ComfortDelGro C52
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+0.00% +0.00 Updated 23 Oct 2026, 17:16 SGT
Financials
ANNUAL REPORT 2025
Explore the statements
18 tablesGroup Income Statement
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$’mil | 5,058.6 | 4,476.5 | PDF p. 115 |
| Operating costs | |||
| Staff costs$’mil | (2,272.0) | (2,024.1) | PDF p. 115 |
| Contract services and subcontractor costs$’mil | (644.3) | (445.8) | PDF p. 115 |
| Fuel and electricity costs$’mil | (350.9) | (397.2) | PDF p. 115 |
| Depreciation and amortisation$’mil | (399.6) | (368.4) | PDF p. 115 |
| Repairs and maintenance costs$’mil | (349.3) | (329.7) | PDF p. 115 |
| Materials and consumables costs$’mil | (90.0) | (104.4) | PDF p. 115 |
| Insurance premiums and accident claims$’mil | (122.6) | (102.1) | PDF p. 115 |
| Premises costs$’mil | (97.5) | (86.8) | PDF p. 115 |
| Road tax and licence fees$’mil | (85.7) | (74.6) | PDF p. 115 |
| Utilities, IT and communication costs$’mil | (90.6) | (73.5) | PDF p. 115 |
| Taxi drivers’ benefits$’mil | (70.4) | (12.0) | PDF p. 115 |
| Advertising production and promotion costs$’mil | (36.0) | (34.5) | PDF p. 115 |
| Professional fees$’mil | (30.8) | (33.2) | PDF p. 115 |
| Impairment of goodwill$’mil | (2.1) | – | PDF p. 115 |
| Net gain on disposal of vehicles, premises and equipment$’mil | 25.9 | 5.1 | PDF p. 115 |
| Other operating costs$’mil | (69.7) | (72.4) | PDF p. 115 |
| Total operating costs$’mil | (4,685.6) | (4,153.6) | PDF p. 115 |
| Income statement | |||
| Operating profit$’mil | 373.0 | 322.9 | PDF p. 115 |
| Investments income$’mil | 20.4 | 31.7 | PDF p. 115 |
| Finance costs$’mil | (52.8) | (38.9) | PDF p. 115 |
| Share of results of associates and joint ventures$’mil | 0.8 | 1.8 | PDF p. 115 |
| Profit before taxation$’mil | 341.4 | 317.5 | PDF p. 115 |
| Taxation$’mil | (69.5) | (61.8) | PDF p. 115 |
| Profit after taxation$’mil | 271.9 | 255.7 | PDF p. 115 |
| Profit Attributable to | |||
| Shareholders of the Company$’mil | 230.3 | 210.5 | PDF p. 115 |
| Non-controlling Interests$’mil | 41.6 | 45.2 | PDF p. 115 |
| Earnings per share | |||
| Basiccents per share | 10.63 | 9.72 | PDF p. 115 |
| Dilutedcents per share | 10.62 | 9.71 | PDF p. 115 |
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Definitions & sources
Original report: PDF p. 115 ↗
* Based on weighted average number of ordinary shares in issue (excluding treasury shares).
Statements of Financial Position — Group
47 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, 31 Dec | 2024Group, 31 Dec | Source |
|---|---|---|---|
| Assets / Current assets | |||
| Short-term deposits and bank balances$’mil | 868.4 | 892.4 | PDF p. 117 |
| Trade and other receivables$’mil | 774.3 | 725.7 | PDF p. 117 |
| Prepayments$’mil | 90.8 | 94.0 | PDF p. 117 |
| Due from subsidiaries$’mil | – | – | PDF p. 117 |
| Inventories$’mil | 151.3 | 158.0 | PDF p. 117 |
| Assets / Current assets subtotal | |||
| Subtotal$’mil | 1,884.8 | 1,870.1 | PDF p. 117 |
| Assets | |||
| Assets classified as held for sale$’mil | – | 29.0 | PDF p. 117 |
| Total current assets$’mil | 1,884.8 | 1,899.1 | PDF p. 117 |
| Assets / Non-current assets | |||
| Associates and joint ventures$’mil | 14.3 | 12.9 | PDF p. 117 |
| Investments$’mil | 27.6 | 29.1 | PDF p. 117 |
| Trade and other receivables$’mil | 268.9 | 127.7 | PDF p. 117 |
| Due from subsidiaries$’mil | – | – | PDF p. 117 |
| Vehicles, premises and equipment$’mil | 2,339.3 | 2,129.6 | PDF p. 117 |
| Intangible assets$’mil | 557.3 | 557.8 | PDF p. 117 |
| Goodwill$’mil | 977.1 | 955.5 | PDF p. 117 |
| Deferred tax assets$’mil | 69.6 | 69.2 | PDF p. 117 |
| Assets | |||
| Total non-current assets$’mil | 4,254.1 | 3,881.8 | PDF p. 117 |
| Total assets$’mil | 6,138.9 | 5,780.9 | PDF p. 117 |
| Liabilities and equity / Current liabilities | |||
| Borrowings$’mil | 387.4 | 590.5 | PDF p. 117 |
| Lease liabilities from financial institutions$’mil | 5.3 | 4.7 | PDF p. 117 |
| Lease liabilities$’mil | 60.1 | 66.1 | PDF p. 117 |
| Trade and other payables$’mil | 954.2 | 1,001.1 | PDF p. 117 |
| Due to subsidiaries$’mil | – | – | PDF p. 117 |
| Deferred grants$’mil | 0.7 | 1.1 | PDF p. 117 |
| Fuel price equalisation account$’mil | 19.4 | 19.4 | PDF p. 117 |
| Provision for accident claims$’mil | 50.0 | 45.0 | PDF p. 117 |
| Income tax payable$’mil | 60.0 | 72.8 | PDF p. 117 |
| Liabilities and equity | |||
| Total current liabilities$’mil | 1,537.1 | 1,800.7 | PDF p. 117 |
| Liabilities and equity / Non-current liabilities | |||
| Borrowings$’mil | 1,184.8 | 491.1 | PDF p. 118 |
| Lease liabilities from financial institutions$’mil | 21.0 | 24.3 | PDF p. 118 |
| Lease liabilities$’mil | 162.9 | 177.9 | PDF p. 118 |
| Deferred grants$’mil | 2.8 | 3.7 | PDF p. 118 |
| Provision for service benefits and long service award$’mil | 18.5 | 17.1 | PDF p. 118 |
| Other liabilities$’mil | 45.6 | 58.1 | PDF p. 118 |
| Fuel price equalisation account$’mil | 19.4 | 19.4 | PDF p. 118 |
| Deferred tax liabilities$’mil | 166.1 | 163.0 | PDF p. 118 |
| Liabilities and equity | |||
| Total non-current liabilities$’mil | 1,621.1 | 954.6 | PDF p. 118 |
| Total liabilities$’mil | 3,158.2 | 2,755.3 | PDF p. 118 |
| Capital, reserves and non-controlling interests | |||
| Share capital$’mil | 694.4 | 694.4 | PDF p. 118 |
| Treasury shares$’mil | (0.8) | (1.6) | PDF p. 118 |
| Other reserves$’mil | 19.4 | 103.2 | PDF p. 118 |
| Foreign currency translation reserve$’mil | (179.6) | (206.7) | PDF p. 118 |
| Retained earnings$’mil | 2,062.1 | 2,009.7 | PDF p. 118 |
| Equity attributable to shareholders of the Company$’mil | 2,595.5 | 2,599.0 | PDF p. 118 |
| Non-controlling interests$’mil | 385.2 | 426.6 | PDF p. 118 |
| Total equity$’mil | 2,980.7 | 3,025.6 | PDF p. 118 |
| Liabilities and equity | |||
