ANNUAL REPORT 2025
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| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Investment propertiesUS dollars thousands | 4,849 | 7,874 | – | – | PDF p. 101 |
| InvestmentsUS dollars thousands | 4,561 | 4,203 | – | – | PDF p. 101 |
| Investment in subsidiaryUS dollars thousands | – | – | 113,022 | 113,022 | PDF p. 101 |
| Investment in associatesUS dollars thousands | 146 | 119 | – | – | PDF p. 101 |
| Property, plant and equipmentUS dollars thousands | 148,852 | 83,545 | – | – | PDF p. 101 |
| Right-of-use assetsUS dollars thousands | 808 | 1,336 | 318 | 484 | PDF p. 101 |
| Rental depositsUS dollars thousands | 164 | 152 | – | – | PDF p. 101 |
| Deferred tax assetsUS dollars thousands | 201 | 205 | – | – | PDF p. 101 |
| Total non-current assetsUS dollars thousands | 159,581 | 97,434 | 113,340 | 113,506 | PDF p. 101 |
| Current assets | |||||
| InvestmentsUS dollars thousands | 1,769 | 4,125 | – | – | PDF p. 101 |
| Properties under development for saleUS dollars thousands | 13,571 | 2,728 | – | – | PDF p. 101 Label p. 101 |
| Accounts receivableUS dollars thousands | 887 | 508 | – | – | PDF p. 101 |
| Amounts due from subsidiariesUS dollars thousands | – | – | 2,593 | 2,827 | PDF p. 101 |
| Prepayments, deposits and other receivablesUS dollars thousands | 12,239 | 4,787 | 125 | 100 | PDF p. 101 Label p. 101 |
| Tax recoverableUS dollars thousands | 54 | 328 | – | – | PDF p. 101 |
| Asset held for saleUS dollars thousands | – | 10,476 | – | – | PDF p. 101 |
| Cash and bank balancesUS dollars thousands | 33,991 | 45,523 | 116 | 168 | PDF p. 101 |
| Total current assetsUS dollars thousands | 62,511 | 68,475 | 2,834 | 3,095 | PDF p. 101 |
| Total assetsUS dollars thousands | 222,092 | 165,909 | 116,174 | 116,601 | PDF p. 101 |
Original report: PDF p. 101 ↗
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| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Equity attributable to owners of the Company | |||||
| Share capitalUS dollars thousands | 113,174 | 113,174 | 113,174 | 113,174 | PDF p. 102 |
| EQUITY | |||||
| Retained earningsUS dollars thousands | 10,748 | 11,636 | 655 | 1,221 | PDF p. 102 |
| Translation reserveUS dollars thousands | (5,768) | (5,713) | – | – | PDF p. 102 |
| Capital reserveUS dollars thousands | (2,808) | (2,808) | – | – | PDF p. 102 |
| Total equity attributable to owners | |||||
| Total equity attributable to owners of the CompanyUS dollars thousands | 115,346 | 116,289 | 113,829 | 114,395 | PDF p. 102 Label p. 102 |
| Non-controlling interestsUS dollars thousands | 8,995 | 569 | – | – | PDF p. 102 |
| Total equityUS dollars thousands | 124,341 | 116,858 | 113,829 | 114,395 | PDF p. 102 |
| Non-current liabilities | |||||
| BorrowingsUS dollars thousands | 68,869 | 30,402 | – | – | PDF p. 102 |
| Lease liabilitiesUS dollars thousands | 415 | 910 | 170 | 324 | PDF p. 102 |
| Deferred tax liabilitiesUS dollars thousands | 297 | 324 | – | – | PDF p. 102 |
| Amount due to subsidiaryUS dollars thousands | – | – | 1,000 | 1,000 | PDF p. 102 |
| Total non-current liabilitiesUS dollars thousands | 69,581 | 31,636 | 1,170 | 1,324 | PDF p. 102 |
| Current liabilities | |||||
| BorrowingsUS dollars thousands | 18,558 | 11,233 | – | – | PDF p. 102 |
| Lease liabilitiesUS dollars thousands | 512 | 490 | 174 | 153 | PDF p. 102 |
| Due to Tokumei Kumiai investorsUS dollars thousands | 489 | 270 | – | – | PDF p. 102 |
| Accounts payableUS dollars thousands | 545 | 516 | – | – | PDF p. 102 |
| Amounts due to subsidiaryUS dollars thousands | – | – | 47 | 42 | PDF p. 102 |
| Other payables and accrualsUS dollars thousands | 7,383 | 4,292 | 574 | 327 | PDF p. 102 |
| Income tax payableUS dollars thousands | 683 | 614 | 380 | 360 | PDF p. 102 |
| Total current liabilitiesUS dollars thousands | 28,170 | 17,415 | 1,175 | 882 | PDF p. 102 |
| Total liabilitiesUS dollars thousands | 97,751 | 49,051 | 2,345 | 2,206 | PDF p. 102 |
| Total equity and liabilitiesUS dollars thousands | 222,092 | 165,909 | 116,174 | 116,601 | PDF p. 102 |
Original report: PDF p. 102 ↗
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Group income — FY2025 source | |||
| Charter incomeUS dollars thousands | 27,598 | 32,494 | PDF p. 103 |
| Fee incomeUS dollars thousands | 5,267 | 3,794 | PDF p. 103 |
| Sale of properties under developmentUS dollars thousands | 8,414 | 14,788 | PDF p. 103 |
| Investment returnsUS dollars thousands | 5,874 | (28,610) | PDF p. 103 |
| Interest incomeUS dollars thousands | 922 | 1,204 | PDF p. 103 |
| Other incomeUS dollars thousands | 1,800 | 289 | PDF p. 103 |
| Total incomeUS dollars thousands | 49,875 | 23,959 | PDF p. 103 |
| Employee benefits expensesUS dollars thousands | (6,740) | (6,354) | PDF p. 103 |
| Depreciation of property, plant and equipmentUS dollars thousands | (9,680) | (9,014) | PDF p. 103 |
| Depreciation of right-of-use assetsUS dollars thousands | (532) | (551) | PDF p. 103 |
| Vessel operating expensesUS dollars thousands | (14,923) | (14,620) | PDF p. 103 |
| Costs of properties under development soldUS dollars thousands | (7,740) | (13,977) | PDF p. 103 |
| Loss on disposal of property, plant and equipmentUS dollars thousands | (771) | – | PDF p. 103 |
| Impairment of property, plant and equipmentUS dollars thousands | – | (690) | PDF p. 103 |
| Gain on disposal/(write-off) of asset held for saleUS dollars thousands | 109 | (89) | PDF p. 103 |
| Net foreign exchange (loss)/gainUS dollars thousands | (118) | 155 | PDF p. 103 |
| Other expensesUS dollars thousands | (3,928) | (2,835) | PDF p. 103 |
| Total operating expensesUS dollars thousands | (44,323) | (47,975) | PDF p. 103 |
| Operating profit/(loss)US dollars thousands | 5,552 | (24,016) | PDF p. 103 |
| Finance costs – interest expenseUS dollars thousands | (3,147) | (3,127) | PDF p. 103 |
| Finance costs – lease interestUS dollars thousands | (72) | (24) | PDF p. 103 |
| Finance costs – othersUS dollars thousands | (225) | (265) | PDF p. 103 |
| Share of results of associateUS dollars thousands | 2 | (4) | PDF p. 103 |
| Allocation to Tokumei Kumiai (1) investorsUS dollars thousands | (218) | 19 | PDF p. 103 |
| Profit/(loss) before taxUS dollars thousands | 1,892 | (27,417) | PDF p. 103 |
| Income tax expenseUS dollars thousands | (1,124) | (829) | PDF p. 103 |
| Profit/(loss) for the yearUS dollars thousands | 768 | (28,246) | PDF p. 103 |
| Attributable to: | |||
| Owners of the CompanyUS dollars thousands | 920 | (28,301) | PDF p. 103 |
| Group income — FY2025 source | |||
| Non-controlling interestsUS dollars thousands | (152) | 55 | PDF p. 103 |
| SubtotalUS dollars thousands | 768 | (28,246) | PDF p. 103 |
| Earnings per share attributable to owners of the Company | |||
| (US cents per share): Basic and dilutedUS cents per share | 1.17 | (36.01) | PDF p. 103 Label p. 103 |
Original report: PDF p. 103 ↗
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Group comprehensive income — FY2025 source | |||
| Profit/(loss) for the yearUS dollars thousands | 768 | (28,246) | PDF p. 104 |
| Items that may be reclassified subsequently to profit or loss: | |||
| Exchange differences on translation of foreign operationsUS dollars thousands | (36) | (1,913) | PDF p. 104 |
| Other comprehensive income for the year, net of taxUS dollars thousands | (36) | (1,913) | PDF p. 104 |
| Total comprehensive income for the year, net of taxUS dollars thousands | 732 | (30,159) | PDF p. 104 |
| Attributable to: | |||
| Owners of the CompanyUS dollars thousands | 865 | (30,198) | PDF p. 104 |
| Items that may be reclassified subsequently to profit or loss: | |||
| Non-controlling interestsUS dollars thousands | (133) | 39 | PDF p. 104 |
| SubtotalUS dollars thousands | 732 | (30,159) | PDF p. 104 |
Original report: PDF p. 104 ↗
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| Metric / unit | 2024Group / Share capital | 2024Group / Retained earnings | 2024Group / Translation reserve | 2024Group / Capital reserve | 2024Group / Total attributable to owners | 2024Group / Non-controlling interests | 2024Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2025 source / complete two-year source table | ||||||||
| At 1 January 2024US dollars thousands | 113,174 | 41,822 | (3,816) | (2,819) | 148,361 | 530 | 148,891 | PDF p. 105 |
| (Loss)/profit for the yearUS dollars thousands | – | (28,301) | – | – | (28,301) | 55 | (28,246) | PDF p. 105 |
| Other comprehensive income for the yearUS dollars thousands | – | – | (1,897) | – | (1,897) | (16) | (1,913) | PDF p. 105 |
| Total comprehensive income for the yearUS dollars thousands | – | (28,301) | (1,897) | – | (30,198) | 39 | (30,159) | PDF p. 105 |
| Distributions to owners: | ||||||||
| Final dividend in respect of 2023US dollars thousands | – | (1,270) | – | – | (1,270) | – | (1,270) | PDF p. 105 |
| Group changes in equity — FY2025 source / complete two-year source table | ||||||||
| Interim dividend in respect of 2024US dollars thousands | – | (604) | – | – | (604) | – | (604) | PDF p. 105 |
| Transfer to capital reserveUS dollars thousands | – | (11) | – | 11 | – | – | – | PDF p. 105 |
| At 31 December 2024 and 1 January 2025US dollars thousands | 113,174 | 11,636 | (5,713) | (2,808) | 116,289 | 569 | 116,858 | PDF p. 105 |
Original report: PDF p. 105 ↗
The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.
