QAF Q01
Financials
Annual Report 2025
Explore the statements
20 tablesConsolidated Income Statement
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$’000 | 633,596 | 636,107 | PDF p. 126 |
| Costs and expenses | |||
| Costs of materials$’000 | 335,162 | 334,088 | PDF p. 126 |
| Staff costs$’000 | 129,086 | 124,249 | PDF p. 126 |
| Amortisation and depreciation$’000 | 27,633 | 26,661 | PDF p. 126 |
| Repairs and maintenance$’000 | 14,873 | 14,124 | PDF p. 126 |
| Utilities$’000 | 18,678 | 20,631 | PDF p. 126 |
| Advertising and promotion$’000 | 7,935 | 9,636 | PDF p. 126 |
| Other operating expenses$’000 | 66,541 | 71,212 | PDF p. 126 |
| Income statement | |||
| Total costs and expenses$’000 | (599,908) | (600,601) | PDF p. 126 |
| Profit from operating activities$’000 | 33,688 | 35,506 | PDF p. 126 |
| Finance costs$’000 | (1,261) | (2,008) | PDF p. 126 |
| Exceptional items$’000 | – | 6,403 | PDF p. 126 |
| Share of profits of joint venture$’000 | 15,371 | 4,734 | PDF p. 126 |
| Profit before tax$’000 | 47,798 | 44,635 | PDF p. 126 |
| Income tax expense$’000 | (7,515) | (9,957) | PDF p. 126 |
| Profit after tax$’000 | 40,283 | 34,678 | PDF p. 126 |
| Attributable to | |||
| Owners of the parent$’000 | 39,839 | 34,704 | PDF p. 126 |
| Non-controlling interests$’000 | 444 | (26) | PDF p. 126 |
| Subtotal$’000 | 40,283 | 34,678 | PDF p. 126 |
| Earnings per ordinary share | |||
| Basic and dilutedcents per ordinary share | 6.9 | 6.0 | PDF p. 126 |
Definitions & sources
Original report: PDF p. 126 ↗
The statements are for the financial year ended 31 December 2025. The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Consolidated Statement of Comprehensive Income
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit after tax$’000 | 40,283 | 34,678 | PDF p. 127 |
| Other comprehensive income: Items that will not be reclassified subsequently to profit or loss | |||
| Actuarial loss on defined benefit plans$’000 | (149) | (167) | PDF p. 127 |
| Other comprehensive income: Items that may be reclassified subsequently to profit or loss | |||
| Currency translation arising on consolidation$’000 | (2,608) | 4,307 | PDF p. 127 |
| Share of other comprehensive income of joint venture$’000 | 2,226 | 2,684 | PDF p. 127 |
| Comprehensive income | |||
| Other comprehensive income for the year, net of tax$’000 | (531) | 6,824 | PDF p. 127 |
| Total comprehensive income for the year$’000 | 39,752 | 41,502 | PDF p. 127 |
| Total comprehensive income attributable to | |||
| Owners of the parent$’000 | 39,370 | 41,592 | PDF p. 127 |
| Non-controlling interests$’000 | 382 | (90) | PDF p. 127 |
| Subtotal$’000 | 39,752 | 41,502 | PDF p. 127 |
Definitions & sources
Original report: PDF p. 127 ↗
The statement is for the financial year ended 31 December 2025. “Items that will not be reclassified subsequently to profit or loss” and “Items that may be reclassified subsequently to profit or loss” are the printed subcategories under Other comprehensive income. The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Statements of Financial Position — Assets
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Assets — Current assets | |||||
| Inventories$’000 | 57,578 | 58,228 | – | – | PDF p. 128 |
| Trade receivables$’000 | 92,191 | 89,609 | – | – | PDF p. 128 |
| Other receivables$’000 | 12,481 | 11,835 | 10,825 | 36,464 | PDF p. 128 |
| Tax recoverable$’000 | 7,681 | 7,323 | – | – | PDF p. 128 |
| Cash and cash equivalents$’000 | 214,055 | 209,403 | 164,198 | 156,300 | PDF p. 128 |
| Assets classified as held for sale$’000 | – | 3,586 | – | – | PDF p. 128 |
| Subtotal$’000 | 383,986 | 379,984 | 175,023 | 192,764 | PDF p. 128 |
| Assets — Non-current assets | |||||
| Property, plant and equipment$’000 | 202,313 | 213,140 | 3,140 | 3,179 | PDF p. 128 |
| Right-of-use assets$’000 | 16,321 | 18,383 | 94 | 112 | PDF p. 128 |
| Investment in subsidiaries$’000 | – | – | 47,682 | 103,586 | PDF p. 128 |
| Advances to subsidiaries$’000 | – | – | 113,918 | 127,885 | PDF p. 128 |
| Investment in joint venture$’000 | 59,659 | 48,168 | – | – | PDF p. 128 |
| Intangibles$’000 | 97 | 114 | 72 | 77 | PDF p. 128 |
| Deferred tax assets$’000 | 6,252 | 4,491 | – | – | PDF p. 128 |
| Subtotal$’000 | 284,642 | 284,296 | 164,906 | 234,839 | PDF p. 128 |
| Assets | |||||
| Total assets$’000 | 668,628 | 664,280 | 339,929 | 427,603 | PDF p. 128 |
