Uni-Asia Grp CHJ

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Financials

ANNUAL REPORT 2025

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36 tables

Group and Company financial position / assets — FY2025 source

19 metrics

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Group and Company financial position / assets — FY2025 source from ANNUAL REPORT 2025
Metric / unit 2025Group2024Group2025Company2024Company Source
Non-current assets
Investment propertiesUS dollars thousands 4,8497,874–– PDF p. 101
InvestmentsUS dollars thousands 4,5614,203–– PDF p. 101
Investment in subsidiaryUS dollars thousands ––113,022113,022 PDF p. 101
Investment in associatesUS dollars thousands 146119–– PDF p. 101
Property, plant and equipmentUS dollars thousands 148,85283,545–– PDF p. 101
Right-of-use assetsUS dollars thousands 8081,336318484 PDF p. 101
Rental depositsUS dollars thousands 164152–– PDF p. 101
Deferred tax assetsUS dollars thousands 201205–– PDF p. 101
Total non-current assetsUS dollars thousands 159,58197,434113,340113,506 PDF p. 101
Current assets
InvestmentsUS dollars thousands 1,7694,125–– PDF p. 101
Properties under development for saleUS dollars thousands 13,5712,728–– PDF p. 101 Label p. 101
Accounts receivableUS dollars thousands 887508–– PDF p. 101
Amounts due from subsidiariesUS dollars thousands ––2,5932,827 PDF p. 101
Prepayments, deposits and other receivablesUS dollars thousands 12,2394,787125100 PDF p. 101 Label p. 101
Tax recoverableUS dollars thousands 54328–– PDF p. 101
Asset held for saleUS dollars thousands –10,476–– PDF p. 101
Cash and bank balancesUS dollars thousands 33,99145,523116168 PDF p. 101
Total current assetsUS dollars thousands 62,51168,4752,8343,095 PDF p. 101
Total assetsUS dollars thousands 222,092165,909116,174116,601 PDF p. 101
Definitions & sources

Group and Company financial position / equity and liabilities — FY2025 source

22 metrics

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Group and Company financial position / equity and liabilities — FY2025 source from ANNUAL REPORT 2025
Metric / unit 2025Group2024Group2025Company2024Company Source
Equity attributable to owners of the Company
Share capitalUS dollars thousands 113,174113,174113,174113,174 PDF p. 102
EQUITY
Retained earningsUS dollars thousands 10,74811,6366551,221 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 115,346116,289113,829114,395 PDF p. 102 Label p. 102
Non-controlling interestsUS dollars thousands 8,995569–– PDF p. 102
Total equityUS dollars thousands 124,341116,858113,829114,395 PDF p. 102
Non-current liabilities
BorrowingsUS dollars thousands 68,86930,402–– PDF p. 102
Lease liabilitiesUS dollars thousands 415910170324 PDF p. 102
Deferred tax liabilitiesUS dollars thousands 297324–– PDF p. 102
Amount due to subsidiaryUS dollars thousands ––1,0001,000 PDF p. 102
Total non-current liabilitiesUS dollars thousands 69,58131,6361,1701,324 PDF p. 102
Current liabilities
BorrowingsUS dollars thousands 18,55811,233–– PDF p. 102
Lease liabilitiesUS dollars thousands 512490174153 PDF p. 102
Due to Tokumei Kumiai investorsUS dollars thousands 489270–– PDF p. 102
Accounts payableUS dollars thousands 545516–– PDF p. 102
Amounts due to subsidiaryUS dollars thousands ––4742 PDF p. 102
Other payables and accrualsUS dollars thousands 7,3834,292574327 PDF p. 102
Income tax payableUS dollars thousands 683614380360 PDF p. 102
Total current liabilitiesUS dollars thousands 28,17017,4151,175882 PDF p. 102
Total liabilitiesUS dollars thousands 97,75149,0512,3452,206 PDF p. 102
Total equity and liabilitiesUS dollars thousands 222,092165,909116,174116,601 PDF p. 102
Definitions & sources

Group income — FY2025 source

31 metrics

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Group income — FY2025 source from ANNUAL REPORT 2025
Metric / unit 2025Group2024Group Source
Group income — FY2025 source
Charter incomeUS dollars thousands 27,59832,494 PDF p. 103
Fee incomeUS dollars thousands 5,2673,794 PDF p. 103
Sale of properties under developmentUS dollars thousands 8,41414,788 PDF p. 103
Investment returnsUS dollars thousands 5,874(28,610) PDF p. 103
Interest incomeUS dollars thousands 9221,204 PDF p. 103
Other incomeUS dollars thousands 1,800289 PDF p. 103
Total incomeUS dollars thousands 49,87523,959 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
Definitions & sources

