China Aviation G92
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Financials
Annual Report 2025
Explore the statements
29 tablesStatements of Financial Position
28 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipmentUS$’000 | 12,718 | 14,187 | 11,377 | 12,355 | PDF p. 119 |
| Right-of-use assetsUS$’000 | 5,004 | 2,887 | 415 | 273 | PDF p. 119 |
| Intangible assetsUS$’000 | 4,902 | 5,768 | 165 | 145 | PDF p. 119 |
| SubsidiariesUS$’000 | – | – | 36,928 | 36,928 | PDF p. 119 |
| AssociatesUS$’000 | 278,477 | 264,273 | 278,477 | 264,273 | PDF p. 119 |
| Financial asset at fair value through other comprehensive incomeUS$’000 | 5,500 | 5,500 | – | – | PDF p. 119 |
| Deferred tax assetUS$’000 | – | 720 | – | – | PDF p. 119 |
| SubtotalUS$’000 | 306,601 | 293,335 | 327,362 | 313,974 | PDF p. 119 |
| Current assets | |||||
| InventoriesUS$’000 | 136,657 | 70,968 | 8,690 | 16,713 | PDF p. 119 |
| Trade and other receivablesUS$’000 | 1,137,361 | 1,127,067 | 1,094,647 | 1,049,695 | PDF p. 119 |
| Cash and cash equivalentsUS$’000 | 686,998 | 500,329 | 656,689 | 483,347 | PDF p. 119 |
| SubtotalUS$’000 | 1,961,016 | 1,698,364 | 1,760,026 | 1,549,755 | PDF p. 119 |
| Total assetsUS$’000 | 2,267,617 | 1,991,699 | 2,087,388 | 1,863,729 | PDF p. 119 |
| Capital, reserves and non-controlling interests | |||||
| Share capitalUS$’000 | 215,573 | 215,573 | 215,573 | 215,573 | PDF p. 119 |
| ReservesUS$’000 | 862,039 | 770,697 | 811,241 | 742,467 | PDF p. 119 |
| Equity attributable to owners of the CompanyUS$’000 | 1,077,612 | 986,270 | 1,026,814 | 958,040 | PDF p. 119 |
| Non-controlling interestsUS$’000 | 3,794 | 3,678 | – | – | PDF p. 119 |
| Total equityUS$’000 | 1,081,406 | 989,948 | 1,026,814 | 958,040 | PDF p. 119 |
| Non-current liabilities | |||||
| Lease liabilitiesUS$’000 | 3,879 | 1,678 | 92 | 51 | PDF p. 119 |
| Deferred tax liabilitiesUS$’000 | 10,411 | 9,201 | 9,834 | 9,201 | PDF p. 119 |
| SubtotalUS$’000 | 14,290 | 10,879 | 9,926 | 9,252 | PDF p. 119 |
| Current liabilities | |||||
| Trade and other payablesUS$’000 | 1,151,694 | 981,043 | 1,044,368 | 893,005 | PDF p. 119 |
| Contract liabilitiesUS$’000 | 10,223 | 4,162 | – | – | PDF p. 119 |
| Lease liabilitiesUS$’000 | 1,448 | 1,644 | 322 | 226 | PDF p. 119 |
| Current tax liabilitiesUS$’000 | 8,556 | 4,023 | 5,958 | 3,206 | PDF p. 119 |
| SubtotalUS$’000 | 1,171,921 | 990,872 | 1,050,648 | 896,437 | PDF p. 119 |
| Total liabilitiesUS$’000 | 1,186,211 | 1,001,751 | 1,060,574 | 905,689 | PDF p. 119 |
| Total equity and liabilitiesUS$’000 | 2,267,617 | 1,991,699 | 2,087,388 | 1,863,729 | PDF p. 119 |
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Original report: PDF p. 119 ↗
Consolidated Statement of Profit or Loss
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| RevenueUS$’000 | 16,439,557 | 15,518,512 | PDF p. 120 |
| Cost of salesUS$’000 | (16,366,739) | (15,476,647) | PDF p. 120 |
| Gross profitUS$’000 | 72,818 | 41,865 | PDF p. 120 |
| Other incomeUS$’000 | 16,231 | 17,350 | PDF p. 120 |
| Administrative expensesUS$’000 | (19,029) | (17,196) | PDF p. 120 |
| Other operating expensesUS$’000 | (2,518) | (1,045) | PDF p. 120 |
| Loss allowance for trade receivablesUS$’000 | (1,593) | (261) | PDF p. 120 |
| Results from operating activitiesUS$’000 | 65,909 | 40,713 | PDF p. 120 |
| Finance costsUS$’000 | (888) | (858) | PDF p. 120 |
| Share of profit of associates (net of tax)US$’000 | 60,219 | 45,894 | PDF p. 120 |
| Profit before taxUS$’000 | 125,240 | 85,749 | PDF p. 120 |
| Tax expenseUS$’000 | (14,598) | (7,661) | PDF p. 120 |
| Profit for the financial yearUS$’000 | 110,642 | 78,088 | PDF p. 120 |
| Profit attributable to | |||
| Owners of the CompanyUS$’000 | 110,526 | 78,357 | PDF p. 120 |
| Non-controlling interestsUS$’000 | 116 | (269) | PDF p. 120 |
| SubtotalUS$’000 | 110,642 | 78,088 | PDF p. 120 |
| Earnings per share | |||
| Basic earnings per share (cents)cents per share | 12.85 | 9.11 | PDF p. 120 |
| Diluted earnings per share (cents)cents per share | 12.85 | 9.11 | PDF p. 120 |
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Original report: PDF p. 120 ↗
Consolidated Statement of Comprehensive Income
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit for the financial yearUS$’000 | 110,642 | 78,088 | PDF p. 121 |
| Other comprehensive income/(loss); Items that are or may be reclassified subsequently to profit or loss | |||
| Translation differences relating to financial statements of foreign associatesUS$’000 | 5,199 | (8,559) | PDF p. 121 |
| Other comprehensive income/(loss) for the financial year, net of taxUS$’000 | 5,199 | (8,559) | PDF p. 121 |
| Total comprehensive income for the financial yearUS$’000 | 115,841 | 69,529 | PDF p. 121 |
| Total comprehensive income attributable to | |||
| Owners of the CompanyUS$’000 | 115,725 | 69,798 | PDF p. 121 |
| Non-controlling interestsUS$’000 | 116 | (269) | PDF p. 121 |
| SubtotalUS$’000 | 115,841 | 69,529 | PDF p. 121 |
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Original report: PDF p. 121 ↗
Consolidated Statement of Cash Flows
