Annual Report 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Assets | |||||
| Property, plant and equipmentSingapore dollars thousands | 156,518 | 162,070 | 41,694 | 43,685 | PDF p. 75 Label p. 75 |
| Intangible assetsSingapore dollars thousands | 1,001 | 1,897 | – | – | PDF p. 75 |
| Investment propertiesSingapore dollars thousands | 3,344 | 4,047 | – | – | PDF p. 75 |
| SubsidiariesSingapore dollars thousands | – | – | 39,799 | 40,548 | PDF p. 75 |
| AssociatesSingapore dollars thousands | – | – | – | – | PDF p. 75 |
| Other financial assetsSingapore dollars thousands | 44,785 | 43,911 | 327 | 315 | PDF p. 75 |
| Deferred tax assetsSingapore dollars thousands | 2,173 | 2,817 | – | 32 | PDF p. 75 |
| Trade and other receivablesSingapore dollars thousands | 278 | 304 | – | – | PDF p. 75 |
| Non-current assetsSingapore dollars thousands | 208,099 | 215,046 | 81,820 | 84,580 | PDF p. 75 |
| Other financial assetsSingapore dollars thousands | 11,071 | 6,403 | 155 | 470 | PDF p. 75 |
| Current tax assetsSingapore dollars thousands | 265 | 209 | – | – | PDF p. 75 |
| InventoriesSingapore dollars thousands | 58,941 | 54,666 | 1 | 1 | PDF p. 75 |
| Bills receivableSingapore dollars thousands | 25,961 | 34,539 | – | – | PDF p. 75 |
| Trade and other receivablesSingapore dollars thousands | 89,960 | 87,986 | 76,768 | 38,294 | PDF p. 75 |
| Cash on hand and in banksSingapore dollars thousands | 213,149 | 200,087 | 56,006 | 87,174 | PDF p. 75 |
| Current assetsSingapore dollars thousands | 399,347 | 383,890 | 132,930 | 125,939 | PDF p. 75 |
| Total assetsSingapore dollars thousands | 607,446 | 598,936 | 214,750 | 210,519 | PDF p. 75 |
| Equity | |||||
| Share capitalSingapore dollars thousands | 177,302 | 177,302 | 177,302 | 177,302 | PDF p. 75 |
| ReservesSingapore dollars thousands | 172,989 | 159,052 | 17,449 | 13,102 | PDF p. 75 |
| Equity attributable to owners of the CompanySingapore dollars thousands | 350,291 | 336,354 | 194,751 | 190,404 | PDF p. 75 Label p. 75 |
| Non-controlling interestsSingapore dollars thousands | 91,331 | 87,777 | – | – | PDF p. 75 |
| Total equitySingapore dollars thousands | 441,622 | 424,131 | 194,751 | 190,404 | PDF p. 75 |
| Liabilities | |||||
| Loans and borrowingsSingapore dollars thousands | 24,672 | 24,201 | 12,525 | 12,812 | PDF p. 75 |
| Trade and other payablesSingapore dollars thousands | – | 800 | – | – | PDF p. 75 |
| Deferred incomeSingapore dollars thousands | 893 | 1,210 | 38 | 94 | PDF p. 75 |
| Deferred tax liabilitiesSingapore dollars thousands | 6,236 | 6,847 | 219 | – | PDF p. 75 |
| Non-current liabilitiesSingapore dollars thousands | 31,801 | 33,058 | 12,782 | 12,906 | PDF p. 75 |
| Loans and borrowingsSingapore dollars thousands | 60,557 | 64,752 | 369 | 371 | PDF p. 75 |
| Current tax liabilitiesSingapore dollars thousands | 3,012 | 5,671 | 872 | 975 | PDF p. 75 |
| Trade and other payablesSingapore dollars thousands | 70,148 | 70,991 | 5,920 | 5,807 | PDF p. 75 |
| Deferred incomeSingapore dollars thousands | 306 | 333 | 56 | 56 | PDF p. 75 |
| Current liabilitiesSingapore dollars thousands | 134,023 | 141,747 | 7,217 | 7,209 | PDF p. 75 |
| Total liabilitiesSingapore dollars thousands | 165,824 | 174,805 | 19,999 | 20,115 | PDF p. 75 |
| Total equity and liabilitiesSingapore dollars thousands | 607,446 | 598,936 | 214,750 | 210,519 | PDF p. 75 |
Original report: PDF p. 75 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Group profit or loss — FY2025 source | |||
| RevenueSingapore dollars thousands | 477,190 | 488,649 | PDF p. 76 |
| Cost of salesSingapore dollars thousands | (364,435) | (371,568) | PDF p. 76 |
| Gross profitSingapore dollars thousands | 112,755 | 117,081 | PDF p. 76 |
| Other incomeSingapore dollars thousands | 5,604 | 6,082 | PDF p. 76 |
| Distribution expensesSingapore dollars thousands | (51,038) | (48,665) | PDF p. 76 |
| Administrative expensesSingapore dollars thousands | (35,405) | (36,583) | PDF p. 76 |
| Impairment losses of trade and other receivables (net)Singapore dollars thousands | (217) | (342) | PDF p. 76 |
| Other expensesSingapore dollars thousands | (1,116) | (4,200) | PDF p. 76 |
| Results from operating activitiesSingapore dollars thousands | 30,583 | 33,373 | PDF p. 76 |
| Finance incomeSingapore dollars thousands | 6,758 | 7,350 | PDF p. 76 |
| Finance costsSingapore dollars thousands | (1,846) | (2,508) | PDF p. 76 |
| Net finance incomeSingapore dollars thousands | 4,912 | 4,842 | PDF p. 76 |
| Profit before taxSingapore dollars thousands | 35,495 | 38,215 | PDF p. 76 |
| Tax expenseSingapore dollars thousands | (6,419) | (7,895) | PDF p. 76 |
| Profit for the yearSingapore dollars thousands | 29,076 | 30,320 | PDF p. 76 |
| Profit attributable to: | |||
| Owners of the CompanySingapore dollars thousands | 21,624 | 22,753 | PDF p. 76 |
| Non-controlling interestsSingapore dollars thousands | 7,452 | 7,567 | PDF p. 76 |
| Profit for the yearSingapore dollars thousands | 29,076 | 30,320 | PDF p. 76 |
Original report: PDF p. 76 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per share | |||
| Basic earnings per share (cents)Singapore cents per share | 3.97 | 4.17 | PDF p. 76 |
| Diluted earnings per share (cents)Singapore cents per share | 3.97 | 4.17 | PDF p. 76 |
Original report: PDF p. 76 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Group comprehensive income — FY2025 source | |||
| Profit for the yearSingapore dollars thousands | 29,076 | 30,320 | PDF p. 77 |
| Other comprehensive income – items that are or may be reclassified subsequently to profit or loss | |||
| Foreign currency translation differences of foreign operationsSingapore dollars thousands | (198) | 2,015 | PDF p. 77 |
| Other comprehensive income for the year, net of taxSingapore dollars thousands | (198) | 2,015 | PDF p. 77 |
| Other comprehensive income – items that will not be reclassified subsequently to profit or loss | |||
| Equity investment FVOCI – net change in fair valueSingapore dollars thousands | 12 | 28 | PDF p. 77 |
| Other comprehensive income for the year, net of taxSingapore dollars thousands | 12 | 28 | PDF p. 77 |
| Total comprehensive income for the yearSingapore dollars thousands | 28,890 | 32,363 | PDF p. 77 |
| Total comprehensive income attributable to: | |||
| Owners of the CompanySingapore dollars thousands | 22,116 | 24,792 | PDF p. 77 |
| Non-controlling interestsSingapore dollars thousands | 6,774 | 7,571 | PDF p. 77 |
| Total comprehensive income for the yearSingapore dollars thousands | 28,890 | 32,363 | PDF p. 77 |
Original report: PDF p. 77 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group — Share capital | 2024Group — Treasury shares | 2024Group — Other reserves | 2024Group — Statutory reserves | Source |
|---|---|---|---|---|---|
| Group changes in equity — left components / ending2024 — FY2025 source | |||||
| At 1 January 2024Singapore dollars thousands | 184,325 | (7,023) | 1,586 | 12,727 | PDF p. 78 |
| Total comprehensive income for the year Profit for the yearSingapore dollars thousands | – | – | – | – | PDF p. 78 Label p. 78 |
| Other comprehensive income | |||||
| Foreign currency translation differences of foreign operationsSingapore dollars thousands | – | – | – | – | PDF p. 78 Label p. 78 |
| Net change in fair value – equity investments at FVOCISingapore dollars thousands | – | – | – | – | PDF p. 78 Label p. 78 |
| Total other comprehensive incomeSingapore dollars thousands | – | – | – | – | PDF p. 78 Label p. 78 |
| Total comprehensive income for the yearSingapore dollars thousands | – | – | – | – | PDF p. 78 Label p. 78 |
| Other comprehensive income Distributions to owners | |||||
| Dividends paid (Note 16)Singapore dollars thousands | – | – | – | – | PDF p. 78 |
| Total distributions to ownersSingapore dollars thousands | – | – | – | – | PDF p. 78 |
| Changes in ownership interests in subsidiaries Acquisition of subsidiaries with non-controlling interests (Note 30)Singapore dollars thousands | – | – | – | – | PDF p. 78 Label p. 78 |
| Recognition of put option granted by non-controlling interests (Note 30)Singapore dollars thousands | – | – | (209) | – | PDF p. 78 Label p. 78 |
| Total changes in ownership interests in subsidiariesSingapore dollars thousands | – | – | (209) | – | PDF p. 78 Label p. 78 |
| Total transactions with ownersSingapore dollars thousands | – | – | (209) | – | PDF p. 78 |
| At 31 December 2024Singapore dollars thousands | 184,325 | (7,023) | 1,377 | 12,727 | PDF p. 78 |
Original report: PDF p. 78 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group — Fair value reserve | 2024Group — Translation reserve | 2024Group — Retained earnings | 2024Group — Parent equity subtotal | 2024Group — Non-controlling interests | 2024Group — Total equity | Source |
|---|---|---|---|---|---|---|---|
| Group horizontally continued equity statement | |||||||
| At 1 January 2024Singapore dollars thousands | 57 | (12,972) | 143,977 | 322,677 | 81,378 | 404,055 | PDF p. 79 Label p. 78 |
| SubtotalSingapore dollars thousands | – | – | 22,753 | 22,753 | 7,567 | 30,320 | PDF p. 79 |
| SubtotalSingapore dollars thousands | – | 2,011 | – | 2,011 | 4 | 2,015 | PDF p. 79 |
| SubtotalSingapore dollars thousands | 28 | – | – | 28 | – | 28 | PDF p. 79 |
| SubtotalSingapore dollars thousands | 28 | 2,011 | – | 2,039 | 4 | 2,043 | PDF p. 79 |
| SubtotalSingapore dollars thousands | 28 | 2,011 | 22,753 | 24,792 | 7,571 | 32,363 | PDF p. 79 |
| Dividends paid (Note 16)Singapore dollars thousands | – | – | (10,906) | (10,906) | (4,361) | (15,267) | PDF p. 79 Label p. 78 |
| Total distributions to ownersSingapore dollars thousands | – | – | (10,906) | (10,906) | (4,361) | (15,267) | PDF p. 79 Label p. 78 |
| SubtotalSingapore dollars thousands | – | – | – | – | 3,189 | 3,189 | PDF p. 79 |
| SubtotalSingapore dollars thousands | – | – | – | (209) | – | (209) | PDF p. 79 |
| SubtotalSingapore dollars thousands | – | – | – | (209) | 3,189 | 2,980 | PDF p. 79 |
| Total transactions with ownersSingapore dollars thousands | – | – | (10,906) | (11,115) | (1,172) | (12,287) | PDF p. 79 Label p. 78 |
| At 31 December 2024Singapore dollars thousands | 85 | (10,961) | 155,824 | 336,354 | 87,777 | 424,131 | PDF p. 79 Label p. 78 |
Original report: PDF p. 79 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group — Share capital | 2025Group — Treasury shares | 2025Group — Other reserves | 2025Group — Statutory reserves | Source |
|---|---|---|---|---|---|
| Group changes in equity — left components / ending2025 — FY2025 source | |||||
| At 1 January 2025Singapore dollars thousands | 184,325 | (7,023) | 1,377 | 12,727 | PDF p. 80 |
| Total comprehensive income for the year Profit for the yearSingapore dollars thousands | – | – | – | – | PDF p. 80 Label p. 80 |