Definitions & sources
Original report: PDF p. 128 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Statements of Financial Position — Liabilities, Capital and Reserves
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Liabilities — Current liabilities | |||||
| Trade payables$’000 | 65,120 | 61,089 | 76 | 54 | PDF p. 129 |
| Other payables$’000 | 47,097 | 49,964 | 3,120 | 107,720 | PDF p. 129 |
| Short-term borrowings$’000 | 3,200 | 5,188 | – | – | PDF p. 129 |
| Long-term borrowings – current portion$’000 | 1,562 | 4,716 | – | – | PDF p. 129 |
| Lease liabilities – current portion$’000 | 2,338 | 3,682 | 76 | 93 | PDF p. 129 |
| Income tax payable$’000 | 4,809 | 4,510 | 638 | 691 | PDF p. 129 |
| Subtotal$’000 | 124,126 | 129,149 | 3,910 | 108,558 | PDF p. 129 |
| Liabilities — Non-current liabilities | |||||
| Other payables$’000 | 8,714 | 8,580 | 843 | 1,517 | PDF p. 129 |
| Long-term borrowings$’000 | – | 1,703 | – | – | PDF p. 129 |
| Lease liabilities$’000 | 16,055 | 16,677 | 24 | 29 | PDF p. 129 |
| Deferred tax liabilities$’000 | 7,430 | 7,132 | 1,539 | 1,239 | PDF p. 129 |
| Subtotal$’000 | 32,199 | 34,092 | 2,406 | 2,785 | PDF p. 129 |
| Liabilities | |||||
| Total liabilities$’000 | 156,325 | 163,241 | 6,316 | 111,343 | PDF p. 129 |
| Financial position | |||||
| Net assets$’000 | 512,303 | 501,039 | 333,613 | 316,260 | PDF p. 129 |
| Capital and reserves | |||||
| Share capital$’000 | 277,043 | 277,043 | 277,043 | 277,043 | PDF p. 129 |
| Reserves$’000 | 233,244 | 222,637 | 56,570 | 39,217 | PDF p. 129 |
| Equity attributable to owners of the parent$’000 | 510,287 | 499,680 | 333,613 | 316,260 | PDF p. 129 |
| Non-controlling interests$’000 | 2,016 | 1,359 | – | – | PDF p. 129 |
| Total equity$’000 | 512,303 | 501,039 | 333,613 | 316,260 | PDF p. 129 |
Definitions & sources
Original report: PDF p. 129 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Consolidated Statement of Changes in Equity — 2025 movements
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupShare capital | 2025GroupCapital reserve | 2025GroupRevenue reserve | 2025GroupForeign currency translation reserve | 2025GroupTotal attributable to owners of the parent | 2025GroupNon-controlling interests | 2025GroupTotal equity | Source |
|---|---|---|---|---|---|---|---|---|
| Opening balance | ||||||||
| Balance at 1 January 2025$’000 by equity column | 277,043 | (1,511) | 249,029 | (24,881) | 499,680 | 1,359 | 501,039 | PDF p. 130 |
| Total comprehensive income for the year | ||||||||
| Net profit for the year$’000 by equity column | – | – | 39,839 | – | 39,839 | 444 | 40,283 | PDF p. 130 |
| Other comprehensive income for the year | ||||||||
| – Currency translation arising on consolidation$’000 by equity column | – | – | – | (2,533) | (2,533) | (75) | (2,608) | PDF p. 130 |
| – Actuarial (loss)/gain on defined benefit plans$’000 by equity column | – | – | (162) | – | (162) | 13 | (149) | PDF p. 130 |
| – Share of other comprehensive income of joint venture$’000 by equity column | – | – | – | 2,226 | 2,226 | – | 2,226 | PDF p. 130 |
| Other comprehensive income for the year, net of tax$’000 by equity column | – | – | (162) | (307) | (469) | (62) | (531) | PDF p. 130 |
| Total comprehensive income for the year | ||||||||
| Total comprehensive income for the year$’000 by equity column | – | – | 39,677 | (307) | 39,370 | 382 | 39,752 | PDF p. 130 |
| Transactions with owners in their capacity as owners; Contributions by and distributions to owners | ||||||||
| Capital contribution by non-controlling interest$’000 by equity column | – | – | – | – | – | 431 | 431 | PDF p. 130 |
| Dividends$’000 by equity column | – | – | (28,763) | – | (28,763) | (156) | (28,919) | PDF p. 130 |
| Transactions with owners in their capacity as owners | ||||||||
| Total transactions with owners in their capacity as owners$’000 by equity column | – | – | (28,763) | – | (28,763) | 275 | (28,488) | PDF p. 130 |
| Closing balance | ||||||||
| Balance at 31 December 2025$’000 by equity column | 277,043 | (1,511) | 259,943 | (25,188) | 510,287 | 2,016 | 512,303 | PDF p. 130 |
Definitions & sources
Original report: PDF p. 130 ↗
Equity columns, in order: Share capital; Capital reserve; Revenue reserve; Foreign currency translation reserve; Total attributable to owners of the parent; Non-controlling interests; Total equity.
