Intl Cement KUO

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Financials

International Cement Group Ltd. Annual Report 2025

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Consolidated Statement of Profit or Loss

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Consolidated Statement of Profit or Loss from International Cement Group Ltd. Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Continuing operations
Revenue$’000	378,800	257,260	PDF p. 54
Cost of sales$’000	(232,529)	(165,793)	PDF p. 54
Gross profit$’000	146,271	91,467	PDF p. 54
Other income$’000	14,475	2,001	PDF p. 54
Selling and distribution expenses$’000	(1,704)	(1,755)	PDF p. 54
Administrative expenses$’000	(42,428)	(36,494)	PDF p. 54
Provision for loss allowance on trade and other receivables and contract assets$’000	(4,037)	(332)	PDF p. 54
Other expenses$’000	(15,367)	(38,083)	PDF p. 54
Results from operating activities$’000	97,210	16,804	PDF p. 54
Finance income$’000	17,791	17,848	PDF p. 54
Finance costs$’000	(18,259)	(14,800)	PDF p. 54
Net finance (costs)/income$’000	(468)	3,048	PDF p. 54
Profit before tax$’000	96,742	19,852	PDF p. 54
Tax expense$’000	(20,462)	(14,016)	PDF p. 54
Profit for the year from continuing operations$’000	76,280	5,836	PDF p. 54
Discontinued operation
Loss for the year from discontinued operation$’000	(1,098)	(3,300)	PDF p. 54
Profit for the year$’000	75,182	2,536	PDF p. 54
Profit attributable to
Owners of the Company$’000	59,991	135	PDF p. 54
Non-controlling interests$’000	15,191	2,401	PDF p. 54
Profit for the year$’000	75,182	2,536	PDF p. 54
Earnings per share (cents) — From continuing and discontinued operations
Basic earnings per sharecents per share	1.046	0.002	PDF p. 54
Diluted earnings per sharecents per share	1.046	0.002	PDF p. 54
Earnings per share (cents) — From continuing operations
Basic earnings per sharecents per share	1.065	0.060	PDF p. 54
Diluted earnings per sharecents per share	1.065	0.060	PDF p. 54

Definitions & sources

Original report: PDF p. 54 ↗

Consolidated Statement of Comprehensive Income

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Consolidated Statement of Comprehensive Income from International Cement Group Ltd. Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Profit for the year$’000	75,182	2,536	PDF p. 55
Other comprehensive income/(loss) — Items that are or may be reclassified subsequently to profit or loss
Foreign currency exchange differences on monetary items forming part of net investment in foreign operations$’000	(2,364)	(13,243)	PDF p. 55
Translation loss on winding-up of foreign operations to profit or loss account$’000	-	2,310	PDF p. 55
Translation loss on disposal of foreign operations to profit or loss account$’000	-	508	PDF p. 55
Foreign currency translation differences – foreign operations$’000	16,076	3,789	PDF p. 55
Other comprehensive income/(loss) — Items that are or may be reclassified subsequently to profit or loss; subtotal
Subtotal$’000	13,712	(6,636)	PDF p. 55
Other comprehensive income/(loss)
Other comprehensive income/(loss) for the year, net of tax$’000	13,712	(6,636)	PDF p. 55
Total comprehensive income/(loss) for the year$’000	88,894	(4,100)	PDF p. 55
Total comprehensive income/(loss) attributable to
Owners of the Company$’000	69,066	(7,683)	PDF p. 55
Non-controlling interests$’000	19,828	3,583	PDF p. 55
Total comprehensive income/(loss) for the year$’000	88,894	(4,100)	PDF p. 55