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| Metric / unit | 2025Group / Share capital | 2025Group / Retained earnings | 2025Group / Translation reserve | 2025Group / Capital reserve | 2025Group / Total attributable to owners | 2025Group / Non-controlling interests | 2025Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2025 source / complete two-year source table | ||||||||
| At 31 December 2024 and 1 January 2025US dollars thousands | 113,174 | 11,636 | (5,713) | (2,808) | 116,289 | 569 | 116,858 | PDF p. 105 |
| Profit/(loss) for the yearUS dollars thousands | – | 920 | – | – | 920 | (152) | 768 | PDF p. 105 |
| Other comprehensive income for the yearUS dollars thousands | – | – | (55) | – | (55) | 19 | (36) | PDF p. 105 |
| Total comprehensive income for the yearUS dollars thousands | – | 920 | (55) | – | 865 | (133) | 732 | PDF p. 105 |
| Distributions to owners: | ||||||||
| Final dividend in respect of 2024US dollars thousands | – | (1,204) | – | – | (1,204) | – | (1,204) | PDF p. 105 |
| Group changes in equity — FY2025 source / complete two-year source table | ||||||||
| Interim dividend in respect of 2025US dollars thousands | – | (604) | – | – | (604) | – | (604) | PDF p. 105 |
| Capital contribution by non-controlling interestsUS dollars thousands | – | – | – | – | – | 8,559 | 8,559 | PDF p. 105 |
| At 31 December 2025US dollars thousands | 113,174 | 10,748 | (5,768) | (2,808) | 115,346 | 8,995 | 124,341 | PDF p. 105 |
Original report: PDF p. 105 ↗
The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Company / Share capital | 2024Company / Retained earnings | 2024Company / Total equity | Source |
|---|---|---|---|---|
| Company changes in equity — FY2025 source / complete two-year source table | ||||
| At 1 January 2024US dollars thousands | 113,174 | 1,341 | 114,515 | PDF p. 106 |
| Profit for the year, representing total comprehensive income for the yearUS dollars thousands | – | 1,754 | 1,754 | PDF p. 106 Label p. 106 |
| Distribution to owners: | ||||
| Final dividend in respect of 2023US dollars thousands | – | (1,270) | (1,270) | PDF p. 106 |
| Company changes in equity — FY2025 source / complete two-year source table | ||||
| Interim dividend in respect of 2024US dollars thousands | – | (604) | (604) | PDF p. 106 |
| At 31 December 2024 and 1 January 2025US dollars thousands | 113,174 | 1,221 | 114,395 | PDF p. 106 |
Original report: PDF p. 106 ↗
The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company / Share capital | 2025Company / Retained earnings | 2025Company / Total equity | Source |
|---|---|---|---|---|
| Company changes in equity — FY2025 source / complete two-year source table | ||||
| At 31 December 2024 and 1 January 2025US dollars thousands | 113,174 | 1,221 | 114,395 | PDF p. 106 |
| Profit for the year, representing total comprehensive income for the yearUS dollars thousands | – | 1,242 | 1,242 | PDF p. 106 Label p. 106 |
| Distribution to owners: | ||||
| Final dividend in respect of 2024US dollars thousands | – | (1,204) | (1,204) | PDF p. 106 |
| Company changes in equity — FY2025 source / complete two-year source table | ||||
| Interim dividend in respect of 2025US dollars thousands | – | (604) | (604) | PDF p. 106 |
| At 31 December 2025US dollars thousands | 113,174 | 655 | 113,829 | PDF p. 106 |
Original report: PDF p. 106 ↗
The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit/(loss) before taxUS dollars thousands | 1,892 | (27,417) | PDF p. 107 |
| Adjustments for: | |||
| Investment returnsUS dollars thousands | (5,874) | 28,610 | PDF p. 107 |
| Depreciation of property, plant and equipmentUS dollars thousands | 9,680 | 9,014 | PDF p. 107 |
| Depreciation of right-of-use assetsUS dollars thousands | 532 | 551 | PDF p. 107 |
| (Gain on disposal)/write-off of asset held for saleUS dollars thousands | (109) | 89 | PDF p. 107 |
| Loss on disposal of property, plant and equipmentUS dollars thousands | 771 | – | PDF p. 107 |
| Impairment of property, plant and equipment, netUS dollars thousands | – | 690 | PDF p. 107 |
| Impairment of receivableUS dollars thousands | – | 13 | PDF p. 107 |
| Net foreign exchange loss/(gain)US dollars thousands | 118 | (155) | PDF p. 107 |
| Interest incomeUS dollars thousands | (922) | (1,204) | PDF p. 107 |
| Finance costs – interest expenseUS dollars thousands | 3,147 | 3,127 | PDF p. 107 |
| Finance costs – lease interestUS dollars thousands | 72 | 24 | PDF p. 107 |
| Finance costs – othersUS dollars thousands | 225 | 265 | PDF p. 107 |
| Share of results of associatesUS dollars thousands | (2) | 4 | PDF p. 107 |
| Allocation to Tokumei Kumiai investorsUS dollars thousands | 218 | (19) | PDF p. 107 |
| Operating cash flows before changes in working capitalUS dollars thousands | 9,748 | 13,592 | PDF p. 107 |
| Changes in working capital: | |||
| Net change in properties under development for saleUS dollars thousands | (5,169) | 5,501 | PDF p. 107 |
| Net change in accounts receivableUS dollars thousands | (392) | 454 | PDF p. 107 |
| Net change in prepayments, deposits and other receivablesUS dollars thousands | (7,348) | (1,795) | PDF p. 107 |
| Net change in accounts payableUS dollars thousands | 45 | (100) | PDF p. 107 |
| Net change in other payables and accrualsUS dollars thousands | 3,174 | (445) | PDF p. 107 |
| Cash flows generated from operationsUS dollars thousands | 58 | 17,207 | PDF p. 107 |
| Interest received on bank balancesUS dollars thousands | 987 | 1,164 | PDF p. 107 |
| Tax paidUS dollars thousands | (820) | (1,228) | PDF p. 107 |
| Net cash flows generated from operating activitiesUS dollars thousands | 225 | 17,143 | PDF p. 107 |
Original report: PDF p. 107 ↗
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from investing activities | |||
| Purchase of investmentsUS dollars thousands | (3,850) | (7,661) | PDF p. 108 |
| Proceeds from sale of investment propertiesUS dollars thousands | 4,135 | – | PDF p. 108 |
| Proceeds from redemption/sale of investmentsUS dollars thousands | 3,498 | 3,054 | PDF p. 108 |
| Deconsolidation of consolidated entitiesUS dollars thousands | – | (23) | PDF p. 108 |
| Deposits paid for small residential property developmentsUS dollars thousands | – | 4 | PDF p. 108 |
| Purchase of property, plant and equipmentUS dollars thousands | (84,554) | (1,006) | PDF p. 108 |
| Proceeds from disposal of property, plant and equipmentUS dollars thousands | 8,797 | – | PDF p. 108 |
| Proceeds from disposal of asset held for saleUS dollars thousands | 10,317 | 18,943 | PDF p. 108 |
| Contribution from Tokumei Kumiai investorsUS dollars thousands | 1,712 | 126 | PDF p. 108 |
| Redemption from Tokumei Kumiai investorsUS dollars thousands | (1,701) | (115) | PDF p. 108 |
| Investment income receivedUS dollars thousands | 5,371 | 9 | PDF p. 108 |
| Property rental income receivedUS dollars thousands | 554 | 565 | PDF p. 108 |
| Net cash flows (used in)/generated from investing activitiesUS dollars thousands | (55,721) | 13,896 | PDF p. 108 |
| Cash flows from financing activities | |||
| Proceeds from borrowingsUS dollars thousands | 68,093 | 8,544 | PDF p. 108 |
| Repayment of borrowingsUS dollars thousands | (25,819) | (25,484) | PDF p. 108 |
| Interests and other finance costs paid on borrowingsUS dollars thousands | (3,750) | (3,419) | PDF p. 108 |
| Lease principal paidUS dollars thousands | (499) | (559) | PDF p. 108 |
| Lease interest paidUS dollars thousands | (72) | (24) | PDF p. 108 |
| Dividends paidUS dollars thousands | (1,808) | (1,874) | PDF p. 108 |
| Contributions from non-controlling interestsUS dollars thousands | 7,951 | – | PDF p. 108 |
| Net cash flows generated from/(used in) financing activitiesUS dollars thousands | 44,096 | (22,816) | PDF p. 108 |
| Net (decrease)/increase in cash and cash equivalentsUS dollars thousands | (11,400) | 8,223 | PDF p. 108 |
| Movements in cash and cash equivalents: | |||
| Cash and cash equivalents at beginning of the yearUS dollars thousands | 45,523 | 38,260 | PDF p. 108 |
| Cash flows from financing activities | |||
| Net (decrease)/increase in cash and cash equivalentsUS dollars thousands | (11,400) | 8,223 | PDF p. 108 |
| Effects of foreign exchange rate changes, netUS dollars thousands | (132) | (960) | PDF p. 108 |
| Cash and cash equivalents at end of the yearUS dollars thousands | 33,991 | 45,523 | PDF p. 108 |
Original report: PDF p. 108 ↗
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Basic and diluted EPS inputs and rate — FY2025 source | |||
| Weighted average number of ordinary shares in issue (‘000)shares thousands | 78,600 | 78,600 | PDF p. 153 |
| Profit/(loss) attributable to owners of the Company (US$’000)US dollars thousands | 920 | (28,301) | PDF p. 153 |
| Profit/(loss) per share (US cents per share) - basic and dilutedUS cents per share | 1.17 | (36.01) | PDF p. 153 |
Original report: PDF p. 153 ↗
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| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Cash composition — FY2025 source | |||||
| Cash at banks and in handUS dollars thousands | 17,287 | 14,365 | 116 | 168 | PDF p. 144 |
| Short-term time depositsUS dollars thousands | 16,704 | 31,158 | – | – | PDF p. 144 |
| Cash and bank balancesUS dollars thousands | 33,991 | 45,523 | 116 | 168 | PDF p. 144 |
Original report: PDF p. 144 ↗
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Dividends declared and paid — FY2025 source | |||
| - Final dividend for 2024: SG cents 2.0 per share (S$1.6 million) (2023: SG cents 2.2 per share (S$1.7 million))US dollars thousands | 1,204 | 1,270 | PDF p. 152 Label p. 152 |
| - Interim dividend for 2025: SG cents 1.0 per share (S$0.8 million) (2024: SG cents 1.0 per share (S$0.8 million))US dollars thousands | 604 | 604 | PDF p. 152 Label p. 152 |
| SubtotalUS dollars thousands | 1,808 | 1,874 | PDF p. 152 |
Original report: PDF p. 152 ↗
Paid dividend totals are US dollars thousands; proposed totals are separately Singapore dollars thousands. Source per-share Singapore cents and SGD narrative amounts remain inside the original dividend captions and are not substituted for USD payment totals.