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Consolidated Statement of Changes in Equity — 2024 movements
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024GroupShare capital | 2024GroupCapital reserve | 2024GroupRevenue reserve | 2024GroupForeign currency translation reserve | 2024GroupTotal attributable to owners of the parent | 2024GroupNon-controlling interests | 2024GroupTotal equity | Source |
|---|---|---|---|---|---|---|---|---|
| Opening balance | ||||||||
| Balance at 1 January 2024$’000 by equity column | 277,043 | (1,511) | 243,189 | (31,870) | 486,851 | 1,631 | 488,482 | PDF p. 131 |
| Total comprehensive income for the year | ||||||||
| Net profit/(loss) for the year$’000 by equity column | – | – | 34,704 | – | 34,704 | (26) | 34,678 | PDF p. 131 |
| Other comprehensive income for the year | ||||||||
| – Currency translation arising on consolidation$’000 by equity column | – | – | – | 4,305 | 4,305 | 2 | 4,307 | PDF p. 131 |
| – Actuarial loss on defined benefit plans$’000 by equity column | – | – | (101) | – | (101) | (66) | (167) | PDF p. 131 |
| – Share of other comprehensive income of joint venture$’000 by equity column | – | – | – | 2,684 | 2,684 | – | 2,684 | PDF p. 131 |
| Other comprehensive income for the year, net of tax$’000 by equity column | – | – | (101) | 6,989 | 6,888 | (64) | 6,824 | PDF p. 131 |
| Total comprehensive income for the year | ||||||||
| Total comprehensive income for the year$’000 by equity column | – | – | 34,603 | 6,989 | 41,592 | (90) | 41,502 | PDF p. 131 |
| Transactions with owners in their capacity as owners; Contributions by and distributions to owners | ||||||||
| Dividends$’000 by equity column | – | – | (28,763) | – | (28,763) | (182) | (28,945) | PDF p. 131 |
| Transactions with owners in their capacity as owners | ||||||||
| Total transactions with owners in their capacity as owners$’000 by equity column | – | – | (28,763) | – | (28,763) | (182) | (28,945) | PDF p. 131 |
| Closing balance | ||||||||
| Balance at 31 December 2024$’000 by equity column | 277,043 | (1,511) | 249,029 | (24,881) | 499,680 | 1,359 | 501,039 | PDF p. 131 |
Definitions & sources
Original report: PDF p. 131 ↗
Equity columns, in order: Share capital; Capital reserve; Revenue reserve; Foreign currency translation reserve; Total attributable to owners of the parent; Non-controlling interests; Total equity.
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Consolidated Statement of Cash Flows — operating and investing activities
24 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before tax$’000 | 47,798 | 44,635 | PDF p. 132 |
| Cash flows from operating activities; Adjustments for | |||
| Amortisation and depreciation$’000 | 27,633 | 26,661 | PDF p. 132 |
| Loss/(gain) on disposal of property, plant and equipment$’000 | 1,284 | (53) | PDF p. 132 |
| Interest expense$’000 | 1,261 | 2,008 | PDF p. 132 |
| Share of profits of joint venture$’000 | (15,371) | (4,734) | PDF p. 132 |
| Impairment loss on assets classified as held for sale$’000 | – | 1,907 | PDF p. 132 |
| Impairment loss charged/(written-back) on property, plant and equipment$’000 | 608 | (553) | PDF p. 132 |
| Allowance for receivables charged and bad debts written off, net$’000 | 764 | 695 | PDF p. 132 |
| Interest income$’000 | (7,015) | (7,347) | PDF p. 132 |
| Exchange differences$’000 | (1,626) | 8,780 | PDF p. 132 |
| Cash flows from operating activities | |||
| Operating profit before working capital changes$’000 | 55,336 | 71,999 | PDF p. 132 |
| (Increase)/decrease in trade and other receivables$’000 | (6,343) | 8,726 | PDF p. 132 |
| Decrease/(increase) in inventories$’000 | 491 | (8,460) | PDF p. 132 |
| Increase/(decrease) in trade and other payables$’000 | 8,002 | (1,638) | PDF p. 132 |
| Cash from operations$’000 | 57,486 | 70,627 | PDF p. 132 |
| Interest paid$’000 | (1,325) | (2,070) | PDF p. 132 |
| Interest received$’000 | 7,015 | 7,347 | PDF p. 132 |
| Income tax paid$’000 | (9,967) | (10,649) | PDF p. 132 |
| Net cash from operating activities$’000 | 53,209 | 65,255 | PDF p. 132 |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipment$’000 | (17,796) | (19,338) | PDF p. 132 |
| Proceeds from disposal of property, plant and equipment$’000 | 791 | 304 | PDF p. 132 |
| Purchase of intangibles$’000 | (20) | – | PDF p. 132 |
| Dividends received from joint venture$’000 | 6,153 | 5,881 | PDF p. 132 |
| Net cash used in investing activities$’000 | (10,872) | (13,153) | PDF p. 132 |
Definitions & sources
Original report: PDF p. 132 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Consolidated Statement of Cash Flows — financing activities and cash reconciliation
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from financing activities | |||
| Dividends paid during the year$’000 | (28,763) | (28,763) | PDF p. 133 |
| Dividends paid to non-controlling interests$’000 | (156) | (182) | PDF p. 133 |
| Proceeds from borrowings$’000 | – | 1,188 | PDF p. 133 |
| Repayment of borrowings$’000 | (6,409) | (19,689) | PDF p. 133 |
| Payment of lease liabilities$’000 | (3,934) | (3,689) | PDF p. 133 |
| Deposit for subscription in share capital of a subsidiary by a non-controlling interest$’000 | – | 431 | PDF p. 133 |
| Net cash used in financing activities$’000 | (39,262) | (50,704) | PDF p. 133 |
| Cash and cash equivalents reconciliation | |||
| Net increase in cash and cash equivalents$’000 | 3,075 | 1,398 | PDF p. 133 |