41 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit for the financial yearUS$’000 | 110,642 | 78,088 | PDF p. 125 |
| Adjustments for | |||
| Depreciation of property, plant and equipmentUS$’000 | 1,687 | 1,872 | PDF p. 125 |
| Depreciation of right-of-use assetsUS$’000 | 1,684 | 5,889 | PDF p. 125 |
| Amortisation of intangible assetsUS$’000 | 969 | 1,117 | PDF p. 125 |
| Property, plant and equipment written offUS$’000 | 31 | 20 | PDF p. 125 |
| Gain on right-of-use asset written offUS$’000 | – | (8) | PDF p. 125 |
| Loss allowance for trade and other receivablesUS$’000 | 1,593 | 261 | PDF p. 125 |
| Allowance for impairment loss on investment in associateUS$’000 | 850 | – | PDF p. 125 |
| Fair value loss on derivative instrumentsUS$’000 | 228 | 7,932 | PDF p. 125 |
| Share of profit of associates (net of tax)US$’000 | (60,219) | (45,894) | PDF p. 125 |
| Tax expenseUS$’000 | 14,598 | 7,661 | PDF p. 125 |
| Interest incomeUS$’000 | (15,006) | (16,968) | PDF p. 125 |
| Interest expenseUS$’000 | 46 | 128 | PDF p. 125 |
| Dividend income from financial asset at FVTOCIUS$’000 | (263) | (76) | PDF p. 125 |
| Lease interest expenseUS$’000 | 219 | 319 | PDF p. 125 |
| Unrealised exchange differencesUS$’000 | (15) | 369 | PDF p. 125 |
| Operating activities | |||
| Operating cash flows before movements in working capitalUS$’000 | 57,044 | 40,710 | PDF p. 125 |
| Change in inventoriesUS$’000 | (65,689) | 17,297 | PDF p. 125 |
| Change in trade and other receivablesUS$’000 | (14,115) | (87,157) | PDF p. 125 |
| Change in trade and other payables and contract liabilitiesUS$’000 | 178,766 | 156,579 | PDF p. 125 |
| Cash from operationsUS$’000 | 156,006 | 127,429 | PDF p. 125 |
| Tax paidUS$’000 | (5,535) | (6,070) | PDF p. 125 |
| Net cash from operating activitiesUS$’000 | 150,471 | 121,359 | PDF p. 125 |
| Investing activities | |||
| Interest receivedUS$’000 | 14,929 | 20,591 | PDF p. 125 |
| Acquisition of property, plant and equipmentUS$’000 | (249) | (808) | PDF p. 125 |
| Acquisition of intangible assetsUS$’000 | (103) | (107) | PDF p. 125 |
| Additional investment in an associateUS$’000 | – | (164) | PDF p. 125 |
| Dividend income from financial asset at FVTOCIUS$’000 | 263 | 74 | PDF p. 125 |
| Dividends from associates (net of withholding tax paid)US$’000 | 47,787 | 25,057 | PDF p. 125 |
| Net cash from investing activitiesUS$’000 | 62,627 | 44,643 | PDF p. 125 |
| Financing activities | |||
| Interest paidUS$’000 | (46) | (128) | PDF p. 125 |
| Interest paid on lease liabilitiesUS$’000 | (219) | (319) | PDF p. 125 |
| Repayment of lease liabilitiesUS$’000 | (1,796) | (5,969) | PDF p. 125 |
| Proceeds from borrowingsUS$’000 | 96,952 | 78,901 | PDF p. 125 |
| Repayment of borrowingsUS$’000 | (96,952) | (78,901) | PDF p. 125 |
| Dividends paidUS$’000 | (24,383) | (31,928) | PDF p. 125 |
| Net cash used in financing activitiesUS$’000 | (26,444) | (38,344) | PDF p. 125 |
| Cash and cash equivalents | |||
| Net increase in cash and cash equivalentsUS$’000 | 186,654 | 127,658 | PDF p. 125 |
| Cash and cash equivalents at 1 JanuaryUS$’000 | 500,329 | 373,040 | PDF p. 125 |
| Effect of exchange rate fluctuations on cash heldUS$’000 | 15 | (369) | PDF p. 125 |
| Cash and cash equivalents at 31 DecemberUS$’000 | 686,998 | 500,329 | PDF p. 125 |
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Original report: PDF p. 125 ↗
Statements of Changes in Equity — Group, year ended 31 December 2025
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupShare capital | 2025GroupForeign currency translation reserve | 2025GroupStatutory reserves | 2025GroupReserve for own shares | 2025GroupAccumulated profits | 2025GroupTotal attributable to owners of the Company | 2025GroupNon-controlling interests | 2025GroupTotal equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group equity movements | |||||||||
| At 1 January 2025US$’000 by equity column | 215,573 | (17,300) | 37,269 | (5,482) | 756,210 | 986,270 | 3,678 | 989,948 | PDF p. 122 |
| Total comprehensive income for the financial year | |||||||||
| Profit for the financial yearUS$’000 by equity column | – | – | – | – | 110,526 | 110,526 | 116 | 110,642 | PDF p. 122 |
| Other comprehensive loss | |||||||||
| Translation differences relating to financial statements of foreign associatesUS$’000 by equity column | – | 5,199 | – | – | – | 5,199 | – | 5,199 | PDF p. 122 |
| Total comprehensive income subtotal | |||||||||
| SubtotalUS$’000 | – | 5,199 | – | – | 110,526 | 115,725 | 116 | 115,841 | PDF p. 122 |
| Contributions by and distributions to owners | |||||||||
| Share of associates’ accumulated profits transferred from statutory reserveUS$’000 by equity column | – | – | (7) | – | 7 | – | – | – | PDF p. 122 |
| Dividends to equity holdersUS$’000 by equity column | – | – | – | – | (24,383) | (24,383) | – | (24,383) | PDF p. 122 |
| Total transactions with ownersUS$’000 by equity column | – | – | (7) | – | (24,376) | (24,383) | – | (24,383) | PDF p. 122 |
| Group equity movements | |||||||||
| At 31 December 2025US$’000 by equity column | 215,573 | (12,101) | 37,262 | (5,482) | 842,360 | 1,077,612 | 3,794 | 1,081,406 | PDF p. 122 |