Definitions & sources

Original report: PDF p. 55 ↗

Statements of Financial Position — Group

38 metrics

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Statements of Financial Position — Group from International Cement Group Ltd. Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Non-current assets
Property, plant and equipment$’000	483,793	485,281	PDF p. 56
Intangible assets and goodwill$’000	32,240	31,409	PDF p. 56
Investment properties$’000	128	115	PDF p. 56
Subsidiaries$’000	-	-	PDF p. 56
Trade and other receivables$’000	3,105	5,400	PDF p. 56
Contract assets$’000	298	395	PDF p. 56
Deferred tax assets$’000	1,015	2,229	PDF p. 56
Non-current assets; subtotal
Subtotal$’000	520,579	524,829	PDF p. 56
Current assets
Inventories$’000	44,047	31,583	PDF p. 56
Trade and other receivables$’000	37,294	39,729	PDF p. 56
Contract assets$’000	989	1,309	PDF p. 56
Cash and cash equivalents$’000	12,338	5,700	PDF p. 56
Current assets; subtotal
Subtotal$’000	94,668	78,321	PDF p. 56
Current assets
Assets classified as held for sale$’000	98	-	PDF p. 56
Current assets; subtotal including assets classified as held for sale
Subtotal$’000	94,766	78,321	PDF p. 56
Total assets$’000	615,345	603,150	PDF p. 56
Equity attributable to owners of the Company
Share capital$’000	276,824	276,824	PDF p. 56
Capital reserve$’000	(15,665)	(14,708)	PDF p. 56
Currency translation reserve$’000	(33,472)	(42,547)	PDF p. 56
Accumulated profits/(losses)$’000	77,968	17,977	PDF p. 56
Equity attributable to owners of the Company; subtotal
Subtotal$’000	305,655	237,546	PDF p. 56
Non-controlling interests$’000	47,796	40,151	PDF p. 56
Total equity$’000	353,451	277,697	PDF p. 56
Non-current liabilities
Loans and borrowings$’000	31,482	41,992	PDF p. 56
Trade and other payables$’000	128,854	187,203	PDF p. 56
Provisions$’000	7,654	3,592	PDF p. 56
Deferred tax liabilities$’000	27,458	18,731	PDF p. 56
Non-current liabilities; subtotal
Subtotal$’000	195,448	251,518	PDF p. 56
Current liabilities
Loans and borrowings$’000	3,058	3,717	PDF p. 56
Tax payable$’000	9,264	2,737	PDF p. 56
Trade and other payables$’000	49,959	63,418	PDF p. 56
Contract liabilities$’000	3,500	3,801	PDF p. 56
Provisions$’000	127	262	PDF p. 56
Current liabilities; subtotal
Subtotal$’000	65,908	73,935	PDF p. 56
Current liabilities
Liabilities directly associated with assets classified as held for sale$’000	538	-	PDF p. 56
Current liabilities; subtotal including liabilities directly associated with assets classified as held for sale
Subtotal$’000	66,446	73,935	PDF p. 56
Total liabilities$’000	261,894	325,453	PDF p. 56
Total equity and liabilities$’000	615,345	603,150	PDF p. 56

Definitions & sources

Original report: PDF p. 56 ↗

Statements of Financial Position — Company

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Statements of Financial Position — Company from International Cement Group Ltd. Annual Report 2025
Metric / unit	2025Company	2024Company	Source
Non-current assets
Property, plant and equipment$’000	143	334	PDF p. 56
Intangible assets and goodwill$’000	-	-	PDF p. 56
Investment properties$’000	-	-	PDF p. 56
Subsidiaries$’000	176,009	176,009	PDF p. 56
Trade and other receivables$’000	60,770	67,944	PDF p. 56
Contract assets$’000	-	-	PDF p. 56
Deferred tax assets$’000	-	-	PDF p. 56
Non-current assets; subtotal
Subtotal$’000	236,922	244,287	PDF p. 56
Current assets
Inventories$’000	-	-	PDF p. 56
Trade and other receivables$’000	54	40	PDF p. 56
Contract assets$’000	-	-	PDF p. 56
Cash and cash equivalents$’000	923	106	PDF p. 56
Current assets; subtotal
Subtotal$’000	977	146	PDF p. 56
Current assets
Assets classified as held for sale$’000	-	-	PDF p. 56
Current assets; subtotal including assets classified as held for sale
Subtotal$’000	977	146	PDF p. 56
Total assets$’000	237,899	244,433	PDF p. 56
Equity attributable to owners of the Company
Share capital$’000	198,647	198,647	PDF p. 56
Capital reserve$’000	10,005	10,962	PDF p. 56
Currency translation reserve$’000	-	-	PDF p. 56
Accumulated profits/(losses)$’000	(32,104)	(23,749)	PDF p. 56
Equity attributable to owners of the Company; subtotal
Subtotal$’000	176,548	185,860	PDF p. 56
Non-controlling interests$’000	-	-	PDF p. 56
Total equity$’000	176,548	185,860	PDF p. 56
Non-current liabilities
Loans and borrowings$’000	24,269	32,077	PDF p. 56
Trade and other payables$’000	-	136	PDF p. 56
Provisions$’000	36	35	PDF p. 56
Deferred tax liabilities$’000	-	-	PDF p. 56
Non-current liabilities; subtotal
Subtotal$’000	24,305	32,248	PDF p. 56
Current liabilities
Loans and borrowings$’000	-	-	PDF p. 56
Tax payable$’000	-	-	PDF p. 56
Trade and other payables$’000	37,046	26,325	PDF p. 56
Contract liabilities$’000	-	-	PDF p. 56
Provisions$’000	-	-	PDF p. 56
Current liabilities; subtotal
Subtotal$’000	37,046	26,325	PDF p. 56
Current liabilities
Liabilities directly associated with assets classified as held for sale$’000	-	-	PDF p. 56
Current liabilities; subtotal including liabilities directly associated with assets classified as held for sale
Subtotal$’000	37,046	26,325	PDF p. 56
Total liabilities$’000	61,351	58,573	PDF p. 56
Total equity and liabilities$’000	237,899	244,433	PDF p. 56

