Hong Leong Asia H22
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Financials
Hong Leong Asia Ltd. Annual Report 2025
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19 tablesBalance sheets — assets
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$’000 | 778,957 | 757,545 | 511 | 668 | PDF p. 63 |
| Intangible assets$’000 | 285,027 | 319,760 | – | – | PDF p. 63 |
| Investment in subsidiaries$’000 | – | – | 391,072 | 229,867 | PDF p. 63 |
| Interests in associates$’000 | 218,823 | 147,764 | 14,605 | 14,605 | PDF p. 63 |
| Interests in joint ventures$’000 | 126,694 | 72,794 | – | – | PDF p. 63 |
| Investment property$’000 | 761 | 776 | – | – | PDF p. 63 |
| Other investments$’000 | 3,159 | 2,130 | – | – | PDF p. 63 |
| Non-current receivables$’000 | 4,540 | 57,219 | – | – | PDF p. 63 |
| Capitalised contract costs$’000 | 32,412 | 24,170 | – | – | PDF p. 63 |
| Right-of-use assets$’000 | 126,886 | 121,285 | 134 | 190 | PDF p. 63 |
| Deferred tax assets$’000 | 63,628 | 77,527 | – | – | PDF p. 63 |
| Subtotal$’000 | 1,640,887 | 1,580,970 | 406,322 | 245,330 | PDF p. 63 |
| Current assets | |||||
| Inventories$’000 | 1,132,823 | 964,472 | – | – | PDF p. 63 |
| Development properties$’000 | 3,319 | 3,110 | – | – | PDF p. 63 |
| Trade and other receivables$’000 | 2,310,728 | 1,906,849 | 245,611 | 409,184 | PDF p. 63 |
| Cash and short-term deposits$’000 | 1,602,648 | 1,351,961 | 2,075 | 4,776 | PDF p. 63 |
| Derivatives$’000 | – | 14 | – | – | PDF p. 63 |
| Subtotal$’000 | 5,049,518 | 4,226,406 | 247,686 | 413,960 | PDF p. 63 |
| Assets of disposal group classified as held for distribution to owners$’000 | 1,222 | 1,329 | – | – | PDF p. 63 |
| Subtotal$’000 | 5,050,740 | 4,227,735 | 247,686 | 413,960 | PDF p. 63 |
| Total assets | |||||
| Total assets$’000 | 6,691,627 | 5,808,705 | 654,008 | 659,290 | PDF p. 63 |
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Definitions & sources
Original report: PDF p. 63 ↗
Balance sheets — liabilities and equity
27 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current liabilities | |||||
| Trade and other payables$’000 | 2,819,479 | 2,058,624 | 7,684 | 8,145 | PDF p. 63 |
| Contract liabilities$’000 | 175,521 | 108,304 | – | – | PDF p. 63 |
| Lease liabilities$’000 | 14,860 | 13,926 | 57 | 55 | PDF p. 63 |
| Provisions$’000 | 100,857 | 78,213 | – | – | PDF p. 63 |
| Loans and borrowings$’000 | 493,709 | 576,320 | 115,877 | 204,214 | PDF p. 63 |
| Current tax payable$’000 | 22,436 | 19,237 | – | – | PDF p. 63 |
| Derivatives$’000 | 5 | – | – | – | PDF p. 63 |
| Subtotal$’000 | 3,626,867 | 2,854,624 | 123,618 | 212,414 | PDF p. 63 |
| Liabilities directly associated with disposal group classified as held for distribution to owners$’000 | 280 | 269 | – | – | PDF p. 63 |
| Subtotal$’000 | 3,627,147 | 2,854,893 | 123,618 | 212,414 | PDF p. 63 |
| Net current assets | |||||
| Net current assets$’000 | 1,423,593 | 1,372,842 | 124,068 | 201,546 | PDF p. 63 |
| Non-current liabilities | |||||
| Loans and borrowings$’000 | 263,676 | 297,604 | 260,000 | 179,000 | PDF p. 63 |
| Deferred tax liabilities$’000 | 29,395 | 26,567 | 5,225 | 4,601 | PDF p. 63 |
| Deferred grants$’000 | 106,288 | 91,992 | – | – | PDF p. 63 |
| Other liabilities$’000 | 41,352 | 44,951 | – | – | PDF p. 63 |
| Contract liabilities$’000 | 7,235 | 8,940 | – | – | PDF p. 63 |
| Lease liabilities$’000 | 33,342 | 32,905 | 80 | 137 | PDF p. 63 |
| Subtotal$’000 | 481,288 | 502,959 | 265,305 | 183,738 | PDF p. 63 |
| Total liabilities and net assets | |||||
| Total liabilities$’000 | 4,108,435 | 3,357,852 | 388,923 | 396,152 | PDF p. 63 |
| Net assets$’000 | 2,583,192 | 2,450,853 | 265,085 | 263,138 | PDF p. 63 |
| Equity | |||||
| Share capital$’000 | 468,084 | 467,977 | 468,084 | 467,977 | PDF p. 63 |
| Reserves$’000 | 621,921 | 545,491 | (202,999) | (204,839) | PDF p. 63 |
| Reserve attributable to disposal group classified as held for distribution to owners$’000 | 616 | 665 | – | – | PDF p. 63 |
| Subtotal$’000 | 1,090,621 | 1,014,133 | 265,085 | 263,138 | PDF p. 63 |
| Non-controlling interests$’000 | 1,492,571 | 1,436,720 | – | – | PDF p. 63 |
| Total equity$’000 | 2,583,192 | 2,450,853 | 265,085 | 263,138 | PDF p. 63 |
| Total equity and liabilities$’000 | 6,691,627 | 5,808,705 | 654,008 | 659,290 | PDF p. 63 |
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Definitions & sources
Original report: PDF p. 63 ↗
Consolidated income statement
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Continuing operations | |||
| Revenue$’000 | 5,182,291 | 4,249,425 | PDF p. 64 |
| Cost of sales$’000 | (4,235,106) | (3,518,626) | PDF p. 64 |
| Gross profit$’000 | 947,185 | 730,799 | PDF p. 64 |
| Other income$’000 | 90,452 | 123,995 | PDF p. 64 |
| Selling and distribution expenses$’000 | (297,052) | (283,428) | PDF p. 64 |
| Research and development expenses$’000 | (245,790) | (182,736) | PDF p. 64 |
