Straits Trading S20
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+0.00% +0.00 Updated 27 Oct 2026, 15:21 SGT
Financials
The Straits Trading Company Limited Annual Report 2025
Explore the statements
13 tablesConsolidated Statement of Profit or Loss
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated Statement of Profit or Loss | |||
| RevenueSGD thousands | 623,300 | 564,627 | PDF p. 51 |
| Dividend incomeSGD thousands | 2,700 | 6,634 | PDF p. 51 |
| Interest incomeSGD thousands | 17,628 | 19,891 | PDF p. 51 |
| Net fair value changes in investment propertiesSGD thousands | (43,873) | 60,276 | PDF p. 51 |
| Loss from loss of joint control over joint ventureSGD thousands | (102,271) | – | PDF p. 51 |
| Other income/(loss)SGD thousands | 15,833 | (6,175) | PDF p. 51 |
| Revenue and other items of income/(loss) subtotalSGD thousands | 513,317 | 645,253 | PDF p. 51 |
| Costs of tin mining and smeltingSGD thousands | (462,313) | (422,545) | PDF p. 51 |
| Employee benefits expenseSGD thousands | (40,323) | (39,184) | PDF p. 51 |
| Depreciation expenseSGD thousands | (10,756) | (8,434) | PDF p. 51 |
| Amortisation expenseSGD thousands | (296) | (308) | PDF p. 51 |
| Finance costsSGD thousands | (112,716) | (90,629) | PDF p. 51 |
| Other expensesSGD thousands | (59,098) | (46,478) | PDF p. 51 |
| Total other items of expenseSGD thousands | (685,502) | (607,578) | PDF p. 51 |
| Share of results of associates and joint venturesSGD thousands | (12,397) | (12,612) | PDF p. 51 |
| (Loss)/profit before taxSGD thousands | (184,582) | 25,063 | PDF p. 51 |
| Income tax expenseSGD thousands | (49,389) | (14,033) | PDF p. 51 |
| (Loss)/profit for the yearSGD thousands | (233,971) | 11,030 | PDF p. 51 |
| Owners of the CompanySGD thousands | (249,133) | (7,226) | PDF p. 51 |
| Non-controlling interestsSGD thousands | 15,162 | 18,256 | PDF p. 51 |
| Total loss/profit attributable to owners and non-controlling interestsSGD thousands | (233,971) | 11,030 | PDF p. 51 |
| Basic earnings per shareSGD cents per share | (54.1) | (1.6) | PDF p. 51 |
| Diluted earnings per shareSGD cents per share | (54.1) | (1.6) | PDF p. 51 |
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Definitions & sources
Original report: PDF p. 51 ↗
Consolidated Statement of Comprehensive Income
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated Statement of Comprehensive Income | |||
| (Loss)/profit for the yearSGD thousands | (233,971) | 11,030 | PDF p. 51 |
| Net fair value changes in equity securities carried at fair value through other comprehensive income (FVOCI)SGD thousands | 35,552 | 34,205 | PDF p. 51 |
| Net revaluation surplus on property, plant and equipmentSGD thousands | 831 | 7,228 | PDF p. 51 |
| Share of net revaluation surplus on property, plant and equipment of associatesSGD thousands | 3,582 | 1,132 | PDF p. 51 |
| Subtotal items that will not be reclassified to profit or lossSGD thousands | 39,965 | 42,565 | PDF p. 51 |
| Net fair value changes in cash flow hedgesSGD thousands | (7,588) | (4,932) | PDF p. 51 |
| Currency translation reserveSGD thousands | 9,440 | (6,043) | PDF p. 51 |
| Reclassification of foreign currency translation and hedging reserves to profit or lossSGD thousands | 19,138 | 3,391 | PDF p. 51 |
| Share of reserves of associates and joint venturesSGD thousands | 9,233 | (7,013) | PDF p. 51 |
| Subtotal items that may be reclassified subsequently to profit or lossSGD thousands | 30,223 | (14,597) | PDF p. 51 |
| Other comprehensive income after tax for the yearSGD thousands | 70,188 | 27,968 | PDF p. 51 |
| Total comprehensive income for the yearSGD thousands | (163,783) | 38,998 | PDF p. 51 |
| Owners of the CompanySGD thousands | (184,490) | 12,712 | PDF p. 51 |
| Non-controlling interestsSGD thousands | 20,707 | 26,286 | PDF p. 51 |
| Total comprehensive income for the yearSGD thousands | (163,783) | 38,998 | PDF p. 51 |
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Definitions & sources
Original report: PDF p. 51 ↗
Statements of Financial Position — Assets
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Statements of Financial Position — Assets | |||||
| Property, plant and equipment 14SGD thousands | 133,097 | 129,991 | 622 | 601 | PDF p. 52 |