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Original report: PDF p. 122 ↗
Statements of Changes in Equity — Group, year ended 31 December 2024
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024GroupShare capital | 2024GroupForeign currency translation reserve | 2024GroupStatutory reserves | 2024GroupReserve for own shares | 2024GroupAccumulated profits | 2024GroupTotal attributable to owners of the Company | 2024GroupNon-controlling interests | 2024GroupTotal equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group equity movements | |||||||||
| At 1 January 2024US$’000 by equity column | 215,573 | (8,741) | 37,220 | (5,482) | 709,830 | 948,400 | 3,947 | 952,347 | PDF p. 123 |
| Total comprehensive income for the financial year | |||||||||
| Profit for the financial yearUS$’000 by equity column | – | – | – | – | 78,357 | 78,357 | (269) | 78,088 | PDF p. 123 |
| Other comprehensive loss | |||||||||
| Translation differences relating to financial statements of foreign associatesUS$’000 by equity column | – | (8,559) | – | – | – | (8,559) | – | (8,559) | PDF p. 123 |
| Total comprehensive income subtotal | |||||||||
| SubtotalUS$’000 | – | (8,559) | – | – | 78,357 | 69,798 | (269) | 69,529 | PDF p. 123 |
| Contributions by and distributions to owners | |||||||||
| Share of associates’ accumulated profits transferred to statutory reserveUS$’000 by equity column | – | – | 49 | – | (49) | – | – | – | PDF p. 123 |
| Dividends to equity holdersUS$’000 by equity column | – | – | – | – | (31,928) | (31,928) | – | (31,928) | PDF p. 123 |
| Total transactions with ownersUS$’000 by equity column | – | – | 49 | – | (31,977) | (31,928) | – | (31,928) | PDF p. 123 |
| Group equity movements | |||||||||
| At 31 December 2024US$’000 by equity column | 215,573 | (17,300) | 37,269 | (5,482) | 756,210 | 986,270 | 3,678 | 989,948 | PDF p. 123 |
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Original report: PDF p. 123 ↗
Statements of Changes in Equity — Company — FY2025
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025CompanyShare capital | 2025CompanyForeign currency translation reserve | 2025CompanyStatutory reserves | 2025CompanyReserve for own shares | 2025CompanyAccumulated profits | 2025CompanyTotal equity | Source |
|---|---|---|---|---|---|---|---|
| Company equity movements | |||||||
| At 1 January 2025US$’000 by equity column | 215,573 | (17,300) | 37,269 | (5,482) | 727,980 | 958,040 | PDF p. 124 |
| Total comprehensive income for the financial year | |||||||
| Profit for the financial yearUS$’000 by equity column | – | – | – | – | 87,958 | 87,958 | PDF p. 124 |
| Other comprehensive loss | |||||||
| Translation differences relating to financial statements of foreign associatesUS$’000 by equity column | – | 5,199 | – | – | – | 5,199 | PDF p. 124 |
| Total comprehensive income subtotal | |||||||
| SubtotalUS$’000 | – | 5,199 | – | – | 87,958 | 93,157 | PDF p. 124 |
| Contributions by and distributions to owners | |||||||
| Share of associates’ accumulated profits transferred from statutory reserveUS$’000 by equity column | – | – | (7) | – | 7 | – | PDF p. 124 |
| Dividends to equity holdersUS$’000 by equity column | – | – | – | – | (24,383) | (24,383) | PDF p. 124 |
| Total transactions with ownersUS$’000 by equity column | – | – | (7) | – | (24,376) | (24,383) | PDF p. 124 |
| Company equity movements | |||||||
| At 31 December 2025US$’000 by equity column | 215,573 | (12,101) | 37,262 | (5,482) | 791,562 | 1,026,814 | PDF p. 124 |
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Original report: PDF p. 124 ↗
Statements of Changes in Equity — Company — FY2024
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024CompanyShare capital | 2024CompanyForeign currency translation reserve | 2024CompanyStatutory reserves | 2024CompanyReserve for own shares | 2024CompanyAccumulated profits | 2024CompanyTotal equity | Source |
|---|---|---|---|---|---|---|---|
| Company equity movements | |||||||
| At 1 January 2024US$’000 by equity column | 215,573 | (8,741) | 37,220 | (5,482) | 684,462 | 923,032 | PDF p. 124 |
| Total comprehensive income for the financial year | |||||||
| Profit for the financial yearUS$’000 by equity column | – | – | – | – | 75,495 | 75,495 | PDF p. 124 |
| Other comprehensive loss | |||||||
| Translation differences relating to financial statements of foreign associatesUS$’000 by equity column | – | (8,559) | – | – | – | (8,559) | PDF p. 124 |
| Total comprehensive income subtotal | |||||||
| SubtotalUS$’000 | – | (8,559) | – | – | 75,495 | 66,936 | PDF p. 124 |
| Contributions by and distributions to owners | |||||||
| Share of associates’ accumulated profits transferred to statutory reserveUS$’000 by equity column | – | – | 49 | – | (49) | – | PDF p. 124 |
| Dividends to equity holdersUS$’000 by equity column | – | – | – | – | (31,928) | (31,928) | PDF p. 124 |
| Total transactions with ownersUS$’000 by equity column | – | – | 49 | – | (31,977) | (31,928) | PDF p. 124 |
| Company equity movements | |||||||