| Cash and cash equivalents at beginning of year$’000 | 209,403 | 215,677 | PDF p. 133 |
| Effect of exchange rate changes on cash and cash equivalents$’000 | 1,577 | (7,672) | PDF p. 133 |
| Cash and cash equivalents at end of year (Note 14)$’000 | 214,055 | 209,403 | PDF p. 133 |
Definitions & sources
Original report: PDF p. 133 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Financial Highlights — Income Statement (S$’000)
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| RevenueS$’000 | 633,596 | 636,107 | 628,590 | 577,523 | 558,976 | PDF p. 8 |
| Earnings before interest, tax, depreciation and amortisation (“EBITDA”) before exceptional itemsS$’000 | 69,677 | 59,554 | 48,047 | 45,664 | 68,211 | PDF p. 8 |
| Profit before taxation (“PBT”) after exceptional itemsS$’000 | 47,798 | 44,635 | 40,991 | 37,151 | 28,741 | PDF p. 8 |
| Profit attributable to owners of the Parent (“PATMI”) after exceptional itemsS$’000 | 39,839 | 34,704 | 27,485 | 25,748 | 22,220 | PDF p. 8 |
Definitions & sources
Original report: PDF p. 8 ↗
The above charts reflect financial performance of the key business segments only. The charts exclude financials of head office. Notes: * In 2022, special dividends of $0.02 per share was paid. The special dividends relates to the discontinued operations and is excluded from the calculation of dividend payout. 1. Gross debt is calculated as bank borrowings, lease liabilities and loans from non-controlling interests. 2. Net margin is computed based on PATMI after exceptional items. 3. Net asset value per share is computed based on total assets less total liabilities and non-controlling interests. 4. Current ratio is computed based on total current assets and total current liabilities. For 2021, both assets and liabilities belonging to disposal group classified as held for sale are excluded in the computation. 5. Net gearing ratio is calculated by dividing net debt/(cash) against equity attributable to owners of the Parent. 6. Capital expenditure relates to actual cash flows incurred. For 2021, this includes those incurred by the discontinued operations. For 2022, 2023 and 2024, this includes the reinstatement of the damaged production lines in connection with the severe flooding at one of the Group’s Malaysian factories in December 2021. 7. Price/Book Value is calculated by dividing total market capitalisation against equity attributable to owners of the Parent at the end of the year. 8. Price/Revenue is calculated by dividing total market capitalisation at the end of the year against annual revenue. 9. P/E Ratio is calculated by dividing total market capitalisation at the end of the year against PATMI after exceptional items. 10. Price/CF is calculated by dividing total market capitalisation at the end of the year against net cash from operating activities.
Financial Highlights — Statement of Financial Position (S$’000)
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Statement of Financial Position | ||||||
| Total assetsS$’000 | 668,628 | 664,280 | 669,160 | 664,759 | 878,160 | PDF p. 8 |
| Total liabilitiesS$’000 | 156,325 | 163,241 | 180,678 | 165,300 | 345,832 | PDF p. 8 |
| Total equityS$’000 | 512,303 | 501,039 | 488,482 | 499,459 | 532,328 | PDF p. 8 |
| Equity attributable to owners of the ParentS$’000 | 510,287 | 499,680 | 486,851 | 497,708 | 530,554 | PDF p. 8 |
| Total cash and cash equivalentsS$’000 | 214,055 | 209,403 | 215,677 | 216,792 | 88,705 | PDF p. 8 |
| Gross debt (Note 1)S$’000 | 23,155 | 31,966 | 48,923 | 41,751 | 56,955 | PDF p. 8 |
Definitions & sources
Original report: PDF p. 8 ↗
The above charts reflect financial performance of the key business segments only. The charts exclude financials of head office. Notes: * In 2022, special dividends of $0.02 per share was paid. The special dividends relates to the discontinued operations and is excluded from the calculation of dividend payout. 1. Gross debt is calculated as bank borrowings, lease liabilities and loans from non-controlling interests. 2. Net margin is computed based on PATMI after exceptional items. 3. Net asset value per share is computed based on total assets less total liabilities and non-controlling interests. 4. Current ratio is computed based on total current assets and total current liabilities. For 2021, both assets and liabilities belonging to disposal group classified as held for sale are excluded in the computation. 5. Net gearing ratio is calculated by dividing net debt/(cash) against equity attributable to owners of the Parent. 6. Capital expenditure relates to actual cash flows incurred. For 2021, this includes those incurred by the discontinued operations. For 2022, 2023 and 2024, this includes the reinstatement of the damaged production lines in connection with the severe flooding at one of the Group’s Malaysian factories in December 2021. 7. Price/Book Value is calculated by dividing total market capitalisation against equity attributable to owners of the Parent at the end of the year. 8. Price/Revenue is calculated by dividing total market capitalisation at the end of the year against annual revenue. 9. P/E Ratio is calculated by dividing total market capitalisation at the end of the year against PATMI after exceptional items. 10. Price/CF is calculated by dividing total market capitalisation at the end of the year against net cash from operating activities.