Definitions & sources

Original report: PDF p. 56 ↗

Consolidated Statement of Comprehensive Income

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Consolidated Statement of Comprehensive Income from International Cement Group Ltd. Annual Report 2025
Metric / unit	2025Group, $’000	2024Group, $’000	Source
Profit
Profit for the year$’000	75,182	2,536	PDF p. 55
Other comprehensive income/(loss)
Foreign currency exchange differences on monetary items forming part of net investment in foreign operations$’000	(2,364)	(13,243)	PDF p. 55
Translation loss on winding-up of foreign operations to profit or loss account$’000	-	2,310	PDF p. 55
Translation loss on disposal of foreign operations to profit or loss account$’000	-	508	PDF p. 55
Foreign currency translation differences – foreign operations$’000	16,076	3,789	PDF p. 55
Other comprehensive income/(loss)$’000	13,712	(6,636)	PDF p. 55
Other comprehensive income/(loss) for the year, net of tax$’000	13,712	(6,636)	PDF p. 55
Total comprehensive income/(loss)
Total comprehensive income/(loss) for the year$’000	88,894	(4,100)	PDF p. 55
Total comprehensive income/(loss) attributable to
Owners of the Company$’000	69,066	(7,683)	PDF p. 55
Non-controlling interests$’000	19,828	3,583	PDF p. 55
Total comprehensive income/(loss) for the year$’000	88,894	(4,100)	PDF p. 55

Definitions & sources

Original report: PDF p. 55 ↗

Consolidated Statement of Changes in Equity (2025 rollforward)

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Consolidated Statement of Changes in Equity (2025 rollforward) from International Cement Group Ltd. Annual Report 2025
Metric / unit	2025Share capital, $’000	2025Capital reserve, $’000	2025Currency translation reserve, $’000	2025Accumulated profits, $’000	2025Total equity attributable to owners of the Company, $’000	2025Non-controlling interests, $’000	2025Total equity, $’000	Source
Opening balance
At 1 January 2025$’000	276,824	(14,708)	(42,547)	17,977	237,546	40,151	277,697	PDF p. 58
Total comprehensive income for the year
Profit for the year$’000	-	-	-	59,991	59,991	15,191	75,182	PDF p. 58
Other comprehensive income
Foreign currency exchange differences on monetary items forming part of net investment in foreign operations$’000	-	-	(2,364)	-	(2,364)	-	(2,364)	PDF p. 58
Foreign currency translation differences – foreign operations$’000	-	-	11,439	-	11,439	4,637	16,076	PDF p. 58
Total other comprehensive income$’000	-	-	9,075	-	9,075	4,637	13,712	PDF p. 58
Total comprehensive income for the year
Total comprehensive income for the year$’000	-	-	9,075	59,991	69,066	19,828	88,894	PDF p. 58
Transactions with owners; contributions by and distributions to owners
Dividends declared to non-controlling interest$’000	-	-	-	-	-	(11,031)	(11,031)	PDF p. 58
Fair value adjustments on loans from major shareholders$’000	-	(957)	-	-	(957)	-	(957)	PDF p. 58
Fair value adjustments on loans to non-controlling interest$’000	-	-	-	-	-	(1,152)	(1,152)	PDF p. 58
Total contributions by and distributions to owners$’000	-	(957)	-	-	(957)	(12,183)	(13,140)	PDF p. 58
Transactions with owners
Total transactions with owners$’000	-	(957)	-	-	(957)	(12,183)	(13,140)	PDF p. 58
Closing balance
At 31 December 2025$’000	276,824	(15,665)	(33,472)	77,968	305,655	47,796	353,451	PDF p. 58