Group comprehensive income — FY2025 source

7 metrics

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Group comprehensive income — FY2025 source from ANNUAL REPORT 2025
Metric / unit 2025Group2024Group 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
Definitions & sources

Group changes in equity — FY2025 source / ending 2024

8 metrics

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Group changes in equity — FY2025 source / ending 2024 from ANNUAL REPORT 2025
Metric / unit 2024Group / Share capital2024Group / Retained earnings2024Group / Translation reserve2024Group / Capital reserve2024Group / Total attributable to owners2024Group / Non-controlling interests2024Group / Total equity Source
Group changes in equity — FY2025 source / complete two-year source table
At 1 January 2024US dollars thousands 113,17441,822(3,816)(2,819)148,361530148,891 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 113,17411,636(5,713)(2,808)116,289569116,858 PDF p. 105
Definitions & sources

The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.

Group changes in equity — FY2025 source / ending 2025

8 metrics

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Group changes in equity — FY2025 source / ending 2025 from ANNUAL REPORT 2025
Metric / unit 2025Group / Share capital2025Group / Retained earnings2025Group / Translation reserve2025Group / Capital reserve2025Group / Total attributable to owners2025Group / Non-controlling interests2025Group / Total equity Source
Group changes in equity — FY2025 source / complete two-year source table
At 31 December 2024 and 1 January 2025US dollars thousands 113,17411,636(5,713)(2,808)116,289569116,858 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 –––––8,5598,559 PDF p. 105
At 31 December 2025US dollars thousands 113,17410,748(5,768)(2,808)115,3468,995124,341 PDF p. 105
Definitions & sources

The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.

Company changes in equity — FY2025 source / ending 2024

5 metrics

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Company changes in equity — FY2025 source / ending 2024 from ANNUAL REPORT 2025
Metric / unit 2024Company / Share capital2024Company / Retained earnings2024Company / Total equity Source
Company changes in equity — FY2025 source / complete two-year source table
At 1 January 2024US dollars thousands 113,1741,341114,515 PDF p. 106
Profit for the year, representing total comprehensive income for the yearUS dollars thousands –1,7541,754 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 113,1741,221114,395 PDF p. 106
Definitions & sources

The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.

Company changes in equity — FY2025 source / ending 2025

5 metrics

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Company changes in equity — FY2025 source / ending 2025 from ANNUAL REPORT 2025
Metric / unit 2025Company / Share capital2025Company / Retained earnings2025Company / Total equity Source
Company changes in equity — FY2025 source / complete two-year source table
At 31 December 2024 and 1 January 2025US dollars thousands 113,1741,221114,395 PDF p. 106
Profit for the year, representing total comprehensive income for the yearUS dollars thousands –1,2421,242 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 113,174655113,829 PDF p. 106
Definitions & sources

The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.

Group cash flows / operating — FY2025 source

25 metrics

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Group cash flows / operating — FY2025 source from ANNUAL REPORT 2025
Metric / unit 2025Group2024Group 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 9,6809,014 PDF p. 107
Depreciation of right-of-use assetsUS dollars thousands 532551 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 3,1473,127 PDF p. 107
Finance costs – lease interestUS dollars thousands 7224 PDF p. 107
Finance costs – othersUS dollars thousands 225265 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 9,74813,592 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 5817,207 PDF p. 107
Interest received on bank balancesUS dollars thousands 9871,164 PDF p. 107
Tax paidUS dollars thousands (820)(1,228) PDF p. 107
Net cash flows generated from operating activitiesUS dollars thousands 22517,143 PDF p. 107
Definitions & sources

Group cash flows / investing and financing — FY2025 source

26 metrics

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Group cash flows / investing and financing — FY2025 source from ANNUAL REPORT 2025
Metric / unit 2025Group2024Group 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 3,4983,054 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 10,31718,943 PDF p. 108
Contribution from Tokumei Kumiai investorsUS dollars thousands 1,712126 PDF p. 108
Redemption from Tokumei Kumiai investorsUS dollars thousands (1,701)(115) PDF p. 108
Investment income receivedUS dollars thousands 5,3719 PDF p. 108
Property rental income receivedUS dollars thousands 554565 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 68,0938,544 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 45,52338,260 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 33,99145,523 PDF p. 108
Definitions & sources