Financial Highlights — Selected Earnings, Liquidity and Solvency Data
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Selected Earnings, Liquidity and Solvency Data | ||||||
| EBITDA margin before exceptional items (%)% | 11 | 9 | 8 | 8 | 12 | PDF p. 8 |
| Net margin after exceptional items (%)(Note 2)% | 6 | 5 | 4 | 4 | 4 | PDF p. 8 |
| Return after exceptional items on average shareholders’ equity (%)% | 8 | 7 | 6 | 5 | 4 | PDF p. 8 |
| Return after exceptional items on average assets (%)% | 6 | 5 | 4 | 3 | 3 | PDF p. 8 |
| Earnings per share (cents)cents per share | 6.9 | 6.0 | 4.8 | 4.5 | 3.9 | PDF p. 8 |
| Net asset value per share (cents)(Note 3)cents per share | 88.7 | 86.9 | 84.6 | 86.5 | 92.2 | PDF p. 8 |
| Total dividends per share (cents)cents per share | 5.0 | 5.0 | 5.0 | 7.0 | 5.0 | PDF p. 8 |
| Dividend payout (%)% | 72 | 83 | 105 | 112 | 129 | PDF p. 8 |
| Current ratio (no. of times)(Note 4)no. of times | 3.1 | 2.9 | 2.7 | 3.1 | 1.9 | PDF p. 8 |
| Net gearing ratio (no. of times) (Note 5)no. of times | (0.37) | (0.36) | (0.34) | (0.35) | (0.06) | PDF p. 8 |
| Capital expenditure (S$’000) (Note 6)S$’000 | 17,796 | 19,338 | 39,680 | 26,552 | 30,092 | PDF p. 8 |
Definitions & sources
Original report: PDF p. 8 ↗
* In 2022, special dividends of $0.02 per share was paid. The special dividends relates to the discontinued operations and is excluded from the calculation of dividend payout.
Note 1. Gross debt is calculated as bank borrowings, lease liabilities and loans from non-controlling interests.
Note 2. Net margin is computed based on PATMI after exceptional items.
Note 3. Net asset value per share is computed based on total assets less total liabilities and non-controlling interests.
Note 4. Current ratio is computed based on total current assets and total current liabilities. For 2021, both assets and liabilities belonging to disposal group classified as held for sale are excluded in the computation.
Note 5. Net gearing ratio is calculated by dividing net debt/(cash) against equity attributable to owners of the Parent.
Note 6. Capital expenditure relates to actual cash flows incurred. For 2021, this includes those incurred by the discontinued operations. For 2022, 2023 and 2024, this includes the reinstatement of the damaged production lines in connection with the severe flooding at one of the Group’s Malaysian factories in December 2021.
The above charts reflect financial performance of the key business segments only. The charts exclude financials of head office. Notes: * In 2022, special dividends of $0.02 per share was paid. The special dividends relates to the discontinued operations and is excluded from the calculation of dividend payout. 1. Gross debt is calculated as bank borrowings, lease liabilities and loans from non-controlling interests. 2. Net margin is computed based on PATMI after exceptional items. 3. Net asset value per share is computed based on total assets less total liabilities and non-controlling interests. 4. Current ratio is computed based on total current assets and total current liabilities. For 2021, both assets and liabilities belonging to disposal group classified as held for sale are excluded in the computation. 5. Net gearing ratio is calculated by dividing net debt/(cash) against equity attributable to owners of the Parent. 6. Capital expenditure relates to actual cash flows incurred. For 2021, this includes those incurred by the discontinued operations. For 2022, 2023 and 2024, this includes the reinstatement of the damaged production lines in connection with the severe flooding at one of the Group’s Malaysian factories in December 2021. 7. Price/Book Value is calculated by dividing total market capitalisation against equity attributable to owners of the Parent at the end of the year. 8. Price/Revenue is calculated by dividing total market capitalisation at the end of the year against annual revenue. 9. P/E Ratio is calculated by dividing total market capitalisation at the end of the year against PATMI after exceptional items. 10. Price/CF is calculated by dividing total market capitalisation at the end of the year against net cash from operating activities.
Financial Highlights — Selected Valuation Data
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Selected Valuation Data | ||||||
| Number of shares outstanding @ 31 December (’000)’000 shares | 575,268 | 575,268 | 575,268 | 575,268 | 575,268 | PDF p. 8 |
| Total market capitalisation (S$’000)S$’000 | 514,865 | 480,349 | 468,844 | 477,473 | 506,236 | PDF p. 8 |
| Price/Book Value (no. of times)(Note 7)no. of times | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | PDF p. 8 |
| Price/Revenue (no. of times)(Note 8)no. of times | 0.8 | 0.8 | 0.7 | 0.8 | 0.9 | PDF p. 8 |
| P/E Ratio (no. of times) (Note 9)no. of times | 12.9 | 13.8 | 17.1 | 18.5 | 22.8 | PDF p. 8 |
| Price/CF (no. of times)(Note 10)no. of times | 9.7 | 7.4 | 8.1 | 9.1 | 4.6 | PDF p. 8 |
| Total Dividend Yield (%)% | 6 | 6 | 6 | 8 | 6 | PDF p. 8 |
Definitions & sources
Original report: PDF p. 8 ↗
Note 7. Price/Book Value is calculated by dividing total market capitalisation against equity attributable to owners of the Parent at the end of the year.
Note 8. Price/Revenue is calculated by dividing total market capitalisation at the end of the year against annual revenue.
Note 9. P/E Ratio is calculated by dividing total market capitalisation at the end of the year against PATMI after exceptional items.
Note 10. Price/CF is calculated by dividing total market capitalisation at the end of the year against net cash from operating activities.
The above charts reflect financial performance of the key business segments only. The charts exclude financials of head office. Notes: * In 2022, special dividends of $0.02 per share was paid. The special dividends relates to the discontinued operations and is excluded from the calculation of dividend payout. 1. Gross debt is calculated as bank borrowings, lease liabilities and loans from non-controlling interests. 2. Net margin is computed based on PATMI after exceptional items. 3. Net asset value per share is computed based on total assets less total liabilities and non-controlling interests. 4. Current ratio is computed based on total current assets and total current liabilities. For 2021, both assets and liabilities belonging to disposal group classified as held for sale are excluded in the computation. 5. Net gearing ratio is calculated by dividing net debt/(cash) against equity attributable to owners of the Parent. 6. Capital expenditure relates to actual cash flows incurred. For 2021, this includes those incurred by the discontinued operations. For 2022, 2023 and 2024, this includes the reinstatement of the damaged production lines in connection with the severe flooding at one of the Group’s Malaysian factories in December 2021. 7. Price/Book Value is calculated by dividing total market capitalisation against equity attributable to owners of the Parent at the end of the year. 8. Price/Revenue is calculated by dividing total market capitalisation at the end of the year against annual revenue. 9. P/E Ratio is calculated by dividing total market capitalisation at the end of the year against PATMI after exceptional items. 10. Price/CF is calculated by dividing total market capitalisation at the end of the year against net cash from operating activities.