Definitions & sources

Original report: PDF p. 58 ↗

Consolidated Statement of Cash Flows

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Consolidated Statement of Cash Flows from International Cement Group Ltd. Annual Report 2025
Metric / unit	2025Group, $’000	2024Group, $’000	Source
Cash flows from operating activities
Profit for the year$’000	75,182	2,536	PDF p. 59
Adjustments for
Amortisation of intangible assets$’000	2,867	2,654	PDF p. 59
Bad debts written off/(recovered)$’000	653	(5)	PDF p. 59
Depreciation of property, plant and equipment$’000	21,417	16,423	PDF p. 59
Finance costs$’000	18,294	14,823	PDF p. 59
Finance income$’000	(17,794)	(17,848)	PDF p. 59
Gain on disposal of investment in subsidiaries$’000	-	(733)	PDF p. 59
Loss/(Gain) on disposal of property, plant and equipment$’000	768	(19)	PDF p. 59
Impairment loss on property, plant and equipment$’000	11,913	8,308	PDF p. 59
Loss on winding-up of dormant subsidiaries$’000	-	2,310	PDF p. 59
Provision for loss allowance on trade and other receivables and contract assets$’000	4,047	373	PDF p. 59
Reversal of provision for onerous contracts$’000	(140)	(50)	PDF p. 59
Provision for/(Reversal of) warranties$’000	5	(60)	PDF p. 59
Unrealised exchange (gain)/loss$’000	(11,503)	29,835	PDF p. 59
Write-down of inventories$’000	151	64	PDF p. 59
Write-off of payables$’000	(2,496)	-	PDF p. 59
Write-off of property, plant and equipment$’000	92	432	PDF p. 59
Tax expense$’000	20,462	14,051	PDF p. 59
Operating activities
Operating cash flows before movements in working capital$’000	123,918	73,094	PDF p. 59
Changes in
- inventories$’000	(12,581)	6,172	PDF p. 59
- contract assets$’000	403	159	PDF p. 59
- trade and other receivables$’000	4,120	(5,493)	PDF p. 59
- contract liabilities$’000	(436)	(1,351)	PDF p. 59
- trade and other payables$’000	(7,006)	413	PDF p. 59
Operating activities
Cash generated from operations$’000	108,418	72,994	PDF p. 59
Tax paid$’000	(3,840)	(8,261)	PDF p. 59
Net cash from operating activities$’000	104,578	64,733	PDF p. 59
Investing activities
Acquisition of property, plant and equipment$’000	(67,074)	(39,683)	PDF p. 59
Acquisition of intangible assets$’000	(188)	(621)	PDF p. 59
Interest received$’000	174	54	PDF p. 59
Loans to non-controlling interest$’000	-	(9,685)	PDF p. 59
Proceeds from disposal of investment in subsidiaries, net of cash disposed of$’000	385	1,277	PDF p. 59
Proceeds from disposal of property, plant and equipment$’000	26	42	PDF p. 59
Net cash used in investing activities$’000	(66,677)	(48,616)	PDF p. 59
Financing activities
Dividends paid to non-controlling interests$’000	(11,382)	(16,832)	PDF p. 60
Withholding tax paid on dividends declared by subsidiaries$’000	(3,869)	(5,524)	PDF p. 60
Interest paid$’000	(1,138)	(2,453)	PDF p. 60
Payment of lease liabilities$’000	(492)	(450)	PDF p. 60
Proceeds from secured revolving credit lines from bank$’000	2,527	10,908	PDF p. 60
Proceeds from loans from non-controlling interest$’000	-	493	PDF p. 60
Repayment of secured revolving credit lines from bank$’000	(7,055)	(1,594)	PDF p. 60
Repayment of loans from major shareholders$’000	(9,522)	(1,319)	PDF p. 60
Net cash used in financing activities$’000	(30,931)	(16,771)	PDF p. 60
Cash and cash equivalents
Net increase/(decrease) in cash and cash equivalents$’000	6,970	(654)	PDF p. 60
Cash and cash equivalents at beginning of the year$’000	5,700	6,434	PDF p. 60
Effect of exchange rate fluctuations on cash held$’000	(332)	(80)	PDF p. 60
Cash and cash equivalents at end of the year$’000	12,338	5,700	PDF p. 60

Definitions & sources

Original report: PDF p. 59 ↗ PDF p. 60 ↗

Cash flow reconciliation (i) and significant non-cash transaction disclosure (ii) appear below the primary cash flow statement and are not included as primary statement rows.