Basic and diluted EPS inputs and rate — FY2025 source

3 metrics

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Basic and diluted EPS inputs and rate — FY2025 source from ANNUAL REPORT 2025
Metric / unit 2025Group2024Group Source
Basic and diluted EPS inputs and rate — FY2025 source
Weighted average number of ordinary shares in issue (‘000)shares thousands 78,60078,600 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
Definitions & sources

Cash composition — FY2025 source

3 metrics

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Cash composition — FY2025 source from ANNUAL REPORT 2025
Metric / unit 2025Group2024Group2025Company2024Company Source
Cash composition — FY2025 source
Cash at banks and in handUS dollars thousands 17,28714,365116168 PDF p. 144
Short-term time depositsUS dollars thousands 16,70431,158–– PDF p. 144
Cash and bank balancesUS dollars thousands 33,99145,523116168 PDF p. 144
Definitions & sources

Dividends declared and paid — FY2025 source

3 metrics

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Dividends declared and paid — FY2025 source from ANNUAL REPORT 2025
Metric / unit 2025Group2024Group 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 1,2041,270 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 604604 PDF p. 152 Label p. 152
SubtotalUS dollars thousands 1,8081,874 PDF p. 152
Definitions & sources

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.

Dividends proposed at report date — FY2025 source

1 metrics

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Dividends proposed at report date — FY2025 source from ANNUAL REPORT 2025
Metric / unit 2025Group2024Group 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 7861,572 PDF p. 152 Label p. 152
Definitions & sources

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.

Group and Company financial position / assets — FY2024 source

19 metrics

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Group and Company financial position / assets — FY2024 source from ANNUAL REPORT 2025
Metric / unit 2024Group2023Group2024Company2023Company Source
Non-current assets
Investment propertiesUS dollars thousands 7,8749,135–– PDF p. 87
InvestmentsUS dollars thousands 4,20333,487–– PDF p. 87
Investment in subsidiaryUS dollars thousands ––113,022113,022 PDF p. 87
Investment in associatesUS dollars thousands 11985–– PDF p. 87
Property, plant and equipmentUS dollars thousands 83,545112,867–– PDF p. 87
Right-of-use assetsUS dollars thousands 1,336420484121 PDF p. 87
Rental depositsUS dollars thousands 152171–– PDF p. 87
Deferred tax assetsUS dollars thousands 205189–– PDF p. 87
Total non-current assetsUS dollars thousands 97,434156,354113,506113,143 PDF p. 87
Current assets
InvestmentsUS dollars thousands 4,1254,311–– PDF p. 87
Properties under development for saleUS dollars thousands 2,728––– PDF p. 87
Accounts receivablesUS dollars thousands 5081,008–– PDF p. 87
Amounts due from subsidiariesUS dollars thousands ––2,8272,950 PDF p. 87
Prepayments, deposits and other receivablesUS dollars thousands 4,7872,91510062 PDF p. 87 Label p. 87
Tax recoverableUS dollars thousands 32899–– PDF p. 87
Asset held for saleUS dollars thousands 10,4768,683–– PDF p. 87
Cash and bank balancesUS dollars thousands 45,52338,260168347 PDF p. 87
Total current assetsUS dollars thousands 68,47555,2763,0953,359 PDF p. 87
Total assetsUS dollars thousands 165,909211,630116,601116,502 PDF p. 87
Definitions & sources

Group and Company financial position / equity and liabilities — FY2024 source

22 metrics

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Group and Company financial position / equity and liabilities — FY2024 source from ANNUAL REPORT 2025
Metric / unit 2024Group2023Group2024Company2023Company Source
EQUITY
Equity attributable to owners of the parent Share capitalUS dollars thousands 113,174113,174113,174113,174 PDF p. 88 Label p. 88
Retained earningsUS dollars thousands 11,63641,8221,2211,341 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 116,289148,361114,395114,515 PDF p. 88 Label p. 88
Non-controlling interestsUS dollars thousands 569530–– PDF p. 88
Total equityUS dollars thousands 116,858148,891114,395114,515 PDF p. 88
Non-current liabilities
BorrowingsUS dollars thousands 30,40246,583–– PDF p. 88
Lease liabilitiesUS dollars thousands 91039324– PDF p. 88
Deferred tax liabilitiesUS dollars thousands 324525–– PDF p. 88
Amount due to subsidiaryUS dollars thousands ––1,0001,000 PDF p. 88
Total non-current liabilitiesUS dollars thousands 31,63647,1471,3241,000 PDF p. 88
Current liabilities
BorrowingsUS dollars thousands 11,2339,021–– PDF p. 88
Lease liabilitiesUS dollars thousands 490462153129 PDF p. 88
Due to Tokumei Kumiai investorsUS dollars thousands 270205–– PDF p. 88
Accounts payablesUS dollars thousands 516639–– PDF p. 88
Amounts due to subsidiaryUS dollars thousands ––4234 PDF p. 88
Other payables and accrualsUS dollars thousands 4,2924,473327370 PDF p. 88
Income tax payableUS dollars thousands 614792360454 PDF p. 88
Total current liabilitiesUS dollars thousands 17,41515,592882987 PDF p. 88
Total liabilitiesUS dollars thousands 49,05162,7392,2061,987 PDF p. 88
Total equity and liabilitiesUS dollars thousands 165,909211,630116,601116,502 PDF p. 88
Definitions & sources