| At 31 December 2024US$’000 by equity column | 215,573 | (17,300) | 37,269 | (5,482) | 727,980 | 958,040 | PDF p. 124 |
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Original report: PDF p. 124 ↗
Total Supply and Trading Volume — five-year chart
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Financial charts | ||||||
| Total Supply and Trading Volumemillion metric tonnes | 34.1 | 20.3 | 20.0 | 21.9 | 25.9 | PDF p. 3 |
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Original report: PDF p. 3 ↗
Revenue — five-year chart
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Financial charts | ||||||
| RevenueUS$ billion | 17.6 | 16.5 | 14.4 | 15.5 | 16.4 | PDF p. 3 |
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Original report: PDF p. 3 ↗
Net Profit* — five-year chart
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Attributable to owners of the Company | 2022Attributable to owners of the Company | 2023Attributable to owners of the Company | 2024Attributable to owners of the Company | 2025Attributable to owners of the Company | Source |
|---|---|---|---|---|---|---|
| Financial charts | ||||||
| Net Profit*US$ million | 40.4 | 33.5 | 58.9 | 78.4 | 110.5 | PDF p. 3 |
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Original report: PDF p. 3 ↗
Net Profit — five-year chart
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Consolidated profit including non-controlling interests | 2022Consolidated profit including non-controlling interests | 2023Consolidated profit including non-controlling interests | 2024Consolidated profit including non-controlling interests | 2025Consolidated profit including non-controlling interests | Source |
|---|---|---|---|---|---|---|
| Financial charts | ||||||
| Net ProfitUS$ million | 40.35 | 33.19 | 58.37 | 78.09 | 110.64 | PDF p. 7 |
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Original report: PDF p. 7 ↗
Gross Profit — five-year chart
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Financial charts | ||||||
| Gross ProfitUS$ million | 30.70 | 35.39 | 50.60 | 41.87 | 72.82 | PDF p. 7 |
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Original report: PDF p. 7 ↗
Total Equity* — five-year chart
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Attributable to owners of the Company | 2022Attributable to owners of the Company | 2023Attributable to owners of the Company | 2024Attributable to owners of the Company | 2025Attributable to owners of the Company | Source |
|---|---|---|---|---|---|---|
| Financial charts | ||||||
| Total Equity*US$’000 | 901,396 | 902,978 | 948,400 | 986,270 | 1,077,612 | PDF p. 60 |
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Original report: PDF p. 60 ↗
Total Cash and Cash Equivalents — five-year chart
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Financial charts | ||||||
| Total Cash and Cash EquivalentsUS$’000 | 400,837 | 308,195 | 373,040 | 500,329 | 686,998 | PDF p. 60 |
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Original report: PDF p. 60 ↗
5-Year Financial Summary — Income Statement
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue 收入US$’000 | 17,636,657 | 16,464,124 | 14,429,573 | 15,518,512 | 16,439,557 | PDF p. 60 |
| Gross Profit 毛利US$’000 | 30,697 | 35,391 | 50,598 | 41,865 | 72,818 | PDF p. 60 |
| Share of Results of Associates 联营公司投资收益US$’000 | 23,550 | 17,902 | 30,318 | 45,894 | 60,219 | PDF p. 60 |
| Net Profit after Tax 税后净利润*US$’000 | 40,350 | 33,532 | 58,856 | 78,357 | 110,526 | PDF p. 60 |
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Original report: PDF p. 60 ↗
5-Year Financial Summary — Balance Sheet
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Balance Sheet | ||||||
| Total Assets 总资产US$’000 | 1,535,658 | 1,499,618 | 1,787,514 | 1,991,699 | 2,267,617 | PDF p. 60 |
| Total Equity 股东权益*US$’000 | 901,369 | 902,978 | 948,400 | 986,270 | 1,077,612 | PDF p. 60 |
| Cash and Cash Equivalents 现金及现金等价物US$’000 | 400,837 | 308,195 | 373,040 | 500,329 | 686,998 | PDF p. 60 |
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Original report: PDF p. 60 ↗
5-Year Financial Summary — Financial Ratios
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Financial Ratios | ||||||
| Earnings per Share (US$ cents)* 每股收益（美分）US$ cents | 4.69 | 3.90 | 6.84 | 9.11 | 12.85 | PDF p. 60 |
| Net Asset Value per Share (US$ cents)* 每股资产净值（美分）US$ cents | 104.79 | 104.97 | 110.26 | 114.66 | 125.28 | PDF p. 60 |
| Return on Equity 净资产回报率*% | 4.54 | 3.72 | 6.36 | 8.10 | 10.71 | PDF p. 60 |
| Return on Assets 资产回报率*% | 2.61 | 2.50 | 4.03 | 4.56 | 5.89 | PDF p. 60 |
| Debt Equity Ratio 股本带息负债率% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | PDF p. 60 |
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Original report: PDF p. 60 ↗
Financial Highlights — 2025
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; amounts marked * relate to owners of the Company | Source |
|---|---|---|
| Financial Highlights | ||
| Total Supply and Trading Volumemillion metric tonnes | 25.9 | PDF p. 3 |
| RevenueUS$ billion | 16.4 | PDF p. 3 |
