dollars thousands 35,924 PDF p. 51
Selling expensesSingapore dollars thousands (3,901) PDF p. 51
General and administrative expensesSingapore dollars thousands (18,957) PDF p. 51
Total operating expensesSingapore dollars thousands (22,858) PDF p. 51
Operating profitSingapore dollars thousands 13,066 PDF p. 51
Financial incomeSingapore dollars thousands 4,675 PDF p. 51
Financial expensesSingapore dollars thousands (9) PDF p. 51
Reversal of/(Allowance for) expected credit loss on trade receivablesSingapore dollars thousands (1,471) PDF p. 51
Other operating incomeSingapore dollars thousands 4,738 PDF p. 51
Profit before income taxSingapore dollars thousands 20,999 PDF p. 51
Income taxSingapore dollars thousands (9,503) PDF p. 51
Profit for the yearSingapore dollars thousands 11,496 PDF p. 51
Profit for the year attributable to: Owners of the CompanySingapore dollars thousands 11,097 PDF p. 51
Non-controlling interestsSingapore dollars thousands 399 PDF p. 51
SubtotalSingapore dollars thousands 11,496 PDF p. 51
Earnings per share (cents) Basic and dilutedSingapore cents per share 1.46 PDF p. 51
Definitions & sources

Original report: PDF p. 51 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Group comprehensive income

6 metrics

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Group comprehensive income from Annual Report 2025
Metric / unit 2023Group / year ended December 31, 2023 Source
Group comprehensive income
Profit for the yearSingapore dollars thousands 11,496 PDF p. 52
Other comprehensive income/(loss) Item that may be reclassified subsequently to profit or loss: Foreign currency translation differences arising from consolidationSingapore dollars thousands (14,865) PDF p. 52
Total comprehensive income/(loss) for the year, net of taxSingapore dollars thousands (3,369) PDF p. 52
Total comprehensive income/(loss) for the year attributable to: Owners of the CompanySingapore dollars thousands (3,255) PDF p. 52
Non-controlling interestsSingapore dollars thousands (114) PDF p. 52
SubtotalSingapore dollars thousands (3,369) PDF p. 52
Definitions & sources

Original report: PDF p. 52 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Group cash flows

35 metrics

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Group cash flows from Annual Report 2025
Metric / unit 2023Group / year ended December 31, 2023 Source
Cash flows from operating activities
Profit for the yearSingapore dollars thousands 11,496 PDF p. 56
Adjustments for:
Depreciation of investment propertiesSingapore dollars thousands 12,019 PDF p. 56
Depreciation of property, plant and equipmentSingapore dollars thousands 8,473 PDF p. 56
Amortisation of deferred chargesSingapore dollars thousands 21 PDF p. 56
Investment properties written offSingapore dollars thousands 95 PDF p. 56
Property, plant and equipment written offSingapore dollars thousands 29 PDF p. 56
Gain on disposal of property, plant and equipmentSingapore dollars thousands (349) PDF p. 56
(Reversal of)/Allowance for expected credit loss on trade receivablesSingapore dollars thousands 1,471 PDF p. 56
Interest incomeSingapore dollars thousands (4,675) PDF p. 56
Interest expenseSingapore dollars thousands 9 PDF p. 56
Unrealised foreign exchange lossSingapore dollars thousands 23 PDF p. 56
Income tax expensesSingapore dollars thousands 9,503 PDF p. 56
Operating cash flow before working capital changesSingapore dollars thousands 38,115 PDF p. 56
Changes in working capital:
Trade receivables and other current assetsSingapore dollars thousands (76) PDF p. 56
InventoriesSingapore dollars thousands (2) PDF p. 56
Trade and other payablesSingapore dollars thousands (187) PDF p. 56
Cash generated from operationsSingapore dollars thousands 37,850 PDF p. 56
Interest receivedSingapore dollars thousands 4,874 PDF p. 56
Income tax paidSingapore dollars thousands (9,757) PDF p. 56
Interest paidSingapore dollars thousands (9) PDF p. 56
Net cash generated from operating activitiesSingapore dollars thousands 32,958 PDF p. 56
Cash flows from investing activities
Capital expenditure on investment propertiesSingapore dollars thousands (3,156) PDF p. 56
Capital expenditure on property, plant and equipmentSingapore dollars thousands (1,481) PDF p. 56
Payments for deferred expenditureSingapore dollars thousands (5) PDF p. 56
Proceeds from disposal of property, plant and equipmentSingapore dollars thousands 355 PDF p. 56
Net cash used in investing activitiesSingapore dollars thousands (4,287) PDF p. 56
Cash flows from financing activities
Principal payment of lease liabilitySingapore dollars thousands (70) PDF p. 56
Payment of dividendsSingapore dollars thousands (21,245) PDF p. 56
Payment of dividends to non-controlling shareholdersSingapore dollars thousands (1,043) PDF p. 56
Capital returned to non-controlling shareholdersSingapore dollars thousands - PDF p. 56
Net cash used in financing activitiesSingapore dollars thousands (22,358) PDF p. 56
Net increase in cash and cash equivalentsSingapore dollars thousands 6,313 PDF p. 56
Cash and cash equivalents at the beginning of the yearSingapore dollars thousands 150,631 PDF p. 56
Effect of exchange rate changes on cash and cash equivalentsSingapore dollars thousands (5,459) PDF p. 56
Cash and cash equivalents at the end of the yearSingapore dollars thousands 151,485 PDF p. 56
Definitions & sources

Original report: PDF p. 56 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Group financial position