| Other comprehensive income | |||||
| Foreign currency translation differences of foreign operationsSingapore dollars thousands | – | – | – | – | PDF p. 80 Label p. 80 |
| Net change in fair value – equity investments at FVOCISingapore dollars thousands | – | – | – | – | PDF p. 80 Label p. 80 |
| Total other comprehensive incomeSingapore dollars thousands | – | – | – | – | PDF p. 80 Label p. 80 |
| Total comprehensive income for the yearSingapore dollars thousands | – | – | – | – | PDF p. 80 Label p. 80 |
| Other comprehensive income Distributions to owners | |||||
| Dividends paid (Note 16)Singapore dollars thousands | – | – | – | – | PDF p. 80 |
| Total distributions to ownersSingapore dollars thousands | – | – | – | – | PDF p. 80 |
| Total transactions with ownersSingapore dollars thousands | – | – | – | – | PDF p. 80 |
| Transfer between reserves Appropriation of retained earnings to statutory reserve fundSingapore dollars thousands | – | – | – | 19 | PDF p. 80 Label p. 80 |
| At 31 December 2025Singapore dollars thousands | 184,325 | (7,023) | 1,377 | 12,746 | PDF p. 80 |
Original report: PDF p. 80 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group — Fair value reserve | 2025Group — Translation reserve | 2025Group — Retained earnings | 2025Group — Parent equity subtotal | 2025Group — Non-controlling interests | 2025Group — Total equity | Source |
|---|---|---|---|---|---|---|---|
| Group horizontally continued equity statement | |||||||
| At 1 January 2025Singapore dollars thousands | 85 | (10,961) | 155,824 | 336,354 | 87,777 | 424,131 | PDF p. 81 Label p. 80 |
| SubtotalSingapore dollars thousands | – | – | 21,624 | 21,624 | 7,452 | 29,076 | PDF p. 81 |
| SubtotalSingapore dollars thousands | – | 480 | – | 480 | (678) | (198) | PDF p. 81 |
| SubtotalSingapore dollars thousands | 12 | – | – | 12 | – | 12 | PDF p. 81 |
| SubtotalSingapore dollars thousands | 12 | 480 | – | 492 | (678) | (186) | PDF p. 81 |
| SubtotalSingapore dollars thousands | 12 | 480 | 21,624 | 22,116 | 6,774 | 28,890 | PDF p. 81 |
| Dividends paid (Note 16)Singapore dollars thousands | – | – | (8,179) | (8,179) | (3,220) | (11,399) | PDF p. 81 Label p. 80 |
| Total distributions to ownersSingapore dollars thousands | – | – | (8,179) | (8,179) | (3,220) | (11,399) | PDF p. 81 Label p. 80 |
| Total transactions with ownersSingapore dollars thousands | – | – | (8,179) | (8,179) | (3,220) | (11,399) | PDF p. 81 Label p. 80 |
| SubtotalSingapore dollars thousands | – | – | (19) | – | – | – | PDF p. 81 |
| At 31 December 2025Singapore dollars thousands | 97 | (10,481) | 169,250 | 350,291 | 91,331 | 441,622 | PDF p. 81 Label p. 80 |
Original report: PDF p. 81 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit for the yearSingapore dollars thousands | 29,076 | 30,320 | PDF p. 82 |
| Adjustments for: | |||
| Amortisation of deferred incomeSingapore dollars thousands | (328) | (353) | PDF p. 82 |
| Amortisation of intangible assetsSingapore dollars thousands | 133 | 133 | PDF p. 82 |
| Depreciation of investment propertiesSingapore dollars thousands | 81 | 73 | PDF p. 82 |
| Depreciation of property, plant and equipmentSingapore dollars thousands | 16,918 | 16,744 | PDF p. 82 |
| Dividend incomeSingapore dollars thousands | (1,276) | (367) | PDF p. 82 |
| Impairment of goodwillSingapore dollars thousands | 749 | 1,300 | PDF p. 82 |
| Impairment loss on trade and other receivables (net)Singapore dollars thousands | 217 | 342 | PDF p. 82 |
| Interest incomeSingapore dollars thousands | (4,800) | (6,983) | PDF p. 82 |
| Interest expenseSingapore dollars thousands | 1,846 | 2,049 | PDF p. 82 |
| Inventories written down/(write-back)Singapore dollars thousands | 239 | (73) | PDF p. 82 |
| Gain on disposal of investment propertiesSingapore dollars thousands | (147) | – | PDF p. 82 |
| Gain on disposal of property, plant and equipmentSingapore dollars thousands | (158) | (104) | PDF p. 82 |
| Bargain purchase arising from acquisition of subsidiariesSingapore dollars thousands | – | (1,958) | PDF p. 82 |
| Net (increase)/decrease in fair value of financial assets at fair value through profit or lossSingapore dollars thousands | (682) | 459 | PDF p. 82 Label p. 82 |
| Property, plant and equipment written offSingapore dollars thousands | 67 | 168 | PDF p. 82 |
| Tax expenseSingapore dollars thousands | 6,419 | 7,895 | PDF p. 82 |
| Unrealised exchange gainSingapore dollars thousands | (93) | (555) | PDF p. 82 |
| SubtotalSingapore dollars thousands | 48,261 | 49,090 | PDF p. 82 |
| Changes in: – InventoriesSingapore dollars thousands | (4,053) | (4,270) | PDF p. 82 Label p. 82 |
| – Bills receivableSingapore dollars thousands | 8,012 | (493) | PDF p. 82 |
| – Trade and other receivablesSingapore dollars thousands | (2,623) | (1,137) | PDF p. 82 |
| – Trade and other payablesSingapore dollars thousands | (3,288) | 5,794 | PDF p. 82 |
| Cash generated from operationsSingapore dollars thousands | 46,309 | 48,984 | PDF p. 82 |
| Tax paidSingapore dollars thousands | (9,158) | (5,786) | PDF p. 82 |
| Net cash from operating activitiesSingapore dollars thousands | 37,151 | 43,198 | PDF p. 82 |
| Cash flows from investing activities | |||
| Acquisition of other financial assetsSingapore dollars thousands | (31,465) | (32,768) | PDF p. 82 |
| Acquisition of subsidiaries, net of cashSingapore dollars thousands | – | 1,106 | PDF p. 82 |
| Interest receivedSingapore dollars thousands | 4,932 | 7,373 | PDF p. 82 |
| Dividend receivedSingapore dollars thousands | 1,435 | 209 | PDF p. 82 |
| Proceeds from disposal of financial assets at fair value through profit or lossSingapore dollars thousands | 319 | 21 | PDF p. 82 Label p. 82 |
| Proceeds from disposal of investment propertiesSingapore dollars thousands | 1,924 | – | PDF p. 82 |
| Proceeds from disposal of property, plant and equipmentSingapore dollars thousands | 811 | 338 | PDF p. 82 |
| Proceeds from maturity and redemption of other financial assetsSingapore dollars thousands | 26,467 | – | PDF p. 82 |
| Purchase of property, plant and equipmentSingapore dollars thousands | (11,436) | (6,887) | PDF p. 82 |
| Net cash used in investing activitiesSingapore dollars thousands | (7,013) | (30,608) | PDF p. 82 |
| Cash flows from financing activities | |||
| Changes in pledged depositsSingapore dollars thousands | (601) | 2,006 | PDF p. 82 |
| Dividends paid to owners of the CompanySingapore dollars thousands | (8,179) | (10,906) | PDF p. 82 |
| Dividends paid to non-controlling interestsSingapore dollars thousands | (3,220) | (4,361) | PDF p. 82 |
| Interest paidSingapore dollars thousands | (1,854) | (2,052) | PDF p. 82 |
| Payment of lease liabilitiesSingapore dollars thousands | (2,020) | (1,724) | PDF p. 82 |
| Proceeds from loans and borrowingsSingapore dollars thousands | 89,900 | 99,951 | PDF p. 82 |
| Repayment of loans and borrowingsSingapore dollars thousands | (91,090) | (108,958) | PDF p. 82 |
| Net cash used in financing activitiesSingapore dollars thousands | (17,064) | (26,044) | PDF p. 82 |
| Net increase/(decrease) in cash and cash equivalentsSingapore dollars thousands | 13,074 | (13,454) | PDF p. 82 |
| Cash and cash equivalents at 1 JanuarySingapore dollars thousands | 192,419 | 206,199 | PDF p. 82 |
| Effect of exchange rate fluctuations on cash heldSingapore dollars thousands | (510) | (326) | PDF p. 82 |
| Cash and cash equivalents at 31 DecemberSingapore dollars thousands | 204,983 | 192,419 | PDF p. 82 |
Original report: PDF p. 82 ↗
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| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Group financial summary | ||||||
| TURNOVER ($ MILLION)Singapore dollars millions | 533.3 | 553.0 | 482.1 | 488.6 | 477.2 | PDF p. 12 |
Original report: PDF p. 12 ↗
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| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Group financial summary | ||||||
| BASIC EARNINGS PER SHARE (CENTS)Singapore cents per share | 3.54 | 3.52 | 3.97 | 4.17 | 3.97 | PDF p. 12 |
Original report: PDF p. 12 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Group financial summary | ||||||
| NAV PER SHARE (CENTS)Singapore cents per share | 55.80 | 56.64 | 59.17 | 61.68 | 64.24 | PDF p. 12 |
Original report: PDF p. 12 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Group / Company cash reconciliation — Note15 | |||||
| Cash at bank and in handSingapore dollars thousands | 51,744 | 64,400 | 1,699 | 1,565 | PDF p. 129 |
| Short-term depositsSingapore dollars thousands | 161,405 | 135,687 | 54,307 | 85,609 | PDF p. 129 |
| Cash on hand and in banks in the statement of financial positionSingapore dollars thousands | 213,149 | 200,087 | 56,006 | 87,174 | PDF p. 129 Label p. 129 |
| Deposits pledgedSingapore dollars thousands | (8,166) | (7,668) | – | – | PDF p. 129 |
| Cash and cash equivalents in the statement of cash flowsSingapore dollars thousands | 204,983 | 192,419 | 56,006 | 87,174 | PDF p. 129 Label p. 129 |
Original report: PDF p. 129 ↗
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| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Group / Company reserves — Note16 | |||||
| Other reservesSingapore dollars thousands | 1,377 | 1,377 | – | – | PDF p. 130 |
| Statutory reservesSingapore dollars thousands | 12,746 | 12,727 | – | – | PDF p. 130 |
| Fair value reserveSingapore dollars thousands | 97 | 85 | 97 | 85 | PDF p. 130 |
| Foreign currency translation reserveSingapore dollars thousands | (10,481) | (10,961) | – | – | PDF p. 130 Label p. 130 |
| Retained earningsSingapore dollars thousands | 169,250 | 155,824 | 17,352 | 13,017 | PDF p. 130 |
| SubtotalSingapore dollars thousands | 172,989 | 159,052 | 17,449 | 13,102 | PDF p. 130 |
Original report: PDF p. 130 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group and Company | 2024Group and Company | Source |
|---|---|---|---|
| Paid owner dividends — Note16 | |||
| Final tax-exempt dividend of $0.013 (2024: $0.010) per share in respect of previous financial yearSingapore dollars thousands | 7,089 | 5,453 | PDF p. 131 Label p. 131 |
| Special tax-exempt dividend of $Nil (2024: $0.005) per share in respect of previous financial yearSingapore dollars thousands | – | 2,726 | PDF p. 131 Label p. 131 |
| Interim tax-exempt dividend paid of $0.002 (2024: $0.005) per share in respect of current financial yearSingapore dollars thousands | 1,090 | 2,727 | PDF p. 131 Label p. 131 |
| SubtotalSingapore dollars thousands | 8,179 | 10,906 | PDF p. 131 |
Original report: PDF p. 131 ↗
Amounts SGDthousands; per-share dividends in source row captions are fullSGD per share. Paid owner, subsidiaryNCI and proposed dividends are different disclosures. Year-end proposal is not described as pending today.