| General and administrative expenses$’000 | (234,699) | (200,102) | PDF p. 64 |
| Finance costs$’000 | (22,944) | (34,503) | PDF p. 64 |
| Other expenses$’000 | (42) | (1,706) | PDF p. 64 |
| Share of results of associates and joint ventures, net of income tax$’000 | 52,448 | 41,826 | PDF p. 64 |
| Profit before income tax from continuing operations$’000 | 289,558 | 194,145 | PDF p. 64 |
| Income tax expense$’000 | (76,248) | (42,377) | PDF p. 64 |
| Profit from continuing operations, net of tax$’000 | 213,310 | 151,768 | PDF p. 64 |
| Discontinued operation and total profit | |||
| (Loss)/profit from discontinued operation, net of tax$’000 | (87) | 532 | PDF p. 64 |
| Profit for the year$’000 | 213,223 | 152,300 | PDF p. 64 |
| Profit attributable to owners | |||
| - Profit from continuing operations, net of tax$’000 | 112,882 | 87,421 | PDF p. 64 |
| - (Loss)/profit from discontinued operation, net of tax$’000 | (58) | 356 | PDF p. 64 |
| Subtotal$’000 | 112,824 | 87,777 | PDF p. 64 |
| Profit attributable to non-controlling interests | |||
| - Profit from continuing operations, net of tax$’000 | 100,428 | 64,347 | PDF p. 64 |
| - (Loss)/profit from discontinued operation, net of tax$’000 | (29) | 176 | PDF p. 64 |
| Subtotal$’000 | 100,399 | 64,523 | PDF p. 64 |
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Definitions & sources
Original report: PDF p. 64 ↗
Earnings per share — continuing operations
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per share — continuing operations | |||
| - Basiccents per share | 15.09 | 11.69 | PDF p. 64 |
| - Dilutedcents per share | 15.08 | 11.69 | PDF p. 64 |
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Definitions & sources
Original report: PDF p. 64 ↗
Earnings per share — total
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per share — total | |||
| - Basiccents per share | 15.08 | 11.74 | PDF p. 64 |
| - Dilutedcents per share | 15.08 | 11.73 | PDF p. 64 |
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Definitions & sources
Original report: PDF p. 64 ↗
Consolidated statement of comprehensive income
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit for the year$’000 | 213,223 | 152,300 | PDF p. 64 |
| Net fair value changes of equity instruments at fair value through other comprehensive income$’000 | 736 | (1,181) | PDF p. 64 |
| Exchange differences on translation of financial statements of foreign subsidiaries, associates and joint ventures$’000 | (17,846) | 17,516 | PDF p. 64 |
| Net fair value changes of debt instruments at fair value through other comprehensive income (“FVOCI”)$’000 | 409 | 517 | PDF p. 64 |
| Realisation of reserves upon disposal and liquidation of subsidiaries$’000 | – | (72) | PDF p. 64 |
| Other comprehensive income for the year, net of income tax$’000 | (16,701) | 16,780 | PDF p. 64 |
| Total comprehensive income for the year$’000 | 196,522 | 169,080 | PDF p. 64 |
| Attribution of total comprehensive income | |||
| Owners of the Company$’000 | 111,599 | 98,303 | PDF p. 64 |
| Non-controlling interests$’000 | 84,923 | 70,777 | PDF p. 64 |
| Total comprehensive income for the year$’000 | 196,522 | 169,080 | PDF p. 64 |
| Owners: continuing/discontinued operations | |||
| - Total comprehensive income from continuing operations, net of tax$’000 | 111,657 | 97,947 | PDF p. 64 |
| - Total comprehensive income from discontinued operation, net of tax$’000 | (58) | 356 | PDF p. 64 |
| Subtotal$’000 | 111,599 | 98,303 | PDF p. 64 |
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Definitions & sources
Original report: PDF p. 64 ↗
Consolidated cash flows — operating activities
26 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated cash flows — operating activities | |||
| Profit before income tax from continuing operations$’000 | 289,558 | 194,145 | PDF p. 67 |
| (Loss)/profit before income tax from discontinued operation$’000 | (87) | 532 | PDF p. 67 |
| Share of results of associates and joint ventures, net of income tax$’000 | (52,448) | (41,826) | PDF p. 67 |
| Cost of share-based payments$’000 | 5,024 | 1,454 | PDF p. 67 |
| Depreciation and amortisation$’000 | 158,597 | 158,790 | PDF p. 67 |
| Allowance for inventory obsolescence, net$’000 | 16,732 | 10,716 | PDF p. 67 |
| Impairment losses recognised for trade and other receivables and bad debts written off$’000 | 6,309 | 38,426 | PDF p. 67 |
| Impairment losses on property, plant and equipment and intangible assets$’000 | 21,835 | 7,138 | PDF p. 67 |
| Property, plant and equipment written off$’000 | 148 | 60 | PDF p. 67 |
| Finance costs$’000 | 22,944 | 34,503 | PDF p. 67 |
| Dividend income from other investments$’000 | (48) | (47) | PDF p. 67 |
| Interest income$’000 | (21,990) | (29,445) | PDF p. 67 |
| Loss/(gain) on disposal of: - joint venture$’000 | – | 74 | PDF p. 67 |
| - property, plant and equipment$’000 | (268) | (2,973) | PDF p. 67 |
| Gain on liquidation of subsidiaries$’000 | – | (61) | PDF p. 67 |