| Total liabilities and equity$’mil | 6,138.9 | 5,780.9 | PDF p. 118 |
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Definitions & sources
Original report: PDF p. 117 ↗ PDF p. 118 ↗
Statements of Financial Position — Company
48 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company, 31 Dec | 2024Company, 31 Dec | Source |
|---|---|---|---|
| Assets / Current assets | |||
| Short-term deposits and bank balances$’mil | 38.2 | 81.6 | PDF p. 117 |
| Trade and other receivables$’mil | 8.1 | 9.5 | PDF p. 117 |
| Prepayments$’mil | 8.2 | 5.1 | PDF p. 117 |
| Due from subsidiaries$’mil | 252.5 | 410.7 | PDF p. 117 |
| Inventories$’mil | – | – | PDF p. 117 |
| Assets / Current assets subtotal | |||
| Subtotal$’mil | 307.0 | 506.9 | PDF p. 117 |
| Assets | |||
| Assets classified as held for sale$’mil | – | – | PDF p. 117 |
| Total current assets$’mil | 307.0 | 506.9 | PDF p. 117 |
| Assets / Non-current assets | |||
| Subsidiaries$’mil | 1,396.6 | 1,192.6 | PDF p. 117 |
| Associates and joint ventures$’mil | – | – | PDF p. 117 |
| Investments$’mil | – | – | PDF p. 117 |
| Trade and other receivables$’mil | 5.1 | 1.9 | PDF p. 117 |
| Due from subsidiaries$’mil | 718.4 | 530.4 | PDF p. 117 |
| Vehicles, premises and equipment$’mil | 24.9 | 8.7 | PDF p. 117 |
| Intangible assets$’mil | – | – | PDF p. 117 |
| Goodwill$’mil | – | – | PDF p. 117 |
| Deferred tax assets$’mil | 0.8 | – | PDF p. 117 |
| Assets | |||
| Total non-current assets$’mil | 2,145.8 | 1,733.6 | PDF p. 117 |
| Total assets$’mil | 2,452.8 | 2,240.5 | PDF p. 117 |
| Liabilities and equity / Current liabilities | |||
| Borrowings$’mil | 298.4 | 541.9 | PDF p. 117 |
| Lease liabilities from financial institutions$’mil | – | – | PDF p. 117 |
| Lease liabilities$’mil | 4.8 | 5.7 | PDF p. 117 |
| Trade and other payables$’mil | 19.9 | 16.0 | PDF p. 117 |
| Due to subsidiaries$’mil | 199.6 | 186.8 | PDF p. 117 |
| Deferred grants$’mil | – | – | PDF p. 117 |
| Fuel price equalisation account$’mil | – | – | PDF p. 117 |
| Provision for accident claims$’mil | – | – | PDF p. 117 |
| Income tax payable$’mil | 0.4 | 0.8 | PDF p. 117 |
| Liabilities and equity | |||
| Total current liabilities$’mil | 523.1 | 751.2 | PDF p. 117 |
| Liabilities and equity / Non-current liabilities | |||
| Borrowings$’mil | 743.4 | 274.4 | PDF p. 118 |
| Lease liabilities from financial institutions$’mil | – | – | PDF p. 118 |
| Lease liabilities$’mil | 17.0 | 4.5 | PDF p. 118 |
| Deferred grants$’mil | – | – | PDF p. 118 |
| Provision for service benefits and long service award$’mil | – | – | PDF p. 118 |
| Other liabilities$’mil | – | – | PDF p. 118 |
| Fuel price equalisation account$’mil | – | – | PDF p. 118 |
| Deferred tax liabilities$’mil | – | 0.2 | PDF p. 118 |
| Liabilities and equity | |||
| Total non-current liabilities$’mil | 760.4 | 279.1 | PDF p. 118 |
| Total liabilities$’mil | 1,283.5 | 1,030.3 | PDF p. 118 |
| Capital, reserves and non-controlling interests | |||
| Share capital$’mil | 694.4 | 694.4 | PDF p. 118 |
| Treasury shares$’mil | (0.8) | (1.6) | PDF p. 118 |
| Other reserves$’mil | 35.2 | 34.0 | PDF p. 118 |
| Foreign currency translation reserve$’mil | – | – | PDF p. 118 |
| Retained earnings$’mil | 440.5 | 483.4 | PDF p. 118 |
| Equity attributable to shareholders of the Company$’mil | 1,169.3 | 1,210.2 | PDF p. 118 |
| Non-controlling interests$’mil | – | – | PDF p. 118 |
| Total equity$’mil | 1,169.3 | 1,210.2 | PDF p. 118 |
| Liabilities and equity | |||
| Total liabilities and equity$’mil | 2,452.8 | 2,240.5 | PDF p. 118 |
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Definitions & sources
Original report: PDF p. 117 ↗ PDF p. 118 ↗
Group Statement of Changes in Equity — year ended 31 December 2025
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Share capital | 2025Group; Treasury shares | 2025Group; Other reserves | 2025Group; Foreign currency translation reserve | 2025Group; Retained earnings | 2025Group; Shareholders’ total equity | 2025Group; Non-controlling interests | 2025Group; Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Opening balance | |||||||||
| At 1 January 2025$’mil | 694.4 | (1.6) | 103.2 | (206.7) | 2,009.7 | 2,599.0 | 426.6 | 3,025.6 | PDF p. 119 |
| Total comprehensive income for the year | |||||||||
| Profit for the year$’mil | – | – | – | – | 230.3 | 230.3 | 41.6 | 271.9 | PDF p. 119 |
| Other comprehensive income/(loss) for the year$’mil | – | – | (1.8) | 27.1 | – | 25.3 | (2.5) | 22.8 | PDF p. 119 |
| Total$’mil | – | – | (1.8) | 27.1 | 230.3 | 255.6 | 39.1 | 294.7 | PDF p. 119 |
| Transactions recognised directly in equity | |||||||||
| Payment of dividends (Note 37)$’mil | – | – | – | – | (176.8) | (176.8) | (43.5) | (220.3) | PDF p. 119 |
| Purchase of treasury shares (Note 25)$’mil | – | (0.2) | – | – | – | (0.2) | – | (0.2) | PDF p. 119 |
| Transfer from treasury shares to share-based payments (Notes 25 and 26)$’mil | – | 1.0 | (1.0) | – | – | – | – | – | PDF p. 119 |
| Acquisition of non-controlling interests$’mil | – | – | (80.1) | – | – | (80.1) | (39.1) | (119.2) | PDF p. 119 |
| Other reserves (Note 26)$’mil | – | – | (0.9) | – | (1.1) | (2.0) | 2.1 | 0.1 | PDF p. 119 |
| Total$’mil | – | 0.8 | (82.0) | – | (177.9) | (259.1) | (80.5) | (339.6) | PDF p. 119 |
| Closing balance | |||||||||
| At 31 December 2025$’mil | 694.4 | (0.8) | 19.4 | (179.6) | 2,062.1 | 2,595.5 | 385.2 | 2,980.7 | PDF p. 119 |
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Definitions & sources
Original report: PDF p. 119 ↗
Column order: Share capital; Treasury shares; Other reserves; Foreign currency translation reserve; Retained earnings; Total attributable to shareholders of the Company; Non-controlling interests; Total equity. Column unit is $’mil. The statement continues comparative 2024 movements on page 120.