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Paid NCI dividends — Note16 | |||
| Final tax-exempt dividend paid of $0.030 (2024: $0.020) per share in respect of previous financial yearSingapore dollars thousands | 1,700 | 1,133 | PDF p. 131 Label p. 131 |
| Interim tax-exempt dividend paid of $0.010 (2024: $0.030) per share in respect of current financial yearSingapore dollars thousands | 567 | 1,701 | PDF p. 131 Label p. 131 |
| Dividend in respect of the current financial yearSingapore dollars thousands | 953 | 1,527 | PDF p. 131 |
| SubtotalSingapore dollars thousands | 3,220 | 4,361 | PDF p. 131 |
Original report: PDF p. 131 ↗
Amounts SGDthousands; per-share dividends in source row captions are fullSGD per share. Paid owner, subsidiaryNCI and proposed dividends are different disclosures. Year-end proposal is not described as pending today.
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| Metric / unit | 2025Group and Company | 2024Group and Company | Source |
|---|---|---|---|
| Proposed owner dividends — Note16 | |||
| Final tax-exempt dividend of $0.018 (2024: $0.013) per share in respect of financial year ended 31 December 2025 (2024: 31 December 2024)Singapore dollars thousands | 9,815 | 7,089 | PDF p. 131 Label p. 131 |
Original report: PDF p. 131 ↗
Amounts SGDthousands; per-share dividends in source row captions are fullSGD per share. Paid owner, subsidiaryNCI and proposed dividends are different disclosures. Year-end proposal is not described as pending today.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Secured bank loansSingapore dollars thousands | 1,012 | 2,174 | – | – | PDF p. 134 |
| Unsecured bank loansSingapore dollars thousands | 3,396 | 113 | – | – | PDF p. 134 |
| Lease liabilitiesSingapore dollars thousands | 20,264 | 21,914 | 12,525 | 12,812 | PDF p. 134 |
| SubtotalSingapore dollars thousands | 24,672 | 24,201 | 12,525 | 12,812 | PDF p. 134 |
| Current liabilities | |||||
| Secured bank loansSingapore dollars thousands | 554 | 11,748 | – | – | PDF p. 134 |
| Unsecured bank loansSingapore dollars thousands | 26,362 | 21,213 | – | – | PDF p. 134 |
| Trust receiptsSingapore dollars thousands | 670 | 935 | – | – | PDF p. 134 |
| Bills payableSingapore dollars thousands | 31,036 | 28,894 | – | – | PDF p. 134 |
| Lease liabilitiesSingapore dollars thousands | 1,935 | 1,962 | 369 | 371 | PDF p. 134 |
| SubtotalSingapore dollars thousands | 60,557 | 64,752 | 369 | 371 | PDF p. 134 |
| Total loans and borrowingsSingapore dollars thousands | 85,229 | 88,953 | 12,894 | 13,183 | PDF p. 134 |
Original report: PDF p. 134 ↗
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| EPS denominator — Note28 | |||
| Weighted average number of ordinary sharesshares | 545,296,946 | 545,296,946 | PDF p. 159 |
Original report: PDF p. 159 ↗
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| Metric / unit | 2023Group | 2022Group | 2023Company | 2022Company | Source |
|---|---|---|---|---|---|
| Assets | |||||
| Property, plant and equipmentSingapore dollars thousands | 163,351 | 164,802 | 45,752 | 45,623 | PDF p. 83 |
| Intangible assetsSingapore dollars thousands | 3,329 | 3,502 | – | – | PDF p. 83 |
| Investment propertiesSingapore dollars thousands | 564 | 619 | – | – | PDF p. 83 |
| SubsidiariesSingapore dollars thousands | – | – | 40,278 | 37,418 | PDF p. 83 |
| AssociatesSingapore dollars thousands | – | – | – | – | PDF p. 83 |
| Other financial assetsSingapore dollars thousands | 16,240 | 73 | 78 | 73 | PDF p. 83 |
| Deferred tax assetsSingapore dollars thousands | 3,180 | 3,685 | 177 | – | PDF p. 83 |
| Trade and other receivablesSingapore dollars thousands | 205 | 17 | – | – | PDF p. 83 |
| Non-current assetsSingapore dollars thousands | 186,869 | 172,698 | 86,285 | 83,114 | PDF p. 83 |
| Other financial assetsSingapore dollars thousands | 197 | 601 | 197 | 601 | PDF p. 83 |
| Current tax assetsSingapore dollars thousands | 286 | 673 | – | – | PDF p. 83 |
| InventoriesSingapore dollars thousands | 48,445 | 52,855 | – | – | PDF p. 83 |
| Bills ReceivableSingapore dollars thousands | 34,019 | 36,443 | – | – | PDF p. 83 |
| Trade and other receivablesSingapore dollars thousands | 85,666 | 97,895 | 34,568 | 22,733 | PDF p. 83 |
| Cash on hand and in banksSingapore dollars thousands | 215,868 | 194,007 | 84,825 | 97,163 | PDF p. 83 |
| Current assetsSingapore dollars thousands | 384,481 | 382,474 | 119,590 | 120,497 | PDF p. 83 |
| Total assetsSingapore dollars thousands | 571,350 | 555,172 | 205,875 | 203,611 | PDF p. 83 |
| Equity | |||||
| Share capitalSingapore dollars thousands | 177,302 | 180,099 | 177,302 | 180,099 | PDF p. 83 |
| ReservesSingapore dollars thousands | 145,375 | 133,329 | 9,076 | 4,506 | PDF p. 83 |
| Equity attributable to owners of the CompanySingapore dollars thousands | 322,677 | 313,428 | 186,378 | 184,605 | PDF p. 83 Label p. 83 |
| Non-controlling interestsSingapore dollars thousands | 81,378 | 84,777 | – | – | PDF p. 83 |
| Total equitySingapore dollars thousands | 404,055 | 398,205 | 186,378 | 184,605 | PDF p. 83 |
| Liabilities | |||||
| Loans and borrowingsSingapore dollars thousands | 21,382 | 21,022 | 13,183 | 13,146 | PDF p. 83 |
| Trade and other payablesSingapore dollars thousands | 800 | 800 | – | – | PDF p. 83 |
| Deferred incomeSingapore dollars thousands | 1,543 | 1,727 | 150 | 206 | PDF p. 83 |
| Deferred tax liabilitiesSingapore dollars thousands | 6,108 | 4,825 | – | – | PDF p. 83 |
| Non-current liabilitiesSingapore dollars thousands | 29,833 | 28,374 | 13,333 | 13,352 | PDF p. 83 |
| Loans and borrowingsSingapore dollars thousands | 70,102 | 57,780 | 356 | 334 | PDF p. 83 |
| Current tax liabilitiesSingapore dollars thousands | 3,689 | 4,038 | 4 | – | PDF p. 83 |
| Trade and other payablesSingapore dollars thousands | 63,318 | 66,417 | 5,748 | 5,264 | PDF p. 83 |
| Deferred incomeSingapore dollars thousands | 353 | 358 | 56 | 56 | PDF p. 83 |
| Current liabilitiesSingapore dollars thousands | 137,462 | 128,593 | 6,164 | 5,654 | PDF p. 83 |
| Total liabilitiesSingapore dollars thousands | 167,295 | 156,967 | 19,497 | 19,006 | PDF p. 83 |
| Total equity and liabilitiesSingapore dollars thousands | 571,350 | 555,172 | 205,875 | 203,611 | PDF p. 83 |
Original report: PDF p. 83 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2022Group | Source |
|---|---|---|---|
| Group profit or loss — FY2023 source | |||
| RevenueSingapore dollars thousands | 482,140 | 553,044 | PDF p. 84 |
| Cost of salesSingapore dollars thousands | (368,387) | (437,890) | PDF p. 84 |
| Gross profitSingapore dollars thousands | 113,753 | 115,154 | PDF p. 84 |
| Other incomeSingapore dollars thousands | 2,122 | 3,054 | PDF p. 84 |
| Distribution expensesSingapore dollars thousands | (47,766) | (48,157) | PDF p. 84 |
| Administrative expensesSingapore dollars thousands | (33,322) | (36,386) | PDF p. 84 |
| Impairment losses of trade and other receivables (net)Singapore dollars thousands | (279) | (521) | PDF p. 84 |
| Other expensesSingapore dollars thousands | (825) | (475) | PDF p. 84 |
| Results from operating activitiesSingapore dollars thousands | 33,683 | 32,669 | PDF p. 84 |
| Finance incomeSingapore dollars thousands | 6,492 | 2,186 | PDF p. 84 |
| Finance costsSingapore dollars thousands | (2,154) | (2,098) | PDF p. 84 |
| Net finance incomeSingapore dollars thousands | 4,338 | 88 | PDF p. 84 |
| Profit before taxSingapore dollars thousands | 38,021 | 32,757 | PDF p. 84 |
| Tax expenseSingapore dollars thousands | (8,179) | (5,022) | PDF p. 84 |
| Profit for the yearSingapore dollars thousands | 29,842 | 27,735 | PDF p. 84 |
| Profit attributable to: | |||
| Owners of the CompanySingapore dollars thousands | 21,797 | 19,489 | PDF p. 84 |
| Non-controlling interestsSingapore dollars thousands | 8,045 | 8,246 | PDF p. 84 |
| Profit for the yearSingapore dollars thousands | 29,842 | 27,735 | PDF p. 84 |
Original report: PDF p. 84 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2022Group | Source |
|---|---|---|---|
| Earnings per share | |||
| Basic earnings per share (cents)Singapore cents per share | 3.97 | 3.52 | PDF p. 84 |
| Diluted earnings per share (cents)Singapore cents per share | 3.97 | 3.52 | PDF p. 84 |
Original report: PDF p. 84 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2022Group | Source |
|---|---|---|---|
| Group comprehensive income — FY2023 source | |||
| Profit for the yearSingapore dollars thousands | 29,842 | 27,735 | PDF p. 85 |
| Other comprehensive income – items that are or may be reclassified subsequently to profit or loss | |||
| Foreign currency translation differences of foreign operationsSingapore dollars thousands | (7,242) | (15,515) | PDF p. 85 |
| Translation differences of subsidiary reclassified to profit or loss upon de-consolidation/disposalSingapore dollars thousands | – | (287) | PDF p. 85 Label p. 85 |
