UOA EH5
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+0.00% +0.00 Updated 22 Oct 2026, 17:16 SGT
Financials
ANNUAL REPORT 2025
Explore the statements
13 tablesConsolidated Statement of Profit or Loss and Other Comprehensive Income
30 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Consolidated | 2024Consolidated | Source |
|---|---|---|---|
| Income statement | |||
| Property and construction revenue$'000 | 268,448 | 182,125 | PDF p. 26 |
| Cost of sales$'000 | (151,279) | (116,966) | PDF p. 26 |
| Gross profit$'000 | 117,169 | 65,159 | PDF p. 26 |
| Other revenues$'000 | 212,328 | 182,574 | PDF p. 26 |
| Other income$'000 | 5,058 | 5,240 | PDF p. 26 |
| Fair value adjustment on investment properties$'000 | 63,158 | 14,207 | PDF p. 26 |
| Impairment loss on financial assets$'000 | (1,466) | (1,004) | PDF p. 26 |
| Reversal of impairment loss on non-financial assets$'000 | 3,021 | 509 | PDF p. 26 |
| (Inventories written down)/reversal of inventories written down$'000 | (2,653) | 299 | PDF p. 26 |
| General and administrative expenses$'000 | (144,979) | (115,921) | PDF p. 26 |
| Foreign exchange (loss)/gain$'000 | (10,162) | 6,091 | PDF p. 26 |
| Share of profit of associate companies$'000 | 12,033 | 230 | PDF p. 26 |
| Finance income$'000 | 21,913 | 19,814 | PDF p. 26 |
| Finance costs$'000 | (8,623) | (9,087) | PDF p. 26 |
| Profit before income tax$'000 | 266,797 | 168,111 | PDF p. 26 |
| Income tax expense$'000 | (47,894) | (36,632) | PDF p. 26 |
| Profit for the year$'000 | 218,903 | 131,479 | PDF p. 26 |
| Other comprehensive income | |||
| Exchange differences on translating foreign operations$'000 | 8,809 | 199,318 | PDF p. 26 |
| through other comprehensive income$'000 | (572) | 745 | PDF p. 26 |
| Other comprehensive income for the year$'000 | 8,237 | 200,063 | PDF p. 26 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR$'000 | 227,140 | 331,542 | PDF p. 26 |
| Profit attributable to | |||
| Owners of the parent$'000 | 146,865 | 91,568 | PDF p. 26 |
| Non-controlling interest$'000 | 72,038 | 39,911 | PDF p. 26 |
| Subtotal$'000 | 218,903 | 131,479 | PDF p. 26 |
| Total comprehensive income attributable to | |||
| Owners of the parent$'000 | 155,287 | 292,021 | PDF p. 26 |
| Non-controlling interest$'000 | 71,853 | 39,521 | PDF p. 26 |
| Subtotal$'000 | 227,140 | 331,542 | PDF p. 26 |
| Earnings per share (cents per share) | |||
| - basic earnings per share for the yearcents per share | 8.71 | 5.58 | PDF p. 26 |
| - diluted earnings per share for the yearcents per share | 8.71 | 5.58 | PDF p. 26 |
| Unfranked dividends per share (cents per share)cents per share | 2.50 | 2.50 | PDF p. 26 |
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Definitions & sources
Original report: PDF p. 26 ↗
Only consolidated columns are printed; no separate parent-company statement. Note reference column omitted from values.
Consolidated Statement of Financial Position as at 31 December 2025
34 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Consolidated | 2024Consolidated | Source |
|---|---|---|---|
| Current assets | |||
| Cash and cash equivalents$'000 | 772,253 | 803,363 | PDF p. 27 |
| Trade and other receivables$'000 | 64,434 | 69,804 | PDF p. 27 |
| Contract assets$'000 | 85,859 | 83,692 | PDF p. 27 |
| Amount receivable from associate companies$'000 | 103,931 | 116,284 | PDF p. 27 |
| Inventories$'000 | 497,818 | 554,653 | PDF p. 27 |
| Current tax assets$'000 | 22,356 | 18,576 | PDF p. 27 |
| Total current assets$'000 | 1,546,651 | 1,646,372 | PDF p. 27 |
| Non-current assets | |||
| Property, plant and equipment$'000 | 148,741 | 149,242 | PDF p. 27 |
| Investment properties$'000 | 1,744,511 | 1,428,060 | PDF p. 27 |
| Inventories$'000 | 170,708 | 166,136 | PDF p. 27 |
| Investment in associates$'000 | 4,939 | 2,553 | PDF p. 27 |
| Equity investments$'000 | 10,595 | 10,875 | PDF p. 27 |
| Other receivables$'000 | 811 | 1,281 | PDF p. 27 |
| Deferred tax assets$'000 | 14,698 | 15,013 | PDF p. 27 |
| Total non-current assets$'000 | 2,095,003 | 1,773,160 | PDF p. 27 |
| ASSETS | |||
| TOTAL ASSETS$'000 | 3,641,654 | 3,419,532 | PDF p. 27 |
| Current liabilities | |||
