Mewah Intl MV4
Financials
Annual Report 2025
Auditor’s opinion: present fairly, in all material respects. Read auditor’s report (PDF p. 89)
Explore the statements
28 tablesGroup consolidated income statement
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended 31 December 2025 | 2024Group / year ended 31 December 2024 | Source |
|---|---|---|---|
| income | |||
| RevenueUS dollars thousands | 5,977,346 | 4,781,976 | PDF p. 94 |
| Cost of salesUS dollars thousands | (5,591,339) | (4,485,258) | PDF p. 94 |
| Gross profitUS dollars thousands | 386,007 | 296,718 | PDF p. 94 |
| Other incomeUS dollars thousands | 15,156 | 19,817 | PDF p. 94 |
| Other expenses*US dollars thousands | (25,077) | (16,984) | PDF p. 94 |
| Other gains/(losses) (net)US dollars thousands | 37,088 | (15,202) | PDF p. 94 |
| (Provision)/Reversal of expected credit losses | |||
| - Trade receivablesUS dollars thousands | (7,755) | (3,546) | PDF p. 94 |
| - Other receivablesUS dollars thousands | 1,793 | (4,542) | PDF p. 94 |
| Expenses | |||
| - Selling and distributionUS dollars thousands | (159,207) | (91,530) | PDF p. 94 |
| - AdministrativeUS dollars thousands | (128,559) | (110,338) | PDF p. 94 |
| - FinanceUS dollars thousands | (44,081) | (28,290) | PDF p. 94 |
| Share of profit of associated companyUS dollars thousands | 18 | 12 | PDF p. 94 |
| Profit before taxUS dollars thousands | 75,383 | 46,115 | PDF p. 94 |
| Income tax expenseUS dollars thousands | (29,999) | (10,523) | PDF p. 94 |
| Profit after taxUS dollars thousands | 45,384 | 35,592 | PDF p. 94 |
| Profit/(Loss) after tax attributable to: | |||
| Equity holders of the CompanyUS dollars thousands | 53,611 | 38,807 | PDF p. 94 |
| Non-controlling interestsUS dollars thousands | (8,227) | (3,215) | PDF p. 94 |
| Subtotal (unlabelled in original)US dollars thousands | 45,384 | 35,592 | PDF p. 94 |
| Company (expressed in US cents per share) | |||
| - Basic and dilutedUS cents per share | 3.57 | 2.59 | PDF p. 94 |
Definitions & sources
Original report: PDF p. 94 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Group consolidated statement of comprehensive income
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended 31 December 2025 | 2024Group / year ended 31 December 2024 | Source |
|---|---|---|---|
| oci | |||
| Profit after taxUS dollars thousands | 45,384 | 35,592 | PDF p. 95 |
| Item that may be reclassified subsequently to profit or loss: | |||
| Currency translation differences arising from foreign subsidiaries, net of tax - GainsUS dollars thousands | 33,158 | 10,945 | PDF p. 95 |
| Other comprehensive income, net of taxUS dollars thousands | 33,158 | 10,945 | PDF p. 95 |
| Total comprehensive income, net of taxUS dollars thousands | 78,542 | 46,537 | PDF p. 95 |
| Total comprehensive income/(loss) attributable to: | |||
| Equity holders of the CompanyUS dollars thousands | 86,145 | 49,406 | PDF p. 95 |
| Non-controlling interestsUS dollars thousands | (7,603) | (2,869) | PDF p. 95 |
| Subtotal (unlabelled in original)US dollars thousands | 78,542 | 46,537 | PDF p. 95 |
Definitions & sources
Original report: PDF p. 95 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Group statement of financial position
38 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / as at 31 December 2025 | 2024Group / as at 31 December 2024 | Source |
|---|---|---|---|
| Current assets | |||
| InventoriesUS dollars thousands | 694,275 | 539,621 | PDF p. 96 |
| Trade receivablesUS dollars thousands | 475,512 | 513,626 | PDF p. 96 |
| Other receivablesUS dollars thousands | 94,110 | 106,512 | PDF p. 96 |
| Current income tax recoverableUS dollars thousands | 5,879 | 11,685 | PDF p. 96 |
| Derivative financial instrumentsUS dollars thousands | 44,870 | 40,453 | PDF p. 96 |
| Cash and bank balancesUS dollars thousands | 156,146 | 142,916 | PDF p. 96 |
| Total current assets excluding assets classified as held for saleUS dollars thousands | 1,470,792 | 1,354,813 | PDF p. 96 |
| Assets classified as held for saleUS dollars thousands | 17 | 689 | PDF p. 96 |
| Subtotal (unlabelled in original)US dollars thousands | 1,470,809 | 1,355,502 | PDF p. 96 |
| Non-current assets | |||
| Intangible assetUS dollars thousands | 1,527 | 5,030 | PDF p. 96 |
| Property, plant and equipmentUS dollars thousands | 548,739 | 511,597 | PDF p. 96 |
| Investment in associated companyUS dollars thousands | 567 | 507 | PDF p. 96 |
| Other receivablesUS dollars thousands | 6,885 | - | PDF p. 96 |
| Deferred income tax assetsUS dollars thousands | 9,642 | 7,304 | PDF p. 96 |
| Derivative financial instrumentsUS dollars thousands | 5 | 21 | PDF p. 96 |
| Subtotal (unlabelled in original)US dollars thousands | 567,365 | 524,459 | PDF p. 96 |
| Total assetsUS dollars thousands | 2,038,174 | 1,879,961 | PDF p. 96 |
| Current liabilities | |||
| Trade payablesUS dollars thousands | 144,852 | 180,709 | PDF p. 96 |
| Other payablesUS dollars thousands | 97,586 | 97,640 | PDF p. 96 |
| Contract liabilitiesUS dollars thousands | 30,072 | 17,684 | PDF p. 96 |
| Lease liabilitiesUS dollars thousands | 1,118 | 1,043 | PDF p. 96 |
| Current income tax liabilitiesUS dollars thousands | 3,962 | 6,793 | PDF p. 96 |
| Derivative financial instrumentsUS dollars thousands | 17,094 | 51,941 | PDF p. 96 |
| BorrowingsUS dollars thousands | 671,195 | 537,785 | PDF p. 96 |
| Subtotal (unlabelled in original)US dollars thousands | 965,879 | 893,595 | PDF p. 96 |
| Non-current liabilities | |||
| Lease liabilitiesUS dollars thousands | 9,354 | 8,507 | PDF p. 96 |
| Deferred income tax liabilitiesUS dollars thousands | 40,353 | 29,604 | PDF p. 96 |
| BorrowingsUS dollars thousands | 128,905 | 123,791 | PDF p. 96 |
| Subtotal (unlabelled in original)US dollars thousands | 178,612 | 161,902 | PDF p. 96 |
| Total liabilitiesUS dollars thousands | 1,144,491 | 1,055,497 | PDF p. 96 |
| NET ASSETSUS dollars thousands | 893,683 | 824,464 | PDF p. 96 |
| Capital and reserves attributable to equity holders of the Company: | |||
| Share capitalUS dollars thousands | 1,501 | 1,501 | PDF p. 97 |
| Share premiumUS dollars thousands | 180,012 | 180,012 | PDF p. 97 |
| Other reservesUS dollars thousands | (15,070) | (47,604) | PDF p. 97 |
| Retained profitsUS dollars thousands | 735,446 | 690,951 | PDF p. 97 |
| Subtotal (unlabelled in original)US dollars thousands | 901,889 | 824,860 | PDF p. 97 |
| Non-controlling interestsUS dollars thousands | (8,206) | (396) | PDF p. 97 |
| Total equityUS dollars thousands | 893,683 | 824,464 | PDF p. 97 |
Definitions & sources
Original report: PDF p. 96 ↗ PDF p. 97 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Company statement of financial position
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company / as at 31 December 2025 | 2024Company / as at 31 December 2024 | Source |
|---|---|---|---|
| Current assets | |||
| Other receivablesUS dollars thousands | 424,417 | 385,330 | PDF p. 98 |
| Cash and bank balancesUS dollars thousands | 1,466 | 363 | PDF p. 98 |
| Subtotal (unlabelled in original)US dollars thousands | 425,883 | 385,693 | PDF p. 98 |
| Non-current assets | |||
| Investments in subsidiariesUS dollars thousands | 849 | 849 | PDF p. 98 |
| Other receivablesUS dollars thousands | 31,025 | 24,711 | PDF p. 98 |
| Subtotal (unlabelled in original)US dollars thousands | 31,874 | 25,560 | PDF p. 98 |
| Total assetsUS dollars thousands | 457,757 | 411,253 | PDF p. 98 |
| Current liabilities | |||
| Other payablesUS dollars thousands | 259 | 258 | PDF p. 98 |
| Current income tax liabilitiesUS dollars thousands | 349 | 457 | PDF p. 98 |
| Subtotal (unlabelled in original)US dollars thousands | 608 | 715 | PDF p. 98 |
| Non-current liabilities | |||
| Deferred income tax liabilitiesUS dollars thousands | 5,247 | 4,045 | PDF p. 98 |
| Total liabilitiesUS dollars thousands | 5,855 | 4,760 | PDF p. 98 |
| NET ASSETSUS dollars thousands | 451,902 | 406,493 | PDF p. 98 |
| Capital and reserves attributable to equity holders of the Company: | |||
| Share capitalUS dollars thousands | 1,501 | 1,501 | PDF p. 98 |
| Share premiumUS dollars thousands | 180,012 | 180,012 | PDF p. 98 |
| Other reservesUS dollars thousands | 3,509 | 3,509 | PDF p. 98 |
| Retained profitsUS dollars thousands | 266,880 | 221,471 | PDF p. 98 |
| Total equityUS dollars thousands | 451,902 | 406,493 | PDF p. 98 |
Definitions & sources
Original report: PDF p. 98 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Group changes in equity / 2025
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / Share capital | 2025Group / Share premium | 2025Group / Capital redemption reserve | 2025Group / Merger reserve | 2025Group / General reserve | 2025Group / Currency translation reserve | 2025Group / Retained profits | 2025Group / Total attributable to equity holders of the Company | 2025Group / Non-controlling interests | 2025Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| equity | |||||||||||
| Balance at 1 January 2025US dollars thousands | 1,501 | 180,012 | 3,509 | (53,005) | (153) | 2,045 | 690,951 | 824,860 | (396) | 824,464 | PDF p. 99 |
| Profit/(Loss) for the yearUS dollars thousands | - | - | - | - | - | - | 53,611 | 53,611 | (8,227) | 45,384 | PDF p. 99 |
| Other comprehensive income for the yearUS dollars thousands | - | - | - | - | - | 32,534 | - | 32,534 | 624 | 33,158 | PDF p. 99 |
| Total comprehensive income/ (loss) for the yearUS dollars thousands | - | - | - | - | - | 32,534 | 53,611 | 86,145 | (7,603) | 78,542 | PDF p. 99 |