| Other comprehensive income for the year, net of taxSingapore dollars thousands | (7,242) | (15,802) | PDF p. 85 |
| Other comprehensive income – items that will not be reclassified subsequently to profit or loss | |||
| Equity investment FVOCI – net change in fair valueSingapore dollars thousands | 5 | 5 | PDF p. 85 |
| Other comprehensive income for the year, net of taxSingapore dollars thousands | 5 | 5 | PDF p. 85 |
| Total comprehensive income for the yearSingapore dollars thousands | 22,605 | 11,938 | PDF p. 85 |
| Total comprehensive income attributable to: | |||
| Owners of the Company Non-controlling interestsSingapore dollars thousands | 16,876 | 9,815 | PDF p. 85 Label p. 85 |
| Total comprehensive income for the yearSingapore dollars thousands | 5,729 | 2,123 | PDF p. 85 |
| SubtotalSingapore dollars thousands | 22,605 | 11,938 | PDF p. 85 |
Original report: PDF p. 85 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group — Share capital | 2022Group — Treasury shares | 2022Group — Other reserves | 2022Group — Statutory reserves | Source |
|---|---|---|---|---|---|
| Group changes in equity — left components / ending2022 — FY2023 source | |||||
| At 1 January 2022Singapore dollars thousands | 184,325 | (4,226) | 237 | 12,668 | PDF p. 86 |
| Total comprehensive income for the year Profit for the yearSingapore dollars thousands | – | – | – | – | PDF p. 86 Label p. 86 |
| Other comprehensive income | |||||
| Foreign currency translation differences of foreign operationsSingapore dollars thousands | – | – | – | – | PDF p. 86 Label p. 86 |
| Translation differences of subsidiary reclassified to profit or loss upon de-consolidationSingapore dollars thousands | – | – | – | – | PDF p. 86 Label p. 86 |
| Net change in fair value – equity investments at FVOCISingapore dollars thousands | – | – | – | – | PDF p. 86 Label p. 86 |
| Total other comprehensive incomeSingapore dollars thousands | – | – | – | – | PDF p. 86 |
| Total comprehensive income for the yearSingapore dollars thousands | – | – | – | – | PDF p. 86 Label p. 86 |
| Other comprehensive income Distributions to owners | |||||
| Dividends paid (Note 16)Singapore dollars thousands | – | – | – | – | PDF p. 86 |
| Unclaimed dividends reversedSingapore dollars thousands | – | – | – | – | PDF p. 86 |
| Total distributions to ownersSingapore dollars thousands | – | – | – | – | PDF p. 86 |
| Changes in ownership interests in subsidiaries Acquisition of subsidiaries with non-controlling interestsSingapore dollars thousands | – | – | – | – | PDF p. 86 Label p. 86 |
| Acquisition of non-controlling interests without a change in controlSingapore dollars thousands | – | – | – | – | PDF p. 86 Label p. 86 |
| Recognition of put option granted to non-controlling interests (Note 21)Singapore dollars thousands | – | – | (800) | – | PDF p. 86 Label p. 86 |
| Total changes in ownership interests in subsidiariesSingapore dollars thousands | – | – | (800) | – | PDF p. 86 Label p. 86 |
| Total transactions with ownersSingapore dollars thousands | – | – | (800) | – | PDF p. 86 |
| Transfer between reserves Appropriation of retained earnings to statutory reserve fundSingapore dollars thousands | – | – | – | 63 | PDF p. 86 Label p. 86 |
| Other reserves reclassified to retained earnings on de-consolidationSingapore dollars thousands | – | – | 2,149 | – | PDF p. 86 Label p. 86 |
| SubtotalSingapore dollars thousands | – | – | 2,149 | 63 | PDF p. 86 |
| At 31 December 2022Singapore dollars thousands | 184,325 | (4,226) | 1,586 | 12,731 | PDF p. 86 |
Original report: PDF p. 86 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group — Fair value reserve | 2022Group — Translation reserve | 2022Group — Retained earnings | 2022Group — Parent equity subtotal | 2022Group — Non-controlling interests | 2022Group — Total equity | Source |
|---|---|---|---|---|---|---|---|
| Group horizontally continued equity statement | |||||||
| At 1 January 2022Singapore dollars thousands | 47 | 2,017 | 113,713 | 308,781 | 84,623 | 393,404 | PDF p. 87 Label p. 86 |
| SubtotalSingapore dollars thousands | – | – | 19,489 | 19,489 | 8,246 | 27,735 | PDF p. 87 |
| SubtotalSingapore dollars thousands | – | (9,382) | – | (9,382) | (6,133) | (15,515) | PDF p. 87 |
| SubtotalSingapore dollars thousands | – | (297) | – | (297) | 10 | (287) | PDF p. 87 |
| SubtotalSingapore dollars thousands | 5 | – | – | 5 | – | 5 | PDF p. 87 |
| Total other comprehensive incomeSingapore dollars thousands | 5 | (9,679) | – | (9,674) | (6,123) | (15,797) | PDF p. 87 Label p. 86 |
| SubtotalSingapore dollars thousands | 5 | (9,679) | 19,489 | 9,815 | 2,123 | 11,938 | PDF p. 87 |
| Dividends paid (Note 16)Singapore dollars thousands | – | – | (4,151) | (4,151) | (2,487) | (6,638) | PDF p. 87 Label p. 86 |
| Unclaimed dividends reversedSingapore dollars thousands | – | – | 1 | 1 | – | 1 | PDF p. 87 Label p. 86 |
| Total distributions to ownersSingapore dollars thousands | – | – | (4,150) | (4,150) | (2,487) | (6,637) | PDF p. 87 Label p. 86 |
| SubtotalSingapore dollars thousands | – | – | – | – | 300 | 300 | PDF p. 87 |
| SubtotalSingapore dollars thousands | – | – | (218) | (218) | 218 | – | PDF p. 87 |
| SubtotalSingapore dollars thousands | – | – | – | (800) | – | (800) | PDF p. 87 |
| SubtotalSingapore dollars thousands | – | – | (218) | (1,018) | 518 | (500) | PDF p. 87 |
| Total transactions with ownersSingapore dollars thousands | – | – | (4,368) | (5,168) | (1,969) | (7,137) | PDF p. 87 Label p. 86 |
| SubtotalSingapore dollars thousands | – | – | (63) | – | – | – | PDF p. 87 |
| SubtotalSingapore dollars thousands | – | – | (2,149) | – | – | – | PDF p. 87 |
| SubtotalSingapore dollars thousands | – | – | (2,212) | – | – | – | PDF p. 87 |
| At 31 December 2022Singapore dollars thousands | 52 | (7,662) | 126,622 | 313,428 | 84,777 | 398,205 | PDF p. 87 Label p. 86 |
Original report: PDF p. 87 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group — Share capital | 2023Group — Treasury shares | 2023Group — Other reserves | 2023Group — Statutory reserves | Source |
|---|---|---|---|---|---|
| Group changes in equity — left components / ending2023 — FY2023 source | |||||
| At 1 January 2023Singapore dollars thousands | 184,325 | (4,226) | 1,586 | 12,731 | PDF p. 88 |
| Total comprehensive income for the year Profit for the yearSingapore dollars thousands | – | – | – | – | PDF p. 88 Label p. 88 |
| Other comprehensive income | |||||
| Foreign currency translation differences of foreign operationsSingapore dollars thousands | – | – | – | – | PDF p. 88 Label p. 88 |
| Net change in fair value – equity investments at FVOCISingapore dollars thousands | – | – | – | – | PDF p. 88 Label p. 88 |
| Total other comprehensive incomeSingapore dollars thousands | – | – | – | – | PDF p. 88 |
| Total comprehensive income for the yearSingapore dollars thousands | – | – | – | – | PDF p. 88 Label p. 88 |
| Other comprehensive income Distributions to owners | |||||
| Dividends paid (Note 16)Singapore dollars thousands | – | – | – | – | PDF p. 88 |
| Purchase of treasury sharesSingapore dollars thousands | – | (2,797) | – | – | PDF p. 88 |
| Total distributions to ownersSingapore dollars thousands | – | (2,797) | – | – | PDF p. 88 |
| Changes in ownership interests in subsidiaries Acquisition of subsidiaries with non-controlling interests (Note 29)Singapore dollars thousands | – | – | – | – | PDF p. 88 Label p. 88 |
| Total changes in ownership interests in subsidiariesSingapore dollars thousands | – | – | – | – | PDF p. 88 Label p. 88 |
| Total transactions with ownersSingapore dollars thousands | – | (2,797) | – | – | PDF p. 88 |
| Transfer between reserves Appropriation of retained earnings to statutory reserve fundSingapore dollars thousands | – | – | – | (4) | PDF p. 88 Label p. 88 |
| At 31 December 2023Singapore dollars thousands | 184,325 | (7,023) | 1,586 | 12,727 | PDF p. 88 |
Original report: PDF p. 88 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group — Fair value reserve | 2023Group — Translation reserve | 2023Group — Retained earnings | 2023Group — Parent equity subtotal | 2023Group — Non-controlling interests | 2023Group — Total equity | Source |
|---|---|---|---|---|---|---|---|
| Group horizontally continued equity statement | |||||||
| At 1 January 2023Singapore dollars thousands | 52 | (7,662) | 126,622 | 313,428 | 84,777 | 398,205 | PDF p. 89 Label p. 88 |
| SubtotalSingapore dollars thousands | – | – | 21,797 | 21,797 | 8,045 | 29,842 | PDF p. 89 |
| SubtotalSingapore dollars thousands | – | (4,926) | – | (4,926) | (2,316) | (7,242) | PDF p. 89 |
| SubtotalSingapore dollars thousands | 5 | – | – | 5 | – | 5 | PDF p. 89 |
| Total other comprehensive incomeSingapore dollars thousands | 5 | (4,926) | – | (4,921) | (2,316) | (7,237) | PDF p. 89 Label p. 88 |
| SubtotalSingapore dollars thousands | 5 | (4,926) | 21,797 | 16,876 | 5,729 | 22,605 | PDF p. 89 |