Group income — FY2024 source

31 metrics

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Group income — FY2024 source from ANNUAL REPORT 2025
Metric / unit 2024Group2023Group Source
Group income — FY2024 source
Charter incomeUS dollars thousands 32,49437,812 PDF p. 89
Fee incomeUS dollars thousands 3,7944,669 PDF p. 89
Sale of properties under developmentUS dollars thousands 14,78812,130 PDF p. 89
Investment returnsUS dollars thousands (28,610)2,618 PDF p. 89
Interest incomeUS dollars thousands 1,204586 PDF p. 89
Other incomeUS dollars thousands 289219 PDF p. 89
Total incomeUS dollars thousands 23,95958,034 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 5556 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
Definitions & sources

Group comprehensive income — FY2024 source

8 metrics

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Group comprehensive income — FY2024 source from ANNUAL REPORT 2025
Metric / unit 2024Group2023Group 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 3974 PDF p. 90
SubtotalUS dollars thousands (30,159)3,751 PDF p. 90
Definitions & sources

Group changes in equity — FY2024 source / ending 2023

9 metrics

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Group changes in equity — FY2024 source / ending 2023 from ANNUAL REPORT 2025
Metric / unit 2023Group / Share capital2023Group / Retained earnings2023Group / Hedging reserve2023Group / Translation reserve2023Group / Capital reserve2023Group / Total attributable to owners2023Group / Non-controlling interests2023Group / Total equity Source
Group changes in equity — FY2024 source / complete two-year source table
At 1 January 2023US dollars thousands 113,17442,81142(2,528)(2,833)150,666505151,171 PDF p. 91
Profit for the yearUS dollars thousands –5,007–––5,007565,063 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)–3,677743,751 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 113,17441,822–(3,816)(2,819)148,361530148,891 PDF p. 91
Definitions & sources

The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.

Group changes in equity — FY2024 source / ending 2024

8 metrics

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Group changes in equity — FY2024 source / ending 2024 from ANNUAL REPORT 2025
Metric / unit 2024Group / Share capital2024Group / Retained earnings2024Group / Hedging reserve2024Group / Translation reserve2024Group / Capital reserve2024Group / Total attributable to owners2024Group / Non-controlling interests2024Group / Total equity Source
Group changes in equity — FY2024 source / complete two-year source table
At 31 December 2023 and 1 January 2024US dollars thousands 113,17441,822–(3,816)(2,819)148,361530148,891 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 113,17411,636–(5,713)(2,808)116,289569116,858 PDF p. 91
Definitions & sources

The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.

Company changes in equity — FY2024 source / ending 2023

5 metrics

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Company changes in equity — FY2024 source / ending 2023 from ANNUAL REPORT 2025
Metric / unit 2023Company / Share capital2023Company / Retained earnings2023Company / Total equity Source
Company changes in equity — FY2024 source / complete two-year source table
At 1 January 2023US dollars thousands 113,1744,934118,108 PDF p. 92
Profit for the year, representing total comprehensive income for the yearUS dollars thousands –2,3892,389 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 113,1741,341114,515 PDF p. 92
Definitions & sources

The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.

Company changes in equity — FY2024 source / ending 2024

5 metrics

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Company changes in equity — FY2024 source / ending 2024 from ANNUAL REPORT 2025
Metric / unit 2024Company / Share capital2024Company / Retained earnings2024Company / 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 113,1741,341114,515 PDF p. 92
Profit for the year, representing total comprehensive income for the yearUS dollars thousands –1,7541,754 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 113,1741,221114,395 PDF p. 92
Definitions & sources

The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.

