Hotel Royal H12

SGD 2.00 +0.00% +0.00 Updated 6 Nov 2026, 17:16 SGT

Financials

Annual Report 2025

Open annual report

Explore the statements

18 tables

Statements of Financial Position – assets and current liabilities (Group and Company)

20 metrics

Units appear below each metric. Scroll to compare years

Statements of Financial Position – assets and current liabilities (Group and Company) from Annual Report 2025
Metric / unit	2025The Group	2024The Group	2025The Company	2024The Company	Source
Current assets
Cash and bank balances$'000	24,430	19,559	2,782	3,583	PDF p. 134
Financial assets at fair value through profit or loss$'000	5,105	6,493	2,752	3,900	PDF p. 134
Financial assets at fair value through other comprehensive income$'000	3,418	5,166	221	178	PDF p. 134
Trade receivables$'000	2,710	2,308	423	292	PDF p. 134
Other receivables, deposits and prepaid expenses$'000	3,020	1,920	450	425	PDF p. 134
Inventories$'000	948	885	50	93	PDF p. 134
Income tax recoverable$'000	70	69	-	-	PDF p. 134
Total current assets$'000	39,701	36,400	6,678	8,471	PDF p. 134
Non-current assets
Subsidiaries$'000	-	-	285,186	283,018	PDF p. 134
Financial assets at fair value through other comprehensive income$'000	21,045	19,424	16,395	15,386	PDF p. 134
Other assets$'000	1,431	916	500	226	PDF p. 134
Property, plant and equipment$'000	707,218	711,161	269,473	261,869	PDF p. 134
Investment properties$'000	166,376	130,424	38,350	37,367	PDF p. 134
Total non-current assets$'000	896,070	861,925	609,904	597,866	PDF p. 134
ASSETS
Total assets$'000	935,771	898,325	616,582	606,337	PDF p. 134
Current liabilities
Bank loans$'000	7,150	5,234	-	460	PDF p. 134
Trade payables$'000	2,653	5,018	723	2,468	PDF p. 134
Other payables$'000	8,868	5,319	3,412	641	PDF p. 134
Income tax payable$'000	1,908	2,189	509	950	PDF p. 134
Total current liabilities$'000	20,579	17,760	4,644	4,519	PDF p. 134

Definitions & sources

Original report: PDF p. 134 ↗

Statements of Financial Position, 31 December 2025; continues on next page. Amounts in $’000.

Statements of Financial Position (cont’d) – non-current liabilities and equity (Group and Company)

13 metrics

Units appear below each metric. Scroll to compare years

Statements of Financial Position (cont’d) – non-current liabilities and equity (Group and Company) from Annual Report 2025
Metric / unit	2025The Group	2024The Group (Restated)	2025The Company	2024The Company	Source
Non-current liabilities
Other payables$'000	84	37	10,903	10,896	PDF p. 135
Retirement benefit obligations$'000	476	398	-	-	PDF p. 135
Long-term bank loans$'000	152,100	157,461	82,779	80,455	PDF p. 135
Deferred tax liabilities$'000	20,665	17,404	1,350	879	PDF p. 135
Total non-current liabilities$'000	173,325	175,300	95,032	92,230	PDF p. 135
Capital and reserves
Share capital$'000	190,836	190,836	190,836	190,836	PDF p. 135
Asset revaluation reserve$'000	433,563	412,464	241,408	234,708	PDF p. 135
Employee benefit reserve$'000	51	57	-	-	PDF p. 135
Fair value reserve$'000	19,762	18,120	15,462	14,411	PDF p. 135
Foreign currency translation reserve$'000	(11,865)	(18,793)	-	-	PDF p. 135
Retained earnings$'000	109,520	102,581	69,200	69,633	PDF p. 135
Total equity$'000	741,867	705,265	516,906	509,588	PDF p. 135
Total liabilities and equity$'000	935,771	898,325	616,582	606,337	PDF p. 135

Definitions & sources

Original report: PDF p. 135 ↗

31 December 2025. Amounts in $’000. '(Restated)' is printed under the 2024 column header (appears to apply to Group 2024; placement as printed).

Consolidated Statement of Profit or Loss and Other Comprehensive Income (Group) – profit or loss

10 metrics

Units appear below each metric. Scroll to compare years

Consolidated Statement of Profit or Loss and Other Comprehensive Income (Group) – profit or loss from Annual Report 2025
Metric / unit	2025The Group	2024The Group	Source
Profit or loss
Revenue$'000	74,140	66,753	PDF p. 136
Cost of sales$'000	(39,739)	(36,157)	PDF p. 136
Gross profit$'000	34,401	30,596	PDF p. 136
Administrative expenses$'000	(17,404)	(16,371)	PDF p. 136
Other income$'000	2,977	3,279	PDF p. 136
Other expenses$'000	(829)	(106)	PDF p. 136
Finance costs$'000	(5,824)	(7,538)	PDF p. 136
Profit before income tax$'000	13,321	9,860	PDF p. 136
Income tax expense$'000	(3,286)	(3,174)	PDF p. 136
Profit for the year attributable to owners of the Company$'000	10,035	6,686	PDF p. 136

Definitions & sources

Original report: PDF p. 136 ↗

Year ended 31 December 2025. Amounts in $’000 except per-share data in cents. Only Group statement is presented; no separate Company statement of profit or loss is printed.