| Dividends paid (Note 16)Singapore dollars thousands | – | – | (7,112) | (7,112) | (3,986) | (11,098) | PDF p. 89 Label p. 88 |
| Purchase of treasury sharesSingapore dollars thousands | – | – | – | (2,797) | – | (2,797) | PDF p. 89 Label p. 88 |
| Total distributions to ownersSingapore dollars thousands | – | – | (7,112) | (9,909) | (3,986) | (13,895) | PDF p. 89 Label p. 88 |
| SubtotalSingapore dollars thousands | – | (384) | 2,666 | 2,282 | (5,142) | (2,860) | PDF p. 89 |
| SubtotalSingapore dollars thousands | – | (384) | 2,666 | 2,282 | (5,142) | (2,860) | PDF p. 89 |
| Total transactions with ownersSingapore dollars thousands | – | (384) | (4,446) | (7,627) | (9,128) | (16,755) | PDF p. 89 Label p. 88 |
| SubtotalSingapore dollars thousands | – | – | 4 | – | – | – | PDF p. 89 |
| At 31 December 2023Singapore dollars thousands | 57 | (12,972) | 143,977 | 322,677 | 81,378 | 404,055 | PDF p. 89 Label p. 88 |
Original report: PDF p. 89 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2022Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit for the yearSingapore dollars thousands | 29,842 | 27,735 | PDF p. 90 |
| Adjustments for: | |||
| Amortisation of deferred incomeSingapore dollars thousands | (384) | (436) | PDF p. 90 |
| Amortisation of intangible assetsSingapore dollars thousands | 133 | 133 | PDF p. 90 |
| Depreciation of investment propertiesSingapore dollars thousands | 18 | 19 | PDF p. 90 |
| Depreciation of property, plant and equipmentSingapore dollars thousands | 15,585 | 16,100 | PDF p. 90 |
| Dividend incomeSingapore dollars thousands | (5) | (3) | PDF p. 90 |
| Gain on de-consolidation of subsidiariesSingapore dollars thousands | – | (708) | PDF p. 90 |
| Goodwill written offSingapore dollars thousands | – | 51 | PDF p. 90 |
| Impairment loss on trade receivablesSingapore dollars thousands | 279 | 521 | PDF p. 90 |
| Interest incomeSingapore dollars thousands | (6,487) | (2,077) | PDF p. 90 |
| Interest expenseSingapore dollars thousands | 1,750 | 2,098 | PDF p. 90 |
| Inventories (write back)/written downSingapore dollars thousands | (469) | 1,085 | PDF p. 90 |
| Loss/(Gain) on disposal of property, plant and equipmentSingapore dollars thousands | 332 | (130) | PDF p. 90 |
| Net increase in fair value of financial assets at fair value through profit or lossSingapore dollars thousands | 404 | (106) | PDF p. 90 |
| Property, plant and equipment written offSingapore dollars thousands | 217 | 193 | PDF p. 90 |
| Tax expenseSingapore dollars thousands | 8,179 | 5,022 | PDF p. 90 |
| Unrealised exchange gainSingapore dollars thousands | (359) | (715) | PDF p. 90 |
| SubtotalSingapore dollars thousands | 49,035 | 48,782 | PDF p. 90 |
| Changes in: – InventoriesSingapore dollars thousands | 3,399 | 6,730 | PDF p. 90 Label p. 90 |
| – Bills receivableSingapore dollars thousands | 1,055 | 2,026 | PDF p. 90 |
| – Trade and other receivablesSingapore dollars thousands | 10,982 | 3,719 | PDF p. 90 |
| – Trade and other payablesSingapore dollars thousands | (1,579) | (4,529) | PDF p. 90 |
| Cash generated from operationsSingapore dollars thousands | 62,892 | 56,728 | PDF p. 90 |
| Tax paidSingapore dollars thousands | (6,280) | (5,123) | PDF p. 90 |
| Net cash from operating activitiesSingapore dollars thousands | 56,612 | 51,605 | PDF p. 90 |
| Cash flows from investing activities | |||
| Acquisition of other financial assetsSingapore dollars thousands | (15,811) | – | PDF p. 90 |
| Acquisition of subsidiaries, net of cashSingapore dollars thousands | – | (1,546) | PDF p. 90 |
| Interest receivedSingapore dollars thousands | 4,879 | 1,610 | PDF p. 90 |
| Dividend receivedSingapore dollars thousands | 5 | 3 | PDF p. 90 |
| Proceeds from disposal of financial assets at fair value through profit or lossSingapore dollars thousands | – | 65 | PDF p. 90 |
| Proceeds from disposal of property, plant and equipmentSingapore dollars thousands | 868 | 348 | PDF p. 90 |
| Purchase of property, plant and equipmentSingapore dollars thousands | (16,955) | (22,256) | PDF p. 90 |
| Net cash used in investing activitiesSingapore dollars thousands | (27,014) | (21,776) | PDF p. 90 |
| Cash flows from financing activities | |||
| Acquisition of non-controlling interestsSingapore dollars thousands | (2,860) | – | PDF p. 90 |
| Decrease in deposits pledgedSingapore dollars thousands | 1,520 | 4,257 | PDF p. 90 |
| Dividends paid to owners of the CompanySingapore dollars thousands | (7,112) | (4,151) | PDF p. 90 |
| Dividends paid to non-controlling interestsSingapore dollars thousands | (3,986) | (2,487) | PDF p. 90 |
| Interest paidSingapore dollars thousands | (1,802) | (2,267) | PDF p. 90 |
| Payment of lease liabilitiesSingapore dollars thousands | (1,336) | (1,499) | PDF p. 90 |
| Purchase of treasury sharesSingapore dollars thousands | (2,797) | – | PDF p. 90 |
| Proceeds from loans and borrowingsSingapore dollars thousands | 102,827 | 127,225 | PDF p. 90 |
| Repayment of loans and borrowingsSingapore dollars thousands | (88,139) | (150,371) | PDF p. 90 |
| Net cash used in financing activitiesSingapore dollars thousands | (3,685) | (29,293) | PDF p. 90 |
| Net increase in cash and cash equivalentsSingapore dollars thousands | 25,913 | 536 | PDF p. 90 |
| Cash and cash equivalents at 1 JanuarySingapore dollars thousands | 182,406 | 187,372 | PDF p. 90 |
| Effect of exchange rate fluctuations on cash heldSingapore dollars thousands | (2,120) | (5,502) | PDF p. 90 |
| Cash and cash equivalents at 31 DecemberSingapore dollars thousands | 206,199 | 182,406 | PDF p. 90 |
Original report: PDF p. 90 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | 2021Company | 2020Company | Source |
|---|---|---|---|---|---|
| Assets | |||||
| Property, plant and equipmentSingapore dollars | 159,094,523 | 162,229,640 | 47,208,175 | 49,845,688 | PDF p. 77 Label p. 77 |
| Intangible assetsSingapore dollars | 1,156,733 | 1,106,459 | – | – | PDF p. 77 |
| Investment propertiesSingapore dollars | 677,769 | 11,524,511 | – | – | PDF p. 77 |
| SubsidiariesSingapore dollars | – | – | 40,000,785 | 40,000,785 | PDF p. 77 |
| AssociatesSingapore dollars | – | – | – | – | PDF p. 77 |
| Other financial assetsSingapore dollars | 68,343 | 60,310 | 68,343 | 60,310 | PDF p. 77 |
| Deferred tax assetsSingapore dollars | 3,668,748 | 3,338,885 | – | – | PDF p. 77 |
| Trade and other receivablesSingapore dollars | 37,088 | 145,263 | – | – | PDF p. 77 |
| Non-current assetsSingapore dollars | 164,703,204 | 178,405,068 | 87,277,303 | 89,906,783 | PDF p. 77 |
| Other financial assetsSingapore dollars | 560,042 | 1,055,445 | 560,042 | 1,055,445 | PDF p. 77 |
| Current tax assetsSingapore dollars | 386,887 | 197,082 | – | – | PDF p. 77 |
| InventoriesSingapore dollars | 63,809,192 | 52,697,004 | – | – | PDF p. 77 |
| Trade and other receivablesSingapore dollars | 145,952,244 | 132,586,254 | 20,435,053 | 35,087,949 | PDF p. 77 |
| Cash and cash equivalentsSingapore dollars | 203,230,484 | 163,987,190 | 97,976,816 | 79,074,788 | PDF p. 77 |
| Current assetsSingapore dollars | 413,938,849 | 350,522,975 | 118,971,911 | 115,218,182 | PDF p. 77 |
| Total assetsSingapore dollars | 578,642,053 | 528,928,043 | 206,249,214 | 205,124,965 | PDF p. 77 |
| Equity | |||||
| Share capitalSingapore dollars | 180,098,765 | 180,098,765 | 180,098,765 | 180,098,765 | PDF p. 77 |
| ReservesSingapore dollars | 128,681,397 | 109,684,572 | (1,061,460) | (2,055,872) | PDF p. 77 |
| Equity attributable to owners of the CompanySingapore dollars | 308,780,162 | 289,783,337 | 179,037,305 | 178,042,893 | PDF p. 77 Label p. 77 |
| Non-controlling interestsSingapore dollars | 84,622,915 | 74,301,283 | – | – | PDF p. 77 |
| Total equitySingapore dollars | 393,403,077 | 364,084,620 | 179,037,305 | 178,042,893 | PDF p. 77 |
| Liabilities | |||||
| Loans and borrowingsSingapore dollars | 19,302,220 | 27,288,572 | 13,418,766 | 13,623,349 | PDF p. 77 |
| Deferred incomeSingapore dollars | 2,235,456 | 2,529,761 | 261,759 | 317,701 | PDF p. 77 |
| Deferred tax liabilitiesSingapore dollars | 5,063,139 | 4,640,765 | – | – | PDF p. 77 |
| Non-current liabilitiesSingapore dollars | 26,600,815 | 34,459,098 | 13,680,525 | 13,941,050 | PDF p. 77 |
| Loans and borrowingsSingapore dollars | 81,974,611 | 54,526,248 | 323,433 | 327,889 | PDF p. 77 |
| Trade and other payables, including derivativesSingapore dollars | 72,892,896 | 73,243,393 | 13,152,008 | 12,757,189 | PDF p. 77 Label p. 77 |
| Deferred incomeSingapore dollars | 384,350 | 504,742 | 55,943 | 55,944 | PDF p. 77 |
| Current tax liabilitiesSingapore dollars | 3,386,304 | 2,109,942 | – | – | PDF p. 77 |
| Current liabilitiesSingapore dollars | 158,638,161 | 130,384,325 | 13,531,384 | 13,141,022 | PDF p. 77 |
| Total liabilitiesSingapore dollars | 185,238,976 | 164,843,423 | 27,211,909 | 27,082,072 | PDF p. 77 |
| Total equity and liabilitiesSingapore dollars | 578,642,053 | 528,928,043 | 206,249,214 | 205,124,965 | PDF p. 77 |