| Trade and other payables$'000 | 186,571 | 197,518 | PDF p. 27 |
| Contract liabilities$'000 | 12,755 | 4,412 | PDF p. 27 |
| Amount owing to associate companies$'000 | 17 | 22 | PDF p. 27 |
| Other financial liabilities$'000 | 263,615 | 263,711 | PDF p. 27 |
| Current tax liabilities$'000 | 9,369 | 5,421 | PDF p. 27 |
| Total current liabilities$'000 | 472,327 | 471,084 | PDF p. 27 |
| Non-current liabilities | |||
| Other payables$'000 | 14,685 | 15,468 | PDF p. 27 |
| Other financial liabilities$'000 | 485 | 417 | PDF p. 27 |
| Deferred tax liabilities$'000 | 34,448 | 30,034 | PDF p. 27 |
| Total non-current liabilities$'000 | 49,618 | 45,919 | PDF p. 27 |
| LIABILITIES | |||
| TOTAL LIABILITIES$'000 | 521,945 | 517,003 | PDF p. 27 |
| NET ASSETS$'000 | 3,119,709 | 2,902,529 | PDF p. 27 |
| Parent entity interest | |||
| Share capital$'000 | 390,044 | 368,549 | PDF p. 27 |
| Reserves$'000 | 172,842 | 164,420 | PDF p. 27 |
| Retained earnings$'000 | 1,552,564 | 1,452,761 | PDF p. 27 |
| EQUITY | |||
| Total attributable to owners of parent$'000 | 2,115,450 | 1,985,730 | PDF p. 27 |
| Total non-controlling interests$'000 | 1,004,259 | 916,799 | PDF p. 27 |
| TOTAL EQUITY$'000 | 3,119,709 | 2,902,529 | PDF p. 27 |
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Definitions & sources
Original report: PDF p. 27 ↗
Only consolidated columns are printed; no separate parent-company statement of financial position.
Consolidated Statement of Profit or Loss and Other Comprehensive Income
26 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Consolidated, year ended 31 December 2025 | 2024Consolidated, year ended 31 December 2024 | Source |
|---|---|---|---|
| Profit or loss | |||
| Property and construction revenue$'000 | 268,448 | 182,125 | PDF p. 26 |
| Cost of sales$'000 | (151,279) | (116,966) | PDF p. 26 |
| Gross profit$'000 | 117,169 | 65,159 | PDF p. 26 |
| Other revenues$'000 | 212,328 | 182,574 | PDF p. 26 |
| Other income$'000 | 5,058 | 5,240 | PDF p. 26 |
| Fair value adjustment on investment properties$'000 | 63,158 | 14,207 | PDF p. 26 |
| Impairment loss on financial assets$'000 | (1,466) | (1,004) | PDF p. 26 |
| Reversal of impairment loss on non-financial assets$'000 | 3,021 | 509 | PDF p. 26 |
| (Inventories written down)/reversal of inventories written down$'000 | (2,653) | 299 | PDF p. 26 |
| General and administrative expenses$'000 | (144,979) | (115,921) | PDF p. 26 |
| Foreign exchange (loss)/gain$'000 | (10,162) | 6,091 | PDF p. 26 |
| Share of profit of associate companies$'000 | 12,033 | 230 | PDF p. 26 |
| Finance income$'000 | 21,913 | 19,814 | PDF p. 26 |
| Finance costs$'000 | (8,623) | (9,087) | PDF p. 26 |
| Profit before income tax$'000 | 266,797 | 168,111 | PDF p. 26 |
| Income tax expense$'000 | (47,894) | (36,632) | PDF p. 26 |
| Profit for the year$'000 | 218,903 | 131,479 | PDF p. 26 |
| Other comprehensive income - items that may be subsequently reclassified | |||
| Exchange differences on translating foreign operations$'000 | 8,809 | 199,318 | PDF p. 26 |
| Other comprehensive income - items that will not be reclassified | |||
| Changes in the fair value of equity investments at fair value through other comprehensive income$'000 | (572) | 745 | PDF p. 26 |
| Other comprehensive income | |||
| Other comprehensive income for the year$'000 | 8,237 | 200,063 | PDF p. 26 |
| Total comprehensive income | |||
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR$'000 | 227,140 | 331,542 | PDF p. 26 |
| Profit attributable to | |||
| Owners of the parent$'000 | 146,865 | 91,568 | PDF p. 26 |
| Non-controlling interest$'000 | 72,038 | 39,911 | PDF p. 26 |
| Earnings per share (cents per share) | |||
| basic earnings per share for the yearcents per share | 8.71 | 5.58 | PDF p. 26 |
| diluted earnings per share for the yearcents per share | 8.71 | 5.58 | PDF p. 26 |
| Unfranked dividends per share (cents per share)cents per share | 2.50 | 2.50 | PDF p. 26 |
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Definitions & sources
Original report: PDF p. 26 ↗
Amounts in $'000. Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2025. Only a consolidated (Group) statement is presented; no separate Company column.