| Fair value loss on derivatives$’000 | 18 | 618 | PDF p. 67 |
| Provisions for warranties and other costs, net$’000 | 129,412 | 118,443 | PDF p. 67 |
| Operating cash flows before changes in working capital$’000 | 575,736 | 490,547 | PDF p. 67 |
| Inventories and development properties$’000 | (190,705) | (32,634) | PDF p. 67 |
| Trade and other receivables, and capitalised contract costs$’000 | (451,466) | (304,731) | PDF p. 67 |
| Trade and other payables, and contract liabilities$’000 | 780,480 | 227,663 | PDF p. 67 |
| Grant received from government$’000 | 41,515 | 38,749 | PDF p. 67 |
| Provisions utilised$’000 | (106,215) | (91,706) | PDF p. 67 |
| Cash flows from operations$’000 | 649,345 | 327,888 | PDF p. 67 |
| Income taxes paid$’000 | (55,194) | (38,246) | PDF p. 67 |
| Net cash flows generated from operating activities$’000 | 594,151 | 289,642 | PDF p. 67 |
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Definitions & sources
Original report: PDF p. 67 ↗
Consolidated cash flows — investing, financing and cash reconciliation
31 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Investing activities | |||
| Additional investment in associates$’000 | (30,905) | – | PDF p. 68 |
| Investing activities: dividends received | |||
| - associates and joint ventures$’000 | 36,748 | 11,211 | PDF p. 68 |
| - other investments$’000 | 48 | 47 | PDF p. 68 |
| Investing activities | |||
| Interest received$’000 | 20,972 | 30,119 | PDF p. 68 |
| Net release/(placement) of deposits with banks$’000 | 25,069 | (4,340) | PDF p. 68 |
| Investing activities: purchase/addition of | |||
| - property, plant and equipment$’000 | (113,632) | (83,478) | PDF p. 68 |
| - right-of-use assets$’000 | (707) | – | PDF p. 68 |
| - intangible assets$’000 | (29,995) | (35,196) | PDF p. 68 |
| - other investments$’000 | (293) | – | PDF p. 68 |
| Investing activities: net cash inflow from disposal | |||
| - subsidiary, net of cash disposed$’000 | 948 | 40,379 | PDF p. 68 |
| - subsidiary, net of cash liquidated$’000 | – | 3,437 | PDF p. 68 |
| - property, plant and equipment$’000 | 1,196 | 4,816 | PDF p. 68 |
| - right-of-use assets$’000 | – | 151 | PDF p. 68 |
| - joint venture$’000 | – | 320 | PDF p. 68 |
| - other investments$’000 | – | 3,179 | PDF p. 68 |
| Net investing cash flow | |||
| Net cash flows used in investing activities$’000 | (90,551) | (29,355) | PDF p. 68 |
| Financing activities | |||
| Acquisition of non-controlling interests$’000 | (1,347) | (140) | PDF p. 68 |
| Contribution by non-controlling interests$’000 | 3,780 | 15,421 | PDF p. 68 |
| Dividends paid to non-controlling interests of subsidiaries$’000 | (34,273) | (26,987) | PDF p. 68 |
| Dividends paid to shareholders of the Company$’000 | (37,407) | (22,440) | PDF p. 68 |
| Proceeds from share issuance$’000 | 107 | – | PDF p. 68 |
| Interest paid$’000 | (24,097) | (36,287) | PDF p. 68 |
| Repurchase of own shares by a subsidiary$’000 | – | (52,995) | PDF p. 68 |
| Proceeds from borrowings$’000 | 290,692 | 372,347 | PDF p. 68 |
| Repayments of borrowings$’000 | (401,105) | (387,613) | PDF p. 68 |
| Repayment of obligations under lease liabilities$’000 | (16,853) | (16,603) | PDF p. 68 |
| Net cash flows used in financing activities$’000 | (220,503) | (155,297) | PDF p. 68 |
| Cash reconciliation | |||
| Net increase in cash and cash equivalents$’000 | 283,097 | 104,990 | PDF p. 68 |
| Cash and cash equivalents at the beginning of the financial year$’000 | 1,256,770 | 1,143,160 | PDF p. 68 |
| Effect of exchange rate changes on balances held in foreign currencies$’000 | (6,089) | 8,620 | PDF p. 68 |
| Cash and cash equivalents at the end of the financial year$’000 | 1,533,778 | 1,256,770 | PDF p. 68 |
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Definitions & sources
Original report: PDF p. 68 ↗
Consolidated equity movements — FY2025
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupShare capital | 2025GroupCapital reserve | 2025GroupStatutory reserve | 2025GroupFair value reserve | 2025GroupShare option reserve | 2025GroupTranslation reserve | 2025GroupSurplus on changes of non-controlling interests | 2025GroupReserve attributable to disposal group classified as held for distribution to owners | 2025GroupAccumulated profits | 2025GroupTotal attributable to owners of the Company | 2025GroupNon-controlling interests | 2025GroupTotal equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated equity movements — FY2025 | |||||||||||||
| At 1 January 2025$’000 | 467,977 | (19) | 41,752 | 7,898 | 5,922 | (72,206) | 79,032 | 665 | 483,112 | 1,014,133 | 1,436,720 | 2,450,853 | PDF p. 65 |
| Profit for the year$’000 | – | – | – | – | – | – | – | – | 112,824 | 112,824 | 100,399 | 213,223 | PDF p. 65 |
| Exchange differences on translation of financial statements of foreign subsidiaries, associates and joint ventures$’000 | – | – | – | – | – | (2,109) | – | – | – | (2,109) | (15,737) | (17,846) | PDF p. 65 |