Original report: PDF p. 77 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | Source |
|---|---|---|---|
| Group profit or loss — FY2021 source | |||
| RevenueSingapore dollars | 533,268,730 | 471,384,678 | PDF p. 78 |
| Cost of salesSingapore dollars | (420,041,416) | (361,760,301) | PDF p. 78 |
| Gross profitSingapore dollars | 113,227,314 | 109,624,377 | PDF p. 78 |
| Other incomeSingapore dollars | 5,606,931 | 6,052,413 | PDF p. 78 |
| Distribution expensesSingapore dollars | (45,639,001) | (42,400,182) | PDF p. 78 |
| Administrative expensesSingapore dollars | (32,465,890) | (31,001,286) | PDF p. 78 |
| Impairment losses of trade and other receivables (net)Singapore dollars | (851,625) | (633,702) | PDF p. 78 Label p. 78 |
| Other expensesSingapore dollars | (1,250,350) | (226,779) | PDF p. 78 |
| Results from operating activitiesSingapore dollars | 38,627,379 | 41,414,841 | PDF p. 78 |
| Finance incomeSingapore dollars | 1,484,612 | 1,905,452 | PDF p. 78 |
| Finance costsSingapore dollars | (2,566,866) | (3,078,742) | PDF p. 78 |
| Net finance costsSingapore dollars | (1,082,254) | (1,173,290) | PDF p. 78 |
| Profit before taxSingapore dollars | 37,545,125 | 40,241,551 | PDF p. 78 |
| Tax expenseSingapore dollars | (7,652,132) | (7,141,544) | PDF p. 78 |
| Profit for the yearSingapore dollars | 29,892,993 | 33,100,007 | PDF p. 78 |
| Profit attributable to: | |||
| Owners of the CompanySingapore dollars | 19,566,325 | 22,245,011 | PDF p. 78 |
| Non-controlling interestsSingapore dollars | 10,326,668 | 10,854,996 | PDF p. 78 |
| Profit for the yearSingapore dollars | 29,892,993 | 33,100,007 | PDF p. 78 |
Original report: PDF p. 78 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | Source |
|---|---|---|---|
| Earnings per share | |||
| Basic earnings per share (cents)Singapore cents per share | 3.54 | 4.02 | PDF p. 78 |
| Diluted earnings per share (cents)Singapore cents per share | 3.54 | 4.02 | PDF p. 78 |
Original report: PDF p. 78 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | Source |
|---|---|---|---|
| Group comprehensive income — FY2021 source | |||
| Profit for the yearSingapore dollars | 29,892,993 | 33,100,007 | PDF p. 79 |
| Other comprehensive income – items that are or may be reclassified subsequently | |||
| to profit or loss Foreign currency translation differences of foreign operationsSingapore dollars | 5,578,786 | 5,629,273 | PDF p. 79 Label p. 79 |
| Translation differences of subsidiary reclassified to profit or loss upon disposalSingapore dollars | (30,564) | – | PDF p. 79 Label p. 79 |
| Effective portion of changes in fair value of cash flow hedgesSingapore dollars | 3,320 | (3,320) | PDF p. 79 Label p. 79 |
| Other comprehensive income for the year, net of taxSingapore dollars | 5,551,542 | 5,625,953 | PDF p. 79 Label p. 79 |
| Other comprehensive income – items that will not be reclassified subsequently to | |||
| profit or loss Equity investment FVOCI – net change in fair valueSingapore dollars | 8,033 | (4,900) | PDF p. 79 Label p. 79 |
| Other comprehensive income for the year, net of taxSingapore dollars | 8,033 | (4,900) | PDF p. 79 Label p. 79 |
| Total comprehensive income for the yearSingapore dollars | 35,452,568 | 38,721,060 | PDF p. 79 |
| Total comprehensive income attributable to: | |||
| Owners of the CompanySingapore dollars | 23,147,451 | 26,189,177 | PDF p. 79 |
| Non-controlling interestsSingapore dollars | 12,305,117 | 12,531,883 | PDF p. 79 |
| Total comprehensive income for the yearSingapore dollars | 35,452,568 | 38,721,060 | PDF p. 79 |
Original report: PDF p. 79 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2020Group — Share capital | 2020Group — Treasury shares | 2020Group — Other reserves | 2020Group — Statutory reserves | Source |
|---|---|---|---|---|---|
| Group changes in equity — left components / ending2020 — FY2021 source | |||||
| At 1 January 2020Singapore dollars | 184,325,166 | (4,226,401) | 236,659 | 11,628,916 | PDF p. 80 |
| Total comprehensive income for the year Profit for the yearSingapore dollars | – | – | – | – | PDF p. 80 Label p. 80 |
| Other comprehensive income | |||||
| Foreign currency translation differences of foreign operationsSingapore dollars | – | – | – | – | PDF p. 80 Label p. 80 |
| Net change in fair value – equity investments at FVOCISingapore dollars | – | – | – | – | PDF p. 80 Label p. 80 |
| Effective portion of changes in fair value of cash flow hedgesSingapore dollars | – | – | – | – | PDF p. 80 Label p. 80 |
| Total other comprehensive incomeSingapore dollars | – | – | – | – | PDF p. 80 |
| Total comprehensive income for the yearSingapore dollars | – | – | – | – | PDF p. 80 Label p. 80 |
| Other comprehensive income Distributions to owners | |||||
| Dividends paid (note 16)Singapore dollars | – | – | – | – | PDF p. 80 |
| Total distributions to ownersSingapore dollars | – | – | – | – | PDF p. 80 |
| Transfer between reserves Appropriation of retained earnings to statutory reserve fundSingapore dollars | – | – | – | 669,713 | PDF p. 80 Label p. 80 |
| Total transactions with ownersSingapore dollars | – | – | – | 669,713 | PDF p. 80 |
| At 31 December 2020Singapore dollars | 184,325,166 | (4,226,401) | 236,659 | 12,298,629 | PDF p. 80 |
Original report: PDF p. 80 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2020Group — Fair value reserve | 2020Group — Translation reserve | 2020Group — Hedging reserve | 2020Group — Retained earnings | 2020Group — Parent equity subtotal | 2020Group — Non-controlling interests | 2020Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| Group horizontally continued equity statement | ||||||||
| At 1 January 2020Singapore dollars | 43,823 | (5,505,188) | – | 78,474,730 | 264,977,705 | 62,902,820 | 327,880,525 | PDF p. 81 Label p. 80 |
| SubtotalSingapore dollars | – | – | – | 22,245,011 | 22,245,011 | 10,854,996 | 33,100,007 | PDF p. 81 |
| SubtotalSingapore dollars | – | 3,951,189 | – | – | 3,951,189 | 1,678,084 | 5,629,273 | PDF p. 81 |
| SubtotalSingapore dollars | (4,900) | – | – | – | (4,900) | – | (4,900) | PDF p. 81 |
| SubtotalSingapore dollars | – | – | (2,123) | – | (2,123) | (1,197) | (3,320) | PDF p. 81 |
| Total other comprehensive incomeSingapore dollars | (4,900) | 3,951,189 | (2,123) | – | 3,944,166 | 1,676,887 | 5,621,053 | PDF p. 81 Label p. 80 |
| SubtotalSingapore dollars | (4,900) | 3,951,189 | (2,123) | 22,245,011 | 26,189,177 | 12,531,883 | 38,721,060 | PDF p. 81 |
| Dividends paid (note 16)Singapore dollars | – | – | – | (1,383,545) | (1,383,545) | (1,133,420) | (2,516,965) | PDF p. 81 Label p. 80 |
| Total distributions to ownersSingapore dollars | – | – | – | (1,383,545) | (1,383,545) | (1,133,420) | (2,516,965) | PDF p. 81 Label p. 80 |
| SubtotalSingapore dollars | – | – | – | (669,713) | – | – | – | PDF p. 81 |
| Total transactions with ownersSingapore dollars | – | – | – | (2,053,258) | (1,383,545) | (1,133,420) | (2,516,965) | PDF p. 81 Label p. 80 |
| At 31 December 2020Singapore dollars | 38,923 | (1,553,999) | (2,123) | 98,666,483 | 289,783,337 | 74,301,283 | 364,084,620 | PDF p. 81 Label p. 80 |
Original report: PDF p. 81 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group — Share capital | 2021Group — Treasury shares | 2021Group — Other reserves | 2021Group — Statutory reserves | Source |
|---|---|---|---|---|---|
| Group changes in equity — left components / ending2021 — FY2021 source | |||||
| At 1 January 2021Singapore dollars | 184,325,166 | (4,226,401) | 236,659 | 12,298,629 | PDF p. 82 |
| Total comprehensive income for the year Profit for the yearSingapore dollars | – | – | – | – | PDF p. 82 Label p. 82 |
| Other comprehensive income | |||||
| Foreign currency translation differences of foreign operationsSingapore dollars | – | – | – | – | PDF p. 82 Label p. 82 |
| Translation differences of subsidiary reclassified to profit or loss upon disposalSingapore dollars | – | – | – | – | PDF p. 82 Label p. 82 |
| Net change in fair value – equity investments at FVOCISingapore dollars | – | – | – | – | PDF p. 82 Label p. 82 |
| Effective portion of changes in fair value of cash flow hedgesSingapore dollars | – | – | – | – | PDF p. 82 Label p. 82 |
| Total other comprehensive incomeSingapore dollars | – | – | – | – | PDF p. 82 |
| Total comprehensive income for the yearSingapore dollars | – | – | – | – | PDF p. 82 Label p. 82 |
| Other comprehensive income Distributions to owners | |||||
| Dividends paid (note 16)Singapore dollars | – | – | – | – | PDF p. 82 |
| Total distributions to ownersSingapore dollars | – | – | – | – | PDF p. 82 |
| Transfer between reserves Appropriation of retained earnings to statutory reserve fundSingapore dollars | – | – | – | 369,680 | PDF p. 82 Label p. 82 |
| Total transactions with ownersSingapore dollars | – | – | – | 369,680 | PDF p. 82 |