Consolidated Statement of Profit or Loss and Other Comprehensive Income (cont’d) (Group) – other comprehensive income

9 metrics

Units appear below each metric. Scroll to compare years

Consolidated Statement of Profit or Loss and Other Comprehensive Income (cont’d) (Group) – other comprehensive income from Annual Report 2025
Metric / unit	2025The Group	2024The Group (Restated)	Source
Statement of comprehensive income
Profit for the year$'000	10,035	6,686	PDF p. 137
Items that will not be reclassified subsequently to profit or loss
Net fair value gain on investments in equity instruments designated as at fair value through other comprehensive income$'000	1,812	1,391	PDF p. 137
Re-measurement of defined benefit obligations$'000	(6)	(9)	PDF p. 137
Revaluation of freehold land – hotels, net of tax$'000	10,289	17,466	PDF p. 137
Revaluation gain on property, plant and equipment upon transfer to investment properties, net of tax$'000	10,810	-	PDF p. 137
Total$'000	22,905	18,848	PDF p. 137
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations$'000	6,928	4,872	PDF p. 137
Statement of comprehensive income
Other comprehensive income for the year, net of tax$'000	29,833	23,720	PDF p. 137
Total comprehensive income for the year attributable to owners of the Company$'000	39,868	30,406	PDF p. 137

Definitions & sources

Original report: PDF p. 137 ↗

Year ended 31 December 2025. Amounts in $’000. 2024 column marked (Restated). Only Group presented.

Consolidated Statement of Profit or Loss and Other Comprehensive Income (cont'd) – comprehensive income

9 metrics

Units appear below each metric. Scroll to compare years

Consolidated Statement of Profit or Loss and Other Comprehensive Income (cont'd) – comprehensive income from Annual Report 2025
Metric / unit	2025The Group	2024The Group (Restated)	Source
Comprehensive income
Profit for the year$’000	10,035	6,686	PDF p. 137
Items that will not be reclassified
Net fair value gain on investments in equity instruments designated as at fair value through other comprehensive income$’000	1,812	1,391	PDF p. 137
Re-measurement of defined benefit obligations$’000	(6)	(9)	PDF p. 137
Revaluation of freehold land – hotels, net of tax$’000	10,289	17,466	PDF p. 137
Revaluation gain on property, plant and equipment upon transfer to investment properties, net of tax$’000	10,810	-	PDF p. 137
Total$’000	22,905	18,848	PDF p. 137
Items that may be reclassified
Exchange differences on translation of foreign operations$’000	6,928	4,872	PDF p. 137
Comprehensive income
Other comprehensive income for the year, net of tax$’000	29,833	23,720	PDF p. 137
Total comprehensive income for the year attributable to owners of the Company$’000	39,868	30,406	PDF p. 137

Definitions & sources

Original report: PDF p. 137 ↗

Group only; no separate Company comprehensive income statement printed (Company OCI appears in Statements of Changes in Equity).

Profit and total comprehensive income attributable to owners of the Company.

Statements of Changes in Equity – The Group

15 metrics

Units appear below each metric. Scroll to compare years

Statements of Changes in Equity – The Group from Annual Report 2025
Metric / unit	2025Group – Share capital	2025Group – Asset revaluation reserve	2025Group – Employee benefit reserve	2025Group – Fair value reserve	2025Group – Foreign currency translation reserve	2025Group – Retained earnings	2025Group – Total	Source
1 January 2024
Restatement (Note 19)$’000	-	(491)	-	-	481	(3,599)	(3,609)	PDF p. 138
Balance as at 1 January 2024 (as restated)$’000	190,836	394,998	66	16,995	(23,665)	98,653	677,883	PDF p. 138
2024 total comprehensive income
Profit for the year$’000	-	-	-	-	-	6,686	6,686	PDF p. 138
Other comprehensive income (loss) for the year$’000	-	17,466	(9)	1,125	4,872	266	23,720	PDF p. 138
Total$’000	-	17,466	(9)	1,125	4,872	6,952	30,406	PDF p. 138
2024 transactions with owners
Final dividends (Note 35)$’000	-	-	-	-	-	(3,024)	(3,024)	PDF p. 138
31 December 2024
Balance at 31 December 2024 (as restated)$’000	190,836	412,464	57	18,120	(18,793)	102,581	705,265	PDF p. 138
1 January 2025
Balance as at 1 January 2025 (as previously reported)$’000	190,836	414,415	57	18,120	(19,152)	106,180	710,456	PDF p. 138
Restatement (Note 19)$’000	-	(1,951)	-	-	359	(3,599)	(5,191)	PDF p. 138
Balance as at 1 January 2025 (as restated)$’000	190,836	412,464	57	18,120	(18,793)	102,581	705,265	PDF p. 138
2025 total comprehensive income
Profit for the year$’000	-	-	-	-	-	10,035	10,035	PDF p. 138
Other comprehensive income (loss) for the year$’000	-	21,099	(6)	1,642	6,928	170	29,833	PDF p. 138
Total$’000	-	21,099	(6)	1,642	6,928	10,205	39,868	PDF p. 138
2025 transactions with owners
Final dividends (Note 35)$’000	-	-	-	-	-	(3,266)	(3,266)	PDF p. 138
31 December 2025
Balance at 31 December 2025$’000	190,836	433,563	51	19,762	(11,865)	109,520	741,867	PDF p. 138

Definitions & sources

Original report: PDF p. 138 ↗

Rows cover the periods 2024 and 2025 as labelled in each row; columns are listed in printed order. Restatement per Note 19.

Total comprehensive income rows: profit and OCI attributable to owners.