Group cash flows / operating — FY2024 source

25 metrics

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Group cash flows / operating — FY2024 source from ANNUAL REPORT 2025
Metric / unit 2024Group2023Group 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 9,01410,827 PDF p. 93
Depreciation of right-of-use assetsUS dollars thousands 551651 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 3,1273,606 PDF p. 93
Finance costs – lease interestUS dollars thousands 2414 PDF p. 93
Finance costs – othersUS dollars thousands 265112 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 13,59215,331 PDF p. 93
Changes in working capital:
Net change in properties under development for saleUS dollars thousands 5,5015,646 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 17,20719,576 PDF p. 93
Interest received on bank balancesUS dollars thousands 1,164536 PDF p. 93
Tax paidUS dollars thousands (1,228)(1,122) PDF p. 93
Net cash flows generated from operating activitiesUS dollars thousands 17,14318,990 PDF p. 93
Definitions & sources

Group cash flows / investing and financing — FY2024 source

28 metrics

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Group cash flows / investing and financing — FY2024 source from ANNUAL REPORT 2025
Metric / unit 2024Group2023Group 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 3,0542,933 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 126505 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 91,199 PDF p. 94
Property rental income receivedUS dollars thousands 565630 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 8,54431,756 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 38,26047,069 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 45,52338,260 PDF p. 94
Definitions & sources

Basic and diluted EPS inputs and rate — FY2024 source

3 metrics

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Basic and diluted EPS inputs and rate — FY2024 source from ANNUAL REPORT 2025
Metric / unit 2024Group2023Group Source
Basic and diluted EPS inputs and rate — FY2024 source
Weighted average number of ordinary shares in issue (‘000)shares thousands 78,60078,600 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
Definitions & sources

Group and Company financial position / assets — FY2022 source

19 metrics

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Group and Company financial position / assets — FY2022 source from ANNUAL REPORT 2025
Metric / unit 2022Group2021Group2022Company2021Company Source
Non-current assets
Investment propertiesUS dollars thousands 11,81613,085–– PDF p. 88
InvestmentsUS dollars thousands 32,53531,379–– PDF p. 88
Investment in subsidiaryUS dollars thousands ––113,022113,022 PDF p. 88
Investment in associatesUS dollars thousands 85124–– PDF p. 88
Property, plant and equipmentUS dollars thousands 130,111136,35715 PDF p. 88
Right-of-use assetsUS dollars thousands 1,0802,286251382 PDF p. 88
Rental depositUS dollars thousands 202398–– PDF p. 88
Deferred tax assetsUS dollars thousands 260158–– PDF p. 88
Total non-current assetsUS dollars thousands 176,089183,787113,274113,409 PDF p. 88
Current assets
InvestmentsUS dollars thousands 6951,543–– PDF p. 88
Properties under developmentUS dollars thousands 6,0094,206–– PDF p. 88
Derivative financial instrumentsUS dollars thousands 66––– PDF p. 88
Accounts receivableUS dollars thousands 596525–– PDF p. 88
Amounts due from subsidiaryUS dollars thousands ––7,0604,200 PDF p. 88
Prepayments, deposits and other receivablesUS dollars thousands 6,0623,7805383 PDF p. 88 Label p. 88
Tax recoverableUS dollars thousands 69163–– PDF p. 88
Cash and bank balancesUS dollars thousands 47,06936,732129760 PDF p. 88
Total current assetsUS dollars thousands 60,56646,9497,2425,043 PDF p. 88
Total assetsUS dollars thousands 236,655230,736120,516118,452 PDF p. 88
Definitions & sources