| Net fair value changes of equity instruments at FVOCI$’000 | – | – | – | 736 | – | – | – | – | – | 736 | – | 736 | PDF p. 65 |
| Net fair value changes of debt instruments at FVOCI$’000 | – | – | – | 148 | – | – | – | – | – | 148 | 261 | 409 | PDF p. 65 |
| Other comprehensive income for the year, net of tax$’000 | – | – | – | 884 | – | (2,109) | – | – | – | (1,225) | (15,476) | (16,701) | PDF p. 65 |
| Total comprehensive income for the year$’000 | – | – | – | 884 | – | (2,109) | – | – | 112,824 | 111,599 | 84,923 | 196,522 | PDF p. 65 |
| Shares issued during the year$’000 | 107 | – | – | – | – | – | – | – | – | 107 | – | 107 | PDF p. 65 |
| Dividends paid to shareholders$’000 | – | – | – | – | – | – | – | – | (37,407) | (37,407) | – | (37,407) | PDF p. 65 |
| Dividends paid/payable to non- controlling interests of subsidiaries$’000 | – | – | – | – | – | – | – | – | – | – | (34,273) | (34,273) | PDF p. 65 |
| Cost of share-based compensation$’000 | – | – | – | – | 2,112 | – | – | – | – | 2,112 | 2,912 | 5,024 | PDF p. 65 |
| Contribution by non-controlling interests$’000 | – | – | – | – | – | – | – | – | – | – | 3,780 | 3,780 | PDF p. 65 |
| Conversion of a subsidiary to a joint stock limited company$’000 | – | 48,667 | (20,382) | 219 | – | – | – | – | (28,504) | – | – | – | PDF p. 65 |
| Dilution of interest in subsidiary$’000 | – | – | (67) | – | – | – | (242) | – | – | (309) | 242 | (67) | PDF p. 65 |
| Acquisition of non-controlling interest$’000 | – | (4) | – | – | – | – | 390 | – | – | 386 | (1,733) | (1,347) | PDF p. 65 |
| Transfer to statutory reserve$’000 | – | – | 17,956 | – | – | – | – | – | (17,956) | – | – | – | PDF p. 65 |
| Reserve attributable to disposal group classified as held for distribution to owners$’000 | – | – | – | – | – | 49 | – | (49) | – | – | – | – | PDF p. 65 |
| At 31 December 2025$’000 | 468,084 | 48,644 | 39,259 | 9,001 | 8,034 | (74,266) | 79,180 | 616 | 512,069 | 1,090,621 | 1,492,571 | 2,583,192 | PDF p. 65 |
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Definitions & sources
Original report: PDF p. 65 ↗
Consolidated equity movements — FY2024 comparative
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024GroupShare capital | 2024GroupCapital reserve | 2024GroupStatutory reserve | 2024GroupFair value reserve | 2024GroupShare option reserve | 2024GroupTranslation reserve | 2024GroupSurplus on changes of non-controlling interests | 2024GroupReserve attributable to disposal group classified as held for distribution to owners | 2024GroupAccumulated profits | 2024GroupTotal attributable to owners of the Company | 2024GroupNon-controlling interests | 2024GroupTotal equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated equity movements — FY2024 comparative | |||||||||||||
| At 1 January 2024$’000 | 467,977 | (19) | 30,730 | 9,693 | 5,405 | (84,508) | 63,286 | 825 | 428,618 | 922,007 | 1,445,453 | 2,367,460 | PDF p. 66 |
| Profit for the year$’000 | – | – | – | – | – | – | – | – | 87,777 | 87,777 | 64,523 | 152,300 | PDF p. 66 |
| Exchange differences on translation of financial statements of foreign subsidiaries, associates and joint ventures$’000 | – | – | – | – | – | 11,688 | – | – | – | 11,688 | 5,828 | 17,516 | PDF p. 66 |
| Realisation of reserve upon disposal of instruments at FVOCI$’000 | – | – | – | (705) | – | – | – | – | 705 | – | – | – | PDF p. 66 |
| Net fair value changes of equity instruments at FVOCI$’000 | – | – | – | (1,181) | – | – | – | – | – | (1,181) | – | (1,181) | PDF p. 66 |
| Net fair value changes of debt instruments at FVOCI$’000 | – | – | – | 91 | – | – | – | – | – | 91 | 426 | 517 | PDF p. 66 |
| Realisation of reserves upon disposal and liquidation of subsidiaries$’000 | – | – | (526) | – | – | 454 | – | – | – | (72) | – | (72) | PDF p. 66 |
| Other comprehensive income for the year, net of tax$’000 | – | – | (526) | (1,795) | – | 12,142 | – | – | 705 | 10,526 | 6,254 | 16,780 | PDF p. 66 |
| Total comprehensive income for the year$’000 | – | – | (526) | (1,795) | – | 12,142 | – | – | 88,482 | 98,303 | 70,777 | 169,080 | PDF p. 66 |
| Dividends paid to shareholders$’000 | – | – | – | – | – | – | – | – | (22,440) | (22,440) | – | (22,440) | PDF p. 66 |
| Dividends paid/payable to non- controlling interests of subsidiaries$’000 | – | – | – | – | – | – | – | – | – | – | (26,987) | (26,987) | PDF p. 66 |
| Cost of share-based compensation$’000 | – | – | – | – | 517 | – | – | – | – | 517 | 937 | 1,454 | PDF p. 66 |
| Contribution by non-controlling interests$’000 | – | – | – | – | – | – | – | – | – | – | 15,421 | 15,421 | PDF p. 66 |
| Repurchase of own shares by a subsidiary$’000 | – | – | – | – | – | – | 17,416 | – | – | 17,416 | (70,411) | (52,995) | PDF p. 66 |
| Dilution of interest in subsidiary$’000 | – | – | – | – | – | – | (1,670) | – | – | (1,670) | 1,530 | (140) | PDF p. 66 |