Consolidated Statement of Cash Flows - operating activities
30 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Consolidated, year ended 31 December 2025 | 2024Consolidated, year ended 31 December 2024 | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before income tax$'000 | 266,797 | 168,111 | PDF p. 28 |
| Adjustments for | |||
| Impairment loss on financial assets$'000 | 1,466 | 1,004 | PDF p. 28 |
| Bad debts written off$'000 | 32 | 49 | PDF p. 28 |
| Depreciation of property, plant and equipment$'000 | 7,960 | 6,589 | PDF p. 28 |
| Impairment loss on goodwill$'000 | - | 155 | PDF p. 28 |
| Dividend income$'000 | (175) | (412) | PDF p. 28 |
| Fair value adjustment on investment properties$'000 | (63,158) | (14,207) | PDF p. 28 |
| Finance costs$'000 | 8,623 | 9,087 | PDF p. 28 |
| Foreign currency loss/(gain)$'000 | 10,162 | (6,091) | PDF p. 28 |
| Reversal of impairment loss on property, plant and equipment$'000 | (3,021) | (664) | PDF p. 28 |
| Inventories written down/(reversal of inventory written down)$'000 | 2,653 | (299) | PDF p. 28 |
| Inventories written off$'000 | 4 | 1 | PDF p. 28 |
| Gain on disposal of property, plant and equipment$'000 | (118) | (311) | PDF p. 28 |
| Gain on re-measurement of equity interest$'000 | - | (2,361) | PDF p. 28 |
| Interest income$'000 | (21,913) | (19,814) | PDF p. 28 |
| Loss on disposal of interests in subsidiaries$'000 | 520 | - | PDF p. 28 |
| Gain on disposal of investment properties$'000 | (1,037) | - | PDF p. 28 |
| Property, plant and equipment written off$'000 | 270 | 23 | PDF p. 28 |
| Share of profit of associate companies$'000 | (12,033) | (230) | PDF p. 28 |
| Cash flows from operating activities | |||
| Operating profit before working capital changes$'000 | 197,032 | 140,630 | PDF p. 28 |
| Increase in inventories$'000 | (13,485) | (59,881) | PDF p. 28 |
| Decrease in receivables$'000 | 5,311 | 72,914 | PDF p. 28 |
| Increase in contract assets$'000 | (247) | (55,454) | PDF p. 28 |
| Decrease in payables$'000 | (13,970) | (25,051) | PDF p. 28 |
| Increase in contract liabilities$'000 | 8,161 | 4,081 | PDF p. 28 |
| Cash from operations$'000 | 182,802 | 77,239 | PDF p. 28 |
| Interest paid$'000 | (8,623) | (9,087) | PDF p. 28 |
| Interest received$'000 | 21,913 | 19,814 | PDF p. 28 |
| Income taxes paid$'000 | (43,071) | (33,197) | PDF p. 28 |
| Net cash generated from operating activities$'000 | 153,021 | 54,769 | PDF p. 28 |
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Original report: PDF p. 28 ↗
Amounts in $'000. Only consolidated statement presented; no separate Company column.
Consolidated Statement of Cash Flows (Cont'd) - investing and financing activities
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Consolidated, year ended 31 December 2025 | 2024Consolidated, year ended 31 December 2024 | Source |
|---|---|---|---|
| Cash flows from investing activities | |||
| Acquisition of additional shares in existing subsidiaries$'000 | (54) | (96) | PDF p. 29 |
| Acquisition of shares in new subsidiary companies, net of cash$'000 | (101,202) | 97 | PDF p. 29 |
| Dividend received from associate company$'000 | - | 1,800 | PDF p. 29 |
| Dividend received$'000 | 175 | 412 | PDF p. 29 |
| Payment for purchase of equity investments$'000 | (131) | (218) | PDF p. 29 |
| Payment for purchase of investment properties$'000 | (66,785) | (27,708) | PDF p. 29 |
| Payment for purchase of property, plant and equipment$'000 | (5,615) | (12,306) | PDF p. 29 |
| Proceeds from sale of investment properties$'000 | 14,123 | - | PDF p. 29 |
| Proceeds from sale of property, plant and equipment$'000 | 3,849 | 619 | PDF p. 29 |
| Repayment from/(advances to) associated companies$'000 | 4,245 | (7,041) | PDF p. 29 |
| Derecognition of a subsidiary company, net of cash$'000 | (55) | - | PDF p. 29 |
| Net cash used in investing activities$'000 | (151,450) | (44,441) | PDF p. 29 |
| Cash flows from financing activities | |||
| Repayment to other entities$'000 | (2,044) | (2,621) | PDF p. 29 |
| Repayment to associated companies$'000 | (5) | (229) | PDF p. 29 |
| Dividends paid to non-controlling shareholders of subsidiary companies$'000 | (37,554) | (43,354) | PDF p. 29 |
| Dividends paid to owners of the Company$'000 | (20,335) | (12,235) | PDF p. 29 |
| Issue of shares of a subsidiary to non-controlling shareholders$'000 | 25,170 | 17,169 | PDF p. 29 |
| Payment of lease liabilities$'000 | (217) | (71) | PDF p. 29 |
| Drawdown of borrowings$'000 | 12,185 | 27,603 | PDF p. 29 |
| Repayment of borrowings$'000 | (18,065) | (33,392) | PDF p. 29 |
| Net cash used in financing activities$'000 | (40,865) | (47,130) | PDF p. 29 |
| Net change in cash | |||
| Net decrease in cash and cash equivalents$'000 | (39,294) | (36,802) | PDF p. 29 |
| Cash and cash equivalents at beginning of year$'000 | 803,363 | 743,652 | PDF p. 29 |
| Net foreign exchange differences$'000 | 8,184 | 96,513 | PDF p. 29 |
| Cash and cash equivalents at end of year$'000 | 772,253 | 803,363 | PDF p. 29 |
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Original report: PDF p. 29 ↗
Amounts in $'000. Only consolidated statement presented; no separate Company column.