Group and Company financial position / equity and liabilities — FY2022 source

26 metrics

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Group and Company financial position / equity and liabilities — FY2022 source from ANNUAL REPORT 2025
Metric / unit 2022Group2021Group2022Company2021Company Source
EQUITY
Equity attributable to owners of the parent Share capitalUS dollars thousands 113,174113,174113,174113,174 PDF p. 89 Label p. 89
Retained earningsUS dollars thousands 42,81121,5254,9343,001 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 150,666132,134118,108116,175 PDF p. 89 Label p. 89
Non-controlling interestsUS dollars thousands 505440–– PDF p. 89
Total equityUS dollars thousands 151,171132,574118,108116,175 PDF p. 89
Non-current liabilities
BorrowingsUS dollars thousands 41,55161,556–– PDF p. 89
Lease liabilitiesUS dollars thousands 504840125257 PDF p. 89
Derivative financial instrumentsUS dollars thousands –97–– PDF p. 89
Deferred tax liabilitiesUS dollars thousands 576550–– PDF p. 89
Amount due to subsidiaryUS dollars thousands ––1,0001,000 PDF p. 89
Other payablesUS dollars thousands –52–– PDF p. 89
Total non-current liabilitiesUS dollars thousands 42,63163,0951,1251,257 PDF p. 89
Current liabilities
BorrowingsUS dollars thousands 31,16122,285–– PDF p. 89
Lease liabilitiesUS dollars thousands 5993,599134131 PDF p. 89
Due to Tokumei Kumiai investorsUS dollars thousands 9111,230–– PDF p. 89
Derivative financial instrumentsUS dollars thousands 56422–– PDF p. 89
Accounts payableUS dollars thousands 419236–– PDF p. 89
Amounts due to subsidiaryUS dollars thousands ––194 PDF p. 89
Other payables and accrualsUS dollars thousands 8,9496,661703555 PDF p. 89
Income tax payableUS dollars thousands 758634427330 PDF p. 89
Total current liabilitiesUS dollars thousands 42,85335,0671,2831,020 PDF p. 89
Total liabilitiesUS dollars thousands 85,48498,1622,4082,277 PDF p. 89
Total equity and liabilitiesUS dollars thousands 236,655230,736120,516118,452 PDF p. 89
Definitions & sources

Group income — FY2022 source

31 metrics

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Group income — FY2022 source from ANNUAL REPORT 2025
Metric / unit 2022Group2021Group Source
Group income — FY2022 source
Charter incomeUS dollars thousands 65,27947,805 PDF p. 90
Fee incomeUS dollars thousands 6,5965,731 PDF p. 90
Sale of properties under developmentUS dollars thousands 8,6589,134 PDF p. 90
Investment returnsUS dollars thousands 4,7125,431 PDF p. 90
Interest incomeUS dollars thousands 20889 PDF p. 90
Other incomeUS dollars thousands 6831,245 PDF p. 90
Total incomeUS dollars thousands 86,13669,435 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 1,5351,562 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 32,52822,247 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 28,92818,996 PDF p. 90
Income tax expenseUS dollars thousands (1,039)(951) PDF p. 90
Profit for the yearUS dollars thousands 27,88918,045 PDF p. 90
Attributable to:
Owners of the parentUS dollars thousands 27,78318,201 PDF p. 90
Group income — FY2022 source
Non-controlling interestsUS dollars thousands 106(156) PDF p. 90
SubtotalUS dollars thousands 27,88918,045 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 35.3523.16 PDF p. 90 Label p. 90
Definitions & sources

Group comprehensive income — FY2022 source

8 metrics

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Group comprehensive income — FY2022 source from ANNUAL REPORT 2025
Metric / unit 2022Group2021Group Source
Group comprehensive income — FY2022 source
Profit for the yearUS dollars thousands 27,88918,045 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 520206 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 25,07315,284 PDF p. 91
Attributable to:
Owners of the parentUS dollars thousands 25,00815,430 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 25,07315,284 PDF p. 91
Definitions & sources

Group changes in equity — FY2022 source / ending 2021

10 metrics

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Group changes in equity — FY2022 source / ending 2021 from ANNUAL REPORT 2025
Metric / unit 2021Group / Share capital2021Group / Retained earnings2021Group / Hedging reserve2021Group / Exchange reserve2021Group / Capital reserve2021Group / Total attributable to owners2021Group / Non-controlling interests2021Group / Total equity Source
Group changes in equity — FY2022 source / complete two-year source table
At 1 January 2021US dollars thousands 113,1745,086(684)3,744(2,856)118,464878119,342 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 –18,201206(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 ––––22(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 113,17421,525(478)767(2,854)132,134440132,574 PDF p. 92
Definitions & sources

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Group changes in equity — FY2022 source / ending 2022

8 metrics

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Group changes in equity — FY2022 source / ending 2022 from ANNUAL REPORT 2025
Metric / unit 2022Group / Share capital2022Group / Retained earnings2022Group / Hedging reserve2022Group / Exchange reserve2022Group / Capital reserve2022Group / Total attributable to owners2022Group / Non-controlling interests2022Group / Total equity Source
Total comprehensive income/(expense)
At 31 December 2021 and 1 January 2022US dollars thousands 113,17421,525(478)767(2,854)132,134440132,574 PDF p. 92
Profit for the yearUS dollars thousands –27,783–––27,78310627,889 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 –27,783520(3,295)–25,0086525,073 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 113,17442,81142(2,528)(2,833)150,666505151,171 PDF p. 92
Definitions & sources

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Company changes in equity — FY2022 source / ending 2021

5 metrics

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Company changes in equity — FY2022 source / ending 2021 from ANNUAL REPORT 2025
Metric / unit 2021Company / Share capital2021Company / Retained earnings2021Company / Total equity Source
Company changes in equity — FY2022 source / complete two-year source table
At 1 January 2021US dollars thousands 113,174678113,852 PDF p. 93
Profit for the year, representing total comprehensive income for the yearUS dollars thousands –4,0854,085 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 113,1743,001116,175 PDF p. 93
Definitions & sources

The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.