Statements of Changes in Equity (cont'd) – The Company

11 metrics

Units appear below each metric. Scroll to compare years

Statements of Changes in Equity (cont'd) – The Company from Annual Report 2025
Metric / unit	2025Company – Share capital	2025Company – Asset revaluation reserve	2025Company – Fair value reserve	2025Company – Retained earnings	2025Company – Total	Source
1 January 2024
Balance as at 1 January 2024$’000	190,836	227,608	14,660	54,195	487,299	PDF p. 139
2024 total comprehensive income
Profit for the year$’000	-	-	-	18,128	18,128	PDF p. 139
Other comprehensive income (loss) for the year$’000	-	7,100	(249)	334	7,185	PDF p. 139
Total$’000	-	7,100	(249)	18,462	25,313	PDF p. 139
2024 transactions with owners
Final dividends (Note 35)$’000	-	-	-	(3,024)	(3,024)	PDF p. 139
31 December 2024
Balance at 31 December 2024$’000	190,836	234,708	14,411	69,633	509,588	PDF p. 139
2025 total comprehensive income
Profit for the year$’000	-	-	-	2,833	2,833	PDF p. 139
Other comprehensive income for the year$’000	-	6,700	1,051	-	7,751	PDF p. 139
Total$’000	-	6,700	1,051	2,833	10,584	PDF p. 139
2025 transactions with owners
Final dividends (Note 35)$’000	-	-	-	(3,266)	(3,266)	PDF p. 139
31 December 2025
Balance at 31 December 2025$’000	190,836	241,408	15,462	69,200	516,906	PDF p. 139

Definitions & sources

Original report: PDF p. 139 ↗

Rows cover 2024 and 2025 as labelled by section; columns in printed order.

Consolidated Statement of Cash Flows

39 metrics

Units appear below each metric. Scroll to compare years

Consolidated Statement of Cash Flows from Annual Report 2025
Metric / unit	2025The Group	2024The Group	Source
Operating activities
Profit before income tax$’000	13,321	9,860	PDF p. 140
Operating activities – adjustments
Allowance for doubtful receivables$’000	159	3	PDF p. 140
Bad debts written off$’000	35	-	PDF p. 140
Depreciation expense$’000	7,375	7,079	PDF p. 140
Dividend income$’000	(502)	(477)	PDF p. 140
Net fair value gain on financial assets at fair value through profit or loss$’000	(225)	(71)	PDF p. 140
Loss on disposal of property, plant and equipment$’000	12	102	PDF p. 140
Impairment loss (Write back of impairment loss) on property, plant and equipment$’000	220	(1,267)	PDF p. 140
Net foreign exchange adjustment loss (gain)$’000	402	(391)	PDF p. 140
Fair value gain on investment properties$’000	(2,220)	(659)	PDF p. 140
Recognition of rental income on a straight-line basis over the lease term$’000	71	24	PDF p. 140
Interest expense$’000	5,824	7,538	PDF p. 140
Interest income$’000	(355)	(327)	PDF p. 140
Operating activities
Operating cash flows before movements in working capital$’000	24,117	21,414	PDF p. 140
Operating activities – working capital
Financial assets at fair value through profit or loss$’000	1,331	(1,043)	PDF p. 140
Trade and other receivables$’000	(2,131)	143	PDF p. 140
Inventories$’000	(36)	119	PDF p. 140
Trade and other payables$’000	1,098	(128)	PDF p. 140
Operating activities
Cash generated from operations$’000	24,379	20,505	PDF p. 140
Dividend received$’000	502	477	PDF p. 140
Interest paid$’000	(5,824)	(7,538)	PDF p. 140
Interest received$’000	355	327	PDF p. 140
Income tax paid$’000	(2,087)	(2,417)	PDF p. 140
Net cash from operating activities$’000	17,325	11,354	PDF p. 140
Investing activities
Additions to investment properties$’000	(1,009)	(275)	PDF p. 140
Additions to property, plant and equipment$’000	(5,293)	(13,666)	PDF p. 140
Proceeds from disposal of financial assets held at fair value through other comprehensive income$’000	1,939	1,514	PDF p. 140
Purchase of financial assets held at fair value through other comprehensive income$’000	-	(670)	PDF p. 140
Proceeds from disposal of property, plant and equipment$’000	378	53	PDF p. 140
Net cash used in investing activities$’000	(3,985)	(13,044)	PDF p. 140
Financing activities
Dividends paid$’000	(3,266)	(3,024)	PDF p. 140
Proceeds from bank loans$’000	138,866	12,035	PDF p. 140
Repayment of bank loans$’000	(144,400)	(11,092)	PDF p. 140
Fixed deposits pledged to banks$’000	-	287	PDF p. 140
Net cash used in financing activities$’000	(8,800)	(1,794)	PDF p. 140
Net change in cash
Net increase (decrease) in cash and cash equivalents$’000	4,540	(3,484)	PDF p. 140
Cash and cash equivalents at beginning of year$’000	17,809	20,724	PDF p. 140
Effect of currency exchange adjustment$’000	258	569	PDF p. 140
Cash and cash equivalents at end of year (Note 6)$’000	22,607	17,809	PDF p. 140

Definitions & sources

Original report: PDF p. 140 ↗

Group only; no Company cash flow statement printed.