31 metrics

Units appear below each metric. Scroll to compare years

Group financial position from Annual Report 2025
Metric / unit 2023Group / year ended December 31, 2023 Source
Current Assets
Cash and cash equivalentsSingapore dollars thousands 151,485 PDF p. 53
Trade receivables and other current assetsSingapore dollars thousands 7,311 PDF p. 53
Inventories, at costSingapore dollars thousands 312 PDF p. 53
SubtotalSingapore dollars thousands 159,108 PDF p. 53
Non-Current Assets
Interest in subsidiariesSingapore dollars thousands - PDF p. 53
Investment propertiesSingapore dollars thousands 138,521 PDF p. 53
Property, plant and equipmentSingapore dollars thousands 108,893 PDF p. 53
Deferred tax assetsSingapore dollars thousands 2,567 PDF p. 53
Deferred chargesSingapore dollars thousands 438 PDF p. 53
SubtotalSingapore dollars thousands 250,419 PDF p. 53
Total AssetsSingapore dollars thousands 409,527 PDF p. 53
Current Liabilities
Trade and other payablesSingapore dollars thousands 19,314 PDF p. 54
Income tax payableSingapore dollars thousands 2,611 PDF p. 54
Lease liabilitySingapore dollars thousands 140 PDF p. 54
SubtotalSingapore dollars thousands 22,065 PDF p. 54
Non-Current Liabilities
Long-term liabilitiesSingapore dollars thousands 8,795 PDF p. 54
Deferred tax liabilitiesSingapore dollars thousands 3,191 PDF p. 54
Lease liabilitySingapore dollars thousands 490 PDF p. 54
SubtotalSingapore dollars thousands 12,476 PDF p. 54
Total LiabilitiesSingapore dollars thousands 34,541 PDF p. 54
Equity Attributable to Owners of the Company Share capitalSingapore dollars thousands 105,784 PDF p. 54
Share premiumSingapore dollars thousands 304,881 PDF p. 54
Treasury sharesSingapore dollars thousands (1,498) PDF p. 54
Asset revaluation reserveSingapore dollars thousands 65,175 PDF p. 54
Merger reserveSingapore dollars thousands (133,639) PDF p. 54
Foreign currency translation reserveSingapore dollars thousands 5,936 PDF p. 54
Retained earningsSingapore dollars thousands 15,396 PDF p. 54
SubtotalSingapore dollars thousands 362,035 PDF p. 54
Non-controlling interestsSingapore dollars thousands 12,951 PDF p. 54
Total EquitySingapore dollars thousands 374,986 PDF p. 54
Total Liabilities and EquitySingapore dollars thousands 409,527 PDF p. 54
Definitions & sources

Original report: PDF p. 53 ↗ PDF p. 54 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Company financial position

31 metrics

Units appear below each metric. Scroll to compare years

Company financial position from Annual Report 2025
Metric / unit 2023Company / year ended December 31, 2023 Source
Current Assets
Cash and cash equivalentsSingapore dollars thousands 1,032 PDF p. 53
Trade receivables and other current assetsSingapore dollars thousands 12,268 PDF p. 53
Inventories, at costSingapore dollars thousands - PDF p. 53
SubtotalSingapore dollars thousands 13,300 PDF p. 53
Non-Current Assets
Interest in subsidiariesSingapore dollars thousands 410,659 PDF p. 53
Investment propertiesSingapore dollars thousands - PDF p. 53
Property, plant and equipmentSingapore dollars thousands - PDF p. 53
Deferred tax assetsSingapore dollars thousands - PDF p. 53
Deferred chargesSingapore dollars thousands - PDF p. 53
SubtotalSingapore dollars thousands 410,659 PDF p. 53
Total AssetsSingapore dollars thousands 423,959 PDF p. 53
Current Liabilities
Trade and other payablesSingapore dollars thousands 717 PDF p. 54
Income tax payableSingapore dollars thousands - PDF p. 54
Lease liabilitySingapore dollars thousands - PDF p. 54
SubtotalSingapore dollars thousands 717 PDF p. 54
Non-Current Liabilities
Long-term liabilitiesSingapore dollars thousands - PDF p. 54
Deferred tax liabilitiesSingapore dollars thousands - PDF p. 54
Lease liabilitySingapore dollars thousands - PDF p. 54
SubtotalSingapore dollars thousands - PDF p. 54
Total LiabilitiesSingapore dollars thousands 717 PDF p. 54
Equity Attributable to Owners of the Company Share capitalSingapore dollars thousands 105,784 PDF p. 54
Share premiumSingapore dollars thousands 304,881 PDF p. 54
Treasury sharesSingapore dollars thousands (1,498) PDF p. 54
Asset revaluation reserveSingapore dollars thousands - PDF p. 54
Merger reserveSingapore dollars thousands - PDF p. 54
Foreign currency translation reserveSingapore dollars thousands - PDF p. 54
Retained earningsSingapore dollars thousands 14,075 PDF p. 54
SubtotalSingapore dollars thousands 423,242 PDF p. 54
Non-controlling interestsSingapore dollars thousands - PDF p. 54
Total EquitySingapore dollars thousands 423,242 PDF p. 54
Total Liabilities and EquitySingapore dollars thousands 423,959 PDF p. 54
Definitions & sources

Original report: PDF p. 53 ↗ PDF p. 54 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Group changes in equity / 2023