| Net Profit*US$ million | 110.5 | PDF p. 3 |
| Return on Equity*% | 10.71 | PDF p. 3 |
| Return on Assets*% | 5.89 | PDF p. 3 |
| Net Asset Value/Share*US cents | 125.28 | PDF p. 3 |
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Original report: PDF p. 3 ↗
Proposed Final Dividend — FY2025
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY2025; proposed final dividend | Source |
|---|---|---|
| Dividend | ||
| ordinary dividendSingapore cents per share | 4.96 | PDF p. 15 |
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Original report: PDF p. 15 ↗
Share Price Information
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Company | 2022Company | 2023Company | 2024Company | 2025Company | Source |
|---|---|---|---|---|---|---|
| Share Price (S$) | ||||||
| As at last trading day of the yearS$ per share | 0.94 | 0.89 | 0.88 | 0.92 | 1.65 | PDF p. 47 |
| HighestS$ per share | 1.20 | 0.96 | 1.10 | 0.96 | 1.65 | PDF p. 47 |
| LowestS$ per share | 0.91 | 0.64 | 0.73 | 0.84 | 0.77 | PDF p. 47 |
| AverageS$ per share | 1.05 | 0.85 | 0.92 | 0.89 | 1.10 | PDF p. 47 |
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Original report: PDF p. 47 ↗
Subsidiary investments — Company
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| Subsidiary investments — Company | |||
| Cost of investmentsUS$’000 | 78,996 | 78,996 | PDF p. 146 |
| Accumulated impairmentUS$’000 | (42,068) | (42,068) | PDF p. 146 |
| SubtotalUS$’000 | 36,928 | 36,928 | PDF p. 146 |
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Definitions & sources
Original report: PDF p. 146 ↗
Investments in associates — Group and Company
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group and Company | 2024Group and Company | Source |
|---|---|---|---|
| Investments in associates — Group and Company | |||
| Investments in associatesUS$’000 | 278,477 | 264,273 | PDF p. 147 |
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Definitions & sources
Original report: PDF p. 147 ↗
Associate investment impairment — Group and Company
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group and Company | 2024Group and Company | Source |
|---|---|---|---|
| Associate investment impairment — Group and Company | |||
| At beginning of financial yearUS$’000 | 8,654 | 8,654 | PDF p. 148 |
| Charge during the financial yearUS$’000 | 850 | – | PDF p. 148 |
| At end of financial yearUS$’000 | 9,504 | 8,654 | PDF p. 148 |
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Definitions & sources
Original report: PDF p. 148 ↗
Financial asset at FVTOCI — Group
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Financial asset at FVTOCI — Group | |||
| Investment in equity instrument designated as at FVTOCI – unquoted equity sharesUS$’000 | 5,500 | 5,500 | PDF p. 151 |
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Definitions & sources
Original report: PDF p. 151 ↗
Dividends declared and paid
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group and Company; paid during year, relates to previous financial year | 2024Group and Company; paid during year, relates to previous financial year | Source |
|---|---|---|---|
| Dividends declared and paid | |||
| Final exempt dividends paid in respect of the previous financial year of S$0.0372 (2024: S$0.0271) per shareUS$’000 | 24,383 | 17,134 | PDF p. 157 |
| Special exempt dividends paid in respect of the previous financial year was S$ nil (2024: S$0.0234) per shareUS$’000 | – | 14,794 | PDF p. 157 |
| TotalUS$’000 | 24,383 | 31,928 | PDF p. 157 |
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Definitions & sources
Original report: PDF p. 157 ↗
Reserves — Group and Company
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Reserves — Group and Company | |||||
| Foreign currency translation reserve (a)US$’000 | (12,101) | (17,300) | (12,101) | (17,300) | PDF p. 157 |
| Statutory reserves (b)US$’000 | 37,262 | 37,269 | 37,262 | 37,269 | PDF p. 157 |
| Reserve for own shares (c)US$’000 | (5,482) | (5,482) | (5,482) | (5,482) | PDF p. 157 |
| Accumulated profitsUS$’000 | 842,360 | 756,210 | 791,562 | 727,980 | PDF p. 157 |
| SubtotalUS$’000 | 862,039 | 770,697 | 811,241 | 742,467 | PDF p. 157 |
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Definitions & sources
Original report: PDF p. 157 ↗
Associates summarised financial information — FY2025
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025SPIA associate | 2025Immaterial associates aggregate | 2025Associates total | Source |
|---|---|---|---|---|
| Associates summarised financial information — FY2025 | ||||
| RevenueUS$’000 | 3,516,286 | 54,974 | 3,571,260 | PDF p. 149 |
| Profit for the financial year, representing total comprehensive incomeUS$’000 | 173,369 | 13,090 | 186,459 | PDF p. 149 |
| Non-current assetsUS$’000 | 47,066 | 289,656 | 336,722 | PDF p. 149 |
| Current assetsUS$’000 | 779,185 | 60,110 | 839,295 | PDF p. 149 |
| Non-current liabilitiesUS$’000 | – | (108,280) | (108,280) | PDF p. 149 |
| Current liabilitiesUS$’000 | (257,110) | (30,718) | (287,828) | PDF p. 149 |
| Net assetsUS$’000 | 569,141 | 210,768 | 779,909 | PDF p. 149 |