Consolidated Statement of Changes in Equity - year ended 31 December 2024 (comparative)
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Consolidated, attributable to owners of parent - Share capital | 2024Consolidated, attributable to owners of parent - Retained earnings | 2024Consolidated, attributable to owners of parent - Foreign exchange reserves | 2024Consolidated, attributable to owners of parent - Other reserve | 2024Consolidated, attributable to owners of parent - Total | 2024Consolidated - Non-controlling interests | 2024Consolidated - Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| Movements in equity 2024 | ||||||||
| Balance at 1 January 2024$'000 | 340,187 | 1,401,480 | (38,259) | 2,226 | 1,705,634 | 801,164 | 2,506,798 | PDF p. 30 |
| Dividends paid$'000 | - | (40,597) | - | - | (40,597) | (43,354) | (83,951) | PDF p. 30 |
| Shares issued during the year | ||||||||
| - dividend re-investment plan$'000 | 28,362 | - | - | - | 28,362 | - | 28,362 | PDF p. 30 |
| Movements in equity 2024 | ||||||||
| Other changes in non-controlling interests$'000 | - | - | - | - | - | 102,776 | 102,776 | PDF p. 30 |
| Change in stake$'000 | - | 310 | - | - | 310 | 16,692 | 17,002 | PDF p. 30 |
| Transaction with owners$'000 | 368,549 | 1,361,193 | (38,259) | 2,226 | 1,693,709 | 877,278 | 2,570,987 | PDF p. 30 |
| Profit for the year$'000 | - | 91,568 | - | - | 91,568 | 39,911 | 131,479 | PDF p. 30 |
| Other comprehensive income: Changes in the fair value of equity investments at fair value | ||||||||
| through other comprehensive income$'000 | - | - | - | 1,135 | 1,135 | (390) | 745 | PDF p. 30 |
| Other comprehensive income: Exchange differences on | ||||||||
| translation of foreign operations$'000 | - | - | 199,318 | - | 199,318 | - | 199,318 | PDF p. 30 |
| Movements in equity 2024 | ||||||||
| Total comprehensive income for the year$'000 | - | 91,568 | 199,318 | 1,135 | 292,021 | 39,521 | 331,542 | PDF p. 30 |
| Balance at 31 December 2024$'000 | 368,549 | 1,452,761 | 161,059 | 3,361 | 1,985,730 | 916,799 | 2,902,529 | PDF p. 30 |
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Definitions & sources
Original report: PDF p. 30 ↗
Amounts in $'000. Statement header: Attributable to owners of parent; Foreign exchange reserves; Non-controlling interests; For the year ended 31 December 2025 (comparative year 2024 shown on this page). Only consolidated statement presented; no separate Company statement. Page is rotated in source text.
Consolidated Statement of Changes in Equity (Cont'd) - year ended 31 December 2025
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Consolidated, attributable to owners of parent - Share capital | 2025Consolidated, attributable to owners of parent - Retained earnings | 2025Consolidated, attributable to owners of parent - Foreign exchange reserves | 2025Consolidated, attributable to owners of parent - Other reserve | 2025Consolidated, attributable to owners of parent - Total | 2025Consolidated - Non-controlling interests | 2025Consolidated - Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| Movements in equity 2025 | ||||||||
| Balance at 1 January 2025$'000 | 368,549 | 1,452,761 | 161,059 | 3,361 | 1,985,730 | 916,799 | 2,902,529 | PDF p. 31 |
| Dividends paid$'000 | - | (41,830) | - | - | (41,830) | (37,554) | (79,384) | PDF p. 31 |
| Shares issued during the year | ||||||||
| - dividend re-investment plan$'000 | 21,495 | - | - | - | 21,495 | - | 21,495 | PDF p. 31 |
| Movements in equity 2025 | ||||||||
| Other changes in non-controlling interests$'000 | - | - | - | - | - | 21,554 | 21,554 | PDF p. 31 |
| Change in stake$'000 | - | (5,232) | - | - | (5,232) | 30,366 | 25,134 | PDF p. 31 |
| Derecognition upon disposal$'000 | - | - | - | - | - | 1,241 | 1,241 | PDF p. 31 |
| Transaction with owners$'000 | 390,044 | 1,405,699 | 161,059 | 3,361 | 1,960,163 | 932,406 | 2,892,569 | PDF p. 31 |
| Profit for the year$'000 | - | 146,865 | - | - | 146,865 | 72,038 | 218,903 | PDF p. 31 |
| Other comprehensive income: Changes in the fair value of equity investments at fair value | ||||||||
| through other comprehensive income$'000 | - | - | - | (387) | (387) | (185) | (572) | PDF p. 31 |
| Other comprehensive income: Exchange differences on | ||||||||
| translation of foreign operations$'000 | - | - | 8,809 | - | 8,809 | - | 8,809 | PDF p. 31 |
| Movements in equity 2025 | ||||||||
| Total comprehensive income for the year$'000 | - | 146,865 | 8,809 | (387) | 155,287 | 71,853 | 227,140 | PDF p. 31 |
| Balance at 31 December 2025$'000 | 390,044 | 1,552,564 | 169,868 | 2,974 | 2,115,450 | 1,004,259 | 3,119,709 | PDF p. 31 |
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Definitions & sources
Original report: PDF p. 31 ↗
Amounts in $'000. For the year ended 31 December 2025 (Cont'd). Only consolidated statement presented; no separate Company statement.