Group's Financial Highlights (five-year)

23 metrics

Units appear below each metric. Scroll to compare years

Group's Financial Highlights (five-year) from Annual Report 2025
Metric / unit	2025Group	2024Group	2023Group	2022Group	2021Group	Source
For the year ($'000)
Revenue$'000	74,140	66,753	58,340	41,890	26,280	PDF p. 24
Gross Profit$'000	34,401	30,596	30,097	18,441	6,643	PDF p. 24
Earnings (Loss) before Interest, Taxation, Depreciation and Amortisation (EBITDA)$'000	26,520	24,477	22,353	12,733	(71)	PDF p. 24
Profit (Loss) before income tax$'000	13,321	9,860	8,035	(1,629)	(10,317)	PDF p. 24
Net Profit (Loss) attributable to Owners of the Company$'000	10,035	6,686	5,014	(3,207)	(10,037)	PDF p. 24
Finance Costs$'000	(5,824)	(7,538)	(8,356)	(5,797)	(4,163)	PDF p. 24
Cash from (used in) Operating Activities$'000	17,325	11,354	8,238	6,968	(3,033)	PDF p. 24
Capital Expenditure$'000	6,302	13,941	18,398	10,222	74,297	PDF p. 24
At year end ($'000)
Total Assets$'000	935,771	898,325	864,080	860,505	827,698	PDF p. 24
Total Liabilities$'000	193,904	193,060	186,197	198,722	220,507	PDF p. 24
Total Equity$'000	741,867	705,265	677,883	661,783	607,191	PDF p. 24
Cash and Bank Balances$'000	24,430	19,559	22,658	47,023	29,139	PDF p. 24
Property, Plant & Equipment$'000	707,218	711,161	672,412	644,157	615,647	PDF p. 24
Investment Properties$'000	166,376	130,424	133,362	136,210	144,212	PDF p. 24
Total Borrowings$'000	159,250	162,695	158,730	174,305	196,131	PDF p. 24
Asset Revaluation Reserve$'000	433,563	412,464	394,998	371,831	337,709	PDF p. 24
Financial Ratios
Revenue Growth (%)%	11.07	14.42	39.27	59.40	(14.17)	PDF p. 24
Net Profit Growth (%)%	50.09	33.35	256.35	68.05	47.88	PDF p. 24
Revalued Net Assets Value (RNAV) ($'million)$'million	876.05	848.56	812.08	779.71	723.20	PDF p. 24
Debt to RNAV (times)times	0.18	0.19	0.20	0.22	0.27	PDF p. 24
Per Share Information
Earnings (Loss) per Share (cents) before Income Taxcents	11.01	8.15	6.64	(1.59)	(10.21)	PDF p. 24
Earnings (Loss) per Share (cents) after Income Taxcents	8.30	5.53	4.15	(3.12)	(9.93)	PDF p. 24
Market capitalisation
Market capitalisation ($'million) at year end$'million	247.97	214.10	226.20	246.76	312.48	PDF p. 24

Definitions & sources

Original report: PDF p. 24 ↗

(1) The revaluation surplus (net of tax effect) arising from leasehold land and buildings have been included in determining the Revalued Net Assets Value.

Amounts in $'000 unless stated; sections: For the year, At year end, Financial Ratios, Per Share Information, Number of Shares, Market capitalisation.

Value-Added Statement (five-year)

25 metrics

Units appear below each metric. Scroll to compare years

Value-Added Statement (five-year) from Annual Report 2025
Metric / unit	2025Group	2024Group	2023Group	2022Group	2021Group	Source
Value-added
Revenue earned$'000	74,140	66,753	58,340	41,890	26,280	PDF p. 25
Less: Cost of sales$'000	(39,739)	(36,157)	(28,243)	(23,449)	(19,637)	PDF p. 25
Gross value-added from operations$'000	34,401	30,596	30,097	18,441	6,643	PDF p. 25
Other income$'000	2,977	2,888	4,361	4,001	12,841	PDF p. 25
Other expenses$'000	(427)	(106)	(705)	(4,585)	(13,061)	PDF p. 25
Net foreign exchange adjustment (loss) gain$'000	(402)	391	633	(1,488)	(1,413)	PDF p. 25
Total value-added$'000	36,549	33,769	34,386	16,369	5,010	PDF p. 25
Distribution
To employees in salaries and other related costs$'000	20,245	17,298	15,295	11,278	7,999	PDF p. 25
To government in corporate and other taxes$'000	3,286	3,174	3,021	1,579	280	PDF p. 25
Distribution - To providers of capital
- Interest paid on borrowing from banks$'000	5,824	7,538	8,356	5,797	4,163	PDF p. 25
Distribution - Retained for re-investment and future growth
- Depreciation and amortisation$'000	7,375	7,079	5,962	5,702	6,083	PDF p. 25
- Accumulated profits (losses)$'000	1,625	603	4,089	(5,600)	(19,580)	PDF p. 25
Non-production costs and income
- Allowance for doubtful receivables$'000	159	3	18	193	154	PDF p. 25
- Bad debt expense$'000	35	-	-	204	-	PDF p. 25
- Bad debt recovered$'000	-	-	(11)	-	-	PDF p. 25
- Write back of allowance for doubtful receivables$'000	-	-	(29)	(265)	(222)	PDF p. 25
- Fair value (gain) loss on investment properties$'000	(2,220)	(659)	618	236	(880)	PDF p. 25
- Fair value gain on derivative financial instruments$'000	-	-	-	-	(196)	PDF p. 25
- Impairment loss on property, plant and equipment$'000	220	-	-	-	7,209	PDF p. 25
- Reversal of impairment loss on property, plant and equipment$'000	-	(1,267)	(2,933)	(2,755)	-	PDF p. 25
Distribution
Total distribution$'000	36,549	33,769	34,386	16,369	5,010	PDF p. 25
Productivity data
Number of employeescount	648	632	608	424	431	PDF p. 25
Value-added per employee ($'000)$'000	56.40	53.43	56.56	38.61	11.62	PDF p. 25
Value-added per $ of employee cost$	1.81	1.95	2.25	1.45	0.63	PDF p. 25
Value-added per $ revenue earned$	0.49	0.51	0.59	0.39	0.19	PDF p. 25

Definitions & sources

Original report: PDF p. 25 ↗

Scope assumed Group; heading does not state scope explicitly.