Group Statement of Changes in Equity — comparative year ended 31 December 2024
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group; Share capital | 2024Group; Treasury shares | 2024Group; Other reserves | 2024Group; Foreign currency translation reserve | 2024Group; Retained earnings | 2024Group; Shareholders’ total equity | 2024Group; Non-controlling interests | 2024Group; Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Opening balance | |||||||||
| At 1 January 2024$’mil | 694.4 | (2.0) | 67.3 | (166.7) | 2,004.7 | 2,597.7 | 416.2 | 3,013.9 | PDF p. 120 |
| Total comprehensive income for the year | |||||||||
| Profit for the year$’mil | – | – | – | – | 210.5 | 210.5 | 45.2 | 255.7 | PDF p. 120 |
| Other comprehensive income/(loss) for the year$’mil | – | – | (5.8) | (40.0) | – | (45.8) | 1.3 | (44.5) | PDF p. 120 |
| Total$’mil | – | – | (5.8) | (40.0) | 210.5 | 164.7 | 46.5 | 211.2 | PDF p. 120 |
| Transactions recognised directly in equity | |||||||||
| Unclaimed dividends$’mil | – | – | – | – | 0.5 | 0.5 | – | 0.5 | PDF p. 120 |
| Payment of dividends (Note 37)$’mil | – | – | – | – | (157.7) | (157.7) | (32.6) | (190.3) | PDF p. 120 |
| Purchase of treasury shares (Note 25)$’mil | – | (0.2) | – | – | – | (0.2) | – | (0.2) | PDF p. 120 |
| Transfer from treasury shares to share-based payments (Notes 25 and 26)$’mil | – | 0.6 | (0.6) | – | – | – | – | – | PDF p. 120 |
| Transfer of fair value reserve of equity instruments designated at FVOCI$’mil | – | – | 79.3 | – | (79.3) | – | – | – | PDF p. 120 |
| Transfer of asset revaluation reserve on disposal$’mil | – | – | (30.0) | – | 30.0 | – | – | – | PDF p. 120 |
| Other reserves (Note 26)$’mil | – | – | (7.0) | – | 1.0 | (6.0) | (3.5) | (9.5) | PDF p. 120 |
| Total$’mil | – | 0.4 | 41.7 | – | (205.5) | (163.4) | (36.1) | (199.5) | PDF p. 120 |
| Closing balance | |||||||||
| At 31 December 2024$’mil | 694.4 | (1.6) | 103.2 | (206.7) | 2,009.7 | 2,599.0 | 426.6 | 3,025.6 | PDF p. 120 |
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Definitions & sources
Original report: PDF p. 120 ↗
Column order: Share capital; Treasury shares; Other reserves; Foreign currency translation reserve; Retained earnings; Total attributable to shareholders of the Company; Non-controlling interests; Total equity. Column unit is $’mil.
Group Cash Flow Statement
54 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before Taxation$’mil | 341.4 | 317.5 | PDF p. 122 |
| Operating activities — Adjustments for | |||
| Depreciation and amortisation$’mil | 399.6 | 368.4 | PDF p. 122 |
| Finance costs$’mil | 52.8 | 38.9 | PDF p. 122 |
| Interest income$’mil | (18.9) | (25.1) | PDF p. 122 |
| Dividend income$’mil | – | (6.1) | PDF p. 122 |
| Net gain on disposal of vehicles, premises and equipment$’mil | (0.3) | (5.1) | PDF p. 122 |
| Net gain on disposal of assets held for sale$’mil | (25.6) | – | PDF p. 122 |
| Net gain on disposal of subsidiaries$’mil | (1.1) | – | PDF p. 122 |
| Net gain on disposal of investments$’mil | (0.4) | – | PDF p. 122 |
| Impairment of goodwill$’mil | 2.1 | – | PDF p. 122 |
| Provision for accident claims$’mil | 33.4 | 10.6 | PDF p. 122 |
| Allowance for inventory obsolescence$’mil | 6.1 | 7.8 | PDF p. 122 |
| Allowance for/ (reversal of) expected credit losses$’mil | 0.4 | (0.7) | PDF p. 122 |
| Others$’mil | 1.7 | 0.7 | PDF p. 122 |
| Operating activities | |||
| Operating cash flows before movements in working capital$’mil | 791.2 | 706.9 | PDF p. 122 |
| Operating activities — Changes in working capital | |||
| Inventories$’mil | 0.8 | (22.0) | PDF p. 122 |
| Trade, other receivables and prepayments$’mil | (48.3) | (34.9) | PDF p. 122 |
| Service concession receivables, net of deferred grants$’mil | (133.6) | 0.1 | PDF p. 122 |
| Trade and other payables$’mil | (76.9) | 4.2 | PDF p. 122 |
| Other liabilities$’mil | 31.6 | (12.9) | PDF p. 122 |
| Payments of service benefits and long service awards$’mil | (1.0) | (1.6) | PDF p. 122 |
| Payments of accident claims$’mil | (28.7) | (19.5) | PDF p. 122 |
| Operating activities | |||
| Changes in working capital$’mil | (256.1) | (86.6) | PDF p. 122 |
| Cash generated from operations$’mil | 535.1 | 620.3 | PDF p. 122 |
| Income tax paid$’mil | (73.8) | (65.9) | PDF p. 122 |
| Interest paid arising from leases$’mil | (10.0) | (6.9) | PDF p. 122 |
| Net cash from operating activities$’mil | 451.3 | 547.5 | PDF p. 122 |
| Investing activities | |||
| Purchases of vehicles, premises and equipment$’mil | (565.4) | (445.1) | PDF p. 123 |
| Less: Proceeds from disposal of vehicles, premises and equipment$’mil | 55.1 | 72.1 | PDF p. 123 |
| Cash payments on purchase of vehicles, premises and equipment$’mil | (510.3) | (373.0) | PDF p. 123 |
| Proceeds from disposal of asset held for sale$’mil | 54.5 | – | PDF p. 123 |
| Proceeds from disposal of subsidiaries$’mil | 4.7 | – | PDF p. 123 |
| Proceeds from disposal of investments$’mil | 3.2 | – | PDF p. 123 |
| Investments made$’mil | (2.0) | (0.4) | PDF p. 123 |
| Additions to intangible assets$’mil | (22.4) | (23.9) | PDF p. 123 |
| Acquisition of business/ subsidiaries, net of cash (Note 38)$’mil | (49.0) | (604.5) | PDF p. 123 |
| Increase in investment in associates and joint ventures$’mil | (0.8) | (0.7) | PDF p. 123 |
| Interest received$’mil | 19.5 | 24.9 | PDF p. 123 |
| Dividend received from associate/ investments$’mil | 0.1 | 7.5 | PDF p. 123 |
| Net cash used in investing activities$’mil | (502.5) | (970.1) | PDF p. 123 |
| Financing activities | |||
| New loans raised$’mil | 3,747.2 | 3,219.0 | PDF p. 123 |
| Repayment of borrowings and lease liabilities from financial institutions$’mil | (3,269.7) | (2,496.8) | PDF p. 123 |
| Repayment of lease liabilities$’mil | (61.9) | (42.6) | PDF p. 123 |
| Acquisition of non-controlling interests$’mil | (119.2) | – | PDF p. 123 |
| Capital contribution from non-controlling shareholder of a subsidiary$’mil | 3.3 | – | PDF p. 123 |
| Dividends paid to shareholders of the Company$’mil | (176.8) | (157.7) | PDF p. 123 |
| Dividends paid to non-controlling shareholders of subsidiaries$’mil | (43.5) | (32.6) | PDF p. 123 |
| Purchase of treasury shares$’mil | (0.2) | (0.2) | PDF p. 123 |
| Interest paid$’mil | (53.0) | (30.4) | PDF p. 123 |
| Net cash from financing activities$’mil | 26.2 | 458.7 | PDF p. 123 |
| Cash and cash equivalents | |||
| Net (decrease)/ increase in cash and cash equivalents$’mil | (25.0) | 36.1 | PDF p. 123 |
| Effects of currency translation on cash and cash equivalents$’mil | 1.0 | (0.6) | PDF p. 123 |
| Cash and cash equivalents at beginning of year$’mil | 892.4 | 856.9 | PDF p. 123 |
| Cash and cash equivalents at end of year (Note 4)$’mil | 868.4 | 892.4 | PDF p. 123 |
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Definitions & sources
Original report: PDF p. 122 ↗ PDF p. 123 ↗
The statement footnote states: “The accompanying accounting policies and explanatory notes form an integral part of the financial statements.”