Five-year financial highlights

18 metrics

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Five-year financial highlights from International Cement Group Ltd. Annual Report 2025
Metric / unit	2025Group	2024Group	2023Group	2022Group	2021Group	Source
Operating highlights
Cement sales volume (million metric tonnes)million metric tonnes	4.73	3.22	3.18	2.83	2.39	PDF p. 6
RevenueS$’000	378,800	257,260	257,398	225,195	181,429	PDF p. 6
Profitability
Profit before taxS$’000	96,742	19,852	45,122	46,680	46,723	PDF p. 6
Profit after taxS$’000	75,182	2,536	26,582	38,830	37,384	PDF p. 6
Profit attributable to owners of the CompanyS$’000	59,991	135	13,676	28,940	26,350	PDF p. 6
Financial ratios
EBITDA margin (%)%	32.3	26.7	23.4	34.0	39.5	PDF p. 6
Return on Equity (“ROE”) (%) #%	34.6	24.8	20.7	26.5	26.3	PDF p. 6
Net profit margin (%)%	19.8	1.0	10.3	17.2	20.6	PDF p. 6
Per-share data
Basic and diluted earnings per share (Singapore cents)Singapore cents	1.046	0.002	0.238	0.505	0.459	PDF p. 6
Financial position
Total assetsS$’000	615,345	603,150	557,512	487,530	393,188	PDF p. 6
Total liabilitiesS$’000	261,894	325,453	266,494	198,252	120,636	PDF p. 6
Total equityS$’000	353,451	277,697	291,018	289,278	272,552	PDF p. 6
Equity attributable to owners of the CompanyS$’000	305,655	237,546	244,440	233,956	224,258	PDF p. 6
Per-share data
Net asset value per share (Singapore cents)Singapore cents	5.33	4.14	4.26	4.08	3.91	PDF p. 6
Cash flows
Net cash from operating activitiesS$’000	104,578	64,733	78,881	63,990	51,959	PDF p. 6
Net cash used in investing activitiesS$’000	(66,677)	(48,616)	(42,559)	(47,130)	(60,607)	PDF p. 6
Net cash (used in)/from financing activitiesS$’000	(30,931)	(16,771)	(41,296)	(17,517)	10,776	PDF p. 6
Financial position
Cash and cash equivalentsS$’000	12,338	5,700	6,434	11,531	12,283	PDF p. 6

Definitions & sources

Original report: PDF p. 6 ↗

* EBITDA is defined as profit before tax, net foreign exchange gains/losses, gain/loss on disposal/winding-up of subsidiaries, net fair value gains/losses, interest income/expense, impairment losses, depreciation and amortisation expenses.

# ROE is defined as EBITDA over total equity.

Dividends declared by subsidiaries to non-controlling interests

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Dividends declared by subsidiaries to non-controlling interests from International Cement Group Ltd. Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Dividends
Declared by subsidiaries to non-controlling interests$’000	11,031	14,021	PDF p. 110

Definitions & sources

Original report: PDF p. 110 ↗

The report states: “The Board does not recommend any payment of dividend for FY2025.”