Revenue by segment (Operation and Financial Review)

4 metrics

Units appear below each metric. Scroll to compare years

Revenue by segment (Operation and Financial Review) from Annual Report 2025
Metric / unit	2025Group, $'000	2025Group, % of total	2024Group, $'000	2024Group, % of total	2025Increase (Decrease), $'000, 2025 vs 2024	2025Increase (Decrease), %, 2025 vs 2024	Source
Revenue by segment
Hotel operations segment$'000 / %	66,535	90	59,215	89	7,320	12.4	PDF p. 30
Property investments segment$'000 / %	6,914	9	6,921	10	(7)	(0.1)	PDF p. 30
Financial investments segment$'000 / %	691	1	617	1	74	12.0	PDF p. 30
Total$'000 / %	74,140	100	66,753	100	7,387	11.1	PDF p. 30

Definitions & sources

Original report: PDF p. 30 ↗

Revenue by geographical location

5 metrics

Units appear below each metric. Scroll to compare years

Revenue by geographical location from Annual Report 2025
Metric / unit	2025Group, $'000	2025Group, % of total	2024Group, $'000	2024Group, % of total	2025Increase (Decrease), $'000, 2025 vs 2024	2025Increase (Decrease), %, 2025 vs 2024	Source
Revenue by geographical location
Singapore$'000 / %	30,220	41	31,651	48	(1,431)	(4.5)	PDF p. 31
Malaysia$'000 / %	21,896	29	16,930	25	4,966	29.3	PDF p. 31
Thailand$'000 / %	17,504	24	13,403	20	4,101	30.6	PDF p. 31
New Zealand$'000 / %	4,520	6	4,769	7	(249)	(5.2)	PDF p. 31
Total$'000 / %	74,140	100	66,753	100	7,387	11.1	PDF p. 31

Definitions & sources

Original report: PDF p. 31 ↗

Profitability by segment

4 metrics

Units appear below each metric. Scroll to compare years

Profitability by segment from Annual Report 2025
Metric / unit	2025Group, $'000	2025Group, % of total	2024Group, $'000	2024Group, % of total	2025Increase (Decrease), $'000, 2025 vs 2024	2025Increase (Decrease), %, 2025 vs 2024	Source
Profitability by segment
Hotel operations segment$'000 / %	15,089	79	14,379	83	710	4.9	PDF p. 32
Property investments segment$'000 / %	3,403	18	2,305	13	1,098	47.6	PDF p. 32
Financial investments segment$'000 / %	653	3	714	4	(61)	(8.5)	PDF p. 32
Profit before interest and income tax$'000 / %	19,145	100	17,398	100	1,747	10.0	PDF p. 32

Definitions & sources

Original report: PDF p. 32 ↗

Profitability by geographical location

5 metrics

Units appear below each metric. Scroll to compare years

Profitability by geographical location from Annual Report 2025
Metric / unit	2025Group, $'000	2025Group, % of total	2024Group, $'000	2024Group, % of total	2025Increase (Decrease), $'000, 2025 vs 2024	2025Increase (Decrease), %, 2025 vs 2024	Source
Profitability by geographical location
Singapore$'000 / %	8,938	47	10,964	63	(2,026)	(18.5)	PDF p. 33
Malaysia$'000 / %	4,133	21	3,128	18	1,005	32.1	PDF p. 33
Thailand$'000 / %	4,564	24	3,027	17	1,537	50.8	PDF p. 33
New Zealand$'000 / %	1,510	8	279	2	1,231	>100	PDF p. 33
Profit before interest and income tax$'000 / %	19,145	100	17,398	100	1,747	10.0	PDF p. 33

Definitions & sources

Original report: PDF p. 33 ↗

Group Cash and Bank Balances (five-year)

4 metrics

Units appear below each metric. Scroll to compare years

Group Cash and Bank Balances (five-year) from Annual Report 2025
Metric / unit	2025Group	2024Group	2023Group	2022Group	2021Group	Source
Group cash and bank balances
Cash on hand$'000	124	188	174	124	113	PDF p. 34
Cash at bank$'000	20,489	15,710	15,124	13,069	16,703	PDF p. 34
Fixed deposits$'000	3,817	3,661	7,360	33,830	12,323	PDF p. 34
Total$'000	24,430	19,559	22,658	47,023	29,139	PDF p. 34

Definitions & sources

Original report: PDF p. 34 ↗

Cash flow summary (Operation and Financial Review)

4 metrics

Units appear below each metric. Scroll to compare years

Cash flow summary (Operation and Financial Review) from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Cashflow
Net cash from operating activities$'000	17,325	11,354	PDF p. 34
Net cash used in investing activities$'000	(3,985)	(13,044)	PDF p. 34
Net cash used in from financing activities$'000	(8,800)	(1,794)	PDF p. 34
Cash and cash equivalents at end of year$'000	22,607	17,809	PDF p. 34

Definitions & sources

Original report: PDF p. 34 ↗

Secured borrowings (five-year)

1 metrics

Units appear below each metric. Scroll to compare years

Secured borrowings (five-year) from Annual Report 2025
Metric / unit	2025Group	2024Group	2023Group	2022Group	2021Group	Source
Borrowings
Secured borrowings$'000	159,250	162,695	158,730	174,305	196,131	PDF p. 35