| DividendsUS dollars thousands | - | - | - | - | - | - | (9,116) | (9,116) | (207) | (9,323) | PDF p. 99 |
| Total transactions with owners, recognised directly in equityUS dollars thousands | - | - | - | - | - | - | (9,116) | (9,116) | (207) | (9,323) | PDF p. 99 |
| Balance at 31 December 2025US dollars thousands | 1,501 | 180,012 | 3,509 | (53,005) | (153) | 34,579 | 735,446 | 901,889 | (8,206) | 893,683 | PDF p. 99 |
Definitions & sources
Original report: PDF p. 99 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Group changes in equity / 2024
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / Share capital | 2024Group / Share premium | 2024Group / Capital redemption reserve | 2024Group / Merger reserve | 2024Group / General reserve | 2024Group / Currency translation reserve | 2024Group / Retained profits | 2024Group / Total attributable to equity holders of the Company | 2024Group / Non-controlling interests | 2024Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| equity | |||||||||||
| Balance at 1 January 2024US dollars thousands | 1,501 | 180,012 | 3,509 | (53,005) | (153) | (8,554) | 660,474 | 783,784 | 2,706 | 786,490 | PDF p. 99 |
| Profit/(Loss) for the yearUS dollars thousands | - | - | - | - | - | - | 38,807 | 38,807 | (3,215) | 35,592 | PDF p. 99 |
| Other comprehensive income for the yearUS dollars thousands | - | - | - | - | - | 10,599 | - | 10,599 | 346 | 10,945 | PDF p. 99 |
| Total comprehensive income/ (loss) for the yearUS dollars thousands | - | - | - | - | - | 10,599 | 38,807 | 49,406 | (2,869) | 46,537 | PDF p. 99 |
| DividendsUS dollars thousands | - | - | - | - | - | - | (8,330) | (8,330) | (233) | (8,563) | PDF p. 99 |
| Total transactions with owners, recognised directly in equityUS dollars thousands | - | - | - | - | - | - | (8,330) | (8,330) | (233) | (8,563) | PDF p. 99 |
| Balance at 31 December 2024US dollars thousands | 1,501 | 180,012 | 3,509 | (53,005) | (153) | 2,045 | 690,951 | 824,860 | (396) | 824,464 | PDF p. 99 |
Definitions & sources
Original report: PDF p. 99 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Group consolidated cash flows
44 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended 31 December 2025 | 2024Group / year ended 31 December 2024 | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit after taxUS dollars thousands | 45,384 | 35,592 | PDF p. 100 |
| Adjustments for: | |||
| - Income tax expenseUS dollars thousands | 29,999 | 10,523 | PDF p. 100 |
| - Depreciation of property, plant and equipmentUS dollars thousands | 33,247 | 27,486 | PDF p. 100 |
| - Gains on disposal of property, plant and equipmentUS dollars thousands | (2,817) | (83) | PDF p. 100 |
| - Property, plant and equipment written offUS dollars thousands | 15,171 | 877 | PDF p. 100 |
| - Inventories written offUS dollars thousands | 3,623 | - | PDF p. 100 |
| - Impairment loss on property, plant and equipment - netUS dollars thousands | 2,323 | 15,862 | PDF p. 100 |
| - Impairment losses on goodwillUS dollars thousands | 3,503 | 245 | PDF p. 100 |
| - Provision of expected credit losses - trade receivablesUS dollars thousands | 7,755 | 3,546 | PDF p. 100 |
| - (Reversal)/Provision of expected credit losses - other receivablesUS dollars thousands | (1,793) | 4,542 | PDF p. 100 |
| - Interest incomeUS dollars thousands | (7,201) | (13,096) | PDF p. 100 |
| - Interest expenseUS dollars thousands | 44,081 | 28,290 | PDF p. 100 |
| - Share of profit of associated companyUS dollars thousands | (18) | (12) | PDF p. 100 |
| Operating cash flows before operating assets and liabilities changesUS dollars thousands | 173,257 | 113,772 | PDF p. 100 |
| Changes in operating assets and liabilities: | |||
| - InventoriesUS dollars thousands | (106,949) | (103,768) | PDF p. 100 |
| - Trade and other receivablesUS dollars thousands | 106,970 | (224,985) | PDF p. 100 |
| - Contract liabilitiesUS dollars thousands | 9,948 | (4,327) | PDF p. 100 |
| - Trade and other payablesUS dollars thousands | (128,771) | 80,777 | PDF p. 100 |
| - Derivative financial instrumentsUS dollars thousands | (38,607) | (3,027) | PDF p. 100 |
| Cash flows from/(used in) operationsUS dollars thousands | 15,848 | (141,558) | PDF p. 100 |
| Interest receivedUS dollars thousands | 7,201 | 13,096 | PDF p. 100 |
| Interest paidUS dollars thousands | (44,081) | (28,290) | PDF p. 100 |
| Income tax paidUS dollars thousands | (20,284) | (26,489) | PDF p. 100 |
| Net cash flows used in operating activitiesUS dollars thousands | (41,316) | (183,241) | PDF p. 100 |
| Cash flows from investing activities | |||
| Acquisition of a subsidiary, net of cash and cash equivalents acquiredUS dollars thousands | (4,133) | - | PDF p. 100 |
| Additions to property, plant and equipmentUS dollars thousands | (52,469) | (57,583) | PDF p. 100 |
| Proceeds from disposal of property, plant and equipmentUS dollars thousands | 3,897 | 228 | PDF p. 100 |
| Dividend received from associated companyUS dollars thousands | 11 | 11 | PDF p. 100 |
| Net cash flows used in investing activitiesUS dollars thousands | (52,694) | (57,344) | PDF p. 100 |
| Cash flows from financing activities | |||
| (Increase)/Decrease in restricted short term bank depositsUS dollars thousands | (550) | 95 | PDF p. 100 |
| Proceeds from long term borrowingsUS dollars thousands | 28,842 | 46,396 | PDF p. 100 |
| Repayment of long term borrowingsUS dollars thousands | (29,143) | (28,652) | PDF p. 100 |
| Net proceeds from short-term borrowingsUS dollars thousands | 108,296 | 246,096 | PDF p. 100 |
| Repayment of lease liabilitiesUS dollars thousands | (1,055) | (888) | PDF p. 100 |
| Dividends paid to equity holders of the CompanyUS dollars thousands | (9,116) | (8,330) | PDF p. 100 |
| Dividends paid to non-controlling interestsUS dollars thousands | (207) | (233) | PDF p. 100 |
| Net cash flows from financing activitiesUS dollars thousands | 97,067 | 254,484 | PDF p. 100 |
| Net change in cash and cash equivalentsUS dollars thousands | 3,057 | 13,899 | PDF p. 100 |
| Cash and cash equivalents at beginning of financial yearUS dollars thousands | 142,663 | 131,585 | PDF p. 100 |
| Effect of changes in exchange rate on cash and cash equivalentsUS dollars thousands | 9,541 | (2,821) | PDF p. 100 |
| Cash and cash equivalents at end of financial yearUS dollars thousands | 155,261 | 142,663 | PDF p. 100 |
| Represented by: | |||
| Cash and bank balancesUS dollars thousands | 156,146 | 142,916 | PDF p. 101 |
| Less: Restricted short term bank depositsUS dollars thousands | (885) | (253) | PDF p. 101 |
| Cash and cash equivalents per consolidated statement of cash flowsUS dollars thousands | 155,261 | 142,663 | PDF p. 101 |
Definitions & sources
Original report: PDF p. 100 ↗ PDF p. 101 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Group consolidated income statement
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended 31 December 2023 | Source |
|---|---|---|
| income | ||
| RevenueUS dollars thousands | 4,123,796 | PDF p. 94 |
| Cost of salesUS dollars thousands | (3,864,724) | PDF p. 94 |
| Gross profitUS dollars thousands | 259,072 | PDF p. 94 |
| Other incomeUS dollars thousands | 10,179 | PDF p. 94 |
| Other losses (net) - Impairment losses on property, plant and equipment (net)US dollars thousands | (3,784) | PDF p. 94 |
| - Others - netUS dollars thousands | (24,233) | PDF p. 94 |
| (Provision)/Reversal of expected credit losses | ||
| - Trade receivablesUS dollars thousands | (2,750) | PDF p. 94 |
| - Other receivables*US dollars thousands | 251 | PDF p. 94 |
| Expenses | ||
| - Selling and distributionUS dollars thousands | (50,256) | PDF p. 94 |
| - AdministrativeUS dollars thousands | (106,043) | PDF p. 94 |
| - FinanceUS dollars thousands | (27,322) | PDF p. 94 |
| Share of profit of associated companyUS dollars thousands | 28 | PDF p. 94 |
| Profit before taxUS dollars thousands | 55,142 | PDF p. 94 |
| Income tax expenseUS dollars thousands | (16,570) | PDF p. 94 |
| Profit after taxUS dollars thousands | 38,572 | PDF p. 94 |
| Profit/(Loss) after tax attributable to: | ||
| Equity holders of the CompanyUS dollars thousands | 40,581 | PDF p. 94 |
| Non-controlling interestsUS dollars thousands | (2,009) | PDF p. 94 |
| Subtotal (unlabelled in original)US dollars thousands | 38,572 | PDF p. 94 |
| (expressed in US cents per share) | ||
| - Basic and dilutedUS cents per share | 2.70 | PDF p. 94 |
Definitions & sources
Original report: PDF p. 94 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Group consolidated statement of comprehensive income
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended 31 December 2023 | Source |
|---|---|---|
| oci | ||
| Profit after taxUS dollars thousands | 38,572 | PDF p. 95 |
| Item that may be reclassified subsequently to profit or loss: | ||
| Currency translation differences arising from foreign subsidiaries, net of tax - Gains/(Losses)US dollars thousands | (9,456) | PDF p. 95 |
| Other comprehensive gain/(loss), net of taxUS dollars thousands | (9,456) | PDF p. 95 |
| Total comprehensive income, net of taxUS dollars thousands | 29,116 | PDF p. 95 |
| Total comprehensive income/(loss) attributable to: | ||
| Equity holders of the CompanyUS dollars thousands | 31,154 | PDF p. 95 |
| Non-controlling interestsUS dollars thousands | (2,038) | PDF p. 95 |
| Subtotal (unlabelled in original)US dollars thousands | 29,116 | PDF p. 95 |