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Dividends proposed at report date — FY2025 source | |||
| - Final dividend for 2025: SG cents 1.0 per share (2024: SG cents 2.0 per share)Singapore dollars thousands | 786 | 1,572 | PDF p. 152 Label p. 152 |
Original report: PDF p. 152 ↗
Paid dividend totals are US dollars thousands; proposed totals are separately Singapore dollars thousands. Source per-share Singapore cents and SGD narrative amounts remain inside the original dividend captions and are not substituted for USD payment totals.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | 2024Company | 2023Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Investment propertiesUS dollars thousands | 7,874 | 9,135 | – | – | PDF p. 87 |
| InvestmentsUS dollars thousands | 4,203 | 33,487 | – | – | PDF p. 87 |
| Investment in subsidiaryUS dollars thousands | – | – | 113,022 | 113,022 | PDF p. 87 |
| Investment in associatesUS dollars thousands | 119 | 85 | – | – | PDF p. 87 |
| Property, plant and equipmentUS dollars thousands | 83,545 | 112,867 | – | – | PDF p. 87 |
| Right-of-use assetsUS dollars thousands | 1,336 | 420 | 484 | 121 | PDF p. 87 |
| Rental depositsUS dollars thousands | 152 | 171 | – | – | PDF p. 87 |
| Deferred tax assetsUS dollars thousands | 205 | 189 | – | – | PDF p. 87 |
| Total non-current assetsUS dollars thousands | 97,434 | 156,354 | 113,506 | 113,143 | PDF p. 87 |
| Current assets | |||||
| InvestmentsUS dollars thousands | 4,125 | 4,311 | – | – | PDF p. 87 |
| Properties under development for saleUS dollars thousands | 2,728 | – | – | – | PDF p. 87 |
| Accounts receivablesUS dollars thousands | 508 | 1,008 | – | – | PDF p. 87 |
| Amounts due from subsidiariesUS dollars thousands | – | – | 2,827 | 2,950 | PDF p. 87 |
| Prepayments, deposits and other receivablesUS dollars thousands | 4,787 | 2,915 | 100 | 62 | PDF p. 87 Label p. 87 |
| Tax recoverableUS dollars thousands | 328 | 99 | – | – | PDF p. 87 |
| Asset held for saleUS dollars thousands | 10,476 | 8,683 | – | – | PDF p. 87 |
| Cash and bank balancesUS dollars thousands | 45,523 | 38,260 | 168 | 347 | PDF p. 87 |
| Total current assetsUS dollars thousands | 68,475 | 55,276 | 3,095 | 3,359 | PDF p. 87 |
| Total assetsUS dollars thousands | 165,909 | 211,630 | 116,601 | 116,502 | PDF p. 87 |
Original report: PDF p. 87 ↗
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| Metric / unit | 2024Group | 2023Group | 2024Company | 2023Company | Source |
|---|---|---|---|---|---|
| EQUITY | |||||
| Equity attributable to owners of the parent Share capitalUS dollars thousands | 113,174 | 113,174 | 113,174 | 113,174 | PDF p. 88 Label p. 88 |
| Retained earningsUS dollars thousands | 11,636 | 41,822 | 1,221 | 1,341 | PDF p. 88 |
| Translation reserveUS dollars thousands | (5,713) | (3,816) | – | – | PDF p. 88 |
| Capital reserveUS dollars thousands | (2,808) | (2,819) | – | – | PDF p. 88 |
| Total equity attributable to owners | |||||
| Total equity attributable to owners of the parentUS dollars thousands | 116,289 | 148,361 | 114,395 | 114,515 | PDF p. 88 Label p. 88 |
| Non-controlling interestsUS dollars thousands | 569 | 530 | – | – | PDF p. 88 |
| Total equityUS dollars thousands | 116,858 | 148,891 | 114,395 | 114,515 | PDF p. 88 |
| Non-current liabilities | |||||
| BorrowingsUS dollars thousands | 30,402 | 46,583 | – | – | PDF p. 88 |
| Lease liabilitiesUS dollars thousands | 910 | 39 | 324 | – | PDF p. 88 |
| Deferred tax liabilitiesUS dollars thousands | 324 | 525 | – | – | PDF p. 88 |
| Amount due to subsidiaryUS dollars thousands | – | – | 1,000 | 1,000 | PDF p. 88 |
| Total non-current liabilitiesUS dollars thousands | 31,636 | 47,147 | 1,324 | 1,000 | PDF p. 88 |
| Current liabilities | |||||
| BorrowingsUS dollars thousands | 11,233 | 9,021 | – | – | PDF p. 88 |
| Lease liabilitiesUS dollars thousands | 490 | 462 | 153 | 129 | PDF p. 88 |
| Due to Tokumei Kumiai investorsUS dollars thousands | 270 | 205 | – | – | PDF p. 88 |
| Accounts payablesUS dollars thousands | 516 | 639 | – | – | PDF p. 88 |
| Amounts due to subsidiaryUS dollars thousands | – | – | 42 | 34 | PDF p. 88 |
| Other payables and accrualsUS dollars thousands | 4,292 | 4,473 | 327 | 370 | PDF p. 88 |
| Income tax payableUS dollars thousands | 614 | 792 | 360 | 454 | PDF p. 88 |
| Total current liabilitiesUS dollars thousands | 17,415 | 15,592 | 882 | 987 | PDF p. 88 |
| Total liabilitiesUS dollars thousands | 49,051 | 62,739 | 2,206 | 1,987 | PDF p. 88 |
| Total equity and liabilitiesUS dollars thousands | 165,909 | 211,630 | 116,601 | 116,502 | PDF p. 88 |
Original report: PDF p. 88 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Group income — FY2024 source | |||
| Charter incomeUS dollars thousands | 32,494 | 37,812 | PDF p. 89 |
| Fee incomeUS dollars thousands | 3,794 | 4,669 | PDF p. 89 |
| Sale of properties under developmentUS dollars thousands | 14,788 | 12,130 | PDF p. 89 |
| Investment returnsUS dollars thousands | (28,610) | 2,618 | PDF p. 89 |
| Interest incomeUS dollars thousands | 1,204 | 586 | PDF p. 89 |
| Other incomeUS dollars thousands | 289 | 219 | PDF p. 89 |
| Total incomeUS dollars thousands | 23,959 | 58,034 | PDF p. 89 |
| Employee benefits expensesUS dollars thousands | (6,354) | (6,686) | PDF p. 89 |
| Depreciation of property, plant and equipmentUS dollars thousands | (9,014) | (10,827) | PDF p. 89 |
| Depreciation of right-of-use assetsUS dollars thousands | (551) | (651) | PDF p. 89 |
| Vessel operating expensesUS dollars thousands | (14,620) | (18,566) | PDF p. 89 |
| Costs of properties under development soldUS dollars thousands | (13,977) | (10,728) | PDF p. 89 |
| Gain on disposal of property, plant and equipmentUS dollars thousands | – | 2,343 | PDF p. 89 |
| (Impairment)/reversal of previously recognised impairment loss of property, plant and equipment, netUS dollars thousands | (690) | 1,150 | PDF p. 89 Label p. 89 |
| Write-off of asset held for saleUS dollars thousands | (89) | – | PDF p. 89 |
| Net foreign exchange gain/(loss)US dollars thousands | 155 | (39) | PDF p. 89 |
| Other expensesUS dollars thousands | (2,835) | (3,519) | PDF p. 89 |
| Total operating expensesUS dollars thousands | (47,975) | (47,523) | PDF p. 89 |
| Operating (loss)/profitUS dollars thousands | (24,016) | 10,511 | PDF p. 89 |
| Finance costs – interest expenseUS dollars thousands | (3,127) | (3,606) | PDF p. 89 |
| Finance costs – lease interestUS dollars thousands | (24) | (14) | PDF p. 89 |
| Finance costs – othersUS dollars thousands | (265) | (112) | PDF p. 89 |
| Share of results of associateUS dollars thousands | (4) | 2 | PDF p. 89 |
| Allocation to Tokumei Kumiai (1) investorsUS dollars thousands | 19 | (557) | PDF p. 89 |
| (Loss)/profit before taxUS dollars thousands | (27,417) | 6,224 | PDF p. 89 |
| Income tax expenseUS dollars thousands | (829) | (1,161) | PDF p. 89 |
| (Loss)/profit for the yearUS dollars thousands | (28,246) | 5,063 | PDF p. 89 |
| Attributable to: | |||
| Owners of the parentUS dollars thousands | (28,301) | 5,007 | PDF p. 89 |
| Group income — FY2024 source | |||
| Non-controlling interestsUS dollars thousands | 55 | 56 | PDF p. 89 |
| SubtotalUS dollars thousands | (28,246) | 5,063 | PDF p. 89 |
| Earnings per share attributable to owners of the parent | |||
| (US cents per share): Basic and dilutedUS cents per share | (36.01) | 6.37 | PDF p. 89 Label p. 89 |
Original report: PDF p. 89 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Group comprehensive income — FY2024 source | |||
| (Loss)/profit for the yearUS dollars thousands | (28,246) | 5,063 | PDF p. 90 |
| Items that may be reclassified subsequently to profit or loss: | |||
| Exchange differences on translation of foreign operationsUS dollars thousands | (1,913) | (1,270) | PDF p. 90 |
| Net movement on cash flow hedgesUS dollars thousands | – | (42) | PDF p. 90 |
| Other comprehensive income for the year, net of taxUS dollars thousands | (1,913) | (1,312) | PDF p. 90 |
| Total comprehensive income for the year, net of taxUS dollars thousands | (30,159) | 3,751 | PDF p. 90 |
| Attributable to: | |||
| Owners of the parentUS dollars thousands | (30,198) | 3,677 | PDF p. 90 |