7 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2023 from Annual Report 2025
Metric / unit 2023Group / year ended December 31, 2023 / Share capital2023Group / year ended December 31, 2023 / Share premium2023Group / year ended December 31, 2023 / Treasury shares2023Group / year ended December 31, 2023 / Asset revaluation reserve2023Group / year ended December 31, 2023 / Merger reserve2023Group / year ended December 31, 2023 / Foreign currency translation reserve2023Group / year ended December 31, 2023 / Retained earnings / accumulated losses2023Group / year ended December 31, 2023 / Owners subtotal2023Group / year ended December 31, 2023 / Noncontrolling interests2023Group / year ended December 31, 2023 / Total equity Source
Group changes in equity
Balance as at 1 January 2023Singapore dollars thousands 105,784304,881(1,498)65,175(133,639)20,28825,544386,53514,108400,643 PDF p. 55
Profit for the yearSingapore dollars thousands ------11,09711,09739911,496 PDF p. 55
Other comprehensive loss for the year - Foreign currency translationSingapore dollars thousands -----(14,352)-(14,352)(513)(14,865) PDF p. 55
Total comprehensive (loss)/income for the yearSingapore dollars thousands -----(14,352)11,097(3,255)(114)(3,369) PDF p. 55
Dividends (Note 24)Singapore dollars thousands ------(21,245)(21,245)-(21,245) PDF p. 55
Dividends paid to non-controlling shareholdersSingapore dollars thousands --------(1,043)(1,043) PDF p. 55
Balance as at 31 December 2023Singapore dollars thousands 105,784304,881(1,498)65,175(133,639)5,93615,396362,03512,951374,986 PDF p. 55
Definitions & sources

Original report: PDF p. 55 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Interim dividends paid / original annual disclosure

1 metrics

Units appear below each metric. Scroll to compare years

Interim dividends paid / original annual disclosure from Annual Report 2025
Metric / unit 2023Group / interim dividend paid for year 2023 Source
Interim dividends paid
Dividends paid: Interim dividend paid for the year of S$0.014 (2023: S$0.028) per shareSingapore dollars thousands 21,245 PDF p. 79 Label p. 79
Definitions & sources

Original report: PDF p. 79 ↗

Printed original rate belongs to the year specified in the annual note; no proposed future dividend is added to actual payments.

Group income statement

18 metrics

Units appear below each metric. Scroll to compare years

Group income statement from Annual Report 2025
Metric / unit 2022Group / year ended December 31, 2022 Source
Group income statement
RevenueSingapore dollars thousands 67,610 PDF p. 53
Cost of salesSingapore dollars thousands (43,213) PDF p. 53
Gross profitSingapore dollars thousands 24,397 PDF p. 53
Selling expensesSingapore dollars thousands (2,520) PDF p. 53
General and administrative expensesSingapore dollars thousands (16,176) PDF p. 53
Total operating expensesSingapore dollars thousands (18,696) PDF p. 53
Operating profitSingapore dollars thousands 5,701 PDF p. 53
Financial incomeSingapore dollars thousands 5,428 PDF p. 53
Financial expensesSingapore dollars thousands - PDF p. 53
Allowance for expected credit loss on trade receivablesSingapore dollars thousands - PDF p. 53
Other operating incomeSingapore dollars thousands 2,176 PDF p. 53
Profit before income taxSingapore dollars thousands 13,305 PDF p. 53
Income taxSingapore dollars thousands (10,471) PDF p. 53
Profit for the yearSingapore dollars thousands 2,834 PDF p. 53
Profit for the year attributable to: Owners of the CompanySingapore dollars thousands 2,575 PDF p. 53
Non-controlling interestsSingapore dollars thousands 259 PDF p. 53
SubtotalSingapore dollars thousands 2,834 PDF p. 53
Earnings per share (cents) Basic and dilutedSingapore cents per share 0.34 PDF p. 53
Definitions & sources

Original report: PDF p. 53 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Group comprehensive income

6 metrics

Units appear below each metric. Scroll to compare years

Group comprehensive income from Annual Report 2025
Metric / unit 2022Group / year ended December 31, 2022 Source
Group comprehensive income
Profit for the yearSingapore dollars thousands 2,834 PDF p. 54
Other comprehensive loss Item that may be reclassified subsequently to profit or loss: Foreign currency translation differences arising from consolidationSingapore dollars thousands (38,434) PDF p. 54
Total comprehensive loss for the year, net of taxSingapore dollars thousands (35,600) PDF p. 54
Total comprehensive loss for the year attributable to: Owners of the CompanySingapore dollars thousands (34,458) PDF p. 54
Non-controlling interestsSingapore dollars thousands (1,142) PDF p. 54
SubtotalSingapore dollars thousands (35,600) PDF p. 54
Definitions & sources

Original report: PDF p. 54 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Group cash flows

34 metrics

Units appear below each metric. Scroll to compare years

Group cash flows from Annual Report 2025
Metric / unit 2022Group / year ended December 31, 2022 Source
Cash flows from operating activities
Profit for the yearSingapore dollars thousands 2,834 PDF p. 58
Adjustments for:
Depreciation of investment propertiesSingapore dollars thousands 12,845 PDF p. 58
Depreciation of property, plant and equipmentSingapore dollars thousands 8,944 PDF p. 58
Amortisation of deferred chargesSingapore dollars thousands 21 PDF p. 58
Investment properties written offSingapore dollars thousands - PDF p. 58
Property, plant and equipment written offSingapore dollars thousands 51 PDF p. 58
Gain on disposal of property, plant and equipmentSingapore dollars thousands - PDF p. 58
Allowance for expected credit loss on trade receivablesSingapore dollars thousands - PDF p. 58
Interest incomeSingapore dollars thousands (5,428) PDF p. 58
Interest expenseSingapore dollars thousands - PDF p. 58
Unrealised foreign exchange lossSingapore dollars thousands 3,921 PDF p. 58
Income tax expensesSingapore dollars thousands 10,471 PDF p. 58
Operating cash flow before working capital changesSingapore dollars thousands 33,659 PDF p. 58
Changes in working capital:
Trade receivables and other current assetsSingapore dollars thousands (4,917) PDF p. 58
InventoriesSingapore dollars thousands 36 PDF p. 58
Trade and other payablesSingapore dollars thousands (3,452) PDF p. 58
Cash generated from operationsSingapore dollars thousands 25,326 PDF p. 58
Interest receivedSingapore dollars thousands 5,877 PDF p. 58
Income tax paidSingapore dollars thousands (9,812) PDF p. 58
Interest paidSingapore dollars thousands - PDF p. 58
Net cash generated from operating activitiesSingapore dollars thousands 21,391 PDF p. 58
Cash flows from investing activities
Proceeds from disposal of property, plant and equipmentSingapore dollars thousands - PDF p. 58
Capital expenditure on investment propertiesSingapore dollars thousands (2,000) PDF p. 58
Capital expenditure on property, plant and equipmentSingapore dollars thousands (599) PDF p. 58
Payments for deferred expenditureSingapore dollars thousands - PDF p. 58
Net cash used in investing activitiesSingapore dollars thousands (2,599) PDF p. 58
Cash flows from financing activities
Principal payment of lease liabilitySingapore dollars thousands - PDF p. 58
Payment of dividendsSingapore dollars thousands (26,557) PDF p. 58
Payment of dividends to non-controlling shareholdersSingapore dollars thousands (1,146) PDF p. 58
Net cash used in financing activitiesSingapore dollars thousands (27,703) PDF p. 58
Net increase/(decrease) in cash and cash equivalentsSingapore dollars thousands (8,911) PDF p. 58
Cash and cash equivalents at the beginning of the yearSingapore dollars thousands 174,484 PDF p. 58
Effect of exchange rate changes on cash and cash equivalentsSingapore dollars thousands (14,942) PDF p. 58
Cash and cash equivalents at the end of the yearSingapore dollars thousands 150,631 PDF p. 58
Definitions & sources