The Group cash flow statement is presented across physical pages 122–123; units and comparative periods are printed on both pages. No separate Company cash flow statement appears in the contents or statement pages read.
Group Comprehensive Income Statement
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit after taxation$’mil | 271.9 | 255.7 | PDF p. 116 |
| Items that may be reclassified subsequently to profit or loss | |||
| Fair value adjustment on cash flow hedges$’mil | (0.3) | 1.1 | PDF p. 116 |
| Exchange differences on translation of foreign operations$’mil | 24.7 | (38.9) | PDF p. 116 |
| Subtotal$’mil | 24.4 | (37.8) | PDF p. 116 |
| Items that will not be reclassified subsequently to profit or loss | |||
| Actuarial adjustment on defined benefit plans$’mil | (1.2) | 1.7 | PDF p. 116 |
| Fair value adjustment on equity investments$’mil | (0.4) | (8.7) | PDF p. 116 |
| Gain on revaluation of property$’mil | – | 0.3 | PDF p. 116 |
| Subtotal$’mil | (1.6) | (6.7) | PDF p. 116 |
| Comprehensive income | |||
| Other comprehensive income/ (loss) for the year$’mil | 22.8 | (44.5) | PDF p. 116 |
| Total comprehensive income for the year$’mil | 294.7 | 211.2 | PDF p. 116 |
| Attributable to | |||
| Shareholders of the Company$’mil | 255.6 | 164.7 | PDF p. 116 |
| Non-controlling Interests$’mil | 39.1 | 46.5 | PDF p. 116 |
| Attributable comprehensive income total | |||
| Subtotal$’mil | 294.7 | 211.2 | PDF p. 116 |
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Definitions & sources
Original report: PDF p. 116 ↗
The printed statement says the accompanying accounting policies and explanatory notes form an integral part of the financial statements. No additional statement footnotes are printed on this page.
Financial Summary
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Financial summary | ||||||
| Revenue (S$'mil)S$ million | 3,502.8 | 3,780.8 | 3,880.3 | 4,476.5 | 5,058.6 | PDF p. 19 |
| Operating Costs (S$'mil)S$ million | 3,303.0 | 3,510.8 | 3,608.2 | 4,153.6 | 4,685.6 | PDF p. 19 |
| Operating Profit (S$'mil)S$ million | 199.8 | 270.0 | 272.1 | 322.9 | 373.0 | PDF p. 19 |
| Profit Attributable to Shareholders (S$'mil)S$ million | 123.0 | 173.1 | 180.5 | 210.5 | 230.3 | PDF p. 19 |
| EBITDA **(S$'mil)S$ million | 599.8 | 590.9 | 629.9 | 686.2 | 748.8 | PDF p. 19 |
| Issued capital (S$'mil)S$ million | 694.4 | 694.4 | 694.4 | 694.4 | 694.4 | PDF p. 19 |
| Capital and reserves (S$'mil) *S$ million | 2,683.2 | 2,573.5 | 2,597.7 | 2,599.0 | 2,595.5 | PDF p. 19 |
| CAPEX investment (S$'mil)S$ million | 223.8 | 302.4 | 367.5 | 445.1 | 565.4 | PDF p. 19 |
| Return on shareholders' equity (%)percent | 4.6 | 6.7 | 6.9 | 8.1 | 8.9 | PDF p. 19 |
| Earnings per ordinary share (cents)cents per ordinary share | 5.68 | 7.99 | 8.33 | 9.72 | 10.63 | PDF p. 19 |
| Net asset value per ordinary share (cents) *cents per ordinary share | 123.82 | 118.81 | 119.95 | 119.92 | 119.78 | PDF p. 19 |
| Dividends per share | ||||||
| Interim dividend per ordinary share (cents)cents per ordinary share | 2.10 | 2.85 | 2.90 | 3.52 | 3.91 | PDF p. 19 |
| Final dividend per ordinary share (cents)cents per ordinary share | 2.10 | 1.76 | 3.76 | 4.25 | 4.59 | PDF p. 19 |
| Special dividend per ordinary share (cents)cents per ordinary share | - | 3.87 | - | - | - | PDF p. 19 |
| Total dividend per ordinary share (cents)cents per ordinary share | 4.20 | 8.48 | 6.66 | 7.77 | 8.5 | PDF p. 19 |
| Financial ratios | ||||||
| Dividend cover (number of times)number of times | 1.4 | 0.9 | 1.3 | 1.3 | 1.3 | PDF p. 19 |
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Definitions & sources
Original report: PDF p. 19 ↗
* FY2022 and FY2021 numbers have been restated due to a change in accounting policy, the preceding years were not restated.