| Items that may be reclassified subsequently to profit or loss: | |||
| Non-controlling interestsUS dollars thousands | 39 | 74 | PDF p. 90 |
| SubtotalUS dollars thousands | (30,159) | 3,751 | PDF p. 90 |
Original report: PDF p. 90 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / Share capital | 2023Group / Retained earnings | 2023Group / Hedging reserve | 2023Group / Translation reserve | 2023Group / Capital reserve | 2023Group / Total attributable to owners | 2023Group / Non-controlling interests | 2023Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2024 source / complete two-year source table | |||||||||
| At 1 January 2023US dollars thousands | 113,174 | 42,811 | 42 | (2,528) | (2,833) | 150,666 | 505 | 151,171 | PDF p. 91 |
| Profit for the yearUS dollars thousands | – | 5,007 | – | – | – | 5,007 | 56 | 5,063 | PDF p. 91 |
| Other comprehensive income for the yearUS dollars thousands | – | – | (42) | (1,288) | – | (1,330) | 18 | (1,312) | PDF p. 91 |
| Total comprehensive income for the yearUS dollars thousands | – | 5,007 | (42) | (1,288) | – | 3,677 | 74 | 3,751 | PDF p. 91 |
| Distributions to owners: | |||||||||
| Final and special dividends in respect of 2022US dollars thousands | – | (4,702) | – | – | – | (4,702) | – | (4,702) | PDF p. 91 Label p. 91 |
| Group changes in equity — FY2024 source / complete two-year source table | |||||||||
| Interim dividend in respect of 2023US dollars thousands | – | (1,280) | – | – | – | (1,280) | – | (1,280) | PDF p. 91 |
| Transfer to capital reserveUS dollars thousands | – | (14) | – | – | 14 | – | – | – | PDF p. 91 |
| Distributions to non-controlling interestsUS dollars thousands | – | – | – | – | – | – | (49) | (49) | PDF p. 91 |
| At 31 December 2023 and 1 January 2024US dollars thousands | 113,174 | 41,822 | – | (3,816) | (2,819) | 148,361 | 530 | 148,891 | PDF p. 91 |
Original report: PDF p. 91 ↗
The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / Share capital | 2024Group / Retained earnings | 2024Group / Hedging reserve | 2024Group / Translation reserve | 2024Group / Capital reserve | 2024Group / Total attributable to owners | 2024Group / Non-controlling interests | 2024Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2024 source / complete two-year source table | |||||||||
| At 31 December 2023 and 1 January 2024US dollars thousands | 113,174 | 41,822 | – | (3,816) | (2,819) | 148,361 | 530 | 148,891 | PDF p. 91 |
| (Loss)/profit for the yearUS dollars thousands | – | (28,301) | – | – | – | (28,301) | 55 | (28,246) | PDF p. 91 |
| Other comprehensive income for the yearUS dollars thousands | – | – | – | (1,897) | – | (1,897) | (16) | (1,913) | PDF p. 91 |
| Total comprehensive income for the yearUS dollars thousands | – | (28,301) | – | (1,897) | – | (30,198) | 39 | (30,159) | PDF p. 91 |
| Distributions to owners: | |||||||||
| Final dividend in respect of 2023US dollars thousands | – | (1,270) | – | – | – | (1,270) | – | (1,270) | PDF p. 91 |
| Group changes in equity — FY2024 source / complete two-year source table | |||||||||
| Interim dividend in respect of 2024US dollars thousands | – | (604) | – | – | – | (604) | – | (604) | PDF p. 91 |
| Transfer to capital reserveUS dollars thousands | – | (11) | – | – | 11 | – | – | – | PDF p. 91 |
| At 31 December 2024US dollars thousands | 113,174 | 11,636 | – | (5,713) | (2,808) | 116,289 | 569 | 116,858 | PDF p. 91 |
Original report: PDF p. 91 ↗
The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Company / Share capital | 2023Company / Retained earnings | 2023Company / Total equity | Source |
|---|---|---|---|---|
| Company changes in equity — FY2024 source / complete two-year source table | ||||
| At 1 January 2023US dollars thousands | 113,174 | 4,934 | 118,108 | PDF p. 92 |
| Profit for the year, representing total comprehensive income for the yearUS dollars thousands | – | 2,389 | 2,389 | PDF p. 92 Label p. 92 |
| Distribution to owners: | ||||
| Final and special dividends in respect of 2022US dollars thousands | – | (4,702) | (4,702) | PDF p. 92 |
| Company changes in equity — FY2024 source / complete two-year source table | ||||
| Interim dividend in respect of 2023US dollars thousands | – | (1,280) | (1,280) | PDF p. 92 |
| At 31 December 2023 and at 1 January 2024US dollars thousands | 113,174 | 1,341 | 114,515 | PDF p. 92 |
Original report: PDF p. 92 ↗
The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Company / Share capital | 2024Company / Retained earnings | 2024Company / Total equity | Source |
|---|---|---|---|---|
| Company changes in equity — FY2024 source / complete two-year source table | ||||
| At 31 December 2023 and at 1 January 2024US dollars thousands | 113,174 | 1,341 | 114,515 | PDF p. 92 |
| Profit for the year, representing total comprehensive income for the yearUS dollars thousands | – | 1,754 | 1,754 | PDF p. 92 Label p. 92 |
| Distribution to owners: | ||||
| Final dividend in respect of 2023US dollars thousands | – | (1,270) | (1,270) | PDF p. 92 |
| Company changes in equity — FY2024 source / complete two-year source table | ||||
| Interim dividend in respect of 2024US dollars thousands | – | (604) | (604) | PDF p. 92 |
| At 31 December 2024US dollars thousands | 113,174 | 1,221 | 114,395 | PDF p. 92 |
Original report: PDF p. 92 ↗
The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| (Loss)/profit before taxUS dollars thousands | (27,417) | 6,224 | PDF p. 93 |
| Adjustments for: | |||
| Investment returnsUS dollars thousands | 28,610 | (2,618) | PDF p. 93 |
| Depreciation of property, plant and equipmentUS dollars thousands | 9,014 | 10,827 | PDF p. 93 |
| Depreciation of right-of-use assetsUS dollars thousands | 551 | 651 | PDF p. 93 |
| Write-off of asset held for saleUS dollars thousands | 89 | – | PDF p. 93 |
| Gain on disposal of property, plant and equipmentUS dollars thousands | – | (2,343) | PDF p. 93 |
| Impairment/(reversal of previously recognised impairment loss) of property, plant and equipment, netUS dollars thousands | 690 | (1,150) | PDF p. 93 Label p. 93 |
| Impairment of receivableUS dollars thousands | 13 | – | PDF p. 93 |
| Net foreign exchange (gain)/lossUS dollars thousands | (155) | 39 | PDF p. 93 |
| Interest incomeUS dollars thousands | (1,204) | (586) | PDF p. 93 |
| Finance costs – interest expenseUS dollars thousands | 3,127 | 3,606 | PDF p. 93 |
| Finance costs – lease interestUS dollars thousands | 24 | 14 | PDF p. 93 |
| Finance costs – othersUS dollars thousands | 265 | 112 | PDF p. 93 |
| Share of results of associatesUS dollars thousands | 4 | (2) | PDF p. 93 |
| Allocation to Tokumei Kumiai investorsUS dollars thousands | (19) | 557 | PDF p. 93 |
| Operating cash flows before changes in working capitalUS dollars thousands | 13,592 | 15,331 | PDF p. 93 |
| Changes in working capital: | |||
| Net change in properties under development for saleUS dollars thousands | 5,501 | 5,646 | PDF p. 93 |
| Net change in accounts receivableUS dollars thousands | 454 | (425) | PDF p. 93 |
| Net change in prepayments, deposits and other receivablesUS dollars thousands | (1,795) | 3,144 | PDF p. 93 |
| Net change in accounts payableUS dollars thousands | (100) | 244 | PDF p. 93 |
| Net change in other payables and accrualsUS dollars thousands | (445) | (4,364) | PDF p. 93 |
| Cash flows generated from operationsUS dollars thousands | 17,207 | 19,576 | PDF p. 93 |
| Interest received on bank balancesUS dollars thousands | 1,164 | 536 | PDF p. 93 |
| Tax paidUS dollars thousands | (1,228) | (1,122) | PDF p. 93 |
| Net cash flows generated from operating activitiesUS dollars thousands | 17,143 | 18,990 | PDF p. 93 |
Original report: PDF p. 93 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Cash flows from investing activities | |||
| Purchase of an investment propertyUS dollars thousands | – | (1,493) | PDF p. 94 |
| Purchase of investmentsUS dollars thousands | (7,661) | (7,785) | PDF p. 94 |
| Proceeds from sale of investment propertiesUS dollars thousands | – | 4,429 | PDF p. 94 |
| Proceeds from redemption/sale of investmentsUS dollars thousands | 3,054 | 2,933 | PDF p. 94 |
| Deconsolidation of consolidated entitiesUS dollars thousands | (23) | (8) | PDF p. 94 |