| At 31 December 2021Singapore dollars | 184,325,166 | (4,226,401) | 236,659 | 12,668,309 | PDF p. 82 |
Original report: PDF p. 82 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group — Fair value reserve | 2021Group — Translation reserve | 2021Group — Hedging reserve | 2021Group — Retained earnings | 2021Group — Parent equity subtotal | 2021Group — Non-controlling interests | 2021Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| Group horizontally continued equity statement | ||||||||
| At 1 January 2021Singapore dollars | 38,923 | (1,553,999) | (2,123) | 98,666,483 | 289,783,337 | 74,301,283 | 364,084,620 | PDF p. 83 Label p. 82 |
| SubtotalSingapore dollars | – | – | – | 19,566,325 | 19,566,325 | 10,326,668 | 29,892,993 | PDF p. 83 |
| SubtotalSingapore dollars | – | 3,601,534 | – | – | 3,601,534 | 1,977,252 | 5,578,786 | PDF p. 83 |
| SubtotalSingapore dollars | – | (30,564) | – | – | (30,564) | – | (30,564) | PDF p. 83 |
| SubtotalSingapore dollars | 8,033 | – | – | – | 8,033 | – | 8,033 | PDF p. 83 |
| SubtotalSingapore dollars | – | – | 2,123 | – | 2,123 | 1,197 | 3,320 | PDF p. 83 |
| Total other comprehensive incomeSingapore dollars | 8,033 | 3,570,970 | 2,123 | – | 3,581,126 | 1,978,449 | 5,559,575 | PDF p. 83 Label p. 82 |
| SubtotalSingapore dollars | 8,033 | 3,570,970 | 2,123 | 19,566,325 | 23,147,451 | 12,305,117 | 35,452,568 | PDF p. 83 |
| Dividends paid (note 16)Singapore dollars | – | – | – | (4,150,626) | (4,150,626) | (1,983,485) | (6,134,111) | PDF p. 83 Label p. 82 |
| Total distributions to ownersSingapore dollars | – | – | – | (4,150,626) | (4,150,626) | (1,983,485) | (6,134,111) | PDF p. 83 Label p. 82 |
| SubtotalSingapore dollars | – | – | – | (369,680) | – | – | – | PDF p. 83 |
| Total transactions with ownersSingapore dollars | – | – | – | (4,520,306) | (4,150,626) | (1,983,485) | (6,134,111) | PDF p. 83 Label p. 82 |
| At 31 December 2021Singapore dollars | 46,956 | 2,016,971 | – | 113,712,502 | 308,780,162 | 84,622,915 | 393,403,077 | PDF p. 83 Label p. 82 |
Original report: PDF p. 83 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit for the yearSingapore dollars | 29,892,993 | 33,100,007 | PDF p. 84 |
| Adjustments for: | |||
| Allowance/(writeback) for inventory obsolescenceSingapore dollars | 79,419 | (101,153) | PDF p. 84 Label p. 84 |
| Amortisation of deferred incomeSingapore dollars | (508,625) | (423,626) | PDF p. 84 |
| Amortisation of intangible assetsSingapore dollars | – | 2,750 | PDF p. 84 |
| Depreciation of investment propertiesSingapore dollars | 34,568 | 51,737 | PDF p. 84 |
| Depreciation of property, plant and equipmentSingapore dollars | 16,018,041 | 15,608,163 | PDF p. 84 |
| Dividend incomeSingapore dollars | (2,452) | (2,582) | PDF p. 84 |
| Gain on disposal of subsidiarySingapore dollars | (2,260,505) | – | PDF p. 84 |
| Loss on disposal of property, plant and equipmentSingapore dollars | 66,564 | 179,918 | PDF p. 84 Label p. 84 |
| Interest incomeSingapore dollars | (1,482,160) | (1,902,870) | PDF p. 84 |
| Interest expenseSingapore dollars | 2,071,463 | 2,256,128 | PDF p. 84 |
| Net decrease in fair value of financial assets at fair value through profit or lossSingapore dollars | 495,403 | 822,614 | PDF p. 84 Label p. 84 |
| Inventories written offSingapore dollars | 126,790 | 93,925 | PDF p. 84 |
| Intangible assets written offSingapore dollars | – | 6,250 | PDF p. 84 |
| Property, plant and equipment written offSingapore dollars | 16,344 | 30,175 | PDF p. 84 |
| Tax expenseSingapore dollars | 7,652,132 | 7,141,544 | PDF p. 84 |
| Unrealised exchange gainSingapore dollars | (411,736) | (1,727,002) | PDF p. 84 |
| SubtotalSingapore dollars | 51,788,239 | 55,135,978 | PDF p. 84 |
| Changes in: – InventoriesSingapore dollars | (10,065,581) | (6,261,547) | PDF p. 84 Label p. 84 |
| – Trade and other receivablesSingapore dollars | (8,281,437) | 2,375,883 | PDF p. 84 |
| – Trade and other payablesSingapore dollars | (1,189,025) | (4,889,644) | PDF p. 84 |
| Cash generated from operationsSingapore dollars | 32,252,196 | 46,360,670 | PDF p. 84 |
| Tax paidSingapore dollars | (6,490,264) | (4,770,091) | PDF p. 84 |
| Net cash from operating activitiesSingapore dollars | 25,761,932 | 41,590,579 | PDF p. 84 |
| Cash flows from investing activities | |||
| Proceeds from disposal of a subsidiarySingapore dollars | 12,415,257 | – | PDF p. 84 |
| Dividend receivedSingapore dollars | 2,452 | – | PDF p. 84 |
| Interest receivedSingapore dollars | 824,550 | 1,411,825 | PDF p. 84 |
| Proceeds from disposal of property, plant and equipmentSingapore dollars | 1,266,372 | 267,639 | PDF p. 84 Label p. 84 |
| Purchase of property, plant and equipmentSingapore dollars | (10,788,318) | (7,669,687) | PDF p. 84 |
| Expenditure capitalised in investment propertySingapore dollars | – | (16,486) | PDF p. 84 |
| Net cash from/(used in) investing activitiesSingapore dollars | 3,720,313 | (6,006,709) | PDF p. 84 |
| Cash flows from financing activities | |||
| Increase in deposits pledgedSingapore dollars | (3,590,634) | (1,926,702) | PDF p. 84 |
| Dividends paidSingapore dollars | (6,134,111) | (2,516,965) | PDF p. 84 |
| Interest paidSingapore dollars | (2,190,976) | (2,256,128) | PDF p. 84 |
| Payment of lease liabilitiesSingapore dollars | (2,701,879) | (2,627,808) | PDF p. 84 |
| Proceeds from loans and borrowingsSingapore dollars | 135,840,417 | 114,737,239 | PDF p. 84 |
| Repayment of loans and borrowingsSingapore dollars | (117,100,891) | (113,091,791) | PDF p. 84 |
| Net cash from/(used in) financing activitiesSingapore dollars | 4,121,926 | (7,682,155) | PDF p. 84 |
| Net increase in cash and cash equivalentsSingapore dollars | 33,604,171 | 27,901,715 | PDF p. 84 |
| Cash and cash equivalents at 1 JanuarySingapore dollars | 152,321,460 | 121,990,031 | PDF p. 84 |
| Effect of exchange rate fluctuations on cash heldSingapore dollars | 1,446,356 | 2,429,714 | PDF p. 84 |
| Cash and cash equivalents at 31 DecemberSingapore dollars | 187,371,987 | 152,321,460 | PDF p. 84 |
Original report: PDF p. 84 ↗
Where the money comes from
| Item / unit | 2025Consumer Essentials Consumer Business | 2025Strategic Investments Packaging | 2025Others | 2025Total operations | 2024Consumer Essentials Consumer Business | 2024Strategic Investments Packaging | 2024Others | 2024Total operations | Source |
|---|---|---|---|---|---|---|---|---|---|
| Segment revenue and results | |||||||||
| Total segment revenue$’000 | 245,835 | 231,406 | – | 477,241 | 234,830 | 253,938 | – | 488,768 | PDF p. 160PDF p. 161 |
| Inter-segment revenue$’000 | – | (51) | – | (51) | – | (119) | – | (119) | PDF p. 160PDF p. 161 |
| External revenue$’000 | 245,835 | 231,355 | – | 477,190 | 234,830 | 253,819 | – | 488,649 | PDF p. 160PDF p. 161 |
| Results from operating activities$’000 | 14,234 | 18,184 | 4 | 32,422 | 12,998 | 22,272 | (1) | 35,269 | PDF p. 160PDF p. 161 |
| Finance income$’000 | 3,105 | 3,651 | 2 | 6,758 | 4,085 | 3,263 | 2 | 7,350 | PDF p. 160PDF p. 161 |
| Finance expense$’000 | (811) | (1,035) | – | (1,846) | (1,107) | (1,401) | – | (2,508) | PDF p. 160PDF p. 161 |
| Net finance costs$’000 | 2,294 | 2,616 | 2 | 4,912 | 2,978 | 1,862 | 2 | 4,842 | PDF p. 160PDF p. 161 |
| Other segment information | |||||||||
| Allowance/(reversal) for impairment of trade receivables$’000 | 278 | (61) | – | 217 | 545 | (203) | – | 342 | PDF p. 160PDF p. 161 |
| Inventories written down/(write-back)$’000 | 280 | (41) | – | 239 | PDF p. 160 | ||||
| Impairment of goodwill$’000 | 749 | – | – | 749 | 1,300 | – | – | 1,300 | PDF p. 160PDF p. 161 |
| Other segment information – Depreciation | |||||||||
| – property, plant and equipment (Depreciation of)$’000 | 6,410 | 10,508 | – | 16,918 | 6,146 | 10,598 | – | 16,744 | PDF p. 160PDF p. 161 |
| – investment properties (Depreciation of)$’000 | 63 | – | 18 | 81 | 56 | – | 17 | 73 | PDF p. 160PDF p. 161 |
| Other segment information | |||||||||
| Property, plant and equipment written off$’000 | 59 | 8 | – | 67 | 18 | 150 | – | 168 | PDF p. 160PDF p. 161 |
| Additions to non-current assets | |||||||||
| – property, plant and equipment (Additions to non-current assets)$’000 | 2,719 | 10,952 | – | 13,671 | 4,103 | 5,012 | – | 9,115 | PDF p. 160PDF p. 161 |
| Assets and liabilities | |||||||||
| Segment assets$’000 | 274,079 | 332,658 | 709 | 607,446 | 268,002 | 330,240 | 694 | 598,936 | PDF p. 160PDF p. 161 |
| Segment liabilities$’000 | 56,933 | 108,866 | 25 | 165,824 | 59,330 | 115,449 | 26 | 174,805 | PDF p. 160PDF p. 161 |
| Other segment information | |||||||||
| Bargain purchase arising from acquisition of subsidiaries$’000 | (1,958) | – | – | (1,958) | PDF p. 161 | ||||
| Inventories write-back$’000 | (21) | (52) | – | (73) | PDF p. 161 | ||||
Unallocated amounts – Other corporate expenses, net of income: (1,839) (Total only). Profit before tax 35,495; Tax expense (6,419); Profit for the year 29,076 (Total only).