** EBITDA excludes impairment and net gain/(loss) on disposal
Company Statement of Changes in Equity — year ended 31 December 2025
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company; Share capital | 2025Company; Treasury shares | 2025Company; Other reserves | 2025Company; Retained earnings | 2025Company; Total equity | Source |
|---|---|---|---|---|---|---|
| Opening balance | ||||||
| At 1 January 2025$’mil | 694.4 | (1.6) | 34.0 | 483.4 | 1,210.2 | PDF p. 121 |
| Total comprehensive income for the year (2025) | ||||||
| Profit for the year$’mil | – | – | – | 133.9 | 133.9 | PDF p. 121 |
| Total$’mil | – | – | – | 133.9 | 133.9 | PDF p. 121 |
| Transactions recognised directly in equity (2025) | ||||||
| Payment of dividends (Note 37)$’mil | – | – | – | (176.8) | (176.8) | PDF p. 121 |
| Purchase of treasury shares (Note 25)$’mil | – | (0.2) | – | – | (0.2) | PDF p. 121 |
| Transfer from treasury shares to share-based payments (Notes 25 and 26)$’mil | – | 1.0 | (1.0) | – | – | PDF p. 121 |
| Share based payment$’mil | – | – | 2.2 | – | 2.2 | PDF p. 121 |
| Total$’mil | – | 0.8 | 1.2 | (176.8) | (174.8) | PDF p. 121 |
| Closing balance (2025) | ||||||
| At 31 December 2025$’mil | 694.4 | (0.8) | 35.2 | 440.5 | 1,169.3 | PDF p. 121 |
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Definitions & sources
Original report: PDF p. 121 ↗
Column order: Share capital; Treasury shares; Other reserves; Retained earnings; Total equity. Column unit is $’mil. The comparative year is 2024; 2025 and 2024 movements remain distinguishable by their printed section sequence.
Company Statement of Changes in Equity — comparative year ended 31 December 2024
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Company; Share capital | 2024Company; Treasury shares | 2024Company; Other reserves | 2024Company; Retained earnings | 2024Company; Total equity | Source |
|---|---|---|---|---|---|---|
| Opening balance (2024) | ||||||
| At 1 January 2024$’mil | 694.4 | (2.0) | (32.5) | 583.5 | 1,243.4 | PDF p. 121 |
| Total comprehensive income for the year (2024) | ||||||
| Profit for the year$’mil | – | – | – | 128.3 | 128.3 | PDF p. 121 |
| Other comprehensive income for the year$’mil | – | – | (5.6) | – | (5.6) | PDF p. 121 |
| Total$’mil | – | – | (5.6) | 128.3 | 122.7 | PDF p. 121 |
| Transactions recognised directly in equity (2024) | ||||||
| Unclaimed dividends$’mil | – | – | – | 0.5 | 0.5 | PDF p. 121 |
| Payment of dividends (Note 37)$’mil | – | – | – | (157.7) | (157.7) | PDF p. 121 |
| Purchase of treasury shares (Note 25)$’mil | – | (0.2) | – | – | (0.2) | PDF p. 121 |
| Transfer from treasury shares to share-based payments (Notes 25 and 26)$’mil | – | 0.6 | (0.6) | – | – | PDF p. 121 |
| Transfer of fair value reserve of equity instruments designated at FVOCI$’mil | – | – | 71.2 | (71.2) | – | PDF p. 121 |
| Other reserves (Note 26)$’mil | – | – | 1.5 | – | 1.5 | PDF p. 121 |
| Total$’mil | – | 0.4 | 72.1 | (228.4) | (155.9) | PDF p. 121 |
| Closing balance (2024) | ||||||
| At 31 December 2024$’mil | 694.4 | (1.6) | 34.0 | 483.4 | 1,210.2 | PDF p. 121 |
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Definitions & sources
Original report: PDF p. 121 ↗
Column order: Share capital; Treasury shares; Other reserves; Retained earnings; Total equity. Column unit is $’mil. The comparative year is 2024; 2025 and 2024 movements remain distinguishable by their printed section sequence.
Group Revenue by Business Segment — 2021–2025
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group revenue; S$’mil | 2021Group revenue; % | 2022Group revenue; S$’mil | 2022Group revenue; % | 2023Group revenue; S$’mil | 2023Group revenue; % | 2024Group revenue; S$’mil | 2024Group revenue; % | 2025Group revenue; S$’mil | 2025Group revenue; % | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group Revenue by Business Segment | |||||||||||
| Public TransportS$’mil and %; alternating amount and share | 2,659.3 | 76.0 | 2,886.6 | 76.3 | 2,959.3 | 76.3 | 3,107.5 | 69.4 | 3,293.8 | 65.1 | PDF p. 19 |
| Taxi and Private HireS$’mil and %; alternating amount and share | 515.7 | 14.7 | 554.8 | 14.7 | 574.7 | 14.8 | 748.7 | 16.7 | 1,032.3 | 20.4 | PDF p. 19 |
| Other Private TransportS$’mil and %; alternating amount and share | 147.9 | 4.2 | 149.5 | 4.0 | 143.8 | 3.7 | 406.2 | 9.1 | 464.7 | 9.2 | PDF p. 19 |
| Inspection and Testing ServicesS$’mil and %; alternating amount and share | 98.5 | 2.8 | 106.0 | 2.8 | 109.5 | 2.8 | 117.0 | 2.6 | 165.0 | 3.3 | PDF p. 19 |
| OthersS$’mil and %; alternating amount and share | 81.4 | 2.3 | 83.9 | 2.2 | 93.0 | 2.4 | 97.1 | 2.2 | 102.8 | 2.0 | PDF p. 19 |
| GroupS$’mil and %; alternating amount and share | 3,502.8 | 100.0 | 3,780.8 | 100.0 | 3,880.3 | 100.0 | 4,476.5 | 100.0 | 5,058.6 | 100.0 | PDF p. 19 |
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Definitions & sources
Original report: PDF p. 19 ↗
* FY2022 and FY2021 numbers have been restated due to a change in accounting policy; preceding years were not restated.
** EBITDA excludes impairment and net gain/(loss) on disposal.
Group Revenue by Geographical Segment — 2021–2025
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group revenue; S$’mil | 2021Group revenue; % | 2022Group revenue; S$’mil | 2022Group revenue; % | 2023Group revenue; S$’mil | 2023Group revenue; % | 2024Group revenue; S$’mil | 2024Group revenue; % | 2025Group revenue; S$’mil | 2025Group revenue; % | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group Revenue by Geographical Segment | |||||||||||
| SingaporeS$’mil and %; alternating amount and share | 1,903.4 | 54.4 | 2,197.0 | 58.1 | 2,227.1 | 57.4 | 2,279.4 | 50.9 | 2,259.8 | 44.7 | PDF p. 19 |
| United Kingdom/EUS$’mil and %; alternating amount and share | 807.2 | 23.0 | 795.3 | 21.0 | 870.1 | 22.4 | 1,286.3 | 28.7 | 1,865.9 | 36.9 | PDF p. 19 |
| AustraliaS$’mil and %; alternating amount and share | 665.4 | 19.0 | 690.1 | 18.3 | 686.2 | 17.7 | 811.3 | 18.1 | 846.3 | 16.7 | PDF p. 19 |
| ChinaS$’mil and %; alternating amount and share | 124.2 | 3.5 | 96.2 | 2.5 | 96.0 | 2.5 | 98.4 | 2.2 | 85.5 | 1.7 | PDF p. 19 |
| MalaysiaS$’mil and %; alternating amount and share | 1.9 | 0.1 | 2.0 | 0.1 | 0.9 | - | 1.1 | - | 1.1 | - | PDF p. 19 |
| VietnamS$’mil and %; alternating amount and share | 0.7 | - | 0.2 | - | - | - | - | - | - | - | PDF p. 19 |
| GroupS$’mil and %; alternating amount and share | 3,502.8 | 100.0 | 3,780.8 | 100.0 | 3,880.3 | 100.0 | 4,476.5 | 100.0 | 5,058.6 | 100.0 | PDF p. 19 |
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Definitions & sources
Original report: PDF p. 19 ↗
* FY2022 and FY2021 numbers have been restated due to a change in accounting policy; preceding years were not restated.