Original report: PDF p. 58 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Group financial position

31 metrics

Units appear below each metric. Scroll to compare years

Group financial position from Annual Report 2025
Metric / unit 2022Group / year ended December 31, 2022 Source
Current Assets
Cash and cash equivalentsSingapore dollars thousands 150,631 PDF p. 55
Trade receivables and other current assetsSingapore dollars thousands 9,113 PDF p. 55
Inventories, at costSingapore dollars thousands 310 PDF p. 55
SubtotalSingapore dollars thousands 160,054 PDF p. 55
Non-Current Assets
Interest in subsidiariesSingapore dollars thousands - PDF p. 55
Investment propertiesSingapore dollars thousands 152,811 PDF p. 55
Property, plant and equipmentSingapore dollars thousands 119,191 PDF p. 55
Deferred tax assetsSingapore dollars thousands 2,930 PDF p. 55
Deferred chargesSingapore dollars thousands 470 PDF p. 55
SubtotalSingapore dollars thousands 275,402 PDF p. 55
Total AssetsSingapore dollars thousands 435,456 PDF p. 55
Current Liabilities
Trade and other payablesSingapore dollars thousands 16,322 PDF p. 56
Income tax payableSingapore dollars thousands 1,844 PDF p. 56
Lease liabilitySingapore dollars thousands - PDF p. 56
SubtotalSingapore dollars thousands 18,166 PDF p. 56
Non-Current Liabilities
Long-term liabilitiesSingapore dollars thousands 11,974 PDF p. 56
Deferred tax liabilitiesSingapore dollars thousands 4,673 PDF p. 56
Lease liabilitySingapore dollars thousands - PDF p. 56
SubtotalSingapore dollars thousands 16,647 PDF p. 56
Total LiabilitiesSingapore dollars thousands 34,813 PDF p. 56
Equity Attributable to Owners of the Company Share capitalSingapore dollars thousands 105,784 PDF p. 56
Share premiumSingapore dollars thousands 304,881 PDF p. 56
Treasury sharesSingapore dollars thousands (1,498) PDF p. 56
Asset revaluation reserveSingapore dollars thousands 65,175 PDF p. 56
Merger reserveSingapore dollars thousands (133,639) PDF p. 56
Foreign currency translation reserveSingapore dollars thousands 20,288 PDF p. 56
Retained earningsSingapore dollars thousands 25,544 PDF p. 56
SubtotalSingapore dollars thousands 386,535 PDF p. 56
Non-controlling interestsSingapore dollars thousands 14,108 PDF p. 56
Total EquitySingapore dollars thousands 400,643 PDF p. 56
Total Liabilities and EquitySingapore dollars thousands 435,456 PDF p. 56
Definitions & sources

Original report: PDF p. 55 ↗ PDF p. 56 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Company financial position

31 metrics

Units appear below each metric. Scroll to compare years

Company financial position from Annual Report 2025
Metric / unit 2022Company / year ended December 31, 2022 Source
Current Assets
Cash and cash equivalentsSingapore dollars thousands 767 PDF p. 55
Trade receivables and other current assetsSingapore dollars thousands 12,977 PDF p. 55
Inventories, at costSingapore dollars thousands - PDF p. 55
SubtotalSingapore dollars thousands 13,744 PDF p. 55
Non-Current Assets
Interest in subsidiariesSingapore dollars thousands 410,659 PDF p. 55
Investment propertiesSingapore dollars thousands - PDF p. 55
Property, plant and equipmentSingapore dollars thousands - PDF p. 55
Deferred tax assetsSingapore dollars thousands - PDF p. 55
Deferred chargesSingapore dollars thousands - PDF p. 55
SubtotalSingapore dollars thousands 410,659 PDF p. 55
Total AssetsSingapore dollars thousands 424,403 PDF p. 55
Current Liabilities
Trade and other payablesSingapore dollars thousands 867 PDF p. 56
Income tax payableSingapore dollars thousands - PDF p. 56
Lease liabilitySingapore dollars thousands - PDF p. 56
SubtotalSingapore dollars thousands 867 PDF p. 56
Non-Current Liabilities
Long-term liabilitiesSingapore dollars thousands - PDF p. 56
Deferred tax liabilitiesSingapore dollars thousands - PDF p. 56
Lease liabilitySingapore dollars thousands - PDF p. 56
SubtotalSingapore dollars thousands - PDF p. 56
Total LiabilitiesSingapore dollars thousands 867 PDF p. 56
Equity Attributable to Owners of the Company Share capitalSingapore dollars thousands 105,784 PDF p. 56
Share premiumSingapore dollars thousands 304,881 PDF p. 56
Treasury sharesSingapore dollars thousands (1,498) PDF p. 56
Asset revaluation reserveSingapore dollars thousands - PDF p. 56
Merger reserveSingapore dollars thousands - PDF p. 56
Foreign currency translation reserveSingapore dollars thousands - PDF p. 56
Retained earningsSingapore dollars thousands 14,369 PDF p. 56
SubtotalSingapore dollars thousands 423,536 PDF p. 56
Non-controlling interestsSingapore dollars thousands - PDF p. 56
Total EquitySingapore dollars thousands 423,536 PDF p. 56
Total Liabilities and EquitySingapore dollars thousands 424,403 PDF p. 56
Definitions & sources