Definitions & sources
Original report: PDF p. 95 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Group statement of financial position
37 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / as at 31 December 2023 | Source |
|---|---|---|
| Current assets | ||
| InventoriesUS dollars thousands | 435,967 | PDF p. 96 |
| Trade receivablesUS dollars thousands | 304,366 | PDF p. 96 |
| Other receivablesUS dollars thousands | 97,440 | PDF p. 96 |
| Current income tax recoverableUS dollars thousands | 5,468 | PDF p. 96 |
| Derivative financial instrumentsUS dollars thousands | 22,952 | PDF p. 96 |
| Cash and bank balancesUS dollars thousands | 131,922 | PDF p. 96 |
| Total current assets excluding assets classified as held for saleUS dollars thousands | 998,115 | PDF p. 96 |
| Assets classified as held for saleUS dollars thousands | - | PDF p. 96 |
| Subtotal (unlabelled in original)US dollars thousands | 998,115 | PDF p. 96 |
| Non-current assets | ||
| Intangible assetUS dollars thousands | 5,235 | PDF p. 96 |
| Property, plant and equipmentUS dollars thousands | 484,998 | PDF p. 96 |
| Investment in associated companyUS dollars thousands | 494 | PDF p. 96 |
| Deferred income tax assetsUS dollars thousands | 365 | PDF p. 96 |
| Derivative financial instrumentsUS dollars thousands | 386 | PDF p. 96 |
| Subtotal (unlabelled in original)US dollars thousands | 491,478 | PDF p. 96 |
| Total assetsUS dollars thousands | 1,489,593 | PDF p. 96 |
| Current liabilities | ||
| Trade payablesUS dollars thousands | 114,416 | PDF p. 96 |
| Other payablesUS dollars thousands | 88,996 | PDF p. 96 |
| Contract liabilitiesUS dollars thousands | 21,966 | PDF p. 96 |
| Lease liabilitiesUS dollars thousands | 739 | PDF p. 96 |
| Current income tax liabilitiesUS dollars thousands | 6,330 | PDF p. 96 |
| Derivative financial instrumentsUS dollars thousands | 37,401 | PDF p. 96 |
| BorrowingsUS dollars thousands | 288,060 | PDF p. 96 |
| Subtotal (unlabelled in original)US dollars thousands | 557,908 | PDF p. 96 |
| Non-current liabilities | ||
| Lease liabilitiesUS dollars thousands | 9,030 | PDF p. 96 |
| Deferred income tax liabilitiesUS dollars thousands | 32,651 | PDF p. 96 |
| BorrowingsUS dollars thousands | 103,514 | PDF p. 96 |
| Subtotal (unlabelled in original)US dollars thousands | 145,195 | PDF p. 96 |
| Total liabilitiesUS dollars thousands | 703,103 | PDF p. 96 |
| NET ASSETSUS dollars thousands | 786,490 | PDF p. 96 |
| Company: | ||
| Share capitalUS dollars thousands | 1,501 | PDF p. 97 |
| Share premiumUS dollars thousands | 180,012 | PDF p. 97 |
| Other reservesUS dollars thousands | (58,203) | PDF p. 97 |
| Retained profitsUS dollars thousands | 660,474 | PDF p. 97 |
| Subtotal (unlabelled in original)US dollars thousands | 783,784 | PDF p. 97 |
| Non-controlling interestsUS dollars thousands | 2,706 | PDF p. 97 |
| Total equityUS dollars thousands | 786,490 | PDF p. 97 |
Definitions & sources
Original report: PDF p. 96 ↗ PDF p. 97 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Company statement of financial position
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Company / as at 31 December 2023 | Source |
|---|---|---|
| Current assets | ||
| Other receivablesUS dollars thousands | 364,736 | PDF p. 98 |
| Cash and bank balancesUS dollars thousands | 98 | PDF p. 98 |
| Subtotal (unlabelled in original)US dollars thousands | 364,834 | PDF p. 98 |
| Non-current assets | ||
| Investments in subsidiariesUS dollars thousands | 849 | PDF p. 98 |
| Other receivablesUS dollars thousands | - | PDF p. 98 |
| Subtotal (unlabelled in original)US dollars thousands | 849 | PDF p. 98 |
| Total assetsUS dollars thousands | 365,683 | PDF p. 98 |
| Current liabilities | ||
| Other payablesUS dollars thousands | 246 | PDF p. 98 |
| Current income tax liabilitiesUS dollars thousands | 489 | PDF p. 98 |
| Subtotal (unlabelled in original)US dollars thousands | 735 | PDF p. 98 |
| Non-current liabilities | ||
| Deferred income tax liabilitiesUS dollars thousands | 2,414 | PDF p. 98 |
| Total liabilitiesUS dollars thousands | 3,149 | PDF p. 98 |
| NET ASSETSUS dollars thousands | 362,534 | PDF p. 98 |
| Company: | ||
| Share capitalUS dollars thousands | 1,501 | PDF p. 98 |
| Share premiumUS dollars thousands | 180,012 | PDF p. 98 |
| Other reservesUS dollars thousands | 3,509 | PDF p. 98 |
| Retained profitsUS dollars thousands | 177,512 | PDF p. 98 |
| Total equityUS dollars thousands | 362,534 | PDF p. 98 |
Definitions & sources
Original report: PDF p. 98 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Group changes in equity / 2023
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / Share capital | 2023Group / Share premium | 2023Group / Capital redemption reserve | 2023Group / Merger reserve | 2023Group / General reserve | 2023Group / Currency translation reserve | 2023Group / Retained profits | 2023Group / Total attributable to equity holders of the Company | 2023Group / Non-controlling interests | 2023Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| equity | |||||||||||
| Balance at 1 January 2023US dollars thousands | 1,501 | 180,012 | 3,509 | (53,005) | (308) | 873 | 637,190 | 769,772 | 4,986 | 774,758 | PDF p. 99 |
| Profit/(Loss) for the yearUS dollars thousands | - | - | - | - | - | - | 40,581 | 40,581 | (2,009) | 38,572 | PDF p. 99 |
| Other comprehensive loss for the yearUS dollars thousands | - | - | - | - | - | (9,427) | - | (9,427) | (29) | (9,456) | PDF p. 99 |
| Total comprehensive income/ (loss) for the yearUS dollars thousands | - | - | - | - | - | (9,427) | 40,581 | 31,154 | (2,038) | 29,116 | PDF p. 99 |
| Acquisition of non-controlling interest 29(b)(ii)US dollars thousands | - | - | - | - | 155 | - | - | 155 | (35) | 120 | PDF p. 99 |
| DividendsUS dollars thousands | - | - | - | - | - | - | (17,297) | (17,297) | (207) | (17,504) | PDF p. 99 |
| Total transactions with owners, recognised directly in equityUS dollars thousands | - | - | - | - | 155 | - | (17,297) | (17,142) | (242) | (17,384) | PDF p. 99 |
| Balance at 31 December 2023US dollars thousands | 1,501 | 180,012 | 3,509 | (53,005) | (153) | (8,554) | 660,474 | 783,784 | 2,706 | 786,490 | PDF p. 99 |
Definitions & sources
Original report: PDF p. 99 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Group consolidated cash flows
43 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended 31 December 2023 | Source |
|---|---|---|
| Cash flows from operating activities | ||
| Profit after taxUS dollars thousands | 38,572 | PDF p. 100 |
| Adjustments for: | ||
| - Income tax expenseUS dollars thousands | 16,570 | PDF p. 100 |
| - Depreciation of property, plant and equipmentUS dollars thousands | 25,789 | PDF p. 100 |
| - Gains on disposal of property, plant and equipmentUS dollars thousands | (1,174) | PDF p. 100 |
| - Property, plant and equipment written offUS dollars thousands | 618 | PDF p. 100 |
| - Impairment loss on property, plant and equipment - netUS dollars thousands | 3,784 | PDF p. 100 |
| - Impairment losses on goodwillUS dollars thousands | 765 | PDF p. 100 |
| - Provision of expected credit losses - trade receivables*US dollars thousands | 2,750 | PDF p. 100 |
| - Provision/(Reversal) of expected credit losses - other receivables*US dollars thousands | (251) | PDF p. 100 |
| - Interest incomeUS dollars thousands | (3,642) | PDF p. 100 |
| - Interest expenseUS dollars thousands | 27,322 | PDF p. 100 |
| - Share of profit of associated companyUS dollars thousands | (28) | PDF p. 100 |
| Operating cash flows before working capital changesUS dollars thousands | 111,075 | PDF p. 100 |
| Changes in operating assets and liabilities: | ||
| - InventoriesUS dollars thousands | 10,706 | PDF p. 100 |
| - Trade and other receivablesUS dollars thousands | 230,849 | PDF p. 100 |
| - Contract liabilitiesUS dollars thousands | 2,306 | PDF p. 100 |
| - Trade and other payablesUS dollars thousands | (50,306) | PDF p. 100 |
| - Derivative financial instrumentsUS dollars thousands | 10,176 | PDF p. 100 |
| Cash flows (used in)/ generated from operationsUS dollars thousands | 314,806 | PDF p. 100 |
| Interest receivedUS dollars thousands | 3,642 | PDF p. 100 |
| Interest paidUS dollars thousands | (27,322) | PDF p. 100 |
| Income tax paidUS dollars thousands | (29,495) | PDF p. 100 |
| Net cash flows (used in)/from operating activitiesUS dollars thousands | 261,631 | PDF p. 100 |
| Cash flows from investing activities | ||
| Acquisition of a subsidiary, net of cash and cash equivalents acquiredUS dollars thousands | (1,647) | PDF p. 100 |
| Additions to property, plant and equipment**US dollars thousands | (77,100) | PDF p. 100 |
| Proceeds from disposal of property, plant and equipmentUS dollars thousands | 5,917 | PDF p. 100 |
| Dividend received from associated companyUS dollars thousands | 11 | PDF p. 100 |
| Net cash flows used in investing activitiesUS dollars thousands | (72,819) | PDF p. 100 |
| Cash flows from financing activities | ||
| Decrease in restricted short term bank depositsUS dollars thousands | 314 | PDF p. 100 |
| Proceeds from long term borrowingsUS dollars thousands | 39,956 | PDF p. 100 |
| Repayment of long term borrowingsUS dollars thousands | (28,596) | PDF p. 100 |
| Net proceeds from/(repayment of) short-term borrowingsUS dollars thousands | (150,264) | PDF p. 100 |
| Repayment of lease liabilitiesUS dollars thousands | (683) | PDF p. 100 |
| Dividends paid to equity holders of the CompanyUS dollars thousands | (17,297) | PDF p. 100 |