| Deposits paid for small residential property developmentsUS dollars thousands | 4 | – | PDF p. 94 |
| Purchase of property, plant and equipmentUS dollars thousands | (1,006) | (6,368) | PDF p. 94 |
| Proceeds from disposal of property, plant and equipmentUS dollars thousands | – | 7,522 | PDF p. 94 |
| Proceeds from disposal of asset held for saleUS dollars thousands | 18,943 | – | PDF p. 94 |
| Contribution from Tokumei Kumiai investorsUS dollars thousands | 126 | 505 | PDF p. 94 |
| Redemption from Tokumei Kumiai investorsUS dollars thousands | (115) | (1,714) | PDF p. 94 |
| Interest received from loansUS dollars thousands | – | 1 | PDF p. 94 |
| Investment income receivedUS dollars thousands | 9 | 1,199 | PDF p. 94 |
| Property rental income receivedUS dollars thousands | 565 | 630 | PDF p. 94 |
| Net cash flows generated from/(used in) investing activitiesUS dollars thousands | 13,896 | (149) | PDF p. 94 |
| Cash flows from financing activities | |||
| Proceeds from borrowingsUS dollars thousands | 8,544 | 31,756 | PDF p. 94 |
| Repayment of borrowingsUS dollars thousands | (25,484) | (47,837) | PDF p. 94 |
| Interests and other finance costs paid on borrowingsUS dollars thousands | (3,419) | (3,892) | PDF p. 94 |
| Lease principal paidUS dollars thousands | (559) | (591) | PDF p. 94 |
| Lease interest paidUS dollars thousands | (24) | (14) | PDF p. 94 |
| Dividends paidUS dollars thousands | (1,874) | (5,982) | PDF p. 94 |
| Distributions to non-controlling interestsUS dollars thousands | – | (49) | PDF p. 94 |
| Net cash flows used in financing activitiesUS dollars thousands | (22,816) | (26,609) | PDF p. 94 |
| Net increase/(decrease) in cash and cash equivalentsUS dollars thousands | 8,223 | (7,768) | PDF p. 94 |
| Movements in cash and cash equivalents: | |||
| Cash and cash equivalents at beginning of the yearUS dollars thousands | 38,260 | 47,069 | PDF p. 94 |
| Cash flows from financing activities | |||
| Net increase/(decrease) in cash and cash equivalentsUS dollars thousands | 8,223 | (7,768) | PDF p. 94 |
| Effects of foreign exchange rate changes, netUS dollars thousands | (960) | (1,041) | PDF p. 94 |
| Cash and cash equivalents at end of the yearUS dollars thousands | 45,523 | 38,260 | PDF p. 94 |
Original report: PDF p. 94 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Basic and diluted EPS inputs and rate — FY2024 source | |||
| Weighted average number of ordinary shares in issue (‘000)shares thousands | 78,600 | 78,600 | PDF p. 137 |
| (Loss)/profit attributable to owners of the parent (US$’000)US dollars thousands | (28,301) | 5,007 | PDF p. 137 |
| (Loss)/profit per share (US cents per share) - basic and dilutedUS cents per share | (36.01) | 6.37 | PDF p. 137 |
Original report: PDF p. 137 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | 2022Company | 2021Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Investment propertiesUS dollars thousands | 11,816 | 13,085 | – | – | PDF p. 88 |
| InvestmentsUS dollars thousands | 32,535 | 31,379 | – | – | PDF p. 88 |
| Investment in subsidiaryUS dollars thousands | – | – | 113,022 | 113,022 | PDF p. 88 |
| Investment in associatesUS dollars thousands | 85 | 124 | – | – | PDF p. 88 |
| Property, plant and equipmentUS dollars thousands | 130,111 | 136,357 | 1 | 5 | PDF p. 88 |
| Right-of-use assetsUS dollars thousands | 1,080 | 2,286 | 251 | 382 | PDF p. 88 |
| Rental depositUS dollars thousands | 202 | 398 | – | – | PDF p. 88 |
| Deferred tax assetsUS dollars thousands | 260 | 158 | – | – | PDF p. 88 |
| Total non-current assetsUS dollars thousands | 176,089 | 183,787 | 113,274 | 113,409 | PDF p. 88 |
| Current assets | |||||
| InvestmentsUS dollars thousands | 695 | 1,543 | – | – | PDF p. 88 |
| Properties under developmentUS dollars thousands | 6,009 | 4,206 | – | – | PDF p. 88 |
| Derivative financial instrumentsUS dollars thousands | 66 | – | – | – | PDF p. 88 |
| Accounts receivableUS dollars thousands | 596 | 525 | – | – | PDF p. 88 |
| Amounts due from subsidiaryUS dollars thousands | – | – | 7,060 | 4,200 | PDF p. 88 |
| Prepayments, deposits and other receivablesUS dollars thousands | 6,062 | 3,780 | 53 | 83 | PDF p. 88 Label p. 88 |
| Tax recoverableUS dollars thousands | 69 | 163 | – | – | PDF p. 88 |
| Cash and bank balancesUS dollars thousands | 47,069 | 36,732 | 129 | 760 | PDF p. 88 |
| Total current assetsUS dollars thousands | 60,566 | 46,949 | 7,242 | 5,043 | PDF p. 88 |
| Total assetsUS dollars thousands | 236,655 | 230,736 | 120,516 | 118,452 | PDF p. 88 |
Original report: PDF p. 88 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | 2022Company | 2021Company | Source |
|---|---|---|---|---|---|
| EQUITY | |||||
| Equity attributable to owners of the parent Share capitalUS dollars thousands | 113,174 | 113,174 | 113,174 | 113,174 | PDF p. 89 Label p. 89 |
| Retained earningsUS dollars thousands | 42,811 | 21,525 | 4,934 | 3,001 | PDF p. 89 |
| Hedging reserveUS dollars thousands | 42 | (478) | – | – | PDF p. 89 |
| Exchange reserveUS dollars thousands | (2,528) | 767 | – | – | PDF p. 89 |
| Capital reserveUS dollars thousands | (2,833) | (2,854) | – | – | PDF p. 89 |
| Total equity attributable to owners | |||||
| Total equity attributable to owners of the parentUS dollars thousands | 150,666 | 132,134 | 118,108 | 116,175 | PDF p. 89 Label p. 89 |
| Non-controlling interestsUS dollars thousands | 505 | 440 | – | – | PDF p. 89 |
| Total equityUS dollars thousands | 151,171 | 132,574 | 118,108 | 116,175 | PDF p. 89 |
| Non-current liabilities | |||||
| BorrowingsUS dollars thousands | 41,551 | 61,556 | – | – | PDF p. 89 |
| Lease liabilitiesUS dollars thousands | 504 | 840 | 125 | 257 | PDF p. 89 |
| Derivative financial instrumentsUS dollars thousands | – | 97 | – | – | PDF p. 89 |
| Deferred tax liabilitiesUS dollars thousands | 576 | 550 | – | – | PDF p. 89 |
| Amount due to subsidiaryUS dollars thousands | – | – | 1,000 | 1,000 | PDF p. 89 |
| Other payablesUS dollars thousands | – | 52 | – | – | PDF p. 89 |
| Total non-current liabilitiesUS dollars thousands | 42,631 | 63,095 | 1,125 | 1,257 | PDF p. 89 |
| Current liabilities | |||||
| BorrowingsUS dollars thousands | 31,161 | 22,285 | – | – | PDF p. 89 |
| Lease liabilitiesUS dollars thousands | 599 | 3,599 | 134 | 131 | PDF p. 89 |
| Due to Tokumei Kumiai investorsUS dollars thousands | 911 | 1,230 | – | – | PDF p. 89 |
| Derivative financial instrumentsUS dollars thousands | 56 | 422 | – | – | PDF p. 89 |
| Accounts payableUS dollars thousands | 419 | 236 | – | – | PDF p. 89 |
| Amounts due to subsidiaryUS dollars thousands | – | – | 19 | 4 | PDF p. 89 |
| Other payables and accrualsUS dollars thousands | 8,949 | 6,661 | 703 | 555 | PDF p. 89 |
| Income tax payableUS dollars thousands | 758 | 634 | 427 | 330 | PDF p. 89 |
| Total current liabilitiesUS dollars thousands | 42,853 | 35,067 | 1,283 | 1,020 | PDF p. 89 |
| Total liabilitiesUS dollars thousands | 85,484 | 98,162 | 2,408 | 2,277 | PDF p. 89 |
| Total equity and liabilitiesUS dollars thousands | 236,655 | 230,736 | 120,516 | 118,452 | PDF p. 89 |
Original report: PDF p. 89 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Group income — FY2022 source | |||
| Charter incomeUS dollars thousands | 65,279 | 47,805 | PDF p. 90 |
| Fee incomeUS dollars thousands | 6,596 | 5,731 | PDF p. 90 |
| Sale of properties under developmentUS dollars thousands | 8,658 | 9,134 | PDF p. 90 |
| Investment returnsUS dollars thousands | 4,712 | 5,431 | PDF p. 90 |
| Interest incomeUS dollars thousands | 208 | 89 | PDF p. 90 |
| Other incomeUS dollars thousands | 683 | 1,245 | PDF p. 90 |
| Total incomeUS dollars thousands | 86,136 | 69,435 | PDF p. 90 |
| Employee benefits expensesUS dollars thousands | (10,600) | (9,493) | PDF p. 90 |
| Amortisation and depreciationUS dollars thousands | (9,891) | (9,484) | PDF p. 90 |
| Depreciation of right-of-use assetsUS dollars thousands | (1,470) | (1,572) | PDF p. 90 |
| Vessel operating expensesUS dollars thousands | (22,579) | (18,550) | PDF p. 90 |
| Costs of properties under development soldUS dollars thousands | (7,062) | (7,965) | PDF p. 90 |
| Gain on disposal of asset held for saleUS dollars thousands | – | 365 | PDF p. 90 |