Where the money comes from

Segment information

By business

Information about reportable segments 17 lines

Information about reportable segments
Item / unit	2025Continuing operations - Cement	2024Continuing operations - Cement	2025Continuing operations - Others	2024Continuing operations - Others	2025Continuing operations - Subtotal	2024Continuing operations - Subtotal	2025Discontinued operation - Aluminium	2024Discontinued operation - Aluminium	2025Total	2024Total	Source
Group
External revenues$'000	370,075	249,782	8,725	7,478	378,800	257,260	3,038	6,282	381,838	263,542	PDF p. 67
Finance income$'000	16,048	17,152	1,743	696	17,791	17,848	3	-	17,794	17,848	PDF p. 67
Finance costs$'000	(15,890)	(13,650)	(2,369)	(1,150)	(18,259)	(14,800)	(35)	(23)	(18,294)	(14,823)	PDF p. 67
Depreciation of property, plant and equipment$'000	(19,793)	(14,812)	(1,586)	(1,556)	(21,379)	(16,368)	(38)	(55)	(21,417)	(16,423)	PDF p. 67
Amortisation of intangible assets$'000	(2,867)	(2,654)	-	-	(2,867)	(2,654)	-	-	(2,867)	(2,654)	PDF p. 67
Reportable segment profit/(loss) before tax$'000	104,469	27,927	(7,727)	(8,075)	96,742	19,852	(1,098)	(3,265)	95,644	16,587	PDF p. 67
Other material non-cash items
- Impairment loss on property, plant and equipment$'000	(2,827)	-	(9,065)	(7,603)	(11,892)	(7,603)	(21)	(705)	(11,913)	(8,308)	PDF p. 67
- Loss on winding-up of dormant subsidiaries$'000	-	-	-	-	-	-	-	(2,310)	-	(2,310)	PDF p. 67
- Provision for loss allowance on trade and other receivables and contract assets$'000	(4,037)	(332)	-	-	(4,037)	(332)	(10)	(41)	(4,047)	(373)	PDF p. 67
- Reversal of provision for onerous contracts$'000	-	-	-	-	-	-	140	50	140	50	PDF p. 67
- Unrealised exchange gain/ (loss)$'000	10,125	(29,899)	1,378	54	11,503	(29,845)	-	10	11,503	(29,835)	PDF p. 67
- Write-down of inventories$'000	(63)	-	-	-	(63)	-	(88)	(64)	(151)	(64)	PDF p. 67
- Write-off of payables$'000	2,373	-	-	-	2,373	-	123	-	2,496	-	PDF p. 67
- Write-off of property, plant and equipment$'000	(92)	(222)	-	(210)	(92)	(432)	-	-	(92)	(432)	PDF p. 67
Group
Reportable segment assets$'000	578,574	556,186	33,136	40,070	611,710	596,256	3,635	6,894	615,345	603,150	PDF p. 67
Capital expenditure$'000	22,393	99,608	45	2,893	22,438	102,501	21	691	22,459	103,192	PDF p. 67
Reportable segment liabilities$'000	245,880	302,768	14,665	19,148	260,545	321,916	1,349	3,537	261,894	325,453	PDF p. 67

Notes

Aluminium is a discontinued operation. In 2025 the Group has one reportable segment (2024: two). No reconciling items to consolidated totals.

By geography

Geographical segments - Continuing and discontinued operations 7 lines

Geographical segments - Continuing and discontinued operations
Item / unit	2025Revenue	2025Non-current assets*	2024Revenue	2024Non-current assets*	Source
Continuing and discontinued operations
Singapore$'000	3,038	568	6,282	913	PDF p. 68
Afghanistan$'000	12,400	-	16,692	-	PDF p. 68
Kazakhstan$'000	194,402	323,358	119,621	330,602	PDF p. 68
Kyrgyzstan$'000	19,587	-	-	-	PDF p. 68
Tajikistan$'000	152,411	196,653	120,935	193,314	PDF p. 68
Others$'000	-	-	12	-	PDF p. 68
Total$'000	381,838	520,579	263,542	524,829	PDF p. 68

Notes

* Non-current assets exclude financial instruments.

Segment revenue is based on the geographical location of customers and segment assets on the geographical location of the assets. The total row has no printed label.

Debt

Borrowings

Terms and debt repayment schedule - Group

Terms and debt repayment schedule - Group
Item / unit	2025Group face value	2025Group carrying amount	2024Group face value	2024Group carrying amount	Source
Group
Loans from major shareholders$’000	26,085	24,269	36,581	32,077	PDF p. 107
Revolving credit line from bank$’000	4,737	4,587	9,696	9,293	PDF p. 107
Total (unlabelled)$’000	37,478	34,540	52,231	45,709	PDF p. 107

Notes

Currency and year of maturity as printed: loans from major shareholders CNY, USD maturing 2027 (2024: 2027); loans from non-controlling interest TJS 2027 (2024: 2027); revolving credit line from bank CNY 2025 – 2027 (2024: 2024 – 2027).

Company table lists only loans from major shareholders: face value 26,085 / carrying 24,269 (2025) and 36,581 / 32,077 (2024).