| Dividends paid to non-controlling interestsUS dollars thousands | (207) | PDF p. 100 |
| Net cash flows from/(used in) financing activitiesUS dollars thousands | (156,777) | PDF p. 100 |
| Net change in cash and cash equivalentsUS dollars thousands | 32,035 | PDF p. 100 |
| Cash and cash equivalents at beginning of financial yearUS dollars thousands | 102,198 | PDF p. 100 |
| Effect of changes in exchange rate on cash and cash equivalentsUS dollars thousands | (2,648) | PDF p. 100 |
| Cash and cash equivalents at end of financial yearUS dollars thousands | 131,585 | PDF p. 100 |
| Represented by: | ||
| Cash and bank balancesUS dollars thousands | 131,922 | PDF p. 101 |
| Less: Restricted short term bank depositsUS dollars thousands | (337) | PDF p. 101 |
| Cash and cash equivalents per consolidated statement of cash flowsUS dollars thousands | 131,585 | PDF p. 101 |
Definitions & sources
Original report: PDF p. 100 ↗ PDF p. 101 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Group consolidated income statement
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended 31 December 2022 | Source |
|---|---|---|
| income | ||
| RevenueUS dollars thousands | 5,428,528 | PDF p. 88 |
| Cost of salesUS dollars thousands | (5,055,653) | PDF p. 88 |
| Gross profitUS dollars thousands | 372,875 | PDF p. 88 |
| Other incomeUS dollars thousands | 6,145 | PDF p. 88 |
| Other gains/(losses) (net) - Impairment losses on property, plant and equipment (net)US dollars thousands | (20,708) | PDF p. 88 |
| - Others - netUS dollars thousands | (37,750) | PDF p. 88 |
| (Provision)/Reversal of expected credit lossesUS dollars thousands | 1,597 | PDF p. 88 |
| Expenses | ||
| - Selling and distributionUS dollars thousands | (60,460) | PDF p. 88 |
| - AdministrativeUS dollars thousands | (100,479) | PDF p. 88 |
| - FinanceUS dollars thousands | (19,114) | PDF p. 88 |
| Share of profit/(loss) of associated companyUS dollars thousands | (54) | PDF p. 88 |
| Profit before taxUS dollars thousands | 142,052 | PDF p. 88 |
| Income tax expenseUS dollars thousands | (28,989) | PDF p. 88 |
| Profit after taxUS dollars thousands | 113,063 | PDF p. 88 |
| Profit/(Loss) after tax attributable to: | ||
| Equity holders of the CompanyUS dollars thousands | 113,644 | PDF p. 88 |
| Non-controlling interestsUS dollars thousands | (581) | PDF p. 88 |
| Subtotal (unlabelled in original)US dollars thousands | 113,063 | PDF p. 88 |
| Company (expressed in US cents per share) | ||
| - Basic and dilutedUS cents per share | 7.57 | PDF p. 88 |
Definitions & sources
Original report: PDF p. 88 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Group consolidated statement of comprehensive income
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended 31 December 2022 | Source |
|---|---|---|
| oci | ||
| Profit after taxUS dollars thousands | 113,063 | PDF p. 89 |
| Item that may be reclassified subsequently to profit or loss: | ||
| Currency translation differences arising from foreign subsidiaries, net of tax - LossesUS dollars thousands | (11,086) | PDF p. 89 |
| Other comprehensive loss, net of taxUS dollars thousands | (11,086) | PDF p. 89 |
| Total comprehensive income, net of taxUS dollars thousands | 101,977 | PDF p. 89 |
| Total comprehensive income/(loss) attributable to: | ||
| Equity holders of the CompanyUS dollars thousands | 102,460 | PDF p. 89 |
| Non-controlling interestsUS dollars thousands | (483) | PDF p. 89 |
| Subtotal (unlabelled in original)US dollars thousands | 101,977 | PDF p. 89 |
Definitions & sources
Original report: PDF p. 89 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Group statement of financial position
35 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / as at 31 December 2022 | Source |
|---|---|---|
| Current assets | ||
| InventoriesUS dollars thousands | 464,351 | PDF p. 90 |
| Trade receivablesUS dollars thousands | 499,717 | PDF p. 90 |
| Other receivablesUS dollars thousands | 128,967 | PDF p. 90 |
| Current income tax recoverableUS dollars thousands | 874 | PDF p. 90 |
| Derivative financial instrumentsUS dollars thousands | 51,361 | PDF p. 90 |
| Cash and bank balancesUS dollars thousands | 102,849 | PDF p. 90 |
| Subtotal (unlabelled in original)US dollars thousands | 1,248,119 | PDF p. 90 |
| Non-current assets | ||
| Intangible assetUS dollars thousands | 6,000 | PDF p. 90 |
| Property, plant and equipmentUS dollars thousands | 440,607 | PDF p. 90 |
| Investment in associated companyUS dollars thousands | 498 | PDF p. 90 |
| Deferred income tax assetsUS dollars thousands | 779 | PDF p. 90 |
| Derivative financial instrumentsUS dollars thousands | 7 | PDF p. 90 |
| Subtotal (unlabelled in original)US dollars thousands | 447,891 | PDF p. 90 |
| Total assetsUS dollars thousands | 1,696,010 | PDF p. 90 |
| Current liabilities | ||
| Trade payablesUS dollars thousands | 151,527 | PDF p. 90 |
| Other payablesUS dollars thousands | 95,488 | PDF p. 90 |
| Contract liabilitiesUS dollars thousands | 19,660 | PDF p. 90 |
| Lease liabilitiesUS dollars thousands | 572 | PDF p. 90 |
| Current income tax liabilitiesUS dollars thousands | 14,960 | PDF p. 90 |
| Derivative financial instrumentsUS dollars thousands | 55,047 | PDF p. 90 |
| BorrowingsUS dollars thousands | 443,259 | PDF p. 90 |
| Subtotal (unlabelled in original)US dollars thousands | 780,513 | PDF p. 90 |
| Non-current liabilities | ||
| Lease liabilitiesUS dollars thousands | 8,798 | PDF p. 90 |
| Deferred income tax liabilitiesUS dollars thousands | 34,421 | PDF p. 90 |
| BorrowingsUS dollars thousands | 97,520 | PDF p. 90 |
| Subtotal (unlabelled in original)US dollars thousands | 140,739 | PDF p. 90 |
| Total liabilitiesUS dollars thousands | 921,252 | PDF p. 90 |
| NET ASSETSUS dollars thousands | 774,758 | PDF p. 90 |
| Capital and reserves attributable to equity holders of the Company: | ||
| Share capitalUS dollars thousands | 1,501 | PDF p. 91 |
| Share premiumUS dollars thousands | 180,012 | PDF p. 91 |
| Other reservesUS dollars thousands | (48,931) | PDF p. 91 |
| Retained profitsUS dollars thousands | 637,190 | PDF p. 91 |
| Subtotal (unlabelled in original)US dollars thousands | 769,772 | PDF p. 91 |
| Non-controlling interestsUS dollars thousands | 4,986 | PDF p. 91 |
| Total equityUS dollars thousands | 774,758 | PDF p. 91 |
Definitions & sources
Original report: PDF p. 90 ↗ PDF p. 91 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Company statement of financial position
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Company / as at 31 December 2022 | Source |
|---|---|---|
| Current assets | ||
| Other receivablesUS dollars thousands | 318,641 | PDF p. 92 |
| Cash and bank balancesUS dollars thousands | 770 | PDF p. 92 |
| Subtotal (unlabelled in original)US dollars thousands | 319,411 | PDF p. 92 |
| Non-current assets | ||
| Investments in subsidiariesUS dollars thousands | 849 | PDF p. 92 |
| Total assetsUS dollars thousands | 320,260 | PDF p. 92 |
| Current liabilities | ||
| Other payablesUS dollars thousands | 205 | PDF p. 92 |
| Current income tax liabilitiesUS dollars thousands | 91 | PDF p. 92 |
| Subtotal (unlabelled in original)US dollars thousands | 296 | PDF p. 92 |
| Non-current liabilities | ||
| Deferred income tax liabilitiesUS dollars thousands | 1,363 | PDF p. 92 |
| Total liabilitiesUS dollars thousands | 1,659 | PDF p. 92 |
| NET ASSETSUS dollars thousands | 318,601 | PDF p. 92 |
| Capital and reserves attributable to equity holders of the Company: | ||
| Share capitalUS dollars thousands | 1,501 | PDF p. 92 |
| Share premiumUS dollars thousands | 180,012 | PDF p. 92 |
| Other reservesUS dollars thousands | 3,509 | PDF p. 92 |
| Retained profitsUS dollars thousands | 133,579 | PDF p. 92 |
| Total equityUS dollars thousands | 318,601 | PDF p. 92 |
Definitions & sources
Original report: PDF p. 92 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Group changes in equity / 2022
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / Share capital | 2022Group / Share premium | 2022Group / Capital redemption reserve | 2022Group / Merger reserve | 2022Group / General reserve | 2022Group / Currency translation reserve | 2022Group / Retained profits | 2022Group / Total attributable to equity holders of the Company | 2022Group / Non-controlling interests | 2022Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| equity | |||||||||||
| Balance at 1 January 2022US dollars thousands | 1,501 | 180,012 | 3,509 | (53,005) | (1,425) | 12,057 | 533,985 | 676,634 | 6,949 | 683,583 | PDF p. 93 |
| Profit/(Loss) for the yearUS dollars thousands | - | - | - | - | - | - | 113,644 | 113,644 | (581) | 113,063 | PDF p. 93 |
| Other comprehensive (loss)/ income for the yearUS dollars thousands | - | - | - | - | - | (11,184) | - | (11,184) | 98 | (11,086) | PDF p. 93 |
| Total comprehensive income/ (loss) for the yearUS dollars thousands | - | - | - | - | - | (11,184) | 113,644 | 102,460 | (483) | 101,977 | PDF p. 93 |
| Acquisition of non-controlling interest 29(b)(ii)US dollars thousands | - | - | - | - | 1,117 | - | - | 1,117 | (1,237) | (120) | PDF p. 93 |
| DividendsUS dollars thousands | - | - | - | - | - | - | (10,439) | (10,439) | (243) | (10,682) | PDF p. 93 |
| Total transactions with owners, recognised directly in equityUS dollars thousands | - | - | - | - | 1,117 | - | (10,439) | (9,322) | (1,480) | (10,802) | PDF p. 93 |