Definitions & sources

Original report: PDF p. 35 ↗

Statements of Financial Position (extract) 31 December 2025

15 metrics

Units appear below each metric. Scroll to compare years

Statements of Financial Position (extract) 31 December 2025 from Annual Report 2025
Metric / unit	2025Group, $'000	2024Group, $'000	2025Change (%), 2025 vs 2024	Source
Statements of financial position (extract)
Total Assets$'000 / %	935,771	898,325	4.2	PDF p. 36
- Property, plant and equipment$'000 / %	707,218	711,161	(0.6)	PDF p. 36
- Investment properties$'000 / %	166,376	130,424	27.6	PDF p. 36
- Investments$'000 / %	29,568	31,083	(4.9)	PDF p. 36
- Inventories$'000 / %	948	885	7.1	PDF p. 36
- Trade receivables and other receivables$'000 / %	5,730	4,228	35.5	PDF p. 36
- Cash and bank balances$'000 / %	24,430	19,559	24.9	PDF p. 36
Total Liabilities$'000 / %	193,904	193,060	0.4	PDF p. 36
- Trade and other payables$'000 / %	11,605	10,374	11.9	PDF p. 36
- Tax liabilities$'000 / %	22,573	19,593	19.7	PDF p. 36
Capital and reserves$'000 / %	741,867	705,265	5.2	PDF p. 36
- Asset revaluation reserve$'000 / %	433,563	412,464	5.1	PDF p. 36
- Fair value reserve$'000 / %	19,762	18,120	9.1	PDF p. 36
- Translation reserve$'000 / %	(11,865)	(18,793)	(36.9)	PDF p. 36
- Retained earnings$'000 / %	109,520	102,581	6.8	PDF p. 36

Definitions & sources

Original report: PDF p. 36 ↗

Some labels (Bank borrowings, Share capital) are printed on a line separate from their values in the source layout.

Where the money comes from

Segment information

By business

Segment revenue (Note 31 I) 10 lines

Segment revenue (Note 31 I)
Item / unit	2025External revenue, 2025	2024External revenue, 2024	2025Inter-segment revenue, 2025	2024Inter-segment revenue, 2024	2025Total revenue, 2025	2024Total revenue, 2024	Source
Hotel operations
Singapore$'000	28,279	29,958	-	-	28,279	29,958	PDF p. 184
Malaysia$'000	20,752	15,854	3	-	20,755	15,854	PDF p. 184
Thailand$'000	17,504	13,403	4	-	17,508	13,403	PDF p. 184
Hotel operations (subtotal)$'000	66,535	59,215	7	-	66,542	59,215	PDF p. 184
Property investments
Singapore$'000	1,250	1,076	-	98	1,250	1,174	PDF p. 184
New Zealand$'000	4,520	4,769	-	-	4,520	4,769	PDF p. 184
Malaysia$'000	1,144	1,076	-	-	1,144	1,076	PDF p. 184
Property investments (subtotal)$'000	6,914	6,921	-	98	6,914	7,019	PDF p. 184
Financial investments
Financial investments$'000	691	617	-	4,219	691	4,836	PDF p. 184
Total
Segments total$'000	74,140	66,753	7	4,317	74,147	71,070	PDF p. 184

Notes

Segment profits represent profits earned by each segment without allocation of the finance costs and income tax expense. All assets are allocated to reportable segments except for fixed deposits and income tax recoverable. Segment liabilities represent operating liabilities attributable to each reportable segment. Bank borrowings, deferred tax liabilities and tax liabilities are not allocated.

Financial investments label wraps over two lines ('Financial' / 'investments'); subtotal rows have no printed label.

Segment net profit (Note 31 II) 14 lines

Segment net profit (Note 31 II) — Total segment net profit
Item / unit	20252025	20242024	Source
Hotel operations
Singapore$'000	6,953	8,745	PDF p. 185
Malaysia$'000	3,572	2,607	PDF p. 185
Thailand$'000	4,564	3,027	PDF p. 185
Hotel operations (subtotal)$'000	15,089	14,379	PDF p. 185
Property investments
Singapore$'000	1,332	1,505	PDF p. 185
New Zealand$'000	1,510	279	PDF p. 185
Malaysia$'000	561	521	PDF p. 185
Property investments (subtotal)$'000	3,403	2,305	PDF p. 185
Financial investments
Financial investments$'000	653	714	PDF p. 185
Total
Segments total$'000	19,145	17,398	PDF p. 185
Reconciliation
Finance costs$'000	(5,824)	(7,538)	PDF p. 185
Profit before income tax$'000	13,321	9,860	PDF p. 185
Income tax expense$'000	(3,286)	(3,174)	PDF p. 185
Profit after income tax$'000	10,035	6,686	PDF p. 185

Notes

Subtotal rows have no printed label.

Segment assets and liabilities (Note 31 III) 12 lines

Segment assets and liabilities (Note 31 III)
Item / unit	2025Segment assets, 2025	2024Segment assets, 2024	2025Segment liabilities, 2025	2024Segment liabilities, 2024 (Restated)	Source
Hotel operations
Singapore$'000	474,769	461,288	4,819	3,526	PDF p. 185
Malaysia$'000	150,978	165,098	3,542	3,739	PDF p. 185
Thailand$'000	103,962	103,331	3,005	2,890	PDF p. 185
Hotel operations (subtotal)$'000	729,709	729,717	11,366	10,155	PDF p. 185
Property investments
Singapore$'000	48,709	47,328	55	109	PDF p. 185
New Zealand$'000	58,232	58,416	642	484	PDF p. 185
Malaysia$'000	60,590	26,170	-	-	PDF p. 185
Property investments (subtotal)$'000	167,531	131,914	697	593	PDF p. 185
Financial investments
Financial investments$'000	34,644	32,912	18	24	PDF p. 185
Total
Segments total$'000	931,884	894,543	12,081	10,772	PDF p. 185
Reconciliation
Unallocated items$'000	3,887	3,782	181,823	182,288	PDF p. 185
Total
Consolidated total$'000	935,771	898,325	193,904	193,060	PDF p. 185

Notes

2024 segment liabilities column is marked (Restated).