| Transfer to statutory reserve$’000 | – | – | 11,548 | – | – | – | – | – | (11,548) | – | – | – | PDF p. 66 |
| Reserve attributable to disposal group classified as held for distribution to owners$’000 | – | – | – | – | – | 160 | – | (160) | – | – | – | – | PDF p. 66 |
| At 31 December 2024$’000 | 467,977 | (19) | 41,752 | 7,898 | 5,922 | (72,206) | 79,032 | 665 | 483,112 | 1,014,133 | 1,436,720 | 2,450,853 | PDF p. 66 |
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Definitions & sources
Original report: PDF p. 66 ↗
Company equity movements — FY2025
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025CompanyShare capital | 2025CompanyCapital reserve | 2025CompanyShare option reserve | 2025CompanyAccumulated (losses)/profits | 2025CompanyTotal equity | Source |
|---|---|---|---|---|---|---|
| Company equity movements — FY2025 | ||||||
| At 1 January 2025$’000 | 467,977 | 9,199 | 2,631 | (216,669) | 263,138 | PDF p. 67 |
| Total comprehensive income for the year$’000 | – | – | – | 39,232 | 39,232 | PDF p. 67 |
| Shares issued during the year$’000 | 107 | – | – | – | 107 | PDF p. 67 |
| Dividends paid to shareholders$’000 | – | – | – | (37,407) | (37,407) | PDF p. 67 |
| Cost of share-based compensation$’000 | – | – | 15 | – | 15 | PDF p. 67 |
| At 31 December 2025$’000 | 468,084 | 9,199 | 2,646 | (214,844) | 265,085 | PDF p. 67 |
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Definitions & sources
Original report: PDF p. 67 ↗
Company equity movements — FY2024 comparative
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024CompanyShare capital | 2024CompanyCapital reserve | 2024CompanyShare option reserve | 2024CompanyAccumulated (losses)/profits | 2024CompanyTotal equity | Source |
|---|---|---|---|---|---|---|
| Company equity movements — FY2024 comparative | ||||||
| At 1 January 2024$’000 | 467,977 | 9,199 | 2,629 | (227,627) | 252,178 | PDF p. 67 |
| Total comprehensive income for the year$’000 | – | – | – | 33,398 | 33,398 | PDF p. 67 |
| Dividends paid to shareholders$’000 | – | – | – | (22,440) | (22,440) | PDF p. 67 |
| Cost of share-based compensation$’000 | – | – | 2 | – | 2 | PDF p. 67 |
| At 31 December 2024$’000 | 467,977 | 9,199 | 2,631 | (216,669) | 263,138 | PDF p. 67 |
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Definitions & sources
Original report: PDF p. 67 ↗
Five-year financial summary — FY2021–FY2025
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Five-year financial summary — FY2021–FY2025 | ||||||
| Revenue$’000 | 5,182,291 | 4,249,425 | 4,081,454 | 3,881,141 | 4,932,589 | PDF p. 126 |
| Net profit from continuing operations$’000 | 213,310 | 151,768 | 120,090 | 102,917 | 118,743 | PDF p. 126 |
| Net profit$’000 | 213,223 | 152,300 | 119,923 | 102,592 | 119,431 | PDF p. 126 |
| Net profit attributable to owners of the Company$’000 | 112,824 | 87,777 | 64,879 | 54,538 | 60,121 | PDF p. 126 |
| Property, plant and equipment$’000 | 778,957 | 757,545 | 779,625 | 887,895 | 1,012,752 | PDF p. 126 |
| Intangible assets$’000 | 285,027 | 319,760 | 323,923 | 323,541 | 332,851 | PDF p. 126 |
| Interests in associates and joint ventures$’000 | 345,517 | 220,558 | 188,708 | 170,224 | 173,100 | PDF p. 126 |
| Inventories$’000 | 1,132,823 | 964,472 | 937,315 | 1,028,903 | 1,186,923 | PDF p. 126 |
| Cash and deposits$’000 | 1,602,648 | 1,351,961 | 1,233,720 | 1,017,468 | 1,242,352 | PDF p. 126 |
| Other assets$’000 | 2,546,655 | 2,194,409 | 2,032,689 | 1,888,028 | 2,003,721 | PDF p. 126 |
| Total assets$’000 | 6,691,627 | 5,808,705 | 5,495,980 | 5,316,059 | 5,951,699 | PDF p. 126 |
| Shareholders’ funds$’000 | 1,090,621 | 1,014,133 | 922,007 | 902,552 | 956,905 | PDF p. 126 |
| Non-controlling interests$’000 | 1,492,571 | 1,436,720 | 1,445,453 | 1,456,061 | 1,572,100 | PDF p. 126 |
| Loans and borrowings$’000 | 757,385 | 873,924 | 887,981 | 874,603 | 900,833 | PDF p. 126 |
| Other liabilities$’000 | 3,351,050 | 2,483,928 | 2,240,539 | 2,082,843 | 2,521,861 | PDF p. 126 |
| Total liabilities and equity$’000 | 6,691,627 | 5,808,705 | 5,495,980 | 5,316,059 | 5,951,699 | PDF p. 126 |
| Return on equitypercent (%) | 10.7% | 9.1% | 7.1% | 5.9% | 6.5% | PDF p. 126 |
| Net debt / equity ratioratio | (0.81) | (0.50) | (0.39) | (0.16) | (0.37) | PDF p. 126 |
| Earnings per share (cents)cents per share | 15.08 | 11.74 | 8.67 | 7.29 | 8.04 | PDF p. 126 |
| Net asset value per share (cents)cents per share | 145.78 | 135.58 | 123.27 | 120.67 | 127.94 | PDF p. 126 |
| Dividends per share (cents)cents per share | 5.00 | 4.00 | 2.00 | 2.00 | 2.00 | PDF p. 126 |
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Definitions & sources
Original report: PDF p. 126 ↗
Cash and short-term deposits — Note 16
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Cash and short-term deposits — Note 16 | |||||
| Short-term fixed deposits$’000 | 264,774 | 273,843 | 600 | 4,010 | PDF p. 98 |
| Cash at banks and in hand$’000 | 1,337,874 | 1,078,118 | 1,475 | 766 | PDF p. 98 |