Shareholder Returns – key ratios (Directors' Report)
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | Source |
|---|---|---|---|---|---|
| Shareholder Returns | |||||
| Basic earnings per share (cents)cents | 8.71 | 5.58 | 5.00 | 4.34 | PDF p. 14 |
| Return on assets (%)% | 8.60 | 6.27 | 5.54 | 5.94 | PDF p. 14 |
| Return on equity (%)% | 12.45 | 8.91 | 9.11 | 7.71 | PDF p. 14 |
| Net debt/equity ratio (%)% | 12.48 | 13.30 | 14.12 | 14.37 | PDF p. 14 |
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Definitions & sources
Original report: PDF p. 14 ↗
Final dividend proposed 2.0 cents, total for the year 2.5 cents.
Five-year indices of shareholder wealth (Remuneration Report)
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Consequences of Performance on Shareholder Wealth | ||||||
| EPS (cents)cents | 8.71 | 5.58 | 5.00 | 4.34 | 5.33 | PDF p. 17 |
| Dividends (cents per share)cents per share | 2.5 | 2.5 | 4.0 | 2.0 | 1.35 | PDF p. 17 |
| Net profit ($’000)$'000 | 218,903 | 131,479 | 119,003 | 100,961 | 111,056 | PDF p. 17 |
| Share price ($)$ | 0.685 | 0.55 | 0.52 | 0.55 | 0.68 | PDF p. 17 |
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Definitions & sources
Original report: PDF p. 17 ↗
Board has regard to these indices for the current financial year and the previous four financial years.
Group Results by operating segment
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Revenue ($000) | 2025Results ($000) | 2024Revenue ($000) | 2024Results ($000) | Source |
|---|---|---|---|---|---|
| Group Results | |||||
| Land Development and Sale$000 | 571,561 | 166,753 | 412,666 | 79,491 | PDF p. 13 |
| Investment$000 | 399,935 | 23,008 | 344,089 | 37,909 | PDF p. 13 |
| Other$000 | 46,919 | 17,511 | 39,185 | 13,538 | PDF p. 13 |
| Consolidated adjustments$000 | (469,423) | - | (411,794) | - | PDF p. 13 |
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Definitions & sources
Original report: PDF p. 13 ↗
Total row: 1,018,415 207,272 795,940 130,938 before adjustments; 548,992 207,272 384,146 130,938 after.
Earnings per share (Note 7) – Consolidated
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Consolidated | 2024Consolidated | Source |
|---|---|---|---|
| Note 7(a) Basic | |||
| Profit attributable to owners of the parent company ($’000)$'000 | 146,865 | 91,568 | PDF p. 54 |
| Weighted average number of ordinary shares (‘000)'000 shares | 1,685,714 | 1,639,635 | PDF p. 54 |
| Net earnings per ordinary share (cents)cents | 8.71 | 5.58 | PDF p. 54 |
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Definitions & sources
Original report: PDF p. 54 ↗
Diluted EPS equals basic EPS because there are no potential dilutive instruments in existence at the reporting date (Note 7(b), page 55). Face of income statement: diluted 8.71 / 5.58 cents.