| Reversal of impairment of loan receivablesUS dollars thousands | – | 1,050 | PDF p. 90 |
| Impairment of receivablesUS dollars thousands | – | (50) | PDF p. 90 |
| Net foreign exchange gainUS dollars thousands | 1,535 | 1,562 | PDF p. 90 |
| Other expensesUS dollars thousands | (3,541) | (3,051) | PDF p. 90 |
| Total operating expensesUS dollars thousands | (53,608) | (47,188) | PDF p. 90 |
| Operating profitUS dollars thousands | 32,528 | 22,247 | PDF p. 90 |
| Finance costs – interest expenseUS dollars thousands | (2,641) | (2,686) | PDF p. 90 |
| Finance costs – lease interestUS dollars thousands | (104) | (243) | PDF p. 90 |
| Finance costs – othersUS dollars thousands | (186) | (140) | PDF p. 90 |
| Share of results of associatesUS dollars thousands | (23) | 108 | PDF p. 90 |
| Allocation to Tokumei Kumiai (1) investorsUS dollars thousands | (646) | (290) | PDF p. 90 |
| Profit before taxUS dollars thousands | 28,928 | 18,996 | PDF p. 90 |
| Income tax expenseUS dollars thousands | (1,039) | (951) | PDF p. 90 |
| Profit for the yearUS dollars thousands | 27,889 | 18,045 | PDF p. 90 |
| Attributable to: | |||
| Owners of the parentUS dollars thousands | 27,783 | 18,201 | PDF p. 90 |
| Group income — FY2022 source | |||
| Non-controlling interestsUS dollars thousands | 106 | (156) | PDF p. 90 |
| SubtotalUS dollars thousands | 27,889 | 18,045 | PDF p. 90 |
| Profit per share attributable to owners of the parent | |||
| Profit per share attributable to owners of the parent (US cents per share): - Basic and dilutedUS cents per share | 35.35 | 23.16 | PDF p. 90 Label p. 90 |
Original report: PDF p. 90 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Group comprehensive income — FY2022 source | |||
| Profit for the yearUS dollars thousands | 27,889 | 18,045 | PDF p. 91 |
| Items that may be reclassified subsequently to profit or loss: | |||
| Exchange differences on translation of foreign operationsUS dollars thousands | (3,336) | (2,967) | PDF p. 91 |
| Net movement on cash flow hedgesUS dollars thousands | 520 | 206 | PDF p. 91 |
| Other comprehensive expense for the year, net of taxUS dollars thousands | (2,816) | (2,761) | PDF p. 91 |
| Total comprehensive income for the year, net of taxUS dollars thousands | 25,073 | 15,284 | PDF p. 91 |
| Attributable to: | |||
| Owners of the parentUS dollars thousands | 25,008 | 15,430 | PDF p. 91 |
| Items that may be reclassified subsequently to profit or loss: | |||
| Non-controlling interestsUS dollars thousands | 65 | (146) | PDF p. 91 |
| SubtotalUS dollars thousands | 25,073 | 15,284 | PDF p. 91 |
Original report: PDF p. 91 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / Share capital | 2021Group / Retained earnings | 2021Group / Hedging reserve | 2021Group / Exchange reserve | 2021Group / Capital reserve | 2021Group / Total attributable to owners | 2021Group / Non-controlling interests | 2021Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity — FY2022 source / complete two-year source table | |||||||||
| At 1 January 2021US dollars thousands | 113,174 | 5,086 | (684) | 3,744 | (2,856) | 118,464 | 878 | 119,342 | PDF p. 92 |
| Profit/(loss) for the yearUS dollars thousands | – | 18,201 | – | – | – | 18,201 | (156) | 18,045 | PDF p. 92 |
| Other comprehensive income/(expense) for the yearUS dollars thousands | – | – | 206 | (2,977) | – | (2,771) | 10 | (2,761) | PDF p. 92 Label p. 92 |
| Total comprehensive income/(expense) | |||||||||
| Total comprehensive income/(expense) for the yearUS dollars thousands | – | 18,201 | 206 | (2,977) | – | 15,430 | (146) | 15,284 | PDF p. 92 Label p. 92 |
| Acquisition of additional interests in a subsidiaryUS dollars thousands | – | – | – | – | – | – | (52) | (52) | PDF p. 92 Label p. 92 |
| Distributions to owners: | |||||||||
| Final dividend in respect of 2020US dollars thousands | – | (592) | – | – | – | (592) | – | (592) | PDF p. 92 |
| Total comprehensive income/(expense) | |||||||||
| Interim dividend in respect of 2021US dollars thousands | – | (1,170) | – | – | – | (1,170) | – | (1,170) | PDF p. 92 |
| Transfer to capital reserveUS dollars thousands | – | – | – | – | 2 | 2 | (2) | – | PDF p. 92 |
| Payment to non-controlling interestsUS dollars thousands | – | – | – | – | – | – | (238) | (238) | PDF p. 92 |
| At 31 December 2021 and 1 January 2022US dollars thousands | 113,174 | 21,525 | (478) | 767 | (2,854) | 132,134 | 440 | 132,574 | PDF p. 92 |
Original report: PDF p. 92 ↗
The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / Share capital | 2022Group / Retained earnings | 2022Group / Hedging reserve | 2022Group / Exchange reserve | 2022Group / Capital reserve | 2022Group / Total attributable to owners | 2022Group / Non-controlling interests | 2022Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Total comprehensive income/(expense) | |||||||||
| At 31 December 2021 and 1 January 2022US dollars thousands | 113,174 | 21,525 | (478) | 767 | (2,854) | 132,134 | 440 | 132,574 | PDF p. 92 |
| Profit for the yearUS dollars thousands | – | 27,783 | – | – | – | 27,783 | 106 | 27,889 | PDF p. 92 |
| Other comprehensive income/(expense) for the yearUS dollars thousands | – | – | 520 | (3,295) | – | (2,775) | (41) | (2,816) | PDF p. 92 Label p. 92 |
| Total comprehensive income/(expense) for the yearUS dollars thousands | – | 27,783 | 520 | (3,295) | – | 25,008 | 65 | 25,073 | PDF p. 92 Label p. 92 |
| Distributions to owners: | |||||||||
| Final and special dividends in respect of 2021US dollars thousands | – | (2,828) | – | – | – | (2,828) | – | (2,828) | PDF p. 92 Label p. 92 |
| Total comprehensive income/(expense) | |||||||||
| Interim dividend in respect of 2022US dollars thousands | – | (3,648) | – | – | – | (3,648) | – | (3,648) | PDF p. 92 |
| Transfer to capital reserveUS dollars thousands | – | (21) | – | – | 21 | – | – | – | PDF p. 92 |
| At 31 December 2022US dollars thousands | 113,174 | 42,811 | 42 | (2,528) | (2,833) | 150,666 | 505 | 151,171 | PDF p. 92 |
Original report: PDF p. 92 ↗
The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Company / Share capital | 2021Company / Retained earnings | 2021Company / Total equity | Source |
|---|---|---|---|---|
| Company changes in equity — FY2022 source / complete two-year source table | ||||
| At 1 January 2021US dollars thousands | 113,174 | 678 | 113,852 | PDF p. 93 |
| Profit for the year, representing total comprehensive income for the yearUS dollars thousands | – | 4,085 | 4,085 | PDF p. 93 Label p. 93 |
| Distribution to owners: | ||||
| Final dividend in respect of 2020US dollars thousands | – | (592) | (592) | PDF p. 93 |
| Company changes in equity — FY2022 source / complete two-year source table | ||||
| Interim dividend in respect of 2021US dollars thousands | – | (1,170) | (1,170) | PDF p. 93 |
| At 31 December 2021 and at 1 January 2022US dollars thousands | 113,174 | 3,001 | 116,175 | PDF p. 93 |
Original report: PDF p. 93 ↗
The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Company / Share capital | 2022Company / Retained earnings | 2022Company / Total equity | Source |
|---|---|---|---|---|
| Company changes in equity — FY2022 source / complete two-year source table | ||||
| At 31 December 2021 and at 1 January 2022US dollars thousands | 113,174 | 3,001 | 116,175 | PDF p. 93 |
| Profit for the year, representing total comprehensive income for the yearUS dollars thousands | – | 8,409 | 8,409 | PDF p. 93 Label p. 93 |
| Distribution to owners: | ||||
| Final and special dividends in respect of 2021US dollars thousands | – | (2,828) | (2,828) | PDF p. 93 |
| Company changes in equity — FY2022 source / complete two-year source table | ||||
| Interim dividend in respect of 2022US dollars thousands | – | (3,648) | (3,648) | PDF p. 93 |
| At 31 December 2022US dollars thousands | 113,174 | 4,934 | 118,108 | PDF p. 93 |
Original report: PDF p. 93 ↗
The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before taxUS dollars thousands | 28,928 | 18,996 | PDF p. 94 |
| Adjustments for: | |||
| Investment returnsUS dollars thousands | (4,712) | (5,431) | PDF p. 94 |
| Amortisation and depreciationUS dollars thousands | 9,891 | 9,484 | PDF p. 94 |
| Depreciation of right-of-use assetsUS dollars thousands | 1,470 | 1,572 | PDF p. 94 |