Joint Group Managing Directors’ Report Financial Summary
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Change (%), FY2025 vs FY2024 | Source |
|---|---|---|---|---|
| Joint Group Managing Directors’ Report | ||||
| Revenue$’ million | 633.6 | 636.1 | 0 | PDF p. 6 |
| Earnings before Interest, Tax, Depreciation and Amortisation (“EBITDA”) before exceptional items$’ million | 69.7 | 59.6 | 17 | PDF p. 6 |
| EBITDA margin before exceptional items (%)% | 11.0 | 9.4 | PDF p. 6 | |
| Profit before Taxation (“PBT”) after exceptional items$’ million | 47.8 | 44.6 | 7 | PDF p. 6 |
| PBT margin after exceptional items (%)% | 7.5 | 7.0 | PDF p. 6 | |
| Profit after Taxation (“PAT”) after exceptional items$’ million | 40.3 | 34.7 | 16 | PDF p. 6 |
| PAT margin after exceptional items (%)% | 6.4 | 5.5 | PDF p. 6 | |
Definitions & sources
Original report: PDF p. 6 ↗
The report prints Change (%) values for Revenue, EBITDA before exceptional items, PBT after exceptional items and PAT after exceptional items; the margin rows have no printed change value. Change is the report’s printed column label.
Proforma Revenue by segment
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Proforma including 100% GBKL; excluding head office | 2024Proforma including 100% GBKL; excluding head office | Source |
|---|---|---|---|
| Proforma segment chart excluding head office; net of inter-segment elimination | |||
| Bakery excluding GBKL$ million | 391 | 394 | PDF p. 7 |
| GBKL (100%)$ million | 432 | 410 | PDF p. 7 |
| Distribution and Warehousing$ million | 164 | 167 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
Proforma Revenue by segment — percentages
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Proforma including 100% GBKL; excluding head office | 2024Proforma including 100% GBKL; excluding head office | Source |
|---|---|---|---|
| Proforma segment chart excluding head office; net of inter-segment elimination | |||
| Bakery excluding GBKL% | 40 | 41 | PDF p. 7 |
| GBKL (100%)% | 44 | 42 | PDF p. 7 |
| Distribution and Warehousing% | 16 | 17 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
Proforma EBITDA by segment
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Proforma including 100% GBKL; excluding head office | 2024Proforma including 100% GBKL; excluding head office | Source |
|---|---|---|---|
| Proforma segment chart excluding head office; net of inter-segment elimination | |||
| Bakery excluding GBKL$ million | 48 | 58 | PDF p. 7 |
| GBKL (100%)$ million | 44 | 37 | PDF p. 7 |
| Distribution and Warehousing$ million | 7 | 8 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
Proforma EBITDA by segment — percentages
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Proforma including 100% GBKL; excluding head office | 2024Proforma including 100% GBKL; excluding head office | Source |
|---|---|---|---|
| Proforma segment chart excluding head office; net of inter-segment elimination | |||
| Bakery excluding GBKL% | 49 | 56 | PDF p. 7 |
| GBKL (100%)% | 44 | 36 | PDF p. 7 |
| Distribution and Warehousing% | 7 | 8 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
Proforma chart totals
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Proforma including 100% GBKL; excluding head office | 2024Proforma including 100% GBKL; excluding head office | Source |
|---|---|---|---|
| Proforma total excluding head office; net of inter-segment elimination | |||
| Revenue$ million | 987 | 970 | PDF p. 7 |
| EBITDA$ million | 99 | 103 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
Group Revenue from Key Segments (before inter-segment elimination)
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Key segments excluding head office | 2024Key segments excluding head office | 2023Key segments excluding head office | 2022Key segments excluding head office | 2021Key segments excluding head office | Source |
|---|---|---|---|---|---|---|
| Group Revenue from Key Segments (before inter-segment elimination) | ||||||
| BakeryS$ million | 456 | 456 | 455 | 420 | 425 | PDF p. 9 |
| Distribution and WarehousingS$ million | 165 | 168 | 162 | 150 | 129 | PDF p. 9 |
| Royalty income from JVS$ million | 7 | 7 | 7 | 7 | 6 | PDF p. 9 |
Definitions & sources
Original report: PDF p. 9 ↗
Source: financial highlights, physical PDF page 9.
Contribution from Key Segments (before exceptional items)
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Key segments excluding head office | 2024Key segments excluding head office | 2023Key segments excluding head office | 2022Key segments excluding head office | 2021Key segments excluding head office | Source |
|---|---|---|---|---|---|---|
| Contribution from Key Segments (before exceptional items) | ||||||
| Bakery EBITDAS$ million | 48 | 58 | 56 | 51 | 65 | PDF p. 9 |
| Distribution and Warehousing EBITDAS$ million | 7 | 8 | 7 | 8 | 6 | PDF p. 9 |
| Royalty income and share of profits/(losses) from JVS$ million | 23 | 12 | (2) | 10 | 10 | PDF p. 9 |
Definitions & sources
Original report: PDF p. 9 ↗
Source: financial highlights, physical PDF page 9.