Others include investment holding, property investment, health solutions and property-related activities; none meet quantitative thresholds for reportable segments.
Unallocated amounts – Other corporate expenses, net of income: (1,896) (Total only). Profit before tax 38,215; Tax expense (7,895); Profit for the year 30,320 (Total only).
Major customer: revenue from a customer of the Strategic Investments Packaging segment approximately $23,407,000 (2024: $28,181,000) of Group total revenues.
| Item / unit | 2025Revenue | 2024Revenue | 2025Non-Current Assets | 2024Non-Current Assets | Source |
|---|---|---|---|---|---|
| Geographical segments | |||||
| Singapore$’000 | 178,693 | 181,741 | 125,109 | 122,232 | PDF p. 162 |
| Malaysia$’000 | 108,168 | 97,798 | 14,916 | 14,862 | PDF p. 162 |
| China$’000 | 188,945 | 207,998 | 68,074 | 77,952 | PDF p. 162 |
| Others$’000 | 1,384 | 1,112 | – | – | PDF p. 162 |
| Total (unlabelled)$’000 | 477,190 | 488,649 | 208,099 | 215,046 | PDF p. 162 |
Segment revenue is based on the geographical location of customers or investments, where appropriate. Segment non-current assets are based on geographical location of the assets.
The total row has no printed label.
Debt
| Item / unit | 2025Nominal interest rate % | 2025Year of maturity | 2025Face value $'000 | 2025Carrying amount $'000 | 2024Face value $'000 | 2024Carrying amount $'000 | Source |
|---|---|---|---|---|---|---|---|
| Group | |||||||
| Bills payable (secured)(i) RMB$'000; rate in % | – | 2026 | 31,036 | 31,036 | – | – | PDF p. 135 |
| Bills payable (secured) (i) RMB$'000; rate in % | – | 2025 | – | – | 28,894 | 28,894 | PDF p. 135 |
| Trust receipts (secured) (iv) SGD$'000; rate in % | 2.7 | 2025 | – | – | 935 | 935 | PDF p. 135 |
| Loan (secured) (iv) SGD$'000; rate in % | 5.0 | 2027 | 125 | 125 | 193 | 193 | PDF p. 135 |
Currency column printed between label and rate (RMB, SGD, RM). Footnotes: (i) The bills payable of the Group are secured by the cash and bank balance (2024: leasehold land, certain leasehold buildings, and cash and bank balances) of the Group, and are non-interest bearing and mature within 6 months from the financial year end. (ii) Secured by personal guarantees from two shareholders of two subsidiaries and legal mortgage on their personal property. The two shareholders are also directors of the subsidiaries. (iii) Secured by personal guarantees from two shareholders of a subsidiary and legal mortgages on the Group’s investment properties with net book value of approximately $1.6 million (2024: $3.5 million). (iv) Secured by personal guarantees from two shareholders of a subsidiary and legal mortgages on the Group’s leasehold properties with net book value of approximately $2.8 million (2024: $2.9 million). In 2025, the Company has extended a corporate guarantee to secure the loans and borrowings. (v) Secured by personal guarantees from two shareholders of subsidiaries. The two shareholders are also directors of the subsidiaries.
Bills payable nominal rate printed as dash.
| Item / unit | 2025Group 31 December 2025 Carrying amount $'000 | 2025Group 31 December 2025 Contractual cash flows $'000 | 2025Group 31 December 2025 Within 1 year $'000 | 2025Group 31 December 2025 Within 2 to 5 years $'000 | 2025Group 31 December 2025 More than 5 years $'000 | Source |
|---|---|---|---|---|---|---|
| Group 31 December 2025 | ||||||
| Bank loans$'000 | 31,324 | (32,254) | (27,159) | (4,903) | (192) | PDF p. 142 |
| Bills payable$'000 | 31,036 | (31,036) | (31,036) | – | – | PDF p. 142 |
| Lease liabilities$'000 | 22,199 | (30,555) | (2,760) | (7,468) | (20,327) | PDF p. 142 |
| Trust receipt$'000 | 670 | (670) | (670) | – | – | PDF p. 142 |
Includes estimated interest payments and excludes netting agreements. 2024 comparatives are in the separate table below.
| Item / unit | 2024Group 31 December 2024 Carrying amount $'000 | 2024Group 31 December 2024 Contractual cash flows $'000 | 2024Group 31 December 2024 Within 1 year $'000 | 2024Group 31 December 2024 Within 2 to 5 years $'000 | 2024Group 31 December 2024 More than 5 years $'000 | Source |
|---|---|---|---|---|---|---|
| Group 31 December 2024 | ||||||
| Bank loans$'000 | 35,248 | (37,426) | (34,852) | (1,754) | (820) | PDF p. 142 |
| Bills payable$'000 | 28,894 | (28,894) | (28,894) | – | – | PDF p. 142 |
| Lease liabilities$'000 | 23,876 | (33,048) | (2,832) | (9,130) | (21,086) | PDF p. 142 |
| Trust receipt$'000 | 935 | (935) | (935) | – | – | PDF p. 142 |
Includes estimated interest payments and excludes netting agreements.
| Item / unit | 2025Company 31 December 2025 Carrying amount $'000 | 2025Company 31 December 2025 Contractual cash flows $'000 | 2025Company 31 December 2025 Within 1 year $'000 | 2025Company 31 December 2025 Within 2 to 5 years $'000 | 2025Company 31 December 2025 More than 5 years $'000 | Source |
|---|---|---|---|---|---|---|
| Company 31 December 2025 | ||||||
| Lease liabilities$'000 | 12,894 | (19,686) | (864) | (3,399) | (15,423) | PDF p. 143 |
Company 31 December 2024 lease liabilities: carrying 13,183; contractual cash flows (20,471); within 1 year (877); 2 to 5 years (3,345); more than 5 years (16,249) (page 143: 'Lease liabilities 13,183 (20,471) (877) (3,345) (16,249)').
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Company, $'000 | 2024Company, $'000 | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Secured bank loans$'000 | 1,012 | 2,174 | – | – | PDF p. 134 |
| Unsecured bank loans$'000 | 3,396 | 113 | – | – | PDF p. 134 |
| Lease liabilities$'000 | 20,264 | 21,914 | 12,525 | 12,812 | PDF p. 134 |
| Non-current liabilities total$'000 | 24,672 | 24,201 | 12,525 | 12,812 | PDF p. 134 |
| Current liabilities | |||||
| Secured bank loans$'000 | 554 | 11,748 | – | – | PDF p. 134 |
| Unsecured bank loans$'000 | 26,362 | 21,213 | – | – | PDF p. 134 |
| Trust receipts$'000 | 670 | 935 | – | – | PDF p. 134 |
| Bills payable$'000 | 31,036 | 28,894 | – | – | PDF p. 134 |
| Lease liabilities$'000 | 1,935 | 1,962 | 369 | 371 | PDF p. 134 |
| Current liabilities total$'000 | 60,557 | 64,752 | 369 | 371 | PDF p. 134 |
| Total | |||||
| Total loans and borrowings$'000 | 85,229 | 88,953 | 12,894 | 13,183 | PDF p. 134 |
Header: The contractual terms of the Group’s interest-bearing loans and borrowings are as follows. Totals of the two sections are unlabelled in the source.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | The Company has put in place a written dividend policy. Although declaring and recommending dividend are not fixed, the policy is to recommend dividends consistent with the Company’s objective, inter alia of maximising shareholders’ value. | Company | PDF p. 59 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Final tax-exempt dividend of $0.018 (2024: $0.013) per share in respect of financial year ended 31 December 2025 | 0.018 $ per share | Group and Company, proposed final one-tier tax-exempt dividend for FY2025 | PDF p. 131 |
| Final tax-exempt dividend of $0.018 (2024: $0.013) per share in respect of financial year ended 31 December 2025 | 0.013 $ per share | Group and Company, final one-tier tax-exempt dividend for FY2024 (comparative) | PDF p. 131 |
| Interim tax-exempt dividend paid of $0.002 (2024: $0.005) per | 0.002 $ per share | Group and Company, FY2025 interim one-tier tax-exempt dividend | PDF p. 131 |
| Special tax-exempt dividend of $Nil (2024: $0.005) per share in | Nil | Group and Company, special dividend paid in 2025 in respect of previous financial year (2024: $0.005) | PDF p. 131 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| DIVIDEND | 2.0 Singapore cents per share | Group, FY2025 total payout including interim and proposed final | PDF p. 5 |
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, FY2025 | PDF p. 74 |
| Engagement partner | Voo Poh Jee | Group, FY2025 | PDF p. 74 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment assessment of property, plant and equipment, right-of-use assets, investment properties and intangible assets (collectively, the Group’s non-financial assets) | Management concluded that there were indications of impairment on one cash generating unit (“CGU”) whilst four other CGUs are subject to mandatory annual impairment testing. | Group, FY2025 | PDF p. 72 |
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.
The source discloses Group income/comprehensive income/equity/cashflow and Group/Company financial position. No separate Company income/comprehensive income/equity/cashflow is disclosed. Horizontal Group equity continuations preserve original left and right physical pages with exact native row alignment.
FY2025/FY2023 monetary amounts are SGDthousands; FY2021 original monetary amounts are full Singapore dollars. EPS retains Singapore cents. Values are not silently rescaled.
Current original charts disclose FY2021–FY2025 turnover inSGDmillion and EPS/NAV inSingaporecents; all three year/value bindings are original geometry. EPS/NAVFY2023 are3.97/59.17, not missing or dashed.
EPS denominator545296946is a full share count. Cash statement excludes pledged8166/7668SGDthousand deposits; foreign-exchange-control cash22400/35300SGDthousand is separately disclosed and not deducted twice.
Debt note retains Group/Company current/noncurrent loans, bills, trust receipts and leases. Owner, NCI and year-end proposed dividends stay separate. Proposed FY2025/FY2024amounts9815/7089SGDthousand are both retained.
FY2021 original closing total equity is SGD393,403,077; the later FY2023 source opening FY2022 balance reports SGD393,404 thousand. Individually rounded components reconcile to the later subtotal, which differs from direct rounding of the earlier aggregate. Each original amount and precision is retained.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.