Original report: PDF p. 55 ↗ PDF p. 56 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Group changes in equity / 2022

7 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2022 from Annual Report 2025
Metric / unit 2022Group / year ended December 31, 2022 / Share capital2022Group / year ended December 31, 2022 / Share premium2022Group / year ended December 31, 2022 / Treasury shares2022Group / year ended December 31, 2022 / Asset revaluation reserve2022Group / year ended December 31, 2022 / Merger reserve2022Group / year ended December 31, 2022 / Foreign currency translation reserve2022Group / year ended December 31, 2022 / Retained earnings / accumulated losses2022Group / year ended December 31, 2022 / Owners subtotal2022Group / year ended December 31, 2022 / Noncontrolling interests2022Group / year ended December 31, 2022 / Total equity Source
Group changes in equity
Balance as at 1.1.2022Singapore dollars thousands 105,784304,881(1,498)65,175(133,639)57,32149,526447,55016,396463,946 PDF p. 57
Profit for the yearSingapore dollars thousands ------2,5752,5752592,834 PDF p. 57
Other comprehensive loss for the year - Foreign currency translationSingapore dollars thousands -----(37,033)-(37,033)(1,401)(38,434) PDF p. 57
Total comprehensive (loss)/income for the yearSingapore dollars thousands -----(37,033)2,575(34,458)(1,142)(35,600) PDF p. 57
Dividends (Note 24)Singapore dollars thousands ------(26,557)(26,557)-(26,557) PDF p. 57
Dividends paid to non-controlling shareholdersSingapore dollars thousands --------(1,146)(1,146) PDF p. 57
Balance as at 31.12.2022Singapore dollars thousands 105,784304,881(1,498)65,175(133,639)20,28825,544386,53514,108400,643 PDF p. 57
Definitions & sources

Original report: PDF p. 57 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Interim dividends paid / original annual disclosure

1 metrics

Units appear below each metric. Scroll to compare years

Interim dividends paid / original annual disclosure from Annual Report 2025
Metric / unit 2022Group / interim dividend paid for year 2022 Source
Interim dividends paid
Dividends paid: Interim dividend paid for the year of S$0.028 (2022: S$0.035) per shareSingapore dollars thousands 26,557 PDF p. 81 Label p. 81
Definitions & sources

Original report: PDF p. 81 ↗

Printed original rate belongs to the year specified in the annual note; no proposed future dividend is added to actual payments.

Group income statement

17 metrics

Units appear below each metric. Scroll to compare years

Group income statement from Annual Report 2025
Metric / unit 2021Group / year ended December 31, 2021 Source
Group income statement
RevenueSingapore dollars thousands 83,232 PDF p. 51
Cost of salesSingapore dollars thousands (51,082) PDF p. 51
Gross profitSingapore dollars thousands 32,150 PDF p. 51
Selling expensesSingapore dollars thousands (4,367) PDF p. 51
General and administrative expensesSingapore dollars thousands (16,860) PDF p. 51
Total operating expensesSingapore dollars thousands (21,227) PDF p. 51
Operating profitSingapore dollars thousands 10,923 PDF p. 51
Financial incomeSingapore dollars thousands 5,370 PDF p. 51
Financial expensesSingapore dollars thousands (3) PDF p. 51
Other operating incomeSingapore dollars thousands 4,373 PDF p. 51
Profit before income taxSingapore dollars thousands 20,663 PDF p. 51
Income taxSingapore dollars thousands (8,878) PDF p. 51
Profit for the yearSingapore dollars thousands 11,785 PDF p. 51
Profit for the year attributable to: Owners of the CompanySingapore dollars thousands 11,527 PDF p. 51
Non-controlling interestsSingapore dollars thousands 258 PDF p. 51
SubtotalSingapore dollars thousands 11,785 PDF p. 51
Earnings per share (cents) Basic and dilutedSingapore cents per share 1.52 PDF p. 51
Definitions & sources

Original report: PDF p. 51 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Group comprehensive income

6 metrics

Units appear below each metric. Scroll to compare years

Group comprehensive income from Annual Report 2025
Metric / unit 2021Group / year ended December 31, 2021 Source
Group comprehensive income
Profit for the yearSingapore dollars thousands 11,785 PDF p. 52
Other comprehensive (loss)/income Item that may be reclassified subsequently to profit or loss: Foreign currency translation differences arising from consolidationSingapore dollars thousands 23,279 PDF p. 52
Total comprehensive (loss)/income for the year, net of taxSingapore dollars thousands 35,064 PDF p. 52
Total comprehensive (loss)/income for the year attributable to: Owners of the CompanySingapore dollars thousands 34,040 PDF p. 52
Non-controlling interestsSingapore dollars thousands 1,024 PDF p. 52
SubtotalSingapore dollars thousands 35,064 PDF p. 52
Definitions & sources