Where the money comes from
Segment information
By business
Segment revenue and expenses 9 lines
| Item / unit | 2025Bakery | 2025Distribution and warehousing | 2025Investments and others | 2025Adjustments and Eliminations | 2025Consolidated | 2024Bakery | 2024Distribution and warehousing | 2024Investments and others | 2024Adjustments and Eliminations | 2024Consolidated | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue and expenses | |||||||||||
| Revenue from external customers$'000 | 448,851 | 163,553 | 7,142 | – | 619,546 | 448,488 | 166,375 | 6,783 | – | 621,646 | PDF p. 185PDF p. 186 |
| Other revenue from external customers$'000 | 6,707 | 286 | 42 | – | 7,035 | 6,707 | 335 | 72 | – | 7,114 | PDF p. 185PDF p. 186 |
| Inter-segment revenue$'000 | 676 | 1,317 | 16,444 | (18,437) | – | 773 | 1,263 | 16,592 | (18,628) | – | PDF p. 185PDF p. 186 |
| Segment EBITDA$'000 | 48,213 | 7,042 | 8,199 | – | 63,454 | 58,235 | 8,083 | 316 | – | 66,634 | PDF p. 185PDF p. 186 |
| Amortisation and depreciation$'000 | (23,608) | (3,684) | (341) | – | (27,633) | (22,692) | (3,628) | (341) | – | (26,661) | PDF p. 185PDF p. 186 |
| Segment EBIT$'000 | 24,605 | 3,358 | 7,858 | – | 35,821 | 35,543 | 4,455 | (25) | – | 39,973 | PDF p. 185PDF p. 186 |
| Share of profits of joint venture$'000 | 15,371 | – | – | – | 15,371 | 4,734 | – | – | – | 4,734 | PDF p. 185PDF p. 186 |
| Timing of transfer of goods or services | |||||||||||
| At a point in time$'000 | 455,543 | 159,018 | 40 | – | 614,601 | 455,137 | 161,848 | 113 | – | 617,098 | PDF p. 185PDF p. 186 |
| Over time$'000 | 623 | 4,840 | 13,532 | – | 18,995 | 526 | 4,893 | 13,590 | – | 19,009 | PDF p. 185PDF p. 186 |
Notes
Unallocated items and totals are printed only in the Consolidated column. Segment performance is evaluated on operating profit or loss; group financing (including finance costs) and income taxes are managed on a group basis and not allocated to segments. Segments: Bakery; Distribution and warehousing; Investments and others.
Unallocated items and totals are printed only in the Consolidated column.
Segment assets, liabilities and other segment information 10 lines
| Item / unit | 2025Bakery | 2025Distribution and warehousing | 2025Investments and others | 2025Consolidated | 2024Bakery | 2024Distribution and warehousing | 2024Investments and others | 2024Consolidated | Source |
|---|---|---|---|---|---|---|---|---|---|
| Assets and liabilities | |||||||||
| Segment assets$'000 | 329,432 | 95,956 | 169,648 | 595,036 | 346,344 | 96,167 | 161,787 | 604,298 | PDF p. 187PDF p. 188 |
| Investment in joint venture$'000 | 59,659 | – | – | 59,659 | 48,168 | – | – | 48,168 | PDF p. 187PDF p. 188 |
| Total assets$'000 | 389,091 | 95,956 | 169,648 | 654,695 | 394,512 | 96,167 | 161,787 | 652,466 | PDF p. 187PDF p. 188 |
| Segment liabilities$'000 | 97,222 | 37,900 | 4,202 | 139,324 | 97,954 | 36,847 | 5,191 | 139,992 | PDF p. 187PDF p. 188 |
| Other segment information | |||||||||
| Expenditure for non-current assets$'000 | 14,618 | 999 | 171 | 15,788 | 16,950 | 2,025 | 61 | 19,036 | PDF p. 187PDF p. 188 |
| Impairment loss charged$'000 | 608 | – | – | 608 | PDF p. 187 | ||||
| Allowance for inventories charged and inventories written off, net$'000 | 524 | 21 | – | 545 | PDF p. 187 | ||||
| Allowance for receivables charged and bad debts written off, net$'000 | 315 | 449 | – | 764 | 146 | 549 | – | 695 | PDF p. 187PDF p. 188 |
| Impairment loss charged/(written back), net$'000 | 1,354 | – | – | 1,354 | PDF p. 188 | ||||
| Allowance for inventories (written back)/ charged and inventories written off, net$'000 | (299) | 478 | – | 179 | PDF p. 188 | ||||
Notes
Reconciling items (deferred tax, tax recoverable, income tax payable, bank borrowings) and per-statement totals are printed only in the Consolidated column. Total-assets and total-liabilities reconciliation rows have labels wrapping across two lines; the quote is the second line carrying the value.
Reconciling items and per-statement totals are printed only in the Consolidated column. Some labels wrap across lines; quotes are the line carrying the values.
By geography
Geographical information: revenue and non-current assets 6 lines
| Item / unit | 2025Revenue | 2024Revenue | 2025Non-current assets | 2024Non-current assets | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| Philippines$'000 | 270,110 | 271,050 | 72,635 | 77,591 | PDF p. 188 |
| Singapore$'000 | 228,270 | 231,357 | 46,368 | 52,280 | PDF p. 188 |
| Malaysia$'000 | 77,033 | 74,240 | 80,328 | 81,259 | PDF p. 188 |
| Australia$'000 | 48,911 | 48,589 | 19,400 | 20,507 | PDF p. 188 |
| Other countries$'000 | 9,272 | 10,871 | – | – | PDF p. 188 |
| Total$'000 | 633,596 | 636,107 | 218,731 | 231,637 | PDF p. 188 |
Notes
The total row has no printed label. Non-current assets consist of property, plant and equipment, right-of-use assets and intangibles as presented in the consolidated statement of financial position.