| Write-off of property, plant and equipmentUS dollars thousands | 43 | 6 | PDF p. 94 |
| Gain on disposal of asset held for saleUS dollars thousands | – | (365) | PDF p. 94 |
| Reversal of impairment of loan receivablesUS dollars thousands | – | (1,050) | PDF p. 94 |
| Impairment of receivablesUS dollars thousands | – | 50 | PDF p. 94 |
| Net foreign exchange gainUS dollars thousands | (1,535) | (1,562) | PDF p. 94 |
| Interest incomeUS dollars thousands | (208) | (89) | PDF p. 94 |
| Finance costs – interest expenseUS dollars thousands | 2,641 | 2,686 | PDF p. 94 |
| Finance costs – lease interestUS dollars thousands | 104 | 243 | PDF p. 94 |
| Finance costs – othersUS dollars thousands | 186 | 140 | PDF p. 94 |
| Share of results of associatesUS dollars thousands | 23 | (108) | PDF p. 94 |
| Allocation to Tokumei Kumiai investorsUS dollars thousands | 646 | 290 | PDF p. 94 |
| Operating cash flows before changes in working capitalUS dollars thousands | 37,477 | 24,862 | PDF p. 94 |
| Changes in working capital: | |||
| Net change in properties under developmentUS dollars thousands | (2,331) | 1,771 | PDF p. 94 |
| Net change in accounts receivableUS dollars thousands | (95) | 653 | PDF p. 94 |
| Net change in prepayments, deposits and other receivablesUS dollars thousands | (2,072) | (280) | PDF p. 94 |
| Net change in accounts payableUS dollars thousands | 206 | 9 | PDF p. 94 |
| Net change in other payables and accrualsUS dollars thousands | 2,424 | 2,087 | PDF p. 94 |
| Cash flows generated from operationsUS dollars thousands | 35,609 | 29,102 | PDF p. 94 |
| Interest received on bank balancesUS dollars thousands | 177 | 24 | PDF p. 94 |
| Tax paidUS dollars thousands | (862) | (747) | PDF p. 94 |
| Net cash flows generated from operating activitiesUS dollars thousands | 34,924 | 28,379 | PDF p. 94 |
Original report: PDF p. 94 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Cash flows from investing activities | |||
| Purchase of investment propertiesUS dollars thousands | (337) | (4,240) | PDF p. 95 |
| Purchase of investmentsUS dollars thousands | (3,161) | (3,703) | PDF p. 95 |
| Proceeds from redemption/sale of investmentsUS dollars thousands | 6,458 | 9,020 | PDF p. 95 |
| Deconsolidation of consolidated entitiesUS dollars thousands | (27) | (8) | PDF p. 95 |
| Deposits paid for small residential projectsUS dollars thousands | (4) | (11) | PDF p. 95 |
| Purchase of property, plant and equipmentUS dollars thousands | (3,810) | (2,050) | PDF p. 95 |
| Proceeds from disposal of asset held for saleUS dollars thousands | – | 9,758 | PDF p. 95 |
| Net redemption from Tokumei Kumiai investorsUS dollars thousands | (824) | (857) | PDF p. 95 |
| Net loans repaidUS dollars thousands | – | 1,050 | PDF p. 95 |
| Interest received from loans and finance leaseUS dollars thousands | 13 | 62 | PDF p. 95 |
| Income proceeds from investmentsUS dollars thousands | – | 1,124 | PDF p. 95 |
| Settlement of derivative financial instrumentsUS dollars thousands | – | (5) | PDF p. 95 |
| Proceeds from property rentalUS dollars thousands | 584 | 835 | PDF p. 95 |
| Net cash flows (used in)/generated from investing activitiesUS dollars thousands | (1,108) | 10,975 | PDF p. 95 |
| Cash flows from financing activities | |||
| Proceeds from borrowingsUS dollars thousands | 8,275 | 11,828 | PDF p. 95 |
| Repayment of borrowingsUS dollars thousands | (16,875) | (39,463) | PDF p. 95 |
| Interests and other finance cost paid on borrowingsUS dollars thousands | (2,729) | (2,881) | PDF p. 95 |
| Lease principal paidUS dollars thousands | (3,597) | (3,628) | PDF p. 95 |
| Lease interest paidUS dollars thousands | (103) | (243) | PDF p. 95 |
| Dividends paidUS dollars thousands | (6,476) | (1,762) | PDF p. 95 |
| Payment to non-controlling interestsUS dollars thousands | – | (238) | PDF p. 95 |
| Net cash flows used in financing activitiesUS dollars thousands | (21,505) | (36,387) | PDF p. 95 |
| Net increase in cash and cash equivalentsUS dollars thousands | 12,311 | 2,967 | PDF p. 95 |
| Movements in cash and cash equivalents: | |||
| Cash and cash equivalents at beginning of the yearUS dollars thousands | 36,732 | 35,477 | PDF p. 95 |
| Cash flows from financing activities | |||
| Net increase in cash and cash equivalentsUS dollars thousands | 12,311 | 2,967 | PDF p. 95 |
| Effects of foreign exchange rate changes, netUS dollars thousands | (1,974) | (1,712) | PDF p. 95 |
| Cash and cash equivalents at end of the yearUS dollars thousands | 47,069 | 36,732 | PDF p. 95 |
Original report: PDF p. 95 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Basic and diluted EPS inputs and rate — FY2022 source | |||
| Weighted average number of ordinary shares in issue (‘000)shares thousands | 78,600 | 78,600 | PDF p. 137 |
| Profit attributable to owners of the parent (US$’000)US dollars thousands | 27,783 | 18,201 | PDF p. 137 |
| Profit per share (US cents per share) - basic and dilutedUS cents per share | 35.35 | 23.16 | PDF p. 137 |
Original report: PDF p. 137 ↗
Where the money comes from
| Item / unit | 2025Shipping: Ship owning and chartering | 2025Shipping: MAM | 2025Maritime services | 2025Property investment (ex-Japan) | 2025Property investment (in-Japan) | 2025Unallocated Items | 2025Eliminations(1) | 2025Total (Group) | 2024Shipping: Ship owning and chartering | 2024Shipping: MAM | 2024Maritime services | 2024Property investment (ex-Japan) | 2024Property investment (in-Japan) | 2024Unallocated Items | 2024Eliminations(1) | 2024Total (Group) | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total income | |||||||||||||||||
| External customersUS$'000 | 29,614 | 4,837 | 1,169 | 11 | 13,187 | 135 | – | 48,953 | 33,491 | 1,943 | 935 | (31,459) | 17,810 | 35 | – | 22,755 | PDF p. 132PDF p. 133 |
| Interest incomeUS$'000 | 612 | – | 31 | 1 | 10 | 268 | – | 922 | 1,027 | – | 14 | 3 | – | 160 | – | 1,204 | PDF p. 132PDF p. 133 |
| Inter-segmentUS$'000 | – | – | 696 | – | 289 | 622 | (1,607) | – | – | – | 1,050 | – | 201 | 456 | (1,707) | – | PDF p. 132PDF p. 133 |
| Total income (subtotal, unlabelled)US$'000 | 30,226 | 4,837 | 1,896 | 12 | 13,486 | 1,025 | (1,607) | 49,875 | 34,518 | 1,943 | 1,999 | (31,456) | 18,011 | 651 | (1,707) | 23,959 | PDF p. 132PDF p. 133 |
| Results | |||||||||||||||||
| Depreciation of property, plant and equipmentUS$'000 | (9,607) | – | (36) | – | (32) | (15) | 10 | (9,680) | (8,965) | – | (23) | – | (45) | (4) | 23 | (9,014) | PDF p. 132PDF p. 133 |
| Depreciation of right-of-use assetsUS$'000 | – | – | – | – | (117) | (415) | – | (532) | – | – | – | – | (112) | (439) | – | (551) | PDF p. 132PDF p. 133 |
| Finance costs – interest expensesUS$'000 | (3,069) | – | – | – | (78) | (25) | 25 | (3,147) | (3,144) | – | – | (143) | (41) | (5) | 206 | (3,127) | PDF p. 132PDF p. 133 |
| Finance costs – lease interestUS$'000 | – | – | – | – | (3) | (69) | – | (72) | – | – | – | – | (2) | (22) | – | (24) | PDF p. 132PDF p. 133 |
| Finance costs – othersUS$'000 | (332) | – | – | – | (118) | – | 225 | (225) | (202) | – | – | – | (63) | – | – | (265) | PDF p. 132PDF p. 133 |
| Share of results of associatesUS$'000 | – | – | – | – | 2 | – | – | 2 | – | – | – | – | (4) | – | – | (4) | PDF p. 132PDF p. 133 |
| Allocation to Tokumei Kumiai investorsUS$'000 | – | – | – | – | (218) | – | – | (218) | – | – | – | – | 19 | – | – | 19 | PDF p. 132PDF p. 133 |
| (Loss)/profit before taxUS$'000 | (261) | 3,292 | 218 | (663) | 1,782 | (2,344) | (132) | 1,892 | PDF p. 132 | ||||||||
| Other segment items are as follows | |||||||||||||||||
| Capital expenditureUS$'000 | 84,549 | – | – | – | 11,035 | – | – | 95,584 | 1,133 | – | 40 | – | 15,942 | 48 | – | 17,163 | PDF p. 132PDF p. 133 |
| Investment in associatesUS$'000 | – | – | – | – | 146 | – | – | 146 | – | – | – | – | 119 | – | – | 119 | PDF p. 132PDF p. 133 |
| Results | |||||||||||||||||
| Impairment of property, plant and equipment, netUS$'000 | (794) | – | – | – | – | – | 104 | (690) | PDF p. 133 | ||||||||
| Profit/(loss) before taxUS$'000 | 5,125 | 613 | 20 | (32,389) | 1,443 | (2,194) | (35) | (27,417) | PDF p. 133 | ||||||||
(1) Inter-segment transactions are eliminated on consolidation (footnote printed on page 134).