Original report: PDF p. 52 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Group cash flows

31 metrics

Units appear below each metric. Scroll to compare years

Group cash flows from Annual Report 2025
Metric / unit 2021Group / year ended December 31, 2021 Source
Cash flows from operating activities
Profit for the yearSingapore dollars thousands 11,785 PDF p. 56
Adjustments for:
Depreciation of investment propertiesSingapore dollars thousands 12,767 PDF p. 56
Depreciation of property, plant and equipmentSingapore dollars thousands 9,146 PDF p. 56
Amortisation of deferred chargesSingapore dollars thousands 22 PDF p. 56
Investment properties written offSingapore dollars thousands 380 PDF p. 56
Property, plant and equipment written offSingapore dollars thousands 53 PDF p. 56
Allowance for impairment loss on trade receivablesSingapore dollars thousands 2 PDF p. 56
Interest incomeSingapore dollars thousands (5,370) PDF p. 56
Interest expenseSingapore dollars thousands 3 PDF p. 56
Unrealised foreign exchange lossSingapore dollars thousands 155 PDF p. 56
Income tax expensesSingapore dollars thousands 8,878 PDF p. 56
Operating cash flow before working capital changesSingapore dollars thousands 37,821 PDF p. 56
Changes in working capital:
Trade receivables and other current assetsSingapore dollars thousands (1,522) PDF p. 56
InventoriesSingapore dollars thousands 56 PDF p. 56
Trade and other payablesSingapore dollars thousands (33) PDF p. 56
Cash generated from operationsSingapore dollars thousands 36,322 PDF p. 56
Interest receivedSingapore dollars thousands 4,736 PDF p. 56
Income tax paidSingapore dollars thousands (7,118) PDF p. 56
Interest paidSingapore dollars thousands (3) PDF p. 56
Net cash generated from operating activitiesSingapore dollars thousands 33,937 PDF p. 56
Cash flows from investing activities
Capital expenditure on investment propertiesSingapore dollars thousands (3,000) PDF p. 56
Capital expenditure on property, plant and equipmentSingapore dollars thousands (1,158) PDF p. 56
Net cash used in investing activitiesSingapore dollars thousands (4,158) PDF p. 56
Cash flows from financing activities
Principal payment of lease liabilitySingapore dollars thousands (23) PDF p. 56
Payment of dividendsSingapore dollars thousands (22,763) PDF p. 56
Payment of dividends to non-controlling shareholdersSingapore dollars thousands - PDF p. 56
Net cash used in financing activitiesSingapore dollars thousands (22,786) PDF p. 56
Net (decrease)/increase in cash and cash equivalentsSingapore dollars thousands 6,993 PDF p. 56
Cash and cash equivalents at the beginning of the yearSingapore dollars thousands 159,869 PDF p. 56
Effect of exchange rate changes on cash and cash equivalentsSingapore dollars thousands 7,622 PDF p. 56
Cash and cash equivalents at the end of the yearSingapore dollars thousands 174,484 PDF p. 56
Definitions & sources

Original report: PDF p. 56 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Group financial position

29 metrics

Units appear below each metric. Scroll to compare years

Group financial position from Annual Report 2025
Metric / unit 2021Group / year ended December 31, 2021 Source
Current Assets
Cash and cash equivalentsSingapore dollars thousands 174,484 PDF p. 53
Trade receivables and other current assetsSingapore dollars thousands 4,645 PDF p. 53
Inventories, at costSingapore dollars thousands 346 PDF p. 53
SubtotalSingapore dollars thousands 179,475 PDF p. 53
Non-Current Assets
Interest in subsidiariesSingapore dollars thousands - PDF p. 53
Investment propertiesSingapore dollars thousands 178,979 PDF p. 53
Property, plant and equipmentSingapore dollars thousands 139,595 PDF p. 53
Deferred tax assetsSingapore dollars thousands 3,511 PDF p. 53
Deferred chargesSingapore dollars thousands 538 PDF p. 53
SubtotalSingapore dollars thousands 322,623 PDF p. 53
Total AssetsSingapore dollars thousands 502,098 PDF p. 53
Current Liabilities
Trade and other payablesSingapore dollars thousands 20,715 PDF p. 54
Income tax payableSingapore dollars thousands 2,642 PDF p. 54
SubtotalSingapore dollars thousands 23,357 PDF p. 54
Non-Current Liabilities
Long-term liabilitiesSingapore dollars thousands 11,033 PDF p. 54
Deferred tax liabilitiesSingapore dollars thousands 3,762 PDF p. 54
SubtotalSingapore dollars thousands 14,795 PDF p. 54
Total LiabilitiesSingapore dollars thousands 38,152 PDF p. 54
Equity Attributable to Owners of the Company Share capitalSingapore dollars thousands 105,784 PDF p. 54
Share premiumSingapore dollars thousands 304,881 PDF p. 54
Treasury sharesSingapore dollars thousands (1,498) PDF p. 54
Asset revaluation reserveSingapore dollars thousands 65,175 PDF p. 54
Merger reserveSingapore dollars thousands (133,639) PDF p. 54
Foreign currency translation reserveSingapore dollars thousands 57,321 PDF p. 54
Retained earningsSingapore dollars thousands 49,526 PDF p. 54
SubtotalSingapore dollars thousands 447,550 PDF p. 54
Non-controlling interestsSingapore dollars thousands 16,396 PDF p. 54
Total EquitySingapore dollars thousands 463,946 PDF p. 54
Total Liabilities and EquitySingapore dollars thousands 502,098 PDF p. 54
Definitions & sources

Original report: PDF p. 53 ↗ PDF p. 54 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Company financial position