| Group’s interest in net assets of investee at beginning of the financial yearUS$’000 | 174,921 | 63,384 | 238,305 | PDF p. 149 |
| Group’s fair value adjustment at beginning of the financial yearUS$’000 | – | 4,259 | 4,259 | PDF p. 149 |
| Group’s share of total comprehensive incomeUS$’000 | 57,418 | 2,801 | 60,219 | PDF p. 149 |
| Group’s share of profit for the financial yearUS$’000 | 57,418 | 3,275 | 60,693 | PDF p. 149 |
| Group’s share of fair value adjustmentUS$’000 | – | (474) | (474) | PDF p. 149 |
| Dividend declared during the financial yearUS$’000 | (49,187) | (1,177) | (50,364) | PDF p. 149 |
| Group’s share of translation differences for the financial yearUS$’000 | 4,164 | 1,035 | 5,199 | PDF p. 149 |
| GoodwillUS$’000 | 21,709 | – | 21,709 | PDF p. 149 |
| Impairment on fair valueUS$’000 | – | (850) | (850) | PDF p. 149 |
| Carrying amount of interest in investee at end of the financial yearUS$’000 | 209,025 | 69,452 | 278,477 | PDF p. 149 |
| Carrying amount of fair value adjustment at end of the financial yearUS$’000 | – | 2,935 | 2,935 | PDF p. 149 |
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Definitions & sources
Original report: PDF p. 149 ↗
Associates summarised financial information — FY2024
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024SPIA associate | 2024Immaterial associates aggregate | 2024Associates total | Source |
|---|---|---|---|---|
| Associates summarised financial information — FY2024 | ||||
| RevenueUS$’000 | 3,556,610 | 57,831 | 3,614,441 | PDF p. 150 |
| Profit for the financial year, representing total comprehensive incomeUS$’000 | 134,768 | 6,793 | 141,561 | PDF p. 150 |
| Non-current assetsUS$’000 | 40,763 | 291,971 | 332,734 | PDF p. 150 |
| Current assetsUS$’000 | 694,713 | 57,127 | 751,840 | PDF p. 150 |
| Non-current liabilitiesUS$’000 | – | (90,657) | (90,657) | PDF p. 150 |
| Current liabilitiesUS$’000 | (203,895) | (59,273) | (263,168) | PDF p. 150 |
| Net assetsUS$’000 | 531,581 | 199,168 | 730,749 | PDF p. 150 |
| Group’s interest in net assets of investee at beginning of the financial yearUS$’000 | 159,380 | 67,328 | 226,708 | PDF p. 150 |
| Additional investmentUS$’000 | – | 164 | 164 | PDF p. 150 |
| Group’s fair value adjustment at beginning of the financial yearUS$’000 | – | 4,733 | 4,733 | PDF p. 150 |
| Group’s share of total comprehensive incomeUS$’000 | 44,473 | 1,421 | 45,894 | PDF p. 150 |
| Group’s share of profit for the financial yearUS$’000 | 44,473 | 1,895 | 46,368 | PDF p. 150 |
| Group’s share of fair value adjustmentUS$’000 | – | (474) | (474) | PDF p. 150 |
| Dividend declared during the financial yearUS$’000 | (26,376) | – | (26,376) | PDF p. 150 |
| Group’s share of translation differences for the financial yearUS$’000 | (2,556) | (6,003) | (8,559) | PDF p. 150 |
| GoodwillUS$’000 | 21,709 | – | 21,709 | PDF p. 150 |
| Carrying amount of interest in investee at end of the financial yearUS$’000 | 196,630 | 67,643 | 264,273 | PDF p. 150 |
| Carrying amount of fair value adjustment at end of the financial yearUS$’000 | – | 4,259 | 4,259 | PDF p. 150 |
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Definitions & sources
Original report: PDF p. 150 ↗
Where the money comes from
Segment information
By business
Operating segments 2025 - Group (US$'000) 16 lines
| Item / unit | 2025Middle distillates | 2025Other oil products | 2025Investment in oil-related assets | 2025Total | Source |
|---|---|---|---|---|---|
| 2025 | |||||
| RevenueUS$'000 | 11,376,790 | 5,062,767 | – | 16,439,557 | PDF p. 173 |
| Gross profitUS$'000 | 70,774 | 2,044 | – | 72,818 | PDF p. 173 |
| Other administrative/operating expensesUS$'000 | (20,045) | (579) | – | (20,624) | PDF p. 173 |
| Depreciation and amortisationUS$'000 | (2,445) | (71) | – | (2,516) | PDF p. 173 |
| Foreign exchange gainUS$'000 | 883 | 26 | – | 909 | PDF p. 173 |
| Interest incomeUS$'000 | 14,585 | 421 | – | 15,006 | PDF p. 173 |
| Other incomeUS$'000 | 307 | 9 | – | 316 | PDF p. 173 |
| Finance costsUS$'000 | (682) | (206) | – | (888) | PDF p. 173 |
| Share of profit of associates (net of tax)US$'000 | – | – | 60,219 | 60,219 | PDF p. 173 |
| Tax expenseUS$'000 | (11,088) | (288) | (3,222) | (14,598) | PDF p. 173 |
| Reportable segment profit after taxUS$'000 | 52,289 | 1,356 | 56,997 | 110,642 | PDF p. 173 |
| Segment assets/Total Group’s assetsUS$'000 | 1,685,192 | 298,448 | 283,977 | 2,267,617 | PDF p. 173 |
| 2025 Additions (included in segment assets) | |||||
| – Property, plant and equipmentUS$'000 | 249 | – | – | 249 | PDF p. 173 |
| – Right-of-use assetsUS$'000 | 3,965 | – | – | 3,965 | PDF p. 173 |
| – Intangible assetsUS$'000 | 103 | – | – | 103 | PDF p. 173 |
| 2025 | |||||
| Reportable segment total liabilitiesUS$'000 | 867,652 | 299,592 | – | 1,167,244 | PDF p. 173 |
Notes
Segment performance measured on segment profit before tax. Reportable segments: Middle distillates; Other oil products; Investments in oil-related assets. Current tax liabilities 8,556 and deferred tax liabilities 10,411 are unallocated, giving Total Group's liabilities 1,186,211.