All assets are allocated to reportable segments except for fixed deposits and income tax recoverable. Bank borrowings, deferred tax liabilities and tax liabilities are not allocated.

Other segment information, 2025 (Note 31 IV) 7 lines

Other segment information, 2025 (Note 31 IV)
Item / unit	2025Hotel operations - Singapore	2025Hotel operations - Malaysia	2025Hotel operations - Thailand	2025Hotel operations - Subtotal	2025Property investments - Singapore	2025Property investments - New Zealand	2025Property investments - Malaysia	2025Property investments - Subtotal	2025Consolidated total	Source
2025
Additions to non- current assets$'000	2,905	1,889	560	5,354	-	1,009	-	1,009	6,363	PDF p. 186
Depreciation$'000	2,297	4,023	1,055	7,375	-	-	-	-	7,375	PDF p. 186
Loss on disposal of property, plant and equipment$'000	4	-	8	12	-	-	-	-	12	PDF p. 186
Bad debt$'000	-	32	-	32	-	3	-	3	35	PDF p. 186
Allowance for doubtful receivables$'000	-	159	-	159	-	-	-	-	159	PDF p. 186
Write back of impairment loss on property, plant and equipment$'000	-	-	220	220	-	-	-	-	220	PDF p. 186
Fair value gain investment properties$'000	-	-	-	-	(1,413)	(807)	-	(2,220)	(2,220)	PDF p. 186

Notes

Other segment information includes the following charges (credits). Labels wrap over multiple lines in the source.

Other segment information, 2024 (Note 31 IV) 6 lines

Other segment information, 2024 (Note 31 IV)
Item / unit	2024Hotel operations - Singapore	2024Hotel operations - Malaysia	2024Hotel operations - Thailand	2024Hotel operations - Subtotal	2024Property investments - Singapore	2024Property investments - New Zealand	2024Property investments - Malaysia	2024Property investments - Subtotal	2024Consolidated total	Source
2024
Additions to non- current assets$'000	3,558	7,569	2,539	13,666	-	275	-	275	13,941	PDF p. 186
Depreciation$'000	2,300	3,956	823	7,079	-	-	-	-	7,079	PDF p. 186
Loss (gain) on disposal of property, plant and equipment$'000	12	(3)	93	102	-	-	-	-	102	PDF p. 186
Allowance for doubtful receivables$'000	-	-	3	3	-	-	-	-	3	PDF p. 186
Write back of impairment loss on property, plant and equipment$'000	-	(739)	(528)	(1,267)	-	-	-	-	(1,267)	PDF p. 186
Fair value (gain) loss on investment properties$'000	-	-	-	-	(908)	249	-	(659)	(659)	PDF p. 186

Notes

No 2024 'Bad debt' row is printed. Labels wrap over multiple lines in the source.

By geography

Geographical information (Note 31 V) 5 lines

Geographical information (Note 31 V)
Item / unit	2025Revenue from external customers, 2025	2024Revenue from external customers, 2024	2025Non-current assets, 2025	2024Non-current assets, 2024	Source
Geographical information
Singapore$'000	30,220	31,651	538,468	522,173	PDF p. 187
Malaysia$'000	21,896	16,930	203,734	185,346	PDF p. 187
New Zealand$'000	4,520	4,769	57,561	57,650	PDF p. 187
Thailand$'000	17,504	13,403	96,307	96,756	PDF p. 187
Total (unlabelled)$'000	74,140	66,753	896,070	861,925	PDF p. 187

Notes

Information about the Group's revenue and non-current assets by geographical locations. Total row has no printed label.

Debt

Borrowings

Liquidity risk - contractual maturity of financial liabilities

Liquidity risk - contractual maturity of financial liabilities
Item / unit	2025Group weighted average effective interest rate % p.a.	2024Group weighted average effective interest rate % p.a.	2025Group on demand or within 1 year $'000	2024Group on demand or within 1 year $'000	2025Group within 2 to 5 years $'000	2024Group within 2 to 5 years $'000	2025Group more than 5 years $'000	2024Group more than 5 years $'000	2025Group adjustment $'000	2024Group adjustment $'000	2025Group total $'000	2024Group total $'000	Source
Financial liabilities - The Group
Variable interest rate instruments% p.a. (first two) / $'000	3.46	4.72	8,591	10,980	139,185	149,301	35,779	38,645	(24,305)	(36,231)	159,250	162,695	PDF p. 160
Non-interest bearing% p.a. (first two) / $'000	-	-	11,521	10,311	84	37	-	-	-	-	11,605	10,348	PDF p. 160

Notes

Undiscounted cash flows based on the earliest date the Group and Company can be required to pay interest and principal; the adjustment column represents future interest not included in carrying amounts.

Variable interest rate instruments total (159,250 / 162,695) equals bank loans carrying amount. Printed subtotal row: 20,112 21,291 139,269 149,338 35,779 38,645 (24,305) (36,231) 170,855 173,043.