29 metrics

Units appear below each metric. Scroll to compare years

Company financial position from Annual Report 2025
Metric / unit 2021Company / year ended December 31, 2021 Source
Current Assets
Cash and cash equivalentsSingapore dollars thousands 547 PDF p. 53
Trade receivables and other current assetsSingapore dollars thousands 13,466 PDF p. 53
Inventories, at costSingapore dollars thousands - PDF p. 53
SubtotalSingapore dollars thousands 14,013 PDF p. 53
Non-Current Assets
Interest in subsidiariesSingapore dollars thousands 410,659 PDF p. 53
Investment propertiesSingapore dollars thousands - PDF p. 53
Property, plant and equipmentSingapore dollars thousands - PDF p. 53
Deferred tax assetsSingapore dollars thousands - PDF p. 53
Deferred chargesSingapore dollars thousands - PDF p. 53
SubtotalSingapore dollars thousands 410,659 PDF p. 53
Total AssetsSingapore dollars thousands 424,672 PDF p. 53
Current Liabilities
Trade and other payablesSingapore dollars thousands 917 PDF p. 54
Income tax payableSingapore dollars thousands - PDF p. 54
SubtotalSingapore dollars thousands 917 PDF p. 54
Non-Current Liabilities
Long-term liabilitiesSingapore dollars thousands - PDF p. 54
Deferred tax liabilitiesSingapore dollars thousands - PDF p. 54
SubtotalSingapore dollars thousands - PDF p. 54
Total LiabilitiesSingapore dollars thousands 917 PDF p. 54
Equity Attributable to Owners of the Company Share capitalSingapore dollars thousands 105,784 PDF p. 54
Share premiumSingapore dollars thousands 304,881 PDF p. 54
Treasury sharesSingapore dollars thousands (1,498) PDF p. 54
Asset revaluation reserveSingapore dollars thousands - PDF p. 54
Merger reserveSingapore dollars thousands - PDF p. 54
Foreign currency translation reserveSingapore dollars thousands - PDF p. 54
Retained earningsSingapore dollars thousands 14,588 PDF p. 54
SubtotalSingapore dollars thousands 423,755 PDF p. 54
Non-controlling interestsSingapore dollars thousands - PDF p. 54
Total EquitySingapore dollars thousands 423,755 PDF p. 54
Total Liabilities and EquitySingapore dollars thousands 424,672 PDF p. 54
Definitions & sources

Original report: PDF p. 53 ↗ PDF p. 54 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Group changes in equity / 2021

6 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2021 from Annual Report 2025
Metric / unit 2021Group / year ended December 31, 2021 / Share capital2021Group / year ended December 31, 2021 / Share premium2021Group / year ended December 31, 2021 / Treasury shares2021Group / year ended December 31, 2021 / Asset revaluation reserve2021Group / year ended December 31, 2021 / Merger reserve2021Group / year ended December 31, 2021 / Foreign currency translation reserve2021Group / year ended December 31, 2021 / Retained earnings / accumulated losses2021Group / year ended December 31, 2021 / Owners subtotal2021Group / year ended December 31, 2021 / Noncontrolling interests2021Group / year ended December 31, 2021 / Total equity Source
Group changes in equity
Balance as at 1.1.2021Singapore dollars thousands 105,784304,881(1,498)65,175(133,639)34,80860,762436,27315,372451,645 PDF p. 55
Profit for the yearSingapore dollars thousands ------11,52711,52725811,785 PDF p. 55
Other comprehensive income for the year - Foreign currency translationSingapore dollars thousands -----22,513-22,51376623,279 PDF p. 55
Total comprehensive income for the yearSingapore dollars thousands -----22,51311,52734,0401,02435,064 PDF p. 55
Dividends (Note 24)Singapore dollars thousands ------(22,763)(22,763)-(22,763) PDF p. 55
Balance as at 31.12.2021Singapore dollars thousands 105,784304,881(1,498)65,175(133,639)57,32149,526447,55016,396463,946 PDF p. 55
Definitions & sources

Original report: PDF p. 55 ↗

Primary monetary amounts are Singapore dollars thousands and EPS is Singapore cents. Five reporting years end on 31 December 2021–2025. Current and comparative Group/Company scopes remain distinct.

Group income, comprehensive income, financial position, changes in equity and cash flows are disclosed. Parent Company financial position is disclosed. No separate Company income, changes in equity or cash flow statement is printed in these originals.

Interim dividends paid / original annual disclosure

1 metrics

Units appear below each metric. Scroll to compare years

Interim dividends paid / original annual disclosure from Annual Report 2025
Metric / unit 2021Group / interim dividend paid for year 2021 Source
Interim dividends paid
Dividends paid: Interim dividend paid for the year of S$0.035 (2021: S$0.03) per shareSingapore dollars thousands 22,763 PDF p. 79 Label p. 79
Definitions & sources

Original report: PDF p. 79 ↗

Printed original rate belongs to the year specified in the annual note; no proposed future dividend is added to actual payments.

Where the money comes from

Segment information

By business

Segment revenue by reportable segment 3 lines
Segment revenue by reportable segment — Segment revenue
Item / unit 2025Group2024Group Source
Segment revenue
HotelS$'000 48,83248,407 PDF p. 106
Property leasingS$'000 32,71635,998 PDF p. 106
TotalS$'000 81,54884,405 PDF p. 106
Notes

Revenue reported represents revenue generated from external customers. There were no inter-segment sales.

Revenue of S$9,646,000 (2024: S$9,841,000) are derived from a single external customer. These revenues are attributable to the property leasing segment.