Per share data on face of Statement of Profit or Loss
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Consolidated | 2024Consolidated | Source |
|---|---|---|---|
| Earnings per share (cents per share) | |||
| - diluted earnings per share for the yearcents per share | 8.71 | 5.58 | PDF p. 26 |
| Statement of Profit or Loss | |||
| Unfranked dividends per share (cents per share)cents per share | 2.50 | 2.50 | PDF p. 26 |
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Definitions & sources
Original report: PDF p. 26 ↗
Dividends paid and proposed (Note 8) – Company
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| (i) Paid in cash | |||
| Final 2024 (2024 – Final 2023)$'000 | 16,785 | 11,390 | PDF p. 55 |
| Interim 2025 (2024 – Interim 2024)$'000 | 3,550 | 845 | PDF p. 55 |
| (ii) Satisfied by issue of shares | |||
| Final 2024 (2024 – Final 2023)$'000 | 16,557 | 20,940 | PDF p. 55 |
| Interim 2025 (2024 – Interim 2024)$'000 | 4,938 | 7,422 | PDF p. 55 |
| (b) Dividends proposed and not recognised as a liability | |||
| - unfranked dividends (2.0 cents per share)$'000 | 34,099 | 33,342 | PDF p. 55 |
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Definitions & sources
Original report: PDF p. 55 ↗
Total dividends paid 41,830 (2025) and 40,597 (2024). No franking credit balance. Directors' Report: final 2024 2.0 cents ($33,341,846) paid 6 June 2025; interim 2025 0.5 cents ($8,488,255) paid 6 Nov 2025; proposed final 2.0 cents ($34,099,472) payable 5 June 2026.
Where the money comes from
Segment information
By business
Operating segments by business segment (Note 28) 16 lines
| Item / unit | 2025Investment | 2024Investment | 2025Land development and resale | 2024Land development and resale | 2025Others | 2024Others | 2025Elimination | 2024Elimination | 2025Consolidated | 2024Consolidated | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Segment revenue | |||||||||||
| Sales to customers outside the group$'000 | - | - | 268,448 | 182,125 | - | - | - | - | 268,448 | 182,125 | PDF p. 86 |
| Other revenues from customers outside the group$'000 | 132,502 | 107,429 | 103,378 | 58,372 | 44,664 | 36,220 | - | - | 280,544 | 202,021 | PDF p. 86 |
| Inter segment revenue$'000 | 267,433 | 236,660 | 199,735 | 172,169 | 2,255 | 2,965 | (469,422) | (411,794) | - | - | PDF p. 86 |
| Total revenue$'000 | 399,935 | 344,089 | 571,561 | 412,666 | 46,919 | 39,185 | (469,422) | (411,794) | 548,992 | 384,146 | PDF p. 86 |
| Segment results | |||||||||||
| Finance income$'000 | 12,927 | 12,049 | 8,343 | 7,391 | 643 | 374 | - | - | 21,913 | 19,814 | PDF p. 86 |
| Finance costs$'000 | (8,579) | (9,023) | (32) | (809) | (12) | 745 | - | - | (8,623) | (9,087) | PDF p. 86 |
| Depreciation and amortisation$'000 | (5,528) | (4,428) | (701) | (572) | (1,731) | (1,589) | - | - | (7,960) | (6,589) | PDF p. 86 |
| Write off of assets$'000 | (6) | (4) | - | (15) | (264) | (4) | - | - | (270) | (23) | PDF p. 86 |
| (Decrease)/Increase in fair value of investment properties$'000 | (4,702) | 6,299 | 67,860 | 7,908 | - | - | - | - | 63,158 | 14,207 | PDF p. 86 |
| Other non-cash (expenses) /income$'000 | (8,286) | 6,836 | (2,877) | 198 | (403) | (1,213) | - | - | (11,566) | 5,821 | PDF p. 86 |
| Income tax expense$'000 | (997) | (10,147) | (45,594) | (25,555) | (1,303) | (930) | - | - | (47,894) | (36,632) | PDF p. 86 |
| Segment net operating profit after tax$'000 | 23,008 | 37,909 | 166,753 | 79,491 | 17,511 | 13,538 | - | - | 207,272 | 130,938 | PDF p. 86 |
| Segment assets and liabilities | |||||||||||
| Segment assets$'000 | 1,980,488 | 1,891,477 | 1,579,106 | 1,446,663 | 34,411 | 36,928 | - | - | 3,594,005 | 3,375,068 | PDF p. 86 |
| Segment liabilities$'000 | 325,234 | 324,136 | 140,609 | 145,236 | 12,285 | 12,176 | - | - | 478,128 | 481,548 | PDF p. 86 |
| Other segment items | |||||||||||
| Investment in associates$'000 | 4,939 | 2,553 | - | - | - | - | - | - | 4,939 | 2,553 | PDF p. 86 |
| Capital expenditure$'000 | 3,471 | 21,551 | 1,199 | 6,157 | 1,420 | - | - | - | 6,090 | 27,708 | PDF p. 86 |
Notes
Segments: Investment, Land development and resale, Others. Gain/loss on disposal of PPE, disposal of interests in subsidiaries and share of results of equity accounted investments are not included in segment operating profit.