Operating segments 2024 - Group (US$'000) 17 lines
| Item / unit | 2024Middle distillates | 2024Other oil products | 2024Investment in oil-related assets | 2024Total | Source |
|---|---|---|---|---|---|
| 2024 | |||||
| RevenueUS$'000 | 10,696,126 | 4,822,386 | – | 15,518,512 | PDF p. 174 |
| Gross profitUS$'000 | 41,300 | 565 | – | 41,865 | PDF p. 174 |
| Other administrative/operating expensesUS$'000 | (15,962) | (218) | – | (16,180) | PDF p. 174 |
| Depreciation and amortisationUS$'000 | (2,291) | (31) | – | (2,322) | PDF p. 174 |
| Foreign exchange gainUS$'000 | 37 | – | – | 37 | PDF p. 174 |
| Interest incomeUS$'000 | 16,739 | 229 | – | 16,968 | PDF p. 174 |
| Other incomeUS$'000 | 340 | 5 | – | 345 | PDF p. 174 |
| Finance costsUS$'000 | (690) | (168) | – | (858) | PDF p. 174 |
| Share of profit of associates (net of tax)US$'000 | – | – | 45,894 | 45,894 | PDF p. 174 |
| Tax expenseUS$'000 | (5,056) | (49) | (2,556) | (7,661) | PDF p. 174 |
| Reportable segment profit after taxUS$'000 | 34,417 | 333 | 43,338 | 78,088 | PDF p. 174 |
| Reportable segment total assetsUS$'000 | 1,361,229 | 359,977 | 269,773 | 1,990,979 | PDF p. 174 |
| 2024 Additions (included in segment assets) | |||||
| – Property, plant and equipmentUS$'000 | 808 | – | – | 808 | PDF p. 174 |
| – Right-of-use assetsUS$'000 | 3,043 | – | – | 3,043 | PDF p. 174 |
| – Intangible assetsUS$'000 | 107 | – | – | 107 | PDF p. 174 |
| – AssociatesUS$'000 | – | – | 164 | 164 | PDF p. 174 |
| 2024 | |||||
| Reportable segment total liabilitiesUS$'000 | 657,919 | 330,608 | – | 988,527 | PDF p. 174 |
Notes
Current tax liabilities 4,023 and deferred tax liabilities 9,201 are unallocated, giving Total Group's liabilities 1,001,751. Deferred tax assets 720 are unallocated, giving Total Group's assets 1,991,699.
By geography
Geographical information 2025 - Group (US$'000) 17 lines
| Item / unit | 2025Revenue | 2025Non-current assets** | Source |
|---|---|---|---|
| 2025 | |||
| The People’s Republic of ChinaUS$'000 | 9,454,976 | 235,170 | PDF p. 175 |
| Republic of KoreaUS$'000 | 449,836 | 43,307 | PDF p. 175 |
| United States of AmericaUS$'000 | 888,500 | 575 | PDF p. 175 |
| Hong Kong SARUS$'000 | 356,155 | 10,070 | PDF p. 175 |
| MalaysiaUS$'000 | 179,834 | – | PDF p. 175 |
| JapanUS$'000 | 976,664 | – | PDF p. 175 |
| AustraliaUS$'000 | 210,843 | – | PDF p. 175 |
| SingaporeUS$'000 | 1,406,343 | 11,958 | PDF p. 175 |
| PhilippinesUS$'000 | 123,863 | – | PDF p. 175 |
| NetherlandsUS$'000 | 475,376 | 5,521 | PDF p. 175 |
| ThailandUS$'000 | 393,104 | – | PDF p. 175 |
| GermanyUS$'000 | 414,647 | – | PDF p. 175 |
| United Arab EmiratesUS$'000 | 116,585 | – | PDF p. 175 |
| IndiaUS$'000 | 433,410 | – | PDF p. 175 |
| Sri LankaUS$'000 | 101,832 | – | PDF p. 175 |
| Other countriesUS$'000 | 457,589 | – | PDF p. 175 |
| Total (unlabelled)US$'000 | 16,439,557 | 306,601 | PDF p. 175 |
Notes
** Excludes deferred tax assets. Segment revenue is based on the geographical location of the revenue transacted; segment assets are based on the geographical location of the assets. The final row is the unlabelled total.