Liquidity risk - contractual maturity of financial liabilities (Company)

Liquidity risk - contractual maturity of financial liabilities (Company)
Item / unit	2025Company weighted average effective interest rate % p.a.	2024Company weighted average effective interest rate % p.a.	2025Company on demand or within 1 year $'000	2024Company on demand or within 1 year $'000	2025Company within 2 to 5 years $'000	2024Company within 2 to 5 years $'000	2025Company more than 5 years $'000	2024Company more than 5 years $'000	2025Company adjustment $'000	2024Company adjustment $'000	2025Company total $'000	2024Company total $'000	Source
Financial liabilities - The Company
Variable interest rate instruments% p.a. (first two) / $'000	1.57	2.40	2,545	4,629	95,619	97,415	-	-	(6,512)	(13,783)	91,652	88,261	PDF p. 160
Non-interest bearing% p.a. (first two) / $'000	-	-	4,135	3,109	2,030	3,550	-	-	-	-	6,165	6,659	PDF p. 160

Notes

Undiscounted cash flows; adjustment column represents future interest not included in carrying amounts.

Printed subtotal row: 6,680 7,738 97,649 100,965 - - (6,512) (13,783) 97,817 94,920.

Borrowing notes 5 tables

Five-year secured borrowings

Five-year secured borrowings
Item / unit	2025Group FY2025 $'000	2024Group FY2024 $'000	2023Group FY2023 $'000	2022Group FY2022 $'000	2021Group FY2021 $'000	Source
Borrowings by type
Secured borrowings$'000	159,250	162,695	158,730	174,305	196,131	PDF p. 35

Notes

Operation and Financial Review states the Group's borrowings comprise short-term and long-term bank loans.

Statements of financial position - bank loan lines

Statements of financial position - bank loan lines
Item / unit	2025Group	2024Group	2025Company	2024Company	Source
Current liabilities
Bank loans$'000	7,150	5,234	-	460	PDF p. 134
Non-current liabilities
Long-term bank loans$'000	152,100	157,461	82,779	80,455	PDF p. 135

Notes

2024 Group non-current column is labelled (Restated) on page 135.

Bank loans - current portion

Bank loans - current portion
Item / unit	2025Group	2024Group	2025Company	2024Company	Source
Long-term bank loans (secured)
- current portion (Note 18)$'000	7,150	5,234	-	460	PDF p. 177

Notes

Heading printed: Long-term bank loans (secured).

Reconciliation of liabilities from financing activities (Group bank loans and long-term bank loans)

Reconciliation of liabilities from financing activities (Group bank loans and long-term bank loans)
Item / unit	2025Group: As at 1 January	2025Group: Financing cash flows (i)	2025Group: Non-cash foreign exchange movement	2025Group: As at 31 December	Source
Bank loans and long-term bank loans (Notes 15 and 18)
2025$'000	162,695	(5,534)	2,089	159,250	PDF p. 177
2024$'000	158,730	943	3,022	162,695	PDF p. 177

Notes

Row labels 2025 and 2024 are the reporting years of the reconciliation; columns shown are for the year of the row.

(i) The cash flows make up the net amount of proceeds from borrowings and repayments of borrowings in the statement of cash flows.

Long-term bank loans

Long-term bank loans
Item / unit	2025Group	2024Group	2025Company	2024Company	Source
Long-term bank loans (secured)
Long-term bank loans$'000	159,250	162,695	82,779	80,915	PDF p. 178
Less: Amount due for settlement within 12 months (Note 15)$'000	(7,150)	(5,234)	-	(460)	PDF p. 178
Amount due for settlement after 12 months$'000	152,100	157,461	82,779	80,455	PDF p. 178

Notes

During the year, the Group's and the Company's long-term bank loans bear interest ranging from 2.01% to 5.21% and 2.17% to 4.27% (2024 : 2.00% to 5.15% and 2.00% to 5.10%) per annum respectively.

These long-term bank loans are secured against the Group's and the Company's land and buildings (Note 13) and investment properties (Note 14).

The bank loans are periodically repriced on a timely basis depending on the movement in the market lending rates. Management is of the view that the carrying amounts of these bank loans approximate their fair values.

The row label 'Less: Amount due for settlement within 12 months (Note 15)' wraps across two lines; the quote is the second-line fragment with values.

Payout

Dividends & distributions

Dividend policy

Item	Value	Period / scope	Source
Shareholder Returns	At the same time, the Group is committed to rewarding its shareholders and intends to distribute appropriate annual dividends, provided the cash flow allows.	Group	PDF p. 37

Dividends declared and proposed

Item	Value	Period / scope	Source
first and final dividend	3.0 cents per ordinary share	FY2025, proposed	PDF p. 37
proposed dividend total	$3.63 million	FY2025, proposed	PDF p. 188
first and final tax-exempt dividend	$0.027	FY2024 (comparative), declared and paid in 2025	PDF p. 188
first and final tax-exempt dividend	$0.025	FY2023 dividend, paid in 2024 (comparative)	PDF p. 188
Payment of Dividend	5-Jun	Calendar of events, FY2025 column (FY2024 column: 6-Jun)	PDF p. 84

Payout

Item	Value	Period / scope	Source
Dividend per Share ($)	0.030 $ per share	Group financial highlights, 2025 (2024: 0.027)	PDF p. 24

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
Deloitte & Touche LLP	Deloitte & Touche LLP	Group and Company, FY2025	PDF p. 133
Engagement partner	Michael Ng Wee Kiat	Group and Company, FY2025	PDF p. 133
Opinion	properly drawn up in accordance with the provisions of the Singapore Companies Act 1967	Group and Company, FY2025	PDF p. 131

Key audit matters

Item	Value	Period / scope	Source
Valuation of properties - Freehold land and investment properties	The Group’s freehold land on which its hotels are sited and investment properties are stated at their fair values based on independent external valuations.	Group, as at 31 December 2025 · As at 2025-12-31	PDF p. 131

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.