Reconciliations of segment totals to statement of financial position and profit or loss (Note 28) 14 lines
| Item / unit | 2025Consolidated | 2024Consolidated | Source |
|---|---|---|---|
| Reconciliation to net profit before tax | |||
| Segment net operating profit after tax$'000 | 207,272 | 130,938 | PDF p. 87 |
| Gain or loss on disposal of property, plant and equipment$'000 | 118 | 311 | PDF p. 87 |
| Gain or loss on disposal of subsidiary companies$'000 | (520) | - | PDF p. 87 |
| Result from equity accounted investments$'000 | 12,033 | 230 | PDF p. 87 |
| Total net profit before tax per profit or loss$'000 | 218,903 | 131,479 | PDF p. 87 |
| Reconciliation to total assets | |||
| Segment operating assets$'000 | 3,594,005 | 3,375,068 | PDF p. 87 |
| Equity investments$'000 | 10,595 | 10,875 | PDF p. 87 |
| Deferred tax assets$'000 | 14,698 | 15,013 | PDF p. 87 |
| Current tax assets$'000 | 22,356 | 18,576 | PDF p. 87 |
| Total assets as per the statement of financial position$'000 | 3,641,654 | 3,419,532 | PDF p. 87 |
| Reconciliation to total liabilities | |||
| Segment operating liabilities$'000 | 478,128 | 481,548 | PDF p. 87 |
| Deferred tax liabilities$'000 | 34,448 | 30,034 | PDF p. 87 |
| Current tax liabilities$'000 | 9,369 | 5,421 | PDF p. 87 |
| Total liabilities per the statement of financial position$'000 | 521,945 | 517,003 | PDF p. 87 |
By geography
Geographic information - revenue from external customers (Note 28) 5 lines
| Item / unit | 2025Consolidated | 2024Consolidated | Source |
|---|---|---|---|
| Revenue from external customers | |||
| Malaysia$'000 | 512,311 | 372,608 | PDF p. 87 |
| Singapore$'000 | 293 | 456 | PDF p. 87 |
| Vietnam$'000 | 35,323 | 10,988 | PDF p. 87 |
| Australia$'000 | 1,065 | 94 | PDF p. 87 |
| Total$'000 | 548,992 | 384,146 | PDF p. 87 |
Notes
The 2024 geographic totals in this table (Malaysia 372,608, Singapore 456, Vietnam 10,988) differ from the 2024 breakdown table on page 88 (372,705, 160, 11,187); printed as is.
Revenue by type and geographic area, 2025 (Note 28) 12 lines
| Item / unit | 2025Malaysia | 2025Singapore | 2025Vietnam | 2025Australia | 2025Total | Source |
|---|---|---|---|---|---|---|
| Revenue | ||||||
| Property and construction revenue$'000 | 245,152 | - | 23,296 | - | 268,448 | PDF p. 88 |
| Rental income$'000 | 101,578 | 147 | 11,423 | 798 | 113,946 | PDF p. 88 |
| Parking fee income$'000 | 23,224 | - | - | - | 23,224 | PDF p. 88 |
| Management fee income$'000 | 106 | - | - | - | 106 | PDF p. 88 |
| Hotel operations revenue$'000 | 59,346 | - | - | - | 59,346 | PDF p. 88 |
| Dividends received from investments - other corporation$'000 | 124 | - | - | 51 | 175 | PDF p. 88 |
| Other services$'000 | 14,564 | 146 | 621 | 200 | 15,531 | PDF p. 88 |
| Gain on disposal of property, plant and equipment$'000 | 118 | - | - | - | 118 | PDF p. 88 |
| Gain on disposal of investment properties$'000 | 1,037 | - | - | - | 1,037 | PDF p. 88 |
| Gain on re-measurement of short term investments$'000 | 3,887 | - | - | 16 | 3,903 | PDF p. 88 |
| Fair value adjustment on investment properties$'000 | 63,175 | - | (17) | - | 63,158 | PDF p. 88 |
| Total revenue$'000 | 512,311 | 293 | 35,323 | 1,065 | 548,992 | PDF p. 88 |
Notes
Revenue information is based on the locations of the customers. Total row has no printed label.
Revenue by type and geographic area, 2024 (Note 28) 12 lines
| Item / unit | 2024Malaysia | 2024Singapore | 2024Vietnam | 2024Australia | 2024Total | Source |
|---|---|---|---|---|---|---|
| Revenue | ||||||
| Property and construction revenue$'000 | 182,125 | - | - | - | 182,125 | PDF p. 88 |
| Rental income$'000 | 86,360 | 144 | 8,323 | 741 | 95,568 | PDF p. 88 |
| Parking fee income$'000 | 18,273 | - | - | - | 18,273 | PDF p. 88 |
| Management fee income$'000 | 96 | - | - | - | 96 | PDF p. 88 |
| Hotel operations revenue$'000 | 49,543 | - | - | - | 49,543 | PDF p. 88 |
| Dividends received from investments - other corporation$'000 | 364 | - | - | 48 | 412 | PDF p. 88 |
| Other services$'000 | 17,682 | 16 | 588 | 396 | 18,682 | PDF p. 88 |
| Gain on disposal of property, plant and equipment$'000 | 311 | - | - | - | 311 | PDF p. 88 |
| Gain on disposal of investment$'000 | - | - | - | - | - | PDF p. 88 |
| Gain on re-measurement of short term investments$'000 | 4,908 | - | - | 21 | 4,929 | PDF p. 88 |
| Fair value adjustment on investment properties$'000 | 13,043 | - | 2,276 | (1,112) | 14,207 | PDF p. 88 |
| Total revenue$'000 | 372,705 | 160 | 11,187 | 94 | 384,146 | PDF p. 88 |
Notes
Total row has no printed label. Printed 2024 geographic totals differ from page 87 table.