Company changes in equity — FY2022 source / ending 2022

5 metrics

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Company changes in equity — FY2022 source / ending 2022 from ANNUAL REPORT 2025
Metric / unit 2022Company / Share capital2022Company / Retained earnings2022Company / 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 113,1743,001116,175 PDF p. 93
Profit for the year, representing total comprehensive income for the yearUS dollars thousands –8,4098,409 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 113,1744,934118,108 PDF p. 93
Definitions & sources

The shared source closing/opening row has two dated logical roles; the full printed joint caption remains visible.

Group cash flows / operating — FY2022 source

25 metrics

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Group cash flows / operating — FY2022 source from ANNUAL REPORT 2025
Metric / unit 2022Group2021Group Source
Cash flows from operating activities
Profit before taxUS dollars thousands 28,92818,996 PDF p. 94
Adjustments for:
Investment returnsUS dollars thousands (4,712)(5,431) PDF p. 94
Amortisation and depreciationUS dollars thousands 9,8919,484 PDF p. 94
Depreciation of right-of-use assetsUS dollars thousands 1,4701,572 PDF p. 94
Write-off of property, plant and equipmentUS dollars thousands 436 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 2,6412,686 PDF p. 94
Finance costs – lease interestUS dollars thousands 104243 PDF p. 94
Finance costs – othersUS dollars thousands 186140 PDF p. 94
Share of results of associatesUS dollars thousands 23(108) PDF p. 94
Allocation to Tokumei Kumiai investorsUS dollars thousands 646290 PDF p. 94
Operating cash flows before changes in working capitalUS dollars thousands 37,47724,862 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 2069 PDF p. 94
Net change in other payables and accrualsUS dollars thousands 2,4242,087 PDF p. 94
Cash flows generated from operationsUS dollars thousands 35,60929,102 PDF p. 94
Interest received on bank balancesUS dollars thousands 17724 PDF p. 94
Tax paidUS dollars thousands (862)(747) PDF p. 94
Net cash flows generated from operating activitiesUS dollars thousands 34,92428,379 PDF p. 94
Definitions & sources

Group cash flows / investing and financing — FY2022 source

27 metrics

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Group cash flows / investing and financing — FY2022 source from ANNUAL REPORT 2025
Metric / unit 2022Group2021Group 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 6,4589,020 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 1362 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 584835 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 8,27511,828 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 12,3112,967 PDF p. 95
Movements in cash and cash equivalents:
Cash and cash equivalents at beginning of the yearUS dollars thousands 36,73235,477 PDF p. 95
Cash flows from financing activities
Net increase in cash and cash equivalentsUS dollars thousands 12,3112,967 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 47,06936,732 PDF p. 95
Definitions & sources

Basic and diluted EPS inputs and rate — FY2022 source

3 metrics

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Basic and diluted EPS inputs and rate — FY2022 source from ANNUAL REPORT 2025
Metric / unit 2022Group2021Group Source
Basic and diluted EPS inputs and rate — FY2022 source
Weighted average number of ordinary shares in issue (‘000)shares thousands 78,60078,600 PDF p. 137
Profit attributable to owners of the parent (US$’000)US dollars thousands 27,78318,201 PDF p. 137
Profit per share (US cents per share) - basic and dilutedUS cents per share 35.3523.16 PDF p. 137
Definitions & sources