Segment profit and reconciliation to profit before income tax 7 lines
Segment profit and reconciliation to profit before income tax — Segment profit
Item / unit 2025Group2024Group Source
Segment profit
HotelS$'000 16,67014,900 PDF p. 106
Property leasingS$'000 22,27328,041 PDF p. 106
TotalS$'000 38,94342,941 PDF p. 106
Reconciliation
Interest incomeS$'000 5,6275,806 PDF p. 106
Interest expenseS$'000 (45)(19) PDF p. 106
Net foreign exchange lossS$'000 (3,871)(1,460) PDF p. 106
Profit before income taxS$'000 14,74822,704 PDF p. 106
Notes

Depreciation and amortisation expenses (21,788) (2024: (20,452)) and Certain administrative expenses not allocated (4,118) (2024: (4,112)) are also reconciling items (labels wrap across lines).

Segment profit represents profit generated by each segment prior to allocation of certain administrative expenses, interest income/(expense), depreciation and amortisation expenses and net foreign exchange gain/(loss).

Segment assets 6 lines
Segment assets
Item / unit 2025Group segment assets2024Group segment assets Source
Segment assets
Property leasingS$'000 166,179213,456 PDF p. 107
HotelS$'000 99,086108,387 PDF p. 107
Total segment assetsS$'000 265,265321,843 PDF p. 107
Other unallocated assetsS$'000 412,759442,254 PDF p. 107
Elimination of inter-segment receivablesS$'000 (291,055)(351,202) PDF p. 107
Total assetsS$'000 386,969412,895 PDF p. 107
Segment liabilities 6 lines
Segment liabilities
Item / unit 2025Group segment liabilities2024Group segment liabilities Source
Segment liabilities
Property leasingS$'000 44,20245,634 PDF p. 107
HotelS$'000 3,2723,104 PDF p. 107
Total segment liabilitiesS$'000 47,47448,738 PDF p. 107
Other unallocated liabilitiesS$'000 280,073336,771 PDF p. 107
Elimination of inter-segment payablesS$'000 (291,339)(350,755) PDF p. 107
Total liabilitiesS$'000 36,20834,754 PDF p. 107
Other segment information: depreciation and amortisation; additions to investment properties and PPE 4 lines
Other segment information: depreciation and amortisation; additions to investment properties and PPE
Item / unit 2025Depreciation and amortisation expenses, Group2024Depreciation and amortisation expenses, Group2025Additions to investment properties, and property, plant and equipment, Group2024Additions to investment properties, and property, plant and equipment, Group Source
Other segment information
Property leasingS$'000 13,13912,3971,9834,366 PDF p. 107
HotelS$'000 7,7477,7054011,729 PDF p. 107
OthersS$'000 9023502,340- PDF p. 107
TotalS$'000 21,78820,4524,7246,095 PDF p. 107
Notes

Total row has no printed label.

No segment information by geographical location has been presented as the Group’s activities are primarily carried out in the PRC.

Debt

Borrowings

Lease liabilities by maturity (Note 19)

Lease liabilities by maturity (Note 19) — Group
Item / unit 2025S$'0002024S$'000 Source
Leased liabilities denominated in SGD and payable
Within one yearS$'000 572140 PDF p. 104
Between two to five yearsS$'000 710350 PDF p. 104
Notes

Leased liabilities denominated in SGD. Total printed: 1,282 (2025) and 490 (2024).

Payout

Dividends & distributions

Dividend policy

ItemValuePeriod / scopeSource
11.3 Dividend Policy Based on Management’s recommendations, the Board determines whether to declare dividends and, if so, the amount, having regard to all relevant factors. Any dividends declared will be communicated to shareholders through announcements released via SGXNET. Company PDF p. 67

Dividends declared and proposed

ItemValuePeriod / scopeSource
Interim dividend paid for the year of S$0.036 (2024: S$0.014) per share 0.036 S$ per share Group, FY2025 interim dividend paid PDF p. 106
Interim dividend paid for the year of S$0.036 (2024: S$0.014) per share 0.014 S$ per share Group, FY2024 comparative interim dividend paid PDF p. 106
special final dividend (tax not applicable) 0.068 S$ per share Company, FY2025 proposed special final dividend, subject to approval at AGM on 24 April 2026 PDF p. 106

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

ItemValuePeriod / scopeSource
Audit firm Moore Stephens LLP Group PDF p. 76
Engagement partner Ling Kim Chuan Group PDF p. 76

Key audit matters

ItemValuePeriod / scopeSource
Revenue recognition Revenue recognition is significant to our audit as revenue is Group PDF p. 74
Carrying amount of properties This is a key audit matter as the assessment of indicators of Group PDF p. 74

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.

Primary statements cover years ended 31 December 2021–2025: Group income, comprehensive income, financial position, changes in equity and cash flows, plus Company financial position. No separate Company income, changes in equity or cash flow statement is disclosed.

Primary amounts are Singapore dollars thousands and EPS is Singapore cents per share. Chairman highlights are Singapore dollars millions; the EPS note uses whole Singapore dollars and whole ordinary shares. Nominal share capital is US dollars. These units remain distinct.

Group bank balances include SGD102,800 thousand of time deposits with maturity over three months. Cash-flow cash excludes them; the original balances of 163,288 and 60,488 thousand both reconcile.

Management reports EBITDA of SGD40.5 million without an exact printed definition or calculation bridge. It is retained as reported. No formal multi-year NAV, ROE or net-gearing series is disclosed.

FY2023 interim cash of SGD21,245 thousand differs from SGD21,246 thousand obtained by multiplying the printed SGD0.028 per-share rate by disclosed eligible shares and rounding. The exact dividend record-date denominator and rounding basis are not disclosed. Both original rate and cash are retained.

The proposed special final FY2025 dividend of SGD0.068 per share is subject to approval and is an FY2026 equity appropriation. It is not a FY2025 liability or cash payment.

Original shareholder percentages are retained with two differences: DBS Nominees 0.27% versus independently rounded 0.28%, and the twenty-largest total 96.79% versus independently rounded 96.77%. The printed total equals the sum of printed individual percentages.

These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.