** EBITDA excludes impairment and net gain/(loss) on disposal.
Five-year financial highlights — Revenue
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; as reported | 2024Group; as reported | 2023Group; as reported | 2022Group; as reported | 2021Group; as reported | Source |
|---|---|---|---|---|---|---|
| Group financial highlights | ||||||
| RevenueSGD million | 5,058.6 | 4,476.5 | 3,880.3 | 3,780.8 | 3,502.8 | PDF p. 18 |
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Definitions & sources
Original report: PDF p. 18 ↗
Five-year financial highlights — Profit attributable to shareholders
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; as reported | 2024Group; as reported | 2023Group; as reported | 2022Group; as reported | 2021Group; as reported | Source |
|---|---|---|---|---|---|---|
| Group financial highlights | ||||||
| Profit attributable to shareholdersSGD million | 230.3 | 210.5 | 180.5 | 173.1 | 123.0 | PDF p. 18 |
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Definitions & sources
Original report: PDF p. 18 ↗
Five-year financial highlights — Earnings per ordinary share
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; as reported | 2024Group; as reported | 2023Group; as reported | 2022Group; as reported | 2021Group; as reported | Source |
|---|---|---|---|---|---|---|
| Group financial highlights | ||||||
| Earnings per ordinary shareSingapore cents per ordinary share | 10.63 | 9.72 | 8.33 | 7.99 | 5.68 | PDF p. 18 |
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Definitions & sources
Original report: PDF p. 18 ↗
Five-year financial highlights — Net asset value per ordinary share
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; as reported | 2024Group; as reported | 2023Group; as reported | 2022Group; as reported | 2021Group; as reported | Source |
|---|---|---|---|---|---|---|
| Group financial highlights | ||||||
| Net asset value per ordinary shareSingapore cents per ordinary share | 119.78 | 119.92 | 119.95 | 118.81 | 123.82 | PDF p. 18 |
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Definitions & sources
Original report: PDF p. 18 ↗
Five-year financial highlights — Total dividend per ordinary share
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; as reported | 2024Group; as reported | 2023Group; as reported | 2022Group; as reported | 2021Group; as reported | Source |
|---|---|---|---|---|---|---|
| Group financial highlights | ||||||
| Total dividend per ordinary shareSingapore cents per ordinary share | 8.50 | 7.77 | 6.66 | 8.48 | 4.20 | PDF p. 18 |
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Definitions & sources
Original report: PDF p. 18 ↗
Chart uses stacked INTERIM, FINAL and SPECIAL components; the printed total labels are mapped by horizontal alignment to 2021–2025. Component values are separately available in the p19 financial summary.
Five-year financial highlights — Return on shareholders’ equity
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; as reported | 2024Group; as reported | 2023Group; as reported | 2022Group; as reported | 2021Group; as reported | Source |
|---|---|---|---|---|---|---|
| Group financial highlights | ||||||
| Return on shareholders’ equity% | 8.90 | 8.10 | 6.90 | 6.70 | 4.60 | PDF p. 18 |
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Definitions & sources
Original report: PDF p. 18 ↗
Where the money comes from
Segment information
By business
Business segments 2025 – income statement and other information 14 lines
| Item / unit | 2025Public transport | 2025Taxi / PHV | 2025Other private transport | 2025Inspection and testing services | 2025Other segments | 2025Total | Source |
|---|---|---|---|---|---|---|---|
| Business segments | |||||||
| Revenue$’mil | 3,293.8 | 1,032.3 | 464.7 | 165.0 | 102.8 | 5,058.6 | PDF p. 174 |
| Operating profit$’mil | 178.0 | 121.4 | 16.9 | 51.9 | 4.8 | 373.0 | PDF p. 174 |
| External revenue from contracts with customers | |||||||
| – Over time$’mil | 3,119.5 | 887.5 | 417.7 | – | 15.1 | 4,439.8 | PDF p. 174 |
| – At a point in time$’mil | 174.3 | 144.8 | 47.0 | 165.0 | 87.7 | 618.8 | PDF p. 174 |
| Total$’mil | 3,293.8 | 1,032.3 | 464.7 | 165.0 | 102.8 | 5,058.6 | PDF p. 174 |
| Other information | |||||||
| Additions to vehicles, premises and equipment$’mil | 311.9 | 168.0 | 21.9 | 45.0 | 18.6 | 565.4 | PDF p. 174 |
| Additions to right-of-use assets$’mil | 11.0 | 13.2 | 1.5 | 3.8 | 18.3 | 47.8 | PDF p. 174 |
| Additions to intangible assets$’mil | 4.4 | 13.5 | 8.9 | – | – | 26.8 | PDF p. 174 |
| Additions to goodwill$’mil | 10.4 | – | – | – | – | 10.4 | PDF p. 174 |
| Staff costs$’mil | 1,839.4 | 178.2 | 123.8 | 56.5 | 74.1 | 2,272.0 | PDF p. 174 |
| Contract services and sub-$’mil | 170.2 | 201.0 | 245.9 | 27.0 | 0.2 | 644.3 | PDF p. 174 |
| Fuel and electricity costs$’mil | 343.7 | 0.2 | 5.5 | – | 1.5 | 350.9 | PDF p. 174 |
| Depreciation and amortisation$’mil | 169.8 | 175.5 | 28.2 | 8.4 | 17.7 | 399.6 | PDF p. 174 |
| Repair and maintenance costs$’mil | 303.6 | 37.8 | 3.5 | 2.4 | 2.0 | 349.3 | PDF p. 174 |
Notes
Unit $’mil. Items below Operating profit (Investments income, Finance costs, etc.) are only given in the Total column.
Business segments 2025 – statement of financial position 3 lines
| Item / unit | 2025Public transport | 2025Taxi / PHV | 2025Other private transport | 2025Inspection and testing services | 2025Other segments | 2025Total | Source |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Segment assets$’mil | 2,246.0 | 1,375.5 | 255.9 | 174.4 | 130.1 | 4,181.9 | PDF p. 175 |
| Goodwill$’mil | 534.1 | 318.5 | 101.1 | 8.7 | 14.7 | 977.1 | PDF p. 175 |
| Liabilities | |||||||
| Segment liabilities$’mil | 742.4 | 354.2 | 76.9 | 73.0 | 113.4 | 1,359.9 | PDF p. 175 |
Notes
Unit $’mil. Reconciling items only in Total column.