Borrowing notes 4 tables

Loans and borrowings - by type, current/non-current

Loans and borrowings - by type, current/non-current
Item / unit	2025Group	2024Group	2025Company	2024Company	Source
Loans and borrowings
Loans from major shareholders$’000	24,269	32,077	24,269	32,077	PDF p. 106
Loans from non-controlling interest$’000	5,684	4,339	-	-	PDF p. 106
Revolving credit line from bank$’000	4,587	9,293	-	-	PDF p. 106
Total loans and borrowings (unlabelled subtotal)$’000	34,540	45,709	24,269	32,077	PDF p. 106
Non-current$’000	31,482	41,992	24,269	32,077	PDF p. 106
Current$’000	3,058	3,717	-	-	PDF p. 106

Notes

Interest-free loans from major shareholders were measured at fair value at initial recognition; difference to face value recognised in capital reserve.

Loans from non-controlling interest are unsecured, interest-free and due in 2027.

Revolving credit line from bank is secured by a corporate guarantee from the Company and property, plant and equipment of the Group with net book value of $31,538,000 (2024: $32,736,000), bears interest at 3.7% (2024: 3.7%) per annum and is due between 2025 and 2027 (2024: due between 2024 and 2027).

Printed text also states a subsidiary obtained a secured revolving credit line of $2,527,000 (2024: $9,340,000), with interest at 17.5% (2024: 3.7%) per annum and due between 2025 and 2028 (2024: due between 2024 and 2027); the 17.5% figure is as printed.

Currency denomination of loans and borrowings

Currency denomination of loans and borrowings
Item / unit	2025Group USD	2025Group CNY	2024Group USD	2024Group CNY	Source
Group
Loans and borrowings$’000	(12,032)	(16,823)	(20,156)	(21,213)	PDF p. 103

Notes

Only the Loans and borrowings line is extracted; TJS and KZT columns show '-'. Row quote shows full printed order: 2025 USD, TJS, KZT, CNY then 2024 USD, TJS, KZT, CNY. Values here list 2025 USD, 2025 CNY, 2024 USD, 2024 CNY. Company row (marked *, including inter-company balances): 2025 USD (12,032), CNY (12,237); 2024 USD (20,156), CNY (11,922).

Interest rate profile - fixed rate instruments

Interest rate profile - fixed rate instruments
Item / unit	2025Group	2024Group	2025Company	2024Company	Source
Fixed rate instruments
Lease liabilities$’000	-	(2)	-	(2)	PDF p. 104
Payables for purchase of property, plant and equipment$’000	(106,046)	(134,021)	-	-	PDF p. 104
Revolving credit line from bank$’000	(4,587)	(9,293)	-	-	PDF p. 104
Total fixed rate instruments (unlabelled)$’000	(110,633)	(143,316)	-	(2)	PDF p. 104

Notes

Fixed rate instruments.

Lease liabilities within trade and other payables

Lease liabilities within trade and other payables
Item / unit	2025Group	2024Group	2025Company	2024Company	Source
Trade and other payables
Lease liabilities$’000	138	1,077	136	303	PDF p. 87

Notes

Page 88 text: lease liabilities have face value of $140,000 and $139,000 (2024: $1,135,000 and $316,000) respectively, bear nominal interest rate of 2.8% to 5% and 2.8% to 5% (2024: 2.8% to 5% and 2.8% to 5%) per annum respectively and mature in 2026 and 2026 (2024: 2025 to 2027 and 2025 to 2026) respectively.

Interest-bearing payables to EPC contractor of Korcem LLP of $106,046,000 are at 6.5% (2024: 6.5% and 5.5%), due between 2028 to 2031, secured over PPE; not part of Note 5.2 loans and borrowings.

Lease liabilities are not classified separately as current/non-current in the printed table.

Payout

Dividends & distributions

Dividends declared and proposed

Item	Value	Period / scope	Source
Declared by subsidiaries to non-controlling interests	11,031 $'000	Group, 2025 (2024: 14,021)	PDF p. 110

Extracted from International Cement Group 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
Auditor	Deloitte & Touche LLP	Group	PDF p. 53
Engagement partner	Ho Kok Yong	Group	PDF p. 53
Opinion	true and fair view	Group and Company	PDF p. 50

Going concern

Item	Value	Period / scope	Source
Going concern	None reported	Group	PDF p. 52

Extracted from International Cement Group 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 International Cement Group Ltd. 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.