Geographical information 2024 - Group (US$'000) 17 lines
| Item / unit | 2024Revenue | 2024Non-current assets** | Source |
|---|---|---|---|
| 2024 | |||
| The People’s Republic of ChinaUS$'000 | 10,432,919 | 223,935 | PDF p. 175 |
| Republic of KoreaUS$'000 | 279,514 | 40,337 | PDF p. 175 |
| United States of AmericaUS$'000 | 945,321 | 687 | PDF p. 175 |
| Hong Kong SARUS$'000 | 296,778 | 8,929 | PDF p. 175 |
| MalaysiaUS$'000 | 170,248 | – | PDF p. 175 |
| JapanUS$'000 | 551,905 | – | PDF p. 175 |
| AustraliaUS$'000 | 131,234 | – | PDF p. 175 |
| SingaporeUS$'000 | 233,406 | 12,774 | PDF p. 175 |
| PhilippinesUS$'000 | 141,731 | – | PDF p. 175 |
| NetherlandsUS$'000 | 438,213 | 5,953 | PDF p. 175 |
| ThailandUS$'000 | 297,272 | – | PDF p. 175 |
| GermanyUS$'000 | 358,252 | – | PDF p. 175 |
| IndonesiaUS$'000 | 168,786 | – | PDF p. 175 |
| IndiaUS$'000 | 563,450 | – | PDF p. 175 |
| United Arab EmiratesUS$'000 | 115,820 | – | PDF p. 175 |
| Other countriesUS$'000 | 393,663 | – | PDF p. 175 |
| Total (unlabelled)US$'000 | 15,518,512 | 292,615 | PDF p. 175 |
Notes
** Excludes deferred tax assets. The final row is the unlabelled total. Indonesia appears in 2024 but not separately in 2025.
Debt
Borrowings
Lease liabilities – carrying amount and maturity analysis
| Item / unit | 2025Group, US$'000 | 2024Group, US$'000 | 2025Company, US$'000 | 2024Company, US$'000 | Source |
|---|---|---|---|---|---|
| Analysed as | |||||
| Non-currentUS$'000 | 3,879 | 1,678 | 92 | 51 | PDF p. 160 |
| CurrentUS$'000 | 1,448 | 1,644 | 322 | 226 | PDF p. 160 |
| Total lease liabilities (unlabelled subtotal)US$'000 | 5,327 | 3,322 | 414 | 277 | PDF p. 160 |
| Maturity analysis of undiscounted gross cash flows | |||||
| – Not later than a yearUS$'000 | 1,712 | 1,665 | 325 | 226 | PDF p. 160 |
| – Between one and two yearsUS$'000 | 1,479 | 606 | 101 | 62 | PDF p. 160 |
| – Between two and five yearsUS$'000 | 2,370 | 1,303 | – | – | PDF p. 160 |
| Total undiscounted (unlabelled subtotal)US$'000 | 5,561 | 3,574 | 426 | 288 | PDF p. 160 |
Notes
Lease liabilities are measured using the incremental borrowing rate ranged between 1.40% to 8.43% at the initial recognition. The Group has no option to extend the lease term beyond the contractual period.
The Group does not face a significant liquidity risk with regards to its lease liabilities.
The report shows no bank borrowings on the balance sheet; the cash flow statement shows proceeds from borrowings of 96,952 (2024: 78,901) fully repaid in each year, so no borrowings outstanding.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | In accordance with the Company’s Dividend Policy which sets out further guiding principles for dividend distribution by the Company (the “Guiding Principles”), the Guiding Principles included inter alia, maintaining a consistent baseline dividend payout ratio which constitutes 30 percent of the Company’s annual consolidated net profits attributable to shareholders. | Company policy | PDF p. 108 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| final (one-tier tax exempt) ordinary dividend | S$0.0496 | FY2025 proposed final ordinary dividend, Group and Company; amounting to US$33,193,000; not provided for | PDF p. 157 |
| first and final dividend | 4.96 Singapore cents per ordinary share | FY2025, one-tier tax-exempt, to be proposed at AGM | PDF p. 45 |
| Record Date | 12 May 2026 | FY2025 proposed first and final dividend · As at 2026-05-12 | PDF p. 47 |
| Payment date | 26 May 2026 | FY2025 proposed first and final dividend · As at 2026-05-26 | PDF p. 47 |
| Final exempt dividends paid in respect of the previous financial year | S$0.0372 | Paid in 2025 in respect of FY2024, Group and Company, one-tier tax exempt; US$24,383,000 | PDF p. 157 |
| Special exempt dividends paid in respect of the previous financial year | S$ nil (2024: S$0.0234) per share | Paid in 2025: nil; paid in 2024 (re FY2023): S$0.0234 per share, US$14,794,000 | PDF p. 157 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| targeted dividend payout | 30% of the CAO Group’s annual consolidated net profit attributable to shareholders | FY2025 target | PDF p. 45 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | BDO LLP | Group | PDF p. 118 |
| Engagement partner | Ng Kian Hui | Group | PDF p. 118 |
| Opinion | In our opinion | Group | PDF p. 115 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 1. Revenue Recognition | Revenue Recognition | Group | PDF p. 116 |
| 2. Valuation of Derivatives, Open Physical Contracts and Trading Inventories | Valuation of Derivatives, Open Physical Contracts and Trading Inventories | Group | PDF p. 116 |
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.
Amounts with an asterisk on pages1/58 relate to owners of the Company. The page5 Net Profit chart instead includes non-controlling interests; do not equate the two series.
The FY2021 equity value is printed as 901,369 in the five-year table and 901,396 in the chart. Both original figures are retained separately.
The supply/trading volume chart shows FY2021–2025 as 34.1, 20.3, 20.0, 21.9 and 25.9 million metric tonnes.
Percentage signs are displayed through the row unit; original percentage literals are retained. Five-year comparisons do not imply collection of five historical annual-report originals.
Associate financial information shows investee statements and carrying-value reconciliations; it is not additional consolidated revenue or assets. SPIA has 33% ownership; other associates are reported in aggregate.
TSN-PEKCL was a 49% associate at 31 December 2025. Its disposal agreement was signed 30 December 2025 and transfer completed 5 March 2026; the FY2025 figures retain the investment.
Paid dividends on note14 relate to the preceding financial year. FY2025 final dividend of S$0.0496 per share, US$33,193,000 total, was proposed after year end and was not provided for.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.