Debt
Borrowings
Borrowing notes 3 tables
Short-term borrowings (Note 25)
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Short-term bank loans | |||
| – unsecured$'000 | 3,200 | 5,188 | PDF p. 175 |
Notes
The Group’s short-term bank loans are interest bearing at rates of 3.33% to 3.36% (2024: 4.61% to 5.26%) per annum.
Long-term borrowings (Note 26)
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Long-term borrowings (effective interest rate 5.69 – 6.38% p.a.; maturity 2026) | |||
| Loans from banks$'000 | 1,562 | 6,419 | PDF p. 176 |
| Long-term borrowings | |||
| Less: Current portion$'000 | (1,562) | (4,716) | PDF p. 176 |
| Non-current portion of loans$'000 | – | 1,703 | PDF p. 176 |
Notes
Loans from banks, denominated in Philippine Peso, are unsecured, bear floating interest rates ranging from 5.69% to 6.38% (2024: 5.69% to 6.99%) per annum and are repayable in instalments till 2026.
Borrowings by classification (Note 34)
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Company, $'000 | 2024Company, $'000 | Source |
|---|---|---|---|---|---|
| Financial liabilities measured at amortised cost | |||||
| Short-term borrowings$'000 | 3,200 | 5,188 | – | – | PDF p. 184 |
| Long-term borrowings$'000 | 1,562 | 6,419 | – | – | PDF p. 184 |
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Provision 11.6 | The Company does not have a formal policy on the payment of dividends | Company | PDF p. 114 |
| Provision 11.6 - dividend aim | The Company aims to pay consistent and steady dividends having regard, amongst others, to the long-term nature of the Group’s business, the financial strength of the Group’s balance sheet and the Company’s strategy of value creation to enhance shareholder value. | Company | PDF p. 114 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Interim tax-exempt (one-tier) dividend of 1 cent per share in respect of the financial year ended 31 December 2025 | 1 cents per share | Group and Company, FY2025 interim (paid 2025) | PDF p. 178 |
| final tax-exempt (one-tier) dividend of 4 cents per share | 4 cents per share | Group and Company, FY2025 final (recommended, subject to AGM approval) | PDF p. 178 |
| Interim tax-exempt (one-tier) dividend of 1 cent per share in respect of the financial year ended 31 December 2024 | 1 cents per share | Group and Company, FY2024 interim (comparative) | PDF p. 178 |
| Final tax-exempt (one-tier) dividend of 4 cents per share in respect of the financial year ended 31 December 2024 | 4 cents per share | Group and Company, FY2024 final (comparative; paid in 2025) | PDF p. 178 |
| Total dividend for FY2025 | the total dividend for FY2025 would amount to S$0.05 per share (total of approximately S$28.8 million) | Company, FY2025 | PDF p. 114 |
| QAF Limited Scrip Dividend Scheme | If the QAF Limited Scrip Dividend Scheme is applied to any dividend, the payment date will be in compliance with the SGX-ST listing rules | Company | PDF p. 114 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Total dividends per share (cents) | 5.0 cents | FY2025 (columns FY2025, FY2024, FY2023, FY2022*, FY2021; FY2025 shown) | PDF p. 8 |
| Total dividends per share (cents) | 5.0 cents | FY2024 comparative (second column) | PDF p. 8 |
| Dividend payout (%) | 72% | FY2025 (first column); FY2024 is 83% | PDF p. 8 |
| Dividend payout (%) | 83% | FY2024 comparative (second column) | PDF p. 8 |
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 |
|---|---|---|---|
| Auditor | Ernst & Young LLP | Group | PDF p. 125 |
| Engagement partner | Philip Ng Weng Kwai | Group | PDF p. 125 |
| Auditor's report date | 16 March 2026 | Group · As at 2026-03-16 | PDF p. 125 |
| Opinion | give a true and fair view | Group and Company | PDF p. 122 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment of investment in joint venture | Impairment of investment in joint venture | Group | PDF p. 123 |
| Impairment of investment in joint venture | The Group has an investment in joint venture which amounted to $59.7 million as of 31 December 2025. | Group · As at 2025-12-31 | PDF p. 123 |
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.
Consolidated Group income, comprehensive income, changes in equity and cash flows are disclosed, with separate Group/Company balance-sheet columns. Separate Company income, comprehensive income, changes in equity and cash-flow statements are not disclosed.
Presentation currency is SGD (physical PDF page 134). Monetary statements are thousands; five-year chart amounts and proforma amounts are millions; per-share figures, ratios, percentages and share counts retain their source units. Change% columns have a distinct percentage unit.
Five-year highlights and six key-segment chart series cover FY2021–FY2025. Segment charts exclude head office; revenue is before inter-segment elimination and contribution is before exceptional items.
The two-year proforma chart consolidates 100% of GBKL. FY2024 printed proforma revenue is $970m; rounded component labels sum to $971m. Both source figures are preserved.
In 2022, a special dividend of $0.02 per share related to discontinued operations and is excluded from the dividend payout calculation. The original asterisk and definitions are preserved.
The report prints no Change% for three margin rows. Their original cells remain blank. Historical original-report backfill remains incomplete.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.