Business segments 2024 – income statement and other information 14 lines
| Item / unit | 2024Public transport | 2024Taxi / PHV | 2024Other private transport | 2024Inspection and testing services | 2024Other segments | 2024Total | Source |
|---|---|---|---|---|---|---|---|
| Business segments | |||||||
| Revenue$’mil | 3,107.5 | 748.7 | 406.2 | 117.0 | 97.1 | 4,476.5 | PDF p. 176 |
| Operating profit$’mil | 130.0 | 135.3 | 16.9 | 34.6 | 6.1 | 322.9 | PDF p. 176 |
| External revenue from contracts with customers | |||||||
| – Over time$’mil | 2,908.5 | 617.1 | 367.8 | 7.5 | 32.0 | 3,932.9 | PDF p. 176 |
| – At a point in time$’mil | 199.0 | 131.6 | 38.4 | 109.5 | 65.1 | 543.6 | PDF p. 176 |
| Total$’mil | 3,107.5 | 748.7 | 406.2 | 117.0 | 97.1 | 4,476.5 | PDF p. 176 |
| Other information | |||||||
| Additions to vehicles, premises and equipment$’mil | 216.2 | 188.9 | 19.3 | 9.2 | 11.5 | 445.1 | PDF p. 176 |
| Additions to right-of-use assets$’mil | 29.9 | 8.3 | 2.3 | 1.9 | 9.3 | 51.7 | PDF p. 176 |
| Additions to intangible assets$’mil | 1.2 | 22.7 | – | – | – | 23.9 | PDF p. 176 |
| Additions to goodwill$’mil | – | 307.4 | 78.4 | – | – | 385.8 | PDF p. 176 |
| Staff costs$’mil | 1,640.4 | 146.5 | 115.7 | 52.3 | 69.2 | 2,024.1 | PDF p. 176 |
| Contract services$’mil | 191.8 | 51.0 | 197.6 | 5.1 | 0.3 | 445.8 | PDF p. 176 |
| Fuel and electricity costs$’mil | 388.8 | 0.3 | 6.2 | – | 1.9 | 397.2 | PDF p. 176 |
| Depreciation and amortisation$’mil | 170.1 | 133.2 | 39.7 | 8.4 | 17.0 | 368.4 | PDF p. 176 |
| Repair and maintenance costs$’mil | 292.7 | 30.3 | 3.1 | 1.9 | 1.7 | 329.7 | PDF p. 176 |
Notes
Unit $’mil. Items below Operating profit only in Total column. Label 'Contract services' as printed in 2024.
Business segments 2024 – statement of financial position 4 lines
| Item / unit | 2024Public transport | 2024Taxi / PHV | 2024Other private transport | 2024Inspection and testing services | 2024Other segments | 2024Total | Source |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Segment assets$’mil | 1,917.1 | 1,346.5 | 324.7 | 127.0 | 77.5 | 3,792.8 | PDF p. 177 |
| Goodwill$’mil | 516.2 | 314.0 | 99.8 | 10.8 | 14.7 | 955.5 | PDF p. 177 |
| Assets classified as held for sale$’mil | 29.0 | – | – | – | – | 29.0 | PDF p. 177 |
| Liabilities | |||||||
| Segment liabilities$’mil | 717.2 | 498.5 | 69.9 | 55.2 | 97.1 | 1,437.9 | PDF p. 177 |
Notes
Unit $’mil. Reconciling items only in Total column.
By geography
Geographical segments – revenue, non-current assets and additions to non-current assets 6 lines
| Item / unit | 2025Revenue | 2024Revenue | 2025Non-current assets* | 2024Non-current assets* | 2025Additions to non-current assets* | 2024Additions to non-current assets* | Source |
|---|---|---|---|---|---|---|---|
| Geographical Location | |||||||
| Singapore$’mil | 2,259.8 | 2,279.4 | 1,035.1 | 1,052.0 | 234.4 | 241.7 | PDF p. 177 |
| United Kingdom/ EU$’mil | 1,865.9 | 1,286.3 | 1,502.8 | 1,304.0 | 311.3 | 433.2 | PDF p. 177 |
| Australia$’mil | 846.3 | 811.3 | 1,036.2 | 964.9 | 88.4 | 173.3 | PDF p. 177 |
| China$’mil | 85.5 | 98.4 | 296.3 | 317.4 | 14.4 | 57.1 | PDF p. 177 |
| Malaysia$’mil | 1.1 | 1.1 | 3.3 | 4.6 | 1.9 | 1.2 | PDF p. 177 |
| Total$’mil | 5,058.6 | 4,476.5 | 3,873.7 | 3,642.9 | 650.4 | 906.5 | PDF p. 177 |
Notes
* Comprising vehicles, premises and equipment, intangible assets and goodwill.
Unit $’mil.
Debt
Borrowings
Note 17(a) Short-term loans and 17(b) Long-term loans: secured/unsecured, current/non-current and repayment profile
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| 17(a) Short-term loans | |||||
| Bank loans – unsecured (short-term loans)$'mil | – | 453.4 | – | 453.4 | PDF p. 161 |
| Total (short-term loans)$'mil | – | 453.4 | – | 453.4 | PDF p. 161 |
| 17(b) Long-term loans | |||||
| Bank loans – unsecured (long-term loans)$'mil | 1,572.2 | 497.5 | 1,041.8 | 362.9 | PDF p. 161 |
| Bank loans – secured (long-term loans)$'mil | – | 130.7 | – | – | PDF p. 161 |
| Total (long-term loans)$'mil | 1,572.2 | 628.2 | 1,041.8 | 362.9 | PDF p. 161 |
| 17(b) Less: Amount due for settlement within 12 months | |||||
| Bank loans – unsecured due within 12 months (Current liabilities)$'mil | 387.4 | 120.2 | 298.4 | 88.5 | PDF p. 161 |
| Bank loans – secured due within 12 months (Current liabilities)$'mil | – | 16.9 | – | – | PDF p. 161 |
| Total (due within 12 months)$'mil | 387.4 | 137.1 | 298.4 | 88.5 | PDF p. 161 |
| 17(b) Long-term loans | |||||
| Amount due for settlement after 12 months$'mil | 1,184.8 | 491.1 | 743.4 | 274.4 | PDF p. 161 |
| Borrowings repayable as follows | |||||
| On demand or within one year$'mil | 387.4 | 137.1 | 298.4 | 88.5 | PDF p. 161 |
| In the second to fifth year inclusive$'mil | 1,184.8 | 491.1 | 743.4 | 274.4 | PDF p. 161 |
| Total (repayable)$'mil | 1,572.2 | 628.2 | 1,041.8 | 362.9 | PDF p. 161 |
Notes
In 2024, the unsecured bank loans of $453.4 million bears floating interest rates ranging from 3.11% to 3.44%. During the year, the Group and the Company has refinanced the loans to long-term loans.
(i) In 2025, $1,572.2 million (2024: $628.2 million) bears floating interest rates ranging from 1.52% to 4.56% (2024: 3.09% to 5.42%) per annum.
(ii) The fair values of the Group’s long-term loans approximate their carrying amount.