| Cash and short-term deposits (unlabelled subtotal)$’000 | 1,602,648 | 1,351,961 | 2,075 | 4,776 | PDF p. 98 |
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Definitions & sources
Original report: PDF p. 98 ↗
Cash flow cash reconciliation — Note 16
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flow cash reconciliation — Note 16 | |||
| Cash and short-term deposits$’000 | 1,602,648 | 1,351,961 | PDF p. 98 |
| Short-term deposits excluded from cash equivalents$’000 | (58,785) | (74,121) | PDF p. 98 |
| Restricted deposits$’000 | (11,307) | (22,399) | PDF p. 98 |
| Cash at bank attributable to discontinued operation$’000 | 1,222 | 1,329 | PDF p. 98 |
| Cash and cash equivalents in the cash flow statement$’000 | 1,533,778 | 1,256,770 | PDF p. 98 |
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Definitions & sources
Original report: PDF p. 98 ↗
Earnings-per-share numerator — Note 29
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings-per-share numerator — Note 29 | |||
| Net profit attributable to owners of the Company$’000 | 112,824 | 87,777 | PDF p. 108 |
| Add/(Less): Loss/(Profit) from discontinued operation attributable to owners$’000 | 58 | (356) | PDF p. 108 |
| Continuing profit used in basic earnings per share$’000 | 112,882 | 87,421 | PDF p. 108 |
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Definitions & sources
Original report: PDF p. 108 ↗
Earnings-per-share denominator — Note 29
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings-per-share denominator — Note 29 | |||
| Weighted average shares used in basic earnings per shareshares | 748,127,458 | 747,978,318 | PDF p. 109 |
| Dilutive effect of share optionsshares | 258,903 | 55,301 | PDF p. 109 |
| Weighted average ordinary shares (diluted)shares | 748,386,361 | 748,033,619 | PDF p. 109 |
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Definitions & sources
Original report: PDF p. 109 ↗
Ordinary dividends paid and proposed — Note 30
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Ordinary dividends paid and proposed — Note 30 | |||
| Final dividend paid for the prior financial year$’000 | 22,444 | 14,960 | PDF p. 109 |
| Interim dividend paid for the current financial year$’000 | 14,963 | 7,480 | PDF p. 109 |
| Proposed final dividend, subject to approval and not recognised as a liability$’000 | 22,444 | 22,444 | PDF p. 109 |
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Definitions & sources
Original report: PDF p. 109 ↗
Fixed-deposit effective interest rates — Note 16
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Fixed-deposit effective interest rates — Note 16 | |||||
| Fixed depositspercent | 2.63 | 3.48 | 0.92 | 3.35 | PDF p. 98 |
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Definitions & sources
Original report: PDF p. 98 ↗
Where the money comes from
Segment information
By business
Segment information – reportable segments 9 lines
| Item / unit | 2025Powertrain solutions | 2025Building materials | 2025Corporate and others | 2025Adjustments | 2025Consolidated total | 2024Powertrain solutions | 2024Building materials | 2024Corporate and others | 2024Adjustments | 2024Consolidated total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total external revenue$’000 | 4,478,192 | 682,703 | 21,396 | – | 5,182,291 | 3,545,155 | 682,325 | 21,945 | – | 4,249,425 | PDF p. 122PDF p. 123 |
| Interest income$’000 | 16,809 | 3,114 | 5,427 | (3,363) | 21,987 | 22,972 | 2,836 | 15,830 | (12,199) | 29,439 | PDF p. 122PDF p. 123 |
| Interest expense$’000 | (10,138) | (1,347) | (13,559) | 3,366 | (21,678) | (13,740) | (1,461) | (30,719) | 12,228 | (33,692) | PDF p. 122PDF p. 123 |
| Depreciation and amortisation$’000 | (128,565) | (28,158) | (1,874) | – | (158,597) | (131,714) | (25,062) | (2,014) | – | (158,790) | PDF p. 122PDF p. 123 |
| Other material non-cash items | |||||||||||
| Warranties$’000 | 126,208 | – | – | – | 126,208 | PDF p. 122 | |||||
| Assets and liabilities | |||||||||||
| Reportable segment assets**$’000 | 5,670,708 | 483,133 | 1,506,199 | (1,313,930) | 6,346,110 | 4,887,959 | 549,921 | 1,188,875 | (1,038,608) | 5,588,147 | PDF p. 122PDF p. 123 |
| Capital expenditure @$’000 | 133,269 | 25,713 | 589 | – | 159,571 | 103,389 | 16,874 | 603 | – | 120,866 | PDF p. 122PDF p. 123 |
| Reportable segment liabilities$’000 | 3,501,547 | 209,218 | 1,178,882 | (781,212) | 4,108,435 | 2,739,652 | 202,799 | 1,370,611 | (955,210) | 3,357,852 | PDF p. 122PDF p. 123 |
| Other material non-cash items | |||||||||||
| - Warranties$’000 | 116,222 | – | – | – | 116,222 | PDF p. 123 | |||||
Notes
*Others include rigid packaging products, hospitality and property development and air-conditioning systems (discontinued operation).
**Exclude interests in associates and joint ventures.
@Capital expenditure consists of additions of property, plant and equipment and intangible assets.