| Balance at 31 December 2022US dollars thousands | 1,501 | 180,012 | 3,509 | (53,005) | (308) | 873 | 637,190 | 769,772 | 4,986 | 774,758 | PDF p. 93 |
Definitions & sources
Original report: PDF p. 93 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Group consolidated cash flows
43 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended 31 December 2022 | Source |
|---|---|---|
| Cash flows from operating activities | ||
| Profit after taxUS dollars thousands | 113,063 | PDF p. 94 |
| Adjustments for: | ||
| - Income tax expenseUS dollars thousands | 28,989 | PDF p. 94 |
| - Depreciation of property, plant and equipmentUS dollars thousands | 27,182 | PDF p. 94 |
| - (Gains)/Losses on disposal of property, plant and equipmentUS dollars thousands | 251 | PDF p. 94 |
| - Property, plant and equipment written offUS dollars thousands | 72 | PDF p. 94 |
| - Impairment loss on property, plant and equipment - netUS dollars thousands | 20,708 | PDF p. 94 |
| - Impairment losses on goodwillUS dollars thousands | - | PDF p. 94 |
| - Interest incomeUS dollars thousands | (2,437) | PDF p. 94 |
| - Interest expenseUS dollars thousands | 19,114 | PDF p. 94 |
| - Share of (profit)/loss of associated companyUS dollars thousands | 54 | PDF p. 94 |
| Operating cash flows before working capital changesUS dollars thousands | 206,996 | PDF p. 94 |
| Changes in operating assets and liabilities: | ||
| - InventoriesUS dollars thousands | 4,794 | PDF p. 94 |
| - Trade and other receivablesUS dollars thousands | (267,588) | PDF p. 94 |
| - Contract liabilitiesUS dollars thousands | 1,043 | PDF p. 94 |
| - Trade and other payablesUS dollars thousands | (4,457) | PDF p. 94 |
| - Derivative financial instrumentsUS dollars thousands | (9,183) | PDF p. 94 |
| Cash flows generated from/(used in) operationsUS dollars thousands | (68,395) | PDF p. 94 |
| Interest receivedUS dollars thousands | 2,437 | PDF p. 94 |
| Interest paidUS dollars thousands | (19,114) | PDF p. 94 |
| Income tax paidUS dollars thousands | (21,302) | PDF p. 94 |
| Net cash flows from/(used in) operating activitiesUS dollars thousands | (106,374) | PDF p. 94 |
| Cash flows from investing activities | ||
| Acquisition of subsidiaries, net of cash and cash equivalents acquiredUS dollars thousands | (5,731) | PDF p. 94 |
| Decrease/(Increase) in advance payment of property, plant and equipmentUS dollars thousands | (4,464) | PDF p. 94 |
| Additions to property, plant and equipmentUS dollars thousands | (56,036) | PDF p. 94 |
| Proceeds from disposal of property, plant and equipmentUS dollars thousands | 161 | PDF p. 94 |
| Dividend received from associated companyUS dollars thousands | - | PDF p. 94 |
| Net cash flows used in investing activitiesUS dollars thousands | (66,070) | PDF p. 94 |
| Cash flows from financing activities | ||
| Acquisition of non-controlling interestsUS dollars thousands | (120) | PDF p. 94 |
| Decrease/(Increase) in restricted short term bank depositsUS dollars thousands | (651) | PDF p. 94 |
| Proceeds from long term borrowingsUS dollars thousands | 58,609 | PDF p. 94 |
| Repayment of long term borrowingsUS dollars thousands | (16,143) | PDF p. 94 |
| Net (repayment of)/ proceeds from short-term borrowingsUS dollars thousands | 80,026 | PDF p. 94 |
| Repayment of lease liabilitiesUS dollars thousands | (508) | PDF p. 94 |
| Dividends paid to equity holders of the CompanyUS dollars thousands | (10,439) | PDF p. 94 |
| Dividends paid to non-controlling interestsUS dollars thousands | (243) | PDF p. 94 |
| Net cash flows (used in)/from financing activitiesUS dollars thousands | 110,531 | PDF p. 94 |
| Net change in cash and cash equivalentsUS dollars thousands | (61,913) | PDF p. 94 |
| Cash and cash equivalents at beginning of financial yearUS dollars thousands | 171,781 | PDF p. 94 |
| Effect of changes in exchange rate on cash and cash equivalentsUS dollars thousands | (7,670) | PDF p. 94 |
| Cash and cash equivalents at end of financial yearUS dollars thousands | 102,198 | PDF p. 94 |
| Represented by: | ||
| Cash and bank balancesUS dollars thousands | 102,849 | PDF p. 95 |
| Less: Restricted short term bank depositsUS dollars thousands | (651) | PDF p. 95 |
| Cash and cash equivalents per consolidated statement of cash flowsUS dollars thousands | 102,198 | PDF p. 95 |
Definitions & sources
Original report: PDF p. 94 ↗ PDF p. 95 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Group consolidated income statement
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / year ended 31 December 2021 | Source |
|---|---|---|
| income | ||
| RevenueUS dollars thousands | 4,348,818 | PDF p. 84 |
| Cost of salesUS dollars thousands | (4,025,770) | PDF p. 84 |
| Gross profitUS dollars thousands | 323,048 | PDF p. 84 |
| Other incomeUS dollars thousands | 7,913 | PDF p. 84 |
| Other expenses and other losses (net) - Impairment losses on property, plant and equipment (net), and provisionUS dollars thousands | (7,444) | PDF p. 84 |
| - Other losses (net)US dollars thousands | (16,487) | PDF p. 84 |
| Reversal/(Provision) of expected credit lossesUS dollars thousands | (5,129) | PDF p. 84 |
| Expenses | ||
| - Selling and distributionUS dollars thousands | (95,420) | PDF p. 84 |
| - AdministrativeUS dollars thousands | (86,969) | PDF p. 84 |
| - FinanceUS dollars thousands | (9,740) | PDF p. 84 |
| Share of loss of associated companyUS dollars thousands | (27) | PDF p. 84 |
| Profit before taxUS dollars thousands | 109,745 | PDF p. 84 |
| Income tax expenseUS dollars thousands | (28,598) | PDF p. 84 |
| Profit after taxUS dollars thousands | 81,147 | PDF p. 84 |
| Profit/(Loss) after tax attributable to: | ||
| Equity holders of the CompanyUS dollars thousands | 80,171 | PDF p. 84 |
| Non-controlling interestsUS dollars thousands | 976 | PDF p. 84 |
| Subtotal (unlabelled in original)US dollars thousands | 81,147 | PDF p. 84 |
| Company (expressed in US cents per share) | ||
| - Basic and dilutedUS cents per share | 5.34 | PDF p. 84 |
Definitions & sources
Original report: PDF p. 84 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Group consolidated statement of comprehensive income
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / year ended 31 December 2021 | Source |
|---|---|---|
| oci | ||
| Profit after taxUS dollars thousands | 81,147 | PDF p. 85 |
| Item that may be reclassified subsequently to profit or loss: | ||
| Currency translation differences arising from foreign subsidiaries - LossesUS dollars thousands | (4,849) | PDF p. 85 |
| Other comprehensive loss, net of taxUS dollars thousands | (4,849) | PDF p. 85 |
| Total comprehensive incomeUS dollars thousands | 76,298 | PDF p. 85 |
| Total comprehensive income/(loss) attributable to: | ||
| Equity holders of the CompanyUS dollars thousands | 75,216 | PDF p. 85 |
| Non-controlling interestsUS dollars thousands | 1,082 | PDF p. 85 |
| Subtotal (unlabelled in original)US dollars thousands | 76,298 | PDF p. 85 |
Definitions & sources
Original report: PDF p. 85 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Group statement of financial position
35 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / as at 31 December 2021 | Source |
|---|---|---|
| Current assets | ||
| InventoriesUS dollars thousands | 492,577 | PDF p. 86 |
| Trade receivablesUS dollars thousands | 253,467 | PDF p. 86 |
| Other receivablesUS dollars thousands | 78,752 | PDF p. 86 |
| Current income tax recoverableUS dollars thousands | 1,042 | PDF p. 86 |
| Derivative financial instrumentsUS dollars thousands | 49,360 | PDF p. 86 |
| Cash and bank balancesUS dollars thousands | 171,781 | PDF p. 86 |
| Subtotal (unlabelled in original)US dollars thousands | 1,046,979 | PDF p. 86 |
| Non-current assets | ||
| Intangible assetUS dollars thousands | 4,473 | PDF p. 86 |
| Property, plant and equipmentUS dollars thousands | 447,945 | PDF p. 86 |
| Investment in associated companyUS dollars thousands | 582 | PDF p. 86 |
| Deferred income tax assetsUS dollars thousands | 1,674 | PDF p. 86 |
| Derivative financial instrumentsUS dollars thousands | 897 | PDF p. 86 |
| Subtotal (unlabelled in original)US dollars thousands | 455,571 | PDF p. 86 |
| Total assetsUS dollars thousands | 1,502,550 | PDF p. 86 |
| Current liabilities | ||
| Trade payablesUS dollars thousands | 173,617 | PDF p. 86 |
| Other payablesUS dollars thousands | 82,999 | PDF p. 86 |
| Contract liabilitiesUS dollars thousands | 18,617 | PDF p. 86 |
| Lease liabilitiesUS dollars thousands | 367 | PDF p. 86 |
| Current income tax liabilitiesUS dollars thousands | 7,958 | PDF p. 86 |
| Derivative financial instrumentsUS dollars thousands | 62,808 | PDF p. 86 |
| BorrowingsUS dollars thousands | 358,890 | PDF p. 86 |
| Subtotal (unlabelled in original)US dollars thousands | 705,256 | PDF p. 86 |
| Non-current liabilities | ||
| Lease liabilitiesUS dollars thousands | 5,733 | PDF p. 86 |
| Deferred income tax liabilitiesUS dollars thousands | 36,700 | PDF p. 86 |
| BorrowingsUS dollars thousands | 71,278 | PDF p. 86 |
| Subtotal (unlabelled in original)US dollars thousands | 113,711 | PDF p. 86 |
| Total liabilitiesUS dollars thousands | 818,967 | PDF p. 86 |
| NET ASSETSUS dollars thousands | 683,583 | PDF p. 86 |
| Capital and reserves attributable to equity holders of the Company: | ||
| Share capitalUS dollars thousands | 1,501 | PDF p. 87 |
| Share premiumUS dollars thousands | 180,012 | PDF p. 87 |
| Other reservesUS dollars thousands | (38,864) | PDF p. 87 |