Column headers: Ship owning and chartering and Maritime services sit under 'Shipping' group heading as printed; MAM = Maritime Asset Management.
| Item / unit | 2025Shipping: Ship owning and chartering | 2025Shipping: MAM | 2025Maritime services | 2025Property investment (ex-Japan) | 2025Property investment (in-Japan) | 2025Unallocated Items | 2025Eliminations(1) | 2025Total (Group) | 2024Shipping: Ship owning and chartering | 2024Shipping: MAM | 2024Maritime services | 2024Property investment (ex-Japan) | 2024Property investment (in-Japan) | 2024Unallocated Items | 2024Eliminations(1) | 2024Total (Group) | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Segment assets | |||||||||||||||||
| Total assetsUS$'000 | 179,308 | 1,445 | 1,808 | 1,458 | 36,505 | 22,262 | (20,694) | 222,092 | 129,430 | 3,051 | 2,178 | 1,349 | 26,646 | 14,141 | (10,886) | 165,909 | PDF p. 134 |
| Segment liabilities | |||||||||||||||||
| Total liabilitiesUS$'000 | 80,767 | 39 | 132 | 9,374 | 16,804 | 12,321 | (21,686) | 97,751 | 39,037 | – | 393 | 9,390 | 8,590 | 2,435 | (10,794) | 49,051 | PDF p. 134 |
(1) Inter-segment transactions are eliminated on consolidation.
Segment assets consist primarily of investment properties, investments, properties under development for sale, property, plant and equipment, right-of-use assets, receivables, asset held for sale and cash and bank balances. Segment liabilities consist primarily of borrowings, lease liabilities, payables and accruals. Capital expenditure represents capital additions to investment properties (Note 5), property, plant and equipment (Note 7) and properties under development for sale (Note 8).
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Total income | |||
| GlobalUS$'000 | 35,546 | 37,578 | PDF p. 135 |
| Asia (ex-Japan)US$'000 | 1,132 | (31,429) | PDF p. 135 |
| JapanUS$'000 | 13,197 | 17,810 | PDF p. 135 |
| Total income (total, unlabelled)US$'000 | 49,875 | 23,959 | PDF p. 135 |
During the year, total revenue of US$14.2 million (2024: US$14.3 million) were with customers where transactions with each of the customer amounted to ten per cent (10%) or more of the Group's revenue.
Income and non-current assets attributable to operating segments are based on the countries in which the customers are located. There is no sale between the geographical segments.
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Non-current assets | |||
| GlobalUS$'000 | 149,283 | 84,393 | PDF p. 136 |
| Asia (ex-Japan)US$'000 | 1,896 | 2,336 | PDF p. 136 |
| JapanUS$'000 | 8,402 | 10,705 | PDF p. 136 |
| Non-current assets (total, unlabelled)US$'000 | 159,581 | 97,434 | PDF p. 136 |
Income and non-current assets attributable to operating segments are based on the countries in which the customers are located. There is no sale between the geographical segments.
Debt
| Item / unit | 2025US$'000 | 2024US$'000 | Source |
|---|---|---|---|
| Non-current, repayable per terms of loan facilities | |||
| - SecuredUS$'000 | 66,917 | 30,402 | PDF p. 145 |
| - UnsecuredUS$'000 | 1,952 | – | PDF p. 145 |
| Non-current | |||
| Non-current totalUS$'000 | 68,869 | 30,402 | PDF p. 145 |
| Current, repayable per terms of loan facilities | |||
| - SecuredUS$'000 | 16,558 | 11,233 | PDF p. 145 |
| - UnsecuredUS$'000 | 2,000 | – | PDF p. 145 |
| Current | |||
| Current totalUS$'000 | 18,558 | 11,233 | PDF p. 145 |
The effective annual interest rates of the bank borrowings range from approximately 1.47% to 6.96% (2024: approximately 0.64% to 7.38%) per annum.
The Group’s borrowings are secured by mortgages of investment properties (Note 5), property, plant and equipment (Note 7) and properties under development for sale (Note 8).
Currency: primarily USD, but also JPY. Floating rate external borrowings US$85.5 million (2024: US$41.6 million), comprising US$72.1 million (2024: US$35.0 million) in US dollars and equivalent US$13.4 million (2024: US$6.6 million) in Japanese Yen (Note 27(a)(ii), p.162). Total borrowings 87,427 (2025) and 41,635 (2024), page 146.
| Item / unit | 2025Group, US$'000 | 2024Group, US$'000 | 2025Company, US$'000 | 2024Company, US$'000 | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| BorrowingsUS$'000 | 68,869 | 30,402 | – | – | PDF p. 102 |
| Lease liabilitiesUS$'000 | 415 | 910 | 170 | 324 | PDF p. 102 |
| Current liabilities | |||||
| BorrowingsUS$'000 | 18,558 | 11,233 | – | – | PDF p. 102 |
| Lease liabilitiesUS$'000 | 512 | 490 | 174 | 153 | PDF p. 102 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company’s dividend policy seeks to balance dividend return to shareholders with the need for long-term sustainable growth whilst aiming for an efficient capital structure. When deciding on dividend to be paid, the Board considers the Company’s earnings, the Group’s financial position, capital expenditure requirements, future expansion and investment plans and other relevant factors as may be determined by the Board. | Company | PDF p. 80 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Final dividend for 2025 | 1.0 SG cents per share | FY2025 final dividend, proposed, subject to shareholders' approval at the AGM; Group and Company | PDF p. 152 |
| Final dividend for 2024 | 2.0 SG cents per share | FY2024 final dividend, paid during 2025; Group and Company | PDF p. 152 |
| Interim dividend for 2025 | 1.0 SG cents per share | FY2025 interim dividend, paid; Group and Company | PDF p. 152 |
| Interim dividend payment date | 7 November 2025 | FY2025 interim dividend | PDF p. 80 |
| Interim dividend for 2025 | 1.0 SG cents per share | FY2024 interim dividend (comparative); Group and Company | PDF p. 152 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| total dividend of S$0.02 per share for FY2025 | S$0.02 per share | FY2025 total (interim S$0.01 + proposed final S$0.01) | PDF p. 80 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | KPMG LLP | Group | PDF p. 100 |
| Engagement partner | Kenny Tan Choon Wah | Group | PDF p. 100 |
| Auditors' report date | 19 March 2026 | Group · As at 2026-03-19 | PDF p. 100 |
| Opinion | so as to give a true and fair view | Group and Company | PDF p. 93 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Classification of investment entities measured at fair value through profit or loss | The applicability of this exemption criteria is highly judgemental, as it requires an assessment of Group’s business model and investment strategies together with an evaluation of whether there exists a clear and objectively distinct investment activity and separate autonomous businesses between the Group and the investees. | Group | PDF p. 94 |
| Fair valuation of unlisted shares in ship owning entities (“Shipping SPC”) | The accuracy of the equity value can be significantly impacted by the assumed charter rates and net terminal value affected by cyclical fluctuation of freight rates and vessel valuation. | Group | PDF p. 95 |
| Impairment assessment of owned vessels held as property, plant and equipment | Such an assessment of recoverable amount involves high degree of judgement as freight rates and market valuation of vessels are susceptible to cyclical fluctuations caused by imbalance in demand and supply, and changing market conditions that can also be significantly impacted by macro-economics forces and geopolitics. | Group | PDF p. 96 |
| Fair valuation of unlisted shares in commercial office and industrial buildings in Hong Kong (“HK property SPCs”) | The Group owns equity interest in HK property SPCs and measures them at fair value through profit or loss. | Group | PDF p. 97 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
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 comparisons cover FY2021–FY2025 from verified FY2025/FY2024/FY2022 originals, including full Group and Company equity changes. Opening 1 January 2021 is separately dated, not a full FY2020 annual series.
Primary monetary amounts are US dollars thousands; EPS is US cents per share. Separate Company income and cash-flow statements are not presented. Each original joint-date closing/opening equity row is deliberately retained in its two explicit dated roles; transactions are not duplicated.
Three verified FY2025, FY2024 and FY2022 originals total 592 physical PDF pages. Primary comparisons cover FY2021–FY2025, including full Group and Company equity movements. Opening 1 January 2021 is separately dated and is not a full FY2020 annual series. The FY2024 original is the official SGX replacement broadcast on 18 April 2025, linked to the 8 April 2025 announcement; no undisclosed reason for replacement is inferred.
Primary monetary amounts are US dollars thousands; EPS is US cents per share and EPS note share quantities are thousands. Dividend captions additionally quote Singapore cents per share and SGD narrative amounts. The paid dividend numeric columns are USD thousands, while the proposed dividend numeric columns are explicitly SGD thousands. These currencies, quantities and rate units are kept separate.
Each original two-year equity table retains its single jointly captioned closing/opening carry row in two dated logical roles, without duplicating transactions. Current Group equity has seven columns; historical tables have eight including the hedging reserve. The historical zero hedging column is not invented in the current layout.
Historical income statements repeat year headers immediately above EPS. These year tokens remain source headers, not financial amount rows. Primary and note EPS use the original US-cent unit, and exact owner-profit/thousand-share inputs reproduce the printed rates. Uncaptioned original amount subtotals retain source context. Repeated cash-movement totals represent their separate summary/reconciliation roles and are not added as duplicate transactions.
FY2025 Group equity records USD8,559 thousand capital contributions by non-controlling interests, while financing cash flow records USD7,951 thousand. The USD608 thousand difference is retained without inventing an exchange-rate, noncash or timing explanation not explicitly disclosed in the inspected source.
FY2025 Group profit is USD768 thousand, owners profit USD920 thousand and non-controlling loss USD152 thousand; Company equity separately reports profit USD1,242 thousand. These scopes are not combined. Tokumei Kumiai silent-partnership allocations and investing cash contributions/redemptions remain distinct from non-controlling equity capital and financing contributions.
Dividends declared and paid in FY2025 total USD1,808 thousand: FY2024 final USD1,204 thousand and FY2025 interim USD604 thousand. The FY2025 proposed final dividend is SGD786 thousand at 1 Singapore cent per share, subject to shareholders’ approval and unrecognised at the reporting date. It is not represented as a FY2025 payment or a statement of present approval/payment status.
Cash at bank and on hand of USD17,287 thousand plus deposits USD16,704 thousand equal USD33,991 thousand Group cash, matching the cash-flow closing balance. No pledged-deposit deduction is shown in this schedule. Separate Company income and cash-flow statements are not presented. Selected EPS, cash and dividend notes supplement primary statements; other note tables and charts are not claimed as fully extracted.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.