Borrowing notes 4 tables
Borrowings
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Borrowings by type | |||||
| (a) Short-term loans$'mil | – | 453.4 | – | 453.4 | PDF p. 160 |
| (b) Long-term loans$'mil | 1,572.2 | 628.2 | 1,041.8 | 362.9 | PDF p. 160 |
| Analysed as | |||||
| Current$'mil | 387.4 | 590.5 | 298.4 | 541.9 | PDF p. 160 |
| Non-current$'mil | 1,184.8 | 491.1 | 743.4 | 274.4 | PDF p. 160 |
| Total$'mil | 1,572.2 | 1,081.6 | 1,041.8 | 816.3 | PDF p. 160 |
Notes
Total of (a)+(b) as printed: 1,572.2 / 1,081.6 / 1,041.8 / 816.3.
Lease liabilities from financial institutions
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Maturity analysis | |||
| Within one year$'mil | 6.1 | 5.5 | PDF p. 162 |
| Within the second to fifth year inclusive$'mil | 22.6 | 26.6 | PDF p. 162 |
| Less: Future finance charges$'mil | (2.4) | (3.1) | PDF p. 162 |
| Analysed as | |||
| – Current$'mil | 5.3 | 4.7 | PDF p. 162 |
| – Non-current$'mil | 21.0 | 24.3 | PDF p. 162 |
Notes
Table has no printed scope header; presented as Group per note context and Note 17(c). Undiscounted totals 28.7 / 32.1 and net 26.3 / 29.0 are unlabelled subtotal rows.
Page 163: lease terms range from 1 to 7 years (2024: 1 to 7 years). The effective borrowing rates was 3.54% (2024: 2.86%) per annum. Obligations secured by lessors’ title to leased assets; denominated in the respective entities’ functional currencies.
Lease liabilities
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Maturity analysis | |||||
| Within one year$'mil | 60.6 | 69.8 | 5.5 | 5.9 | PDF p. 163 |
| Within the second to fifth year inclusive$'mil | 92.8 | 112.9 | 8.9 | 4.6 | PDF p. 163 |
| After five years$'mil | 119.7 | 115.3 | 11.0 | – | PDF p. 163 |
| Less: Future finance charges$'mil | (50.1) | (54.0) | (3.6) | (0.3) | PDF p. 163 |
| Analysed as | |||||
| – Current$'mil | 60.1 | 66.1 | 4.8 | 5.7 | PDF p. 163 |
| – Non-current$'mil | 162.9 | 177.9 | 17.0 | 4.5 | PDF p. 163 |
Notes
Undiscounted totals 273.1/298.0/25.4/10.5 and net 223.0/244.0/21.8/10.2 are unlabelled subtotal rows.
The weighted average incremental borrowing rate was 4.46% (2024: 4.45%).
Note 36(e) Expected contractual undiscounted cash outflows of Group debt capital
| Item / unit | 2025Group carrying amount | 2025Group contractual cash flows total | 2025Group contractual cash flows within 1 year | 2025Group contractual cash flows 2 to 5 years | 2025Group contractual cash flows beyond 5 years | 2024Group carrying amount | 2024Group contractual cash flows total | 2024Group contractual cash flows within 1 year | 2024Group contractual cash flows 2 to 5 years | 2024Group contractual cash flows beyond 5 years | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Financial liabilities | |||||||||||
| Loans: In functional currencies$'mil | 1,572.2 | 1,606.5 | 394.0 | 1,212.5 | – | 1,081.6 | 1,180.2 | 633.7 | 489.7 | 56.8 | PDF p. 183 |
| Lease liabilities from financial institutions: In functional currencies$'mil | 26.3 | 29.5 | 8.4 | 16.7 | 4.4 | 29.0 | 32.1 | 5.5 | 20.4 | 6.2 | PDF p. 183 |
| Lease liabilities: In functional currencies$'mil | 223.0 | 273.1 | 61.4 | 92.0 | 119.7 | 244.0 | 298.0 | 69.8 | 112.9 | 115.3 | PDF p. 183 |
| Total$'mil | 1,821.5 | 1,909.1 | 463.8 | 1,321.2 | 124.1 | 1,354.6 | 1,510.3 | 709.0 | 623.0 | 178.3 | PDF p. 183 |
Notes
Effective interest rates printed: loans 1.48% to 4.70%; lease liabilities from financial institutions 3.54%; lease liabilities 4.46%.
Includes interest payments; all in functional currencies.
Effective interest rates printed: loans 3.1% to 5.5%; lease liabilities from financial institutions 2.86%; lease liabilities 1.1% to 7.2%.
Payout
Dividends & distributions
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Interim dividend per ordinary share (cents) | 3.91 cents per share | Company, FY2025 interim; tax-exempt one-tier; paid 28 August 2025 | PDF p. 19 |
| Final dividend per ordinary share (cents) | 4.59 cents per share | Company, FY2025 final (proposed); tax-exempt one-tier; payable 13 May 2026 subject to shareholder approval at AGM 24 April 2026 | PDF p. 19 |
| Special dividend per ordinary share (cents) | - cents per share | Company, FY2025 and FY2024 | PDF p. 19 |
| Total dividend per ordinary share (cents) | 8.5 cents per share | Company, FY2025 total (interim + final) | PDF p. 19 |
| Interim dividend per ordinary share (cents) | 3.52 cents per share | Company, FY2024 interim comparative; tax-exempt one-tier | PDF p. 19 |
| Final dividend per ordinary share (cents) | 4.25 cents per share | Company, FY2024 final comparative; tax-exempt one-tier; paid 14 May 2025 | PDF p. 19 |
| Total dividend per ordinary share (cents) | 7.77 cents per share | Company, FY2024 total comparative | PDF p. 19 |
| Tax-exempt one-tier final dividend | a tax-exempt one-tier final dividend of 4.59 cents per ordinary share (2024: 4.25 cents per ordinary share) | Company, FY2025 proposed vs FY2024 | PDF p. 184 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| payout ratio | 80 percent | Group, FY2025 total dividend of 8.50 cents per share | PDF p. 5 |
| Dividend cover (number of times) | 1.3 times | Group, FY2025 (FY2024 also 1.3) | PDF p. 19 |
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 |
|---|---|---|---|
| Auditor | Ernst & Young LLP | Group and Company, FY2025 | PDF p. 114 |
| Engagement partner | Vincent Toong Weng Sum | Group and Company, FY2025 | PDF p. 114 |
| Opinion | true and fair view | Group and Company, year ended 31 December 2025 | PDF p. 110 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of assets, liabilities and goodwill from business combinations | The identification of such assets and liabilities, including intangible assets and contingent liabilities and their respective measurement at fair value are inherently judgemental, thus we considered this to be a key audit matter. | Group, FY2025 | PDF p. 110 |
| Impairment assessment of vehicles, premises and equipment, intangible assets, goodwill and investment in subsidiaries | These and the identification of impairment indicators involve significant Management judgement and estimation uncertainty, including but not limited to economic outlook and the effects of changes in the environment. | Group and Company, FY2025 | PDF p. 111 |
| Accounting for Bus contracts with public transport regulators | Accordingly, we have identified the accounting for Bus contracts with public transport regulators as a key audit matter. | Group, FY2025 | PDF p. 111 |
| Recognition and measurement of provision for accident claims | Given the significant Management judgement and estimation uncertainty involved, we have considered this to be a key audit matter. | Group, FY2025 | PDF p. 112 |
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.