Carrying amount of non-current assets by geographic region (Note 28) 5 lines
| Item / unit | 2025Consolidated | 2024Consolidated | Source |
|---|---|---|---|
| Non-current assets by geography | |||
| Malaysia$'000 | 1,828,995 | 1,600,519 | PDF p. 89 |
| Singapore$'000 | 4,591 | 4,857 | PDF p. 89 |
| Vietnam$'000 | 217,415 | 125,600 | PDF p. 89 |
| Australia$'000 | 13,770 | 13,743 | PDF p. 89 |
| Total$'000 | 2,064,771 | 1,744,719 | PDF p. 89 |
Debt
Borrowings
Note 23(a) Lease liabilities maturity and interest rate terms
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Payable – minimum lease payments | |||
| - not later than one year$'000 | 258 | 131 | PDF p. 82 |
| - later than one year but not later than five years$'000 | 512 | 404 | PDF p. 82 |
| Lease liabilities | |||
| Minimum lease payments$'000 | 770 | 535 | PDF p. 82 |
| Less: future finance charges$'000 | (47) | (50) | PDF p. 82 |
| Present value of minimum lease payments$'000 | 723 | 485 | PDF p. 82 |
| Current liabilities$'000 | 238 | 111 | PDF p. 82 |
| Non-current liabilities$'000 | 485 | 374 | PDF p. 82 |
Borrowing notes 3 tables
Other financial liabilities (secured; current and non-current)
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Current - Secured liabilities | |||
| Lease liabilities$'000 | 238 | 111 | PDF p. 81 |
| Term loans$'000 | 263,377 | 263,600 | PDF p. 81 |
| Total current secured liabilities$'000 | 263,615 | 263,711 | PDF p. 81 |
| Non-current - Secured liabilities | |||
| Lease liabilities$'000 | 485 | 374 | PDF p. 81 |
| Long term loans$'000 | - | 43 | PDF p. 81 |
| Total non-current secured liabilities$'000 | 485 | 417 | PDF p. 81 |
Notes
All liabilities listed are headed 'Secured liabilities'; no unsecured borrowings are shown in this note.
Terms (p.82): (i) The revolving credit facility is secured by legal charges over the Group's strata-titled properties, a floating charge over leasehold strata properties and corporate guarantees by certain controlled entities. The interest rates range from 3.37% to 4.06% (2024: 2.75% to 4.06%). (ii) The term loan is secured by a legal charge over a leasehold commercial property and corporate guarantees by the Company. The interest rates range from 5.80% to 6.00% (2024: 5.80% to 7.20%). During the financial year, the Group fully discharged the loan.
Reconciliation of liabilities arising from financing activities (2025)
| Item / unit | 2025Long-term borrowings, $'000 | 2025Short-term borrowings, $'000 | 2025Lease liabilities, $'000 | 2025Total, $'000 | Source |
|---|---|---|---|---|---|
| Reconciliation | |||||
| 1 January 2025$'000 | 43 | 263,600 | 485 | 264,128 | PDF p. 89 |
| 31 December 2025$'000 | - | 263,377 | 723 | 264,100 | PDF p. 89 |
Notes
Movements include proceeds 12,185, repayment (18,065) short-term, foreign exchange 5,662, disposal of subsidiary (5).
Interest rate profile of interest-bearing instruments
Payout
Dividends & distributions
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| final dividend | 2.0 cents per share | Final dividend proposed for year ended 31 December 2025 | PDF p. 14 |
| final dividend payment date | 5 June 2026 | Final dividend for year ended 31 December 2025 | PDF p. 14 |
| final dividend of 2 cents (unfranked) | final dividend of 2 cents (unfranked) | Year ended 31 December 2025 | PDF p. 5 |
| interim dividend | 0.5 cents per share | Interim dividend for year ended 31 December 2025 | PDF p. 14 |
| final dividend for year ended 31 December 2024 | 2.0 cents per share | Comparative year: final dividend for year ended 31 December 2024, paid 2025 | PDF p. 14 |
| unfranked dividends (2.0 cents per share) (2024: 2.0 cents per share) | 34,099 $’000 | Company, 2025 proposed; 2024 comparative 33,342 | PDF p. 55 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| total for the year | 2.5 cents per share | Year ended 31 December 2025 (interim 0.5 + final 2.0) | PDF p. 14 |
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| dividend re-investment plan | The final dividend will be eligible for participation in the Company’s Dividend Reinvestment Plan. | Final dividend 2025 | PDF p. 14 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern basis of preparation | The Group have prepared the financial statements on the basis that will continue to operate as a going concern. | Group, year ended 31 December 2025 | PDF p. 32 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.