| Retained profitsUS dollars thousands | 533,985 | PDF p. 87 |
| Subtotal (unlabelled in original)US dollars thousands | 676,634 | PDF p. 87 |
| Non-controlling interestsUS dollars thousands | 6,949 | PDF p. 87 |
| Total equityUS dollars thousands | 683,583 | PDF p. 87 |
Definitions & sources
Original report: PDF p. 86 ↗ PDF p. 87 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Company statement of financial position
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Company / as at 31 December 2021 | Source |
|---|---|---|
| Current assets | ||
| Other receivablesUS dollars thousands | 307,640 | PDF p. 88 |
| Cash and bank balancesUS dollars thousands | 858 | PDF p. 88 |
| Subtotal (unlabelled in original)US dollars thousands | 308,498 | PDF p. 88 |
| Non-current assets | ||
| Investments in subsidiariesUS dollars thousands | 849 | PDF p. 88 |
| Derivative financial instrumentsUS dollars thousands | 1 | PDF p. 88 |
| Subtotal (unlabelled in original)US dollars thousands | 850 | PDF p. 88 |
| Total assetsUS dollars thousands | 309,348 | PDF p. 88 |
| Current liabilities | ||
| Other payablesUS dollars thousands | 211 | PDF p. 88 |
| Current income tax liabilitiesUS dollars thousands | 110 | PDF p. 88 |
| Subtotal (unlabelled in original)US dollars thousands | 321 | PDF p. 88 |
| Non-current liabilities | ||
| Deferred income tax liabilitiesUS dollars thousands | 1,731 | PDF p. 88 |
| Total liabilitiesUS dollars thousands | 2,052 | PDF p. 88 |
| NET ASSETSUS dollars thousands | 307,296 | PDF p. 88 |
| Capital and reserves attributable to equity holders of the Company: | ||
| Share capitalUS dollars thousands | 1,501 | PDF p. 88 |
| Share premiumUS dollars thousands | 180,012 | PDF p. 88 |
| Other reservesUS dollars thousands | 3,509 | PDF p. 88 |
| Retained profitsUS dollars thousands | 122,274 | PDF p. 88 |
| Total equityUS dollars thousands | 307,296 | PDF p. 88 |
Definitions & sources
Original report: PDF p. 88 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Group changes in equity / 2021
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / Share capital | 2021Group / Share premium | 2021Group / Capital redemption reserve | 2021Group / Merger reserve | 2021Group / General reserve | 2021Group / Currency translation reserve | 2021Group / Retained profits | 2021Group / Total attributable to equity holders of the Company | 2021Group / Non-controlling interests | 2021Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| equity | |||||||||||
| Balance at 1 January 2021US dollars thousands | 1,501 | 180,012 | 3,509 | (53,005) | (1,425) | 17,012 | 463,593 | 611,197 | (868) | 610,329 | PDF p. 89 |
| Profit for the yearUS dollars thousands | - | - | - | - | - | - | 80,171 | 80,171 | 976 | 81,147 | PDF p. 89 |
| Other comprehensive (loss)/ income for the yearUS dollars thousands | - | - | - | - | - | (4,955) | - | (4,955) | 106 | (4,849) | PDF p. 89 |
| Total comprehensive income for the yearUS dollars thousands | - | - | - | - | - | (4,955) | 80,171 | 75,216 | 1,082 | 76,298 | PDF p. 89 |
| Acquisition of subsidiariesUS dollars thousands | - | - | - | - | - | - | - | - | 6,872 | 6,872 | PDF p. 89 |
| DividendsUS dollars thousands | - | - | - | - | - | - | (9,779) | (9,779) | (137) | (9,916) | PDF p. 89 |
| Total transactions with owners, recognised directly in equityUS dollars thousands | - | - | - | - | - | - | (9,779) | (9,779) | 6,735 | (3,044) | PDF p. 89 |
| Balance at 31 December 2021US dollars thousands | 1,501 | 180,012 | 3,509 | (53,005) | (1,425) | 12,057 | 533,985 | 676,634 | 6,949 | 683,583 | PDF p. 89 |
Definitions & sources
Original report: PDF p. 89 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Group consolidated cash flows
41 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / year ended 31 December 2021 | Source |
|---|---|---|
| Cash flows from operating activities | ||
| Profit after taxUS dollars thousands | 81,147 | PDF p. 90 |
| Adjustments for: | ||
| - Income tax expenseUS dollars thousands | 28,598 | PDF p. 90 |
| - Depreciation of property, plant and equipmentUS dollars thousands | 26,511 | PDF p. 90 |
| - Losses/(Gains) on disposal of property, plant and equipmentUS dollars thousands | (375) | PDF p. 90 |
| - Property, plant and equipment written offUS dollars thousands | 14 | PDF p. 90 |
| - Impairment loss on property, plant and equipment - netUS dollars thousands | 7,444 | PDF p. 90 |
| - Interest incomeUS dollars thousands | (2,671) | PDF p. 90 |
| - Interest expenseUS dollars thousands | 9,740 | PDF p. 90 |
| - Share of loss of associated companyUS dollars thousands | 27 | PDF p. 90 |
| Operating cash flows before working capital changesUS dollars thousands | 150,435 | PDF p. 90 |
| Changes in operating assets and liabilities: | ||
| - InventoriesUS dollars thousands | (205,388) | PDF p. 90 |
| - Trade and other receivablesUS dollars thousands | 32,144 | PDF p. 90 |
| - Contract liabilitiesUS dollars thousands | 4,655 | PDF p. 90 |
| - Trade and other payablesUS dollars thousands | 32,590 | PDF p. 90 |
| - Derivative financial instrumentsUS dollars thousands | 3,697 | PDF p. 90 |
| Cash flows (used in)/generated from operationsUS dollars thousands | 18,133 | PDF p. 90 |
| Interest receivedUS dollars thousands | 2,671 | PDF p. 90 |
| Interest paidUS dollars thousands | (9,740) | PDF p. 90 |
| Income tax paidUS dollars thousands | (21,012) | PDF p. 90 |
| Net cash flows used in operating activitiesUS dollars thousands | (9,948) | PDF p. 90 |
| Cash flows from investing activities | ||
| Acquisition of subsidiaries, net of cash and cash equivalents acquiredUS dollars thousands | (13,282) | PDF p. 90 |
| (Increase)/Decrease in advance payment of property, plant and equipmentUS dollars thousands | 249 | PDF p. 90 |
| Additions to property, plant and equipmentUS dollars thousands | (25,111) | PDF p. 90 |
| Proceeds from disposal of property, plant and equipmentUS dollars thousands | 531 | PDF p. 90 |
| Net cash flows used in investing activitiesUS dollars thousands | (37,613) | PDF p. 90 |
| Cash flows from financing activities | ||
| Acquisition of non-controlling interestsUS dollars thousands | - | PDF p. 90 |
| Increase in restricted short term bank depositsUS dollars thousands | - | PDF p. 90 |
| Proceeds from long term borrowingsUS dollars thousands | 50,985 | PDF p. 90 |
| Repayment of long term borrowingsUS dollars thousands | (14,214) | PDF p. 90 |
| Net proceeds of short term borrowingsUS dollars thousands | 115,695 | PDF p. 90 |
| Repayment of lease liabilitiesUS dollars thousands | (477) | PDF p. 90 |
| Dividends paid to equity holders of the CompanyUS dollars thousands | (9,779) | PDF p. 90 |
| Dividends paid to non-controlling interestsUS dollars thousands | (137) | PDF p. 90 |
| Net cash flows from financing activitiesUS dollars thousands | 142,073 | PDF p. 90 |
| Net change in cash and cash equivalentsUS dollars thousands | 94,512 | PDF p. 90 |
| Cash and cash equivalents at beginning of financial yearUS dollars thousands | 78,169 | PDF p. 90 |
| Effect of changes in exchange rate on cash and cash equivalentsUS dollars thousands | (900) | PDF p. 90 |
| Cash and cash equivalents at end of financial yearUS dollars thousands | 171,781 | PDF p. 90 |
| Represented by: | ||
| Cash and bank balancesUS dollars thousands | 171,781 | PDF p. 91 |
| Less: Restricted short term bank depositsUS dollars thousands | - | PDF p. 91 |
| Cash and cash equivalents per consolidated statement of cash flowsUS dollars thousands | 171,781 | PDF p. 91 |
Definitions & sources
Original report: PDF p. 90 ↗ PDF p. 91 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Original FY2024 Group income statement
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / year ended 31 December 2024 | Source |
|---|---|---|
| income | ||
| RevenueUS dollars thousands | 4,781,976 | PDF p. 94 |
| Cost of salesUS dollars thousands | (4,485,258) | PDF p. 94 |
| Gross profitUS dollars thousands | 296,718 | PDF p. 94 |
| Other incomeUS dollars thousands | 19,817 | PDF p. 94 |
| Other losses (net) - Impairment losses on property, plant and equipment (net)US dollars thousands | (15,862) | PDF p. 94 |
| - Others - netUS dollars thousands | (16,324) | PDF p. 94 |
| (Provision)/Reversal of expected credit losses | ||
| - Trade receivablesUS dollars thousands | (3,546) | PDF p. 94 |
| - Other receivables*US dollars thousands | (4,542) | PDF p. 94 |
| Expenses | ||
| - Selling and distributionUS dollars thousands | (91,530) | PDF p. 94 |
| - AdministrativeUS dollars thousands | (110,338) | PDF p. 94 |
| - FinanceUS dollars thousands | (28,290) | PDF p. 94 |
| Share of profit of associated companyUS dollars thousands | 12 | PDF p. 94 |
| Profit before taxUS dollars thousands | 46,115 | PDF p. 94 |
| Income tax expenseUS dollars thousands | (10,523) | PDF p. 94 |
| Profit after taxUS dollars thousands | 35,592 | PDF p. 94 |
| Profit/(Loss) after tax attributable to: | ||
| Equity holders of the CompanyUS dollars thousands | 38,807 | PDF p. 94 |
| Non-controlling interestsUS dollars thousands | (3,215) | PDF p. 94 |
| Subtotal (unlabelled in original)US dollars thousands | 35,592 | PDF p. 94 |
| (expressed in US cents per share) | ||
| - Basic and dilutedUS cents per share | 2.59 | PDF p. 94 |
Definitions & sources
Original report: PDF p. 94 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Original FY2023 Group income statement
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended 31 December 2023 | Source |