By geography
Geographical segments 2 lines
| Item / unit | 2025The PRC | 2025Singapore | 2025Malaysia | 2025Others | 2025Consolidated total | 2024The PRC | 2024Singapore | 2024Malaysia | 2024Others | 2024Consolidated total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total revenue from external customers$’000 | 4,418,167 | 449,717 | 245,058 | 69,349 | 5,182,291 | 3,503,714 | 449,878 | 242,449 | 53,384 | 4,249,425 | PDF p. 123 |
| Non-current assets #^^$’000 | 969,715 | 84,189 | 133,401 | 4,326 | 1,191,631 | 986,133 | 82,851 | 127,015 | 3,367 | 1,199,366 | PDF p. 123 |
Notes
Segment revenue is based on the geographical location of customers. Segment assets are based on the geographical location of the assets.
# Exclude interests in associates and joint ventures, other investments, capitalised contract costs, deferred tax assets and non-current receivables.
^^ Exclude assets relating to the discontinued air-conditioning systems segment.
Debt
Borrowings
Contractual undiscounted cash outflows maturity profile – Group
| Item / unit | 2025Group Carrying amount $'000, 31 December 2025 | 2025Group Contractual cash flows $'000, 31 December 2025 | 2025Group Within 1 year $'000 | 2025Group 1 to 5 years $'000 | 2025Group More than 5 years $'000 | Source |
|---|---|---|---|---|---|---|
| Group 31 December 2025 | ||||||
| Floating interest rate loans$'000 | 481,672 | 491,758 | 222,115 | 269,643 | – | PDF p. 101 |
| Fixed interest rate loans$'000 | 275,713 | 277,581 | 277,581 | – | – | PDF p. 101 |
| Trade and other liabilities$'000 | 2,819,479 | 2,819,479 | 2,819,479 | – | – | PDF p. 101 |
| Non-current liabilities$'000 | 41,345 | 42,869 | – | 42,869 | – | PDF p. 101 |
| Lease liabilities$'000 | 48,202 | 58,006 | 17,532 | 21,435 | 19,039 | PDF p. 101 |
| Group 31 December 2024 | ||||||
| Floating interest rate loans$'000 | 401,814 | 426,187 | 237,323 | 188,864 | – | PDF p. 101 |
| Fixed interest rate loans$'000 | 472,110 | 479,492 | 359,563 | 119,929 | – | PDF p. 101 |
| Trade and other liabilities$'000 | 2,058,624 | 2,058,624 | 2,058,624 | – | – | PDF p. 101 |
| Non-current liabilities$'000 | 44,946 | 47,057 | – | 47,057 | – | PDF p. 101 |
| Lease liabilities$'000 | 46,831 | 53,204 | 15,353 | 20,267 | 17,584 | PDF p. 101 |
Notes
Expected contractual undiscounted cash outflows of financial liabilities, including interest payments and excluding the impact of netting agreements.
Group 31 December 2024 comparatives are in a separate table.
Contractual undiscounted cash outflows maturity profile – Company
| Item / unit | 2025Company Carrying amount $'000 | 2025Company Contractual cash flows $'000 | 2025Company Within 1 year $'000 | 2025Company 1 to 5 years $'000 | 2025Company More than 5 years $'000 | Source |
|---|---|---|---|---|---|---|
| Company 31 December 2025 | ||||||
| Floating interest rate loans$'000 | 375,877 | 388,697 | 122,771 | 265,926 | – | PDF p. 101 |
| Trade and other payables$'000 | 7,684 | 7,684 | 7,684 | – | – | PDF p. 101 |
| Lease liabilities$'000 | 137 | 145 | 62 | 83 | – | PDF p. 101 |
| Company 31 December 2024 | ||||||
| Floating interest rate loans$'000 | 383,214 | 406,843 | 217,979 | 188,864 | – | PDF p. 101 |
| Trade and other payables$'000 | 8,145 | 8,145 | 8,145 | – | – | PDF p. 101 |
| Lease liabilities$'000 | 192 | 207 | 62 | 145 | – | PDF p. 101 |
Notes
Rows in section 31 December 2024 are 2024 comparatives for the same columns.
Borrowing notes 4 tables
Loans and borrowings – current and non-current, secured/unsecured
| Item / unit | 2025Group $'000 | 2024Group $'000 | 2025Company $'000 | 2024Company $'000 | Source |
|---|---|---|---|---|---|
| Current liabilities | |||||
| Unsecured bank loans$'000 | 493,709 | 574,461 | 115,877 | 204,214 | PDF p. 100 |
| Secured bank loans$'000 | – | 1,859 | – | – | PDF p. 100 |
| Non-current liabilities | |||||
| Unsecured bank loans$'000 | 263,676 | 297,604 | 260,000 | 179,000 | PDF p. 100 |
| Total | |||||
| Total loans and borrowings$'000 | 757,385 | 873,924 | 375,877 | 383,214 | PDF p. 100 |
Notes
Secured bank loans are secured on assets with carrying value: Bill receivables – (2025), 2,324 (2024) ($'000, Group).
These loans and borrowings have externally imposed capital requirements on certain subsidiaries of the Group which have been complied with before reporting dates for the financial years ended 31 December 2025 and 2024.
Terms and conditions of outstanding loans and borrowings – 2025
| Item / unit | 2025Weighted average interest rate % | 2025Year of maturity | 2025Carrying amount $'000 | Source |
|---|---|---|---|---|
| Group – Unsecured bank loans | ||||
| - MYR floating rate bankers’ acceptance%, year, $'000 | 3.8 | 2026 | 3,567 | PDF p. 100 |
| - USD floating rate bankers’ acceptance%, year, $'000 | 4.0 | 2026 | 507 | PDF p. 100 |
| - RMB fixed rate loans%, year, $'000 | 2.0 | 2026 | 275,713 | PDF p. 100 |
Notes
Group unsecured bank loans total carrying amount 757,385; Company unsecured SGD floating rate loans 375,877.