Where the money comes from

Segment information

By business

Segment results by operating segment, year ended 31 December 16 lines
Segment results by operating segment, year ended 31 December
Item / unit 2025Shipping: Ship owning and chartering2025Shipping: MAM2025Maritime services2025Property investment (ex-Japan)2025Property investment (in-Japan)2025Unallocated Items2025Eliminations(1)2025Total (Group)2024Shipping: Ship owning and chartering2024Shipping: MAM2024Maritime services2024Property investment (ex-Japan)2024Property investment (in-Japan)2024Unallocated Items2024Eliminations(1)2024Total (Group) Source
Total income
External customersUS$'000 29,6144,8371,1691113,187135–48,95333,4911,943935(31,459)17,81035–22,755 PDF p. 132PDF p. 133
Interest incomeUS$'000 612–31110268–9221,027–143–160–1,204 PDF p. 132PDF p. 133
Inter-segmentUS$'000 ––696–289622(1,607)–––1,050–201456(1,707)– PDF p. 132PDF p. 133
Total income (subtotal, unlabelled)US$'000 30,2264,8371,8961213,4861,025(1,607)49,87534,5181,9431,999(31,456)18,011651(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)3,292218(663)1,782(2,344)(132)1,892 PDF p. 132
Other segment items are as follows
Capital expenditureUS$'000 84,549–––11,035––95,5841,133–40–15,94248–17,163 PDF p. 132PDF p. 133
Investment in associatesUS$'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 5,12561320(32,389)1,443(2,194)(35)(27,417) PDF p. 133
Notes

(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.

Segment assets and liabilities by operating segment 2 lines
Segment assets and liabilities by operating segment
Item / unit 2025Shipping: Ship owning and chartering2025Shipping: MAM2025Maritime services2025Property investment (ex-Japan)2025Property investment (in-Japan)2025Unallocated Items2025Eliminations(1)2025Total (Group)2024Shipping: Ship owning and chartering2024Shipping: MAM2024Maritime services2024Property investment (ex-Japan)2024Property investment (in-Japan)2024Unallocated Items2024Eliminations(1)2024Total (Group) Source
Segment assets
Total assetsUS$'000 179,3081,4451,8081,45836,50522,262(20,694)222,092129,4303,0512,1781,34926,64614,141(10,886)165,909 PDF p. 134
Segment liabilities
Total liabilitiesUS$'000 80,767391329,37416,80412,321(21,686)97,75139,037–3939,3908,5902,435(10,794)49,051 PDF p. 134
Notes

(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).

By geography

Geographical information – Total income 4 lines
Geographical information – Total income
Item / unit 2025Group2024Group Source
Total income
GlobalUS$'000 35,54637,578 PDF p. 135
Asia (ex-Japan)US$'000 1,132(31,429) PDF p. 135
JapanUS$'000 13,19717,810 PDF p. 135
Total income (total, unlabelled)US$'000 49,87523,959 PDF p. 135
Notes

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.

Geographical information – Non-current assets 4 lines
Geographical information – Non-current assets
Item / unit 2025Group2024Group Source
Non-current assets
GlobalUS$'000 149,28384,393 PDF p. 136
Asia (ex-Japan)US$'000 1,8962,336 PDF p. 136
JapanUS$'000 8,40210,705 PDF p. 136
Non-current assets (total, unlabelled)US$'000 159,58197,434 PDF p. 136
Notes

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

Borrowings

Borrowing notes 2 tables

Borrowings

Borrowings — Group
Item / unit 2025US$'0002024US$'000 Source
Non-current, repayable per terms of loan facilities
- SecuredUS$'000 66,91730,402 PDF p. 145
- UnsecuredUS$'000 1,952– PDF p. 145
Non-current
Non-current totalUS$'000 68,86930,402 PDF p. 145
Current, repayable per terms of loan facilities
- SecuredUS$'000 16,55811,233 PDF p. 145
- UnsecuredUS$'000 2,000– PDF p. 145
Current
Current totalUS$'000 18,55811,233 PDF p. 145
Notes

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.

Statements of financial position - borrowings and lease liabilities

Statements of financial position - borrowings and lease liabilities
Item / unit 2025Group, US$'0002024Group, US$'0002025Company, US$'0002024Company, US$'000 Source
Non-current liabilities
BorrowingsUS$'000 68,86930,402–– PDF p. 102
Lease liabilitiesUS$'000 415910170324 PDF p. 102
Current liabilities
BorrowingsUS$'000 18,55811,233–– PDF p. 102
Lease liabilitiesUS$'000 512490174153 PDF p. 102

Payout

Dividends & distributions

Dividend policy

ItemValuePeriod / scopeSource
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

Dividends declared and proposed

ItemValuePeriod / scopeSource
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

Payout

ItemValuePeriod / scopeSource
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

Audit & risk signals

Audit opinion

ItemValuePeriod / scopeSource
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

Key audit matters

ItemValuePeriod / scopeSource
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.

How to read these figures

Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.

Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.

Primary 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.