|---|---|---|
| income | ||
| RevenueUS dollars thousands | 4,123,796 | PDF p. 88 |
| Cost of salesUS dollars thousands | (3,864,724) | PDF p. 88 |
| Gross profitUS dollars thousands | 259,072 | PDF p. 88 |
| Other incomeUS dollars thousands | 10,179 | PDF p. 88 |
| Other gains/(losses) (net) - Impairment losses on property, plant and equipment (net)US dollars thousands | (3,784) | PDF p. 88 |
| - Others - netUS dollars thousands | (23,982) | PDF p. 88 |
| (Provision)/Reversal of expected credit lossesUS dollars thousands | (2,750) | PDF p. 88 |
| Expenses | ||
| - Selling and distributionUS dollars thousands | (50,256) | PDF p. 88 |
| - AdministrativeUS dollars thousands | (106,043) | PDF p. 88 |
| - FinanceUS dollars thousands | (27,322) | PDF p. 88 |
| Share of profit/(loss) of associated companyUS dollars thousands | 28 | PDF p. 88 |
| Profit before taxUS dollars thousands | 55,142 | PDF p. 88 |
| Income tax expenseUS dollars thousands | (16,570) | PDF p. 88 |
| Profit after taxUS dollars thousands | 38,572 | PDF p. 88 |
| Profit/(Loss) after tax attributable to: | ||
| Equity holders of the CompanyUS dollars thousands | 40,581 | PDF p. 88 |
| Non-controlling interestsUS dollars thousands | (2,009) | PDF p. 88 |
| Subtotal (unlabelled in original)US dollars thousands | 38,572 | PDF p. 88 |
| Company (expressed in US cents per share) | ||
| - Basic and dilutedUS cents per share | 2.70 | PDF p. 88 |
Definitions & sources
Original report: PDF p. 88 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Original FY2023 Group cash flows
43 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended 31 December 2023 | Source |
|---|---|---|
| Cash flows from operating activities | ||
| Profit after taxUS dollars thousands | 38,572 | PDF p. 94 |
| Adjustments for: | ||
| - Income tax expenseUS dollars thousands | 16,570 | PDF p. 94 |
| - Depreciation of property, plant and equipmentUS dollars thousands | 25,789 | PDF p. 94 |
| - (Gains)/Losses on disposal of property, plant and equipmentUS dollars thousands | (1,174) | PDF p. 94 |
| - Property, plant and equipment written offUS dollars thousands | 618 | PDF p. 94 |
| - Impairment loss on property, plant and equipment - netUS dollars thousands | 3,784 | PDF p. 94 |
| - Impairment losses on goodwillUS dollars thousands | 765 | PDF p. 94 |
| - Interest incomeUS dollars thousands | (3,642) | PDF p. 94 |
| - Interest expenseUS dollars thousands | 27,322 | PDF p. 94 |
| - Share of (profit)/loss of associated companyUS dollars thousands | (28) | PDF p. 94 |
| Operating cash flows before working capital changesUS dollars thousands | 108,576 | PDF p. 94 |
| Changes in operating assets and liabilities: | ||
| - InventoriesUS dollars thousands | 10,706 | PDF p. 94 |
| - Trade and other receivablesUS dollars thousands | 233,348 | PDF p. 94 |
| - Contract liabilitiesUS dollars thousands | 2,306 | PDF p. 94 |
| - Trade and other payablesUS dollars thousands | (50,306) | PDF p. 94 |
| - Derivative financial instrumentsUS dollars thousands | 10,176 | PDF p. 94 |
| Cash flows generated from/(used in) operationsUS dollars thousands | 314,806 | PDF p. 94 |
| Interest receivedUS dollars thousands | 3,642 | PDF p. 94 |
| Interest paidUS dollars thousands | (27,322) | PDF p. 94 |
| Income tax paidUS dollars thousands | (29,495) | PDF p. 94 |
| Net cash flows from/(used in) operating activitiesUS dollars thousands | 261,631 | PDF p. 94 |
| Cash flows from investing activities | ||
| Acquisition of subsidiaries, net of cash and cash equivalents acquiredUS dollars thousands | (1,647) | PDF p. 94 |
| Decrease/(Increase) in advance payment of property, plant and equipmentUS dollars thousands | 8,447 | PDF p. 94 |
| Additions to property, plant and equipmentUS dollars thousands | (85,547) | PDF p. 94 |
| Proceeds from disposal of property, plant and equipmentUS dollars thousands | 5,917 | PDF p. 94 |
| Dividend received from associated companyUS dollars thousands | 11 | PDF p. 94 |
| Net cash flows used in investing activitiesUS dollars thousands | (72,819) | PDF p. 94 |
| Cash flows from financing activities | ||
| Acquisition of non-controlling interestsUS dollars thousands | - | PDF p. 94 |
| Decrease/(Increase) in restricted short term bank depositsUS dollars thousands | 314 | PDF p. 94 |
| Proceeds from long term borrowingsUS dollars thousands | 39,956 | PDF p. 94 |
| Repayment of long term borrowingsUS dollars thousands | (28,596) | PDF p. 94 |
| Net (repayment of)/ proceeds from short-term borrowingsUS dollars thousands | (150,264) | PDF p. 94 |
| Repayment of lease liabilitiesUS dollars thousands | (683) | PDF p. 94 |
| Dividends paid to equity holders of the CompanyUS dollars thousands | (17,297) | PDF p. 94 |
| Dividends paid to non-controlling interestsUS dollars thousands | (207) | PDF p. 94 |
| Net cash flows (used in)/from financing activitiesUS dollars thousands | (156,777) | PDF p. 94 |
| Net change in cash and cash equivalentsUS dollars thousands | 32,035 | PDF p. 94 |
| Cash and cash equivalents at beginning of financial yearUS dollars thousands | 102,198 | PDF p. 94 |
| Effect of changes in exchange rate on cash and cash equivalentsUS dollars thousands | (2,648) | PDF p. 94 |
| Cash and cash equivalents at end of financial yearUS dollars thousands | 131,585 | PDF p. 94 |
| Represented by: | ||
| Cash and bank balancesUS dollars thousands | 131,922 | PDF p. 95 |
| Less: Restricted short term bank depositsUS dollars thousands | (337) | PDF p. 95 |
| Cash and cash equivalents per consolidated statement of cash flowsUS dollars thousands | 131,585 | PDF p. 95 |
Definitions & sources
Original report: PDF p. 94 ↗ PDF p. 95 ↗
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
Where the money comes from
Segment information
By business
Segment information 2025 by Bulk / Consumer Pack 17 lines
| Item / unit | 2025Bulk | 2025Consumer Pack | 2025Total | Source |
|---|---|---|---|---|
| Revenue | ||||
| Total segment salesUS$'000 | 4,951,546 | 1,460,642 | 6,412,188 | PDF p. 168 |
| Inter-segment salesUS$'000 | (404,557) | (30,285) | (434,842) | PDF p. 168 |
| Revenue from external partiesUS$'000 | 4,546,989 | 1,430,357 | 5,977,346 | PDF p. 168 |
| Results | ||||
| Operating marginUS$'000 | 171,186 | 107,961 | 279,147 | PDF p. 168 |
| Other income excluding interest incomeUS$'000 | 4,954 | 3,001 | 7,955 | PDF p. 168 |
| Interest incomeUS$'000 | 6,323 | 878 | 7,201 | PDF p. 168 |
| Administrative expenses, excluding depreciationUS$'000 | (57,411) | (63,732) | (121,143) | PDF p. 168 |
| Other gains/(losses) (net) including reversal/(provision) of expected credit losses – other receivables and provisionUS$'000 | 4,565 | (412) | 4,153 | PDF p. 168 |
| Adjusted EBITDAUS$'000 | 129,617 | 47,696 | 177,313 | PDF p. 168 |
| DepreciationUS$'000 | (23,530) | (9,717) | (33,247) | PDF p. 168 |
| Finance expenseUS$'000 | (28,282) | (15,799) | (44,081) | PDF p. 168 |
| Segment results before impairment and write-off of assetsUS$'000 | 77,805 | 22,180 | 99,985 | PDF p. 168 |
| Impairment and write-off of assetsUS$'000 | (347) | (24,273) | (24,620) | PDF p. 168 |
| Segment resultsUS$'000 | 77,458 | (2,093) | 75,365 | PDF p. 168 |
| Assets | ||||
| Total segment assetsUS$'000 | 1,376,956 | 645,130 | 2,022,086 | PDF p. 168 |
| Total assets include: Additions to | ||||
| - Property, plant and equipmentUS$'000 | 24,915 | 21,368 | 46,283 | PDF p. 168 |
| Liabilities | ||||
| Total segment liabilitiesUS$'000 | (710,811) | (389,365) | (1,100,176) | PDF p. 168 |
Notes
Financial year ended 31 December 2025. Unallocated items are printed only in the Total column.
Segment information 2024 by Bulk / Consumer Pack 17 lines
| Item / unit | 2024Bulk | 2024Consumer Pack | 2024Total | Source |
|---|---|---|---|---|
| Revenue | ||||
| Total segment salesUS$'000 | 3,784,919 | 1,281,631 | 5,066,550 | PDF p. 169 |
| Inter-segment salesUS$'000 | (266,438) | (18,136) | (284,574) | PDF p. 169 |
| Revenue from external partiesUS$'000 | 3,518,481 | 1,263,495 | 4,781,976 | PDF p. 169 |
| Results | ||||
| Operating marginUS$'000 | 96,336 | 110,277 | 206,613 | PDF p. 169 |
| Other income excluding interest incomeUS$'000 | 3,776 | 2,945 | 6,721 | PDF p. 169 |
| Interest incomeUS$'000 | 11,918 | 1,178 | 13,096 | PDF p. 169 |
| Administrative expenses, excluding depreciationUS$'000 | (48,056) | (55,120) | (103,176) | PDF p. 169 |
| Other gains/(losses) (net) including (provision)/reversal of expected credit losses – other receivablesUS$'000 | (2,914) | (1,479) | (4,393) | PDF p. 169 |
| Adjusted EBITDAUS$'000 | 61,060 | 57,801 | 118,861 | PDF p. 169 |
| DepreciationUS$'000 | (18,673) | (8,813) | (27,486) | PDF p. 169 |
| Finance expenseUS$'000 | (16,434) | (11,856) | (28,290) | PDF p. 169 |
| Segment results before impairment and write-off of assetsUS$'000 | 25,953 | 37,132 | 63,085 | PDF p. 169 |
| Impairment and write-off of assets*US$'000 | (3,201) | (13,781) | (16,982) | PDF p. 169 |
| Segment resultsUS$'000 | 22,752 | 23,351 | 46,103 | PDF p. 169 |
| Assets | ||||
| Total segment assetsUS$'000 | 1,259,119 | 601,346 | 1,860,465 | PDF p. 169 |
| Total assets include: Additions to | ||||
| - Property, plant and equipmentUS$'000 | 30,067 | 33,529 | 63,596 | PDF p. 169 |
| Liabilities | ||||
| Total segment liabilitiesUS$'000 | (686,959) | (332,141) | (1,019,100) | PDF p. 169 |
Notes
Financial year ended 31 December 2024. Unallocated items are printed only in the Total column.