Terms and conditions of outstanding loans and borrowings – 2024
| Item / unit | 2024Weighted average interest rate % | 2024Year of maturity | 2024Carrying amount $'000 | Source |
|---|---|---|---|---|
| Group – Secured bank loans | ||||
| - RMB fixed rate loans%, year, $'000 | 0.3 | 2025 | 1,859 | PDF p. 100 |
| Group – Unsecured bank loans | ||||
| - MYR fixed rate loans%, year, $'000 | 3.8 | 2025 | 5,538 | PDF p. 100 |
Notes
Group total 872,065 printed under the listed loans, then 873,924 (total loans and borrowings, includes 1,859 secured RMB loan shown first). Company total 383,214.
Reconciliation of liabilities arising from financing activities
| Item / unit | 20251 January 2025 $'000 | 2025Cash flows $'000 | 2025Foreign exchange movement $'000 | 2025New leases $'000 | 2025Other $'000 | 202531 December 2025 $'000 | 20241 January 2024 $'000 | 2024Cash flows $'000 | 2024Foreign exchange movement $'000 | 2024New leases $'000 | 2024Termination of leases $'000 | 2024Other $'000 | 202431 December 2024 $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Loans | ||||||||||||||
| - current$'000 | 576,320 | (191,413) | (3,581) | – | 112,383 | 493,709 | 509,986 | 28,268 | 949 | – | – | 37,117 | 576,320 | PDF p. 100PDF p. 101 |
| - non-current$'000 | 297,604 | 81,000 | (2,545) | – | (112,383) | 263,676 | 377,995 | (43,534) | 260 | – | – | (37,117) | 297,604 | PDF p. 100PDF p. 101 |
| Lease liabilities | ||||||||||||||
| - current$'000 | 13,926 | (16,853) | 140 | 7,873 | 9,774 | 14,860 | 11,150 | (16,603) | 582 | 10,711 | (657) | 8,743 | 13,926 | PDF p. 100PDF p. 101 |
| - non-current$'000 | 32,905 | – | (70) | 10,281 | (9,774) | 33,342 | 31,366 | – | 10 | 10,272 | – | (8,743) | 32,905 | PDF p. 100PDF p. 101 |
Notes
The 'other' column relates to reclassification of non-current portion of loans and borrowings including obligations under lease liabilities (Note 20) due to passage of time (printed on next page).
The 'other' column relates to reclassification of non-current portion of loans and borrowings including obligations under lease liabilities (Note 20) due to passage of time.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy (Provision 11.6) | The Company has a formalised dividend policy which aims to pay dividends to shareholders at least | Company policy | PDF p. 51 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Final tax exempt (one-tier) dividend for 2025 | 3 cents per share | Group; FY2025 final dividend proposed, subject to shareholders' approval at AGM, not recognised as liability · As at 2025-12-31 | PDF p. 109 |
| Interim tax exempt dividend paid of 2 cents per share in respect of year 2025 | 2 cents per share | Group; FY2025 interim dividend, paid September 2025 | PDF p. 109 |
| Interim tax exempt dividend (2024) | 1 cents per share | Group; FY2024 interim dividend (comparative) | PDF p. 109 |
| Final tax exempt dividend paid of 3 cents per share in respect of year 2024 | 3 cents per share | Group; FY2024 final dividend (comparative year), paid in 2025 | PDF p. 109 |
| Dividends per share (cents) | 5.00 cents | Group; FY2025 total (interim 2 cents + proposed final 3 cents) | PDF p. 126 |
| Dividends per share (cents) | 4.00 cents | Group; FY2024 total (comparative) | PDF p. 126 |
| Final dividend record date | p.m. on 6 May 2026 will be registered to determine shareholders’ entitlement to the Final Dividend. | FY2025 proposed final dividend · As at 2026-05-06 | PDF p. 129 |
| Final dividend payment date | it will be paid on 15 May 2026. | FY2025 proposed final dividend · As at 2026-05-15 | PDF p. 129 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend pay-out ratio | 33.2% | Group; FY2025 | PDF p. 9 |
Extracted from Hong Leong Asia Ltd. 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 |
|---|---|---|---|
| Ernst & Young LLP | Ernst & Young LLP | Group and Company, FY2025 | PDF p. 62 |
| Engagement partner | Chan Yew Kiang | Group and Company, FY2025 | PDF p. 62 |
| Opinion | In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet | Group and Company, year ended 31 December 2025 | PDF p. 61 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Capitalisation of development expenditure | Capitalisation of development expenditure | Group, as at 31 December 2025 | PDF p. 61 |
| Capitalisation of development expenditure | As at 31 December 2025, the carrying amount of the Group’s intangible assets amounted to $285.0 million, | Group, as at 31 December 2025 | PDF p. 61 |
Extracted from Hong Leong Asia Ltd. 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 Hong Leong Asia Ltd. Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Amounts are in SGD thousands unless a row states another unit. Five-year comparisons follow the FY2025 annual report.
Group and Company equity movements use separate component columns. Company income and cash flow statements are not separately disclosed.
Cash equivalents exclude longer-maturity/withdrawal-risk and restricted deposits, and include cash attributable to the discontinued operation (PDF p. 98). PRC cash equivalents are subject to foreign exchange controls (PDF p. 68).
FY2025 paid dividends comprise 3 cents final for FY2024 and 2 cents interim for FY2025. The proposed 3-cent FY2025 final dividend is separate and subject to approval (PDF p. 109).
Net-debt/equity ratios are retained as printed. Four years differ from a calculation using closing owner equity; the footnote does not specify the equity denominator (PDF p. 126).
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.