* Figures have been re-presented, as they were previously classified under ‘Other gains/(losses) (net) including (provision)/reversal of expected credit losses – other receivables’. The change is to improve the presentation and comparability.
By geography
Geographical information - Revenue by geography 11 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue by geography | |||
| MalaysiaUS$'000 | 2,184,252 | 1,577,062 | PDF p. 170 |
| SingaporeUS$'000 | 1,060,451 | 991,953 | PDF p. 170 |
| Subtotal Malaysia and Singapore (unlabelled)US$'000 | 3,244,703 | 2,569,015 | PDF p. 170 |
| Other geographical areas | |||
| - Rest of AsiaUS$'000 | 1,535,981 | 1,147,039 | PDF p. 170 |
| - AfricaUS$'000 | 297,992 | 335,797 | PDF p. 170 |
| - Middle EastUS$'000 | 561,599 | 445,024 | PDF p. 170 |
| - EuropeUS$'000 | 189,893 | 158,613 | PDF p. 170 |
| - Pacific OceaniaUS$'000 | 99,053 | 81,059 | PDF p. 170 |
| - AmericaUS$'000 | 48,125 | 45,429 | PDF p. 170 |
| Subtotal other geographical areas (unlabelled)US$'000 | 2,732,643 | 2,212,961 | PDF p. 170 |
| Revenue by geography | |||
| Total revenue (unlabelled)US$'000 | 5,977,346 | 4,781,976 | PDF p. 170 |
Notes
Revenue is attributed to countries on the basis of the customers’ billing locations.
Subtotal and total rows have no printed labels.
Geographical information - Non-current assets by geography 5 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Non-current assets by geography | |||
| SingaporeUS$'000 | 16,510 | 20,808 | PDF p. 170 |
| MalaysiaUS$'000 | 371,755 | 325,598 | PDF p. 170 |
| IndonesiaUS$'000 | 165,664 | 168,403 | PDF p. 170 |
| Other countriesUS$'000 | 3,789 | 2,325 | PDF p. 170 |
| Total non-current assets (unlabelled)US$'000 | 557,718 | 517,134 | PDF p. 170 |
Notes
Non-current assets, excluding deferred income tax assets and derivative financial assets, are analysed by the geographical area in which they are located.
No transaction with a single external customer amounted to 10 per cent or more of Group revenues for 2025 and 2024.
Total row has no printed label.
Debt
Borrowings
Liquidity risk maturity analysis - Borrowings and lease liabilities (contractual undiscounted cash flows), Group
| Item / unit | 2025At 31 December 2025: Less than 1 year | 2025At 31 December 2025: Between 1 and 2 years | 2025At 31 December 2025: Between 2 and 5 years | 2025At 31 December 2025: Over 5 years | 2025At 31 December 2025: Total | Source |
|---|---|---|---|---|---|---|
| At 31 December 2025 | ||||||
| BorrowingsUS$'000 | (685,486) | (52,713) | (71,726) | (19,326) | (829,251) | PDF p. 160 |
| Lease liabilitiesUS$'000 | (1,827) | (1,611) | (2,875) | (11,287) | (17,600) | PDF p. 160 |
Notes
Contractual undiscounted cash flows; balances due within 12 months approximate carrying balances.
Liquidity risk maturity analysis - Borrowings and lease liabilities (contractual undiscounted cash flows), Group
| Item / unit | 2025At 31 December 2025: Less than 1 year | 2025At 31 December 2025: Between 1 and 2 years | 2025At 31 December 2025: Between 2 and 5 years | 2025At 31 December 2025: Over 5 years | 2025At 31 December 2025: Total | 2024At 31 December 2024: Less than 1 year | 2024At 31 December 2024: Between 1 and 2 years | 2024At 31 December 2024: Between 2 and 5 years | 2024At 31 December 2024: Over 5 years | 2024At 31 December 2024: Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| At 31 December | |||||||||||
| BorrowingsUS$'000 | (685,486) | (52,713) | (71,726) | (19,326) | (829,251) | (551,017) | (33,916) | (85,018) | (22,368) | (692,319) | PDF p. 160 |
| Lease liabilitiesUS$'000 | (1,827) | (1,611) | (2,875) | (11,287) | (17,600) | (1,499) | (1,278) | (2,462) | (11,532) | (16,771) | PDF p. 160 |
Notes
Contractual undiscounted cash flows; balances due within 12 months approximate carrying balances.
Contractual undiscounted cash flows.
Borrowing notes 1 tables
Borrowings
| Item / unit | 2025US$'000 | 2024US$'000 | Source |
|---|---|---|---|
| Current bank borrowings | |||
| - Trade financingUS$'000 | 638,497 | 509,672 | PDF p. 143 |
| - Revolving creditUS$'000 | 1,192 | - | PDF p. 143 |
| - Hire purchaseUS$'000 | 455 | 544 | PDF p. 143 |
| - Term loansUS$'000 | 31,051 | 27,569 | PDF p. 143 |
| Current | |||
| Current bank borrowings subtotalUS$'000 | 671,195 | 537,785 | PDF p. 143 |
| Non-current bank borrowings | |||
| - Hire purchaseUS$'000 | 3 | 415 | PDF p. 143 |
| - Term loansUS$'000 | 128,902 | 123,376 | PDF p. 143 |
| Non-current | |||
| Non-current bank borrowings subtotalUS$'000 | 128,905 | 123,791 | PDF p. 143 |
| Total | |||
| Total borrowingsUS$'000 | 800,100 | 661,576 | PDF p. 143 |
Notes
Short-term borrowings bear interest rates ranging from 3.5% to 6.2% (2024: 3.7% to 6.3%) per annum. Long-term borrowings bear interest rates ranging from 3.0% to 6.3% (2024: 2.0% to 6.8%) per annum.
Total borrowings include secured liabilities of US$154,936,000 (2024: US$144,504,000). Secured by certain property, plant and equipment (Note 19(b)).
Fair value of non-current borrowings approximated carrying value.
Covenants: major non-current bank borrowings carrying amount US$128,902,000 (2024: US$123,376,000) subject to financial covenants on consolidated total equity and gross debt to total equity.
Subtotal rows have no printed label.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Provision 11.6 Dividend Policy | Mewah is committed to rewarding shareholders fairly and sustainably, balancing the payment of dividends while taking into consideration the Group's financial performance, cash flow generation, projected capital requirements for business growth, schedule of debts repayment and general global economic conditions to ensure that the best interests of the Company are served. | Company policy | PDF p. 80 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Final exempt one-tier dividend of S$0.0062 for 2025 | S$0.0062 | FY2025 proposed final dividend, per ordinary share; comparative 2024: S$0.0061 | PDF p. 150 |
| Proposed Final Dividend for FY2025 (S$0.0062 cent/share) | 29 April 2026 | FY2025 proposed final dividend record date; payment date 11 May 2026 | PDF p. 36 |
| Interim exempt one-tier dividend of S$0.0018 for 2025 | S$0.0018 | FY2025 interim dividend, per share; comparative 2024: S$0.0014 | PDF p. 150 |
| Interim Dividend of 2025 Half-Year (S$0.0018 cent/share) | 22 August 2025 | FY2025 interim dividend record date; payment 2 September 2025 | PDF p. 36 |
| Final exempt one-tier dividend of S$0.0061 for 2024 | S$0.0061 | FY2024 final dividend per share, paid in 2025 (2023: S$0.0061) | PDF p. 150 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Engagement partner | Mark Adam Mathew | Group | PDF p. 93 |
| Our Opinion | present fairly, in all material respects | Group and Company, year ended 31 December 2025 | PDF p. 89 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of commodities forward contracts | Valuation of commodities forward contracts | Group | PDF p. 90 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Five full financial years ended 31 December 2021–2025. Monetary units are US dollar thousands (US$’000); EPS is US cents per share. These differ from the Singapore-dollar trading currency. Separate Company primary income, OCI, equity and cashflow statements are not supplied.
FY2024 original income presented PPE impairment 15,862 and other net losses 16,324. FY2025 comparative presents other expenses 16,984 and other net losses 15,202. The difference of 1,122 is goodwill impairment 245 plus PPE written off 877 (FY2025 Note6, physical124). Combined expenses and net profit are unchanged; original FY2024 income is retained.
FY2023 original other net losses 23,982 are later presented as 24,233 with a separate other-receivable ECL reversal 251. Original FY2023 income is retained.
FY2023 cashflow comparative separately presents trade ECL 2,750 and other ECL reversal (251). Operating cash before working capital rises 2,499, while the receivables movement falls 2,499; net operating cash is unchanged. Original PPE advance inflow 8,447 and capex outflow 85,547 are later combined as capex outflow 77,100. Original FY2023 cashflow is retained; FY2024 physical101 explains both changes.
FY2021 original cashflow labels the positive 115,695 as net repayments of short term borrowings; FY2022 comparative labels the same positive amount as net proceeds. Original wording is preserved here and source amounts are not sign-corrected.
PwC unmodified opinion at physical89–93; Mark Adam Mathew signed 5 March 2026. The two key audit matters concern commodities forward-contract valuation and impairment of certain PPE and related goodwill.
FY2025 Note6 discloses a fire at 70%-owned PT Agro Raya Mas: PPE written off 15,171, inventories written off 3,623 and goodwill impairment 3,503, all US$000. Any insurance recovery was expected in a subsequent year subject to finalisation; no recovery is invented in the current statements.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.