| Land under development 15SGD thousands | 60,798 | 53,221 | 29,324 | 28,114 | PDF p. 52 |
| Investment properties 16SGD thousands | 1,404,931 | 1,409,144 | 6,006 | 5,606 | PDF p. 52 |
| Goodwill 17(a)SGD thousands | 17,222 | 16,704 | – | – | PDF p. 52 |
| Other intangible assets 17(b)SGD thousands | 45,158 | 43,309 | – | – | PDF p. 52 |
| Mining assetsSGD thousands | 4,276 | 4,010 | – | – | PDF p. 52 |
| Subsidiaries 18SGD thousands | – | – | 133,562 | 188,453 | PDF p. 52 |
| Associates and joint ventures 19SGD thousands | 450,625 | 572,435 | 144 | 144 | PDF p. 52 |
| Deferred tax assets 20SGD thousands | 1,174 | 27,076 | – | – | PDF p. 52 |
| Other receivables 21SGD thousands | 4,729 | – | 81,800 | 74,600 | PDF p. 52 |
| Investment securities 22(a)SGD thousands | 83,493 | 458,931 | – | – | PDF p. 52 |
| Derivative financial instruments 23SGD thousands | – | 2,384 | – | 826 | PDF p. 52 |
| Total non-current assetsSGD thousands | 2,205,503 | 2,717,205 | 251,458 | 298,344 | PDF p. 52 |
| Inventories 24SGD thousands | 215,136 | 187,186 | – | – | PDF p. 52 |
| Trade and other receivables 21SGD thousands | 123,658 | 109,189 | 1,127,773 | 1,686,076 | PDF p. 52 |
| Other prepaymentsSGD thousands | 4,722 | 5,497 | 3 | 6 | PDF p. 52 |
| Investment securities 22(b)SGD thousands | 18,294 | 51,548 | – | – | PDF p. 52 |
| Derivative financial instruments 23SGD thousands | 5,385 | 13,023 | 973 | – | PDF p. 52 |
| Income tax recoverableSGD thousands | 2,224 | 4,575 | – | – | PDF p. 52 |
| Treasury bills 25SGD thousands | – | 16,248 | – | 16,248 | PDF p. 52 |
| Cash and bank balances 26SGD thousands | 488,440 | 448,800 | 247,544 | 179,180 | PDF p. 52 |
| Current assets excluding assets held for saleSGD thousands | 857,859 | 836,066 | 1,376,293 | 1,881,510 | PDF p. 52 |
| Assets classified as held for saleSGD thousands | 2,649 | 5,715 | – | – | PDF p. 52 |
| Total current assetsSGD thousands | 860,508 | 841,781 | 1,376,293 | 1,881,510 | PDF p. 52 |
| Total assetsSGD thousands | 3,066,011 | 3,558,986 | 1,627,751 | 2,179,854 | PDF p. 52 |
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Definitions & sources
Original report: PDF p. 52 ↗
Statements of Financial Position — Equity and liabilities
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Statements of Financial Position — Equity and liabilities | |||||
| Share capital 27SGD thousands | 714,716 | 690,068 | 714,716 | 690,068 | PDF p. 52 |
| Treasury shares 28SGD thousands | (6,528) | (6,962) | (6,528) | (6,962) | PDF p. 52 |
| Retained earningsSGD thousands | 633,229 | 1,274,089 | 136,375 | 132,507 | PDF p. 52 |
| 29 Other reservesSGD thousands | (93,086) | (518,969) | (8,192) | (11,185) | PDF p. 52 |
| Equity attributable to owners of the CompanySGD thousands | 1,248,331 | 1,438,226 | 836,371 | 804,428 | PDF p. 52 |
| Non-controlling interestsSGD thousands | 188,572 | 141,878 | – | – | PDF p. 52 |
| Total equitySGD thousands | 1,436,903 | 1,580,104 | 836,371 | 804,428 | PDF p. 52 |
| Provisions 31SGD thousands | 21,392 | 18,024 | – | – | PDF p. 52 |
| Other payables 32SGD thousands | 1,927 | 1,888 | – | – | PDF p. 52 |
| Derivative financial instruments 23SGD thousands | 502 | 27,323 | – | 27,323 | PDF p. 52 |
| Borrowings 33SGD thousands | 737,372 | 1,042,178 | 229,154 | 680,478 | PDF p. 52 |
| Lease liabilities 34SGD thousands | 1,245 | 2,497 | – | – | PDF p. 52 |
| Deferred tax liabilities 20SGD thousands | 67,782 | 61,180 | 754 | 707 | PDF p. 52 |
| Total non-current liabilitiesSGD thousands | 830,220 | 1,153,090 | 229,908 | 708,508 | PDF p. 52 |
| Provisions 31SGD thousands | 1,945 | 5,024 | – | – | PDF p. 52 |
| Trade and other payables 32SGD thousands | 143,339 | 98,266 | 285,470 | 446,881 | PDF p. 52 |
| Derivative financial instruments 23SGD thousands | 8,308 | 12,530 | – | 10,077 | PDF p. 52 |
| Borrowings 33SGD thousands | 639,471 | 702,982 | 275,045 | 208,760 | PDF p. 52 |
| Lease liabilities 34SGD thousands | 1,308 | 2,633 | – | – | PDF p. 52 |
| Income tax payableSGD thousands | 4,517 | 4,357 | 957 | 1,200 | PDF p. 52 |
| Total current liabilitiesSGD thousands | 798,888 | 825,792 | 561,472 | 666,918 | PDF p. 52 |
| Total liabilitiesSGD thousands | 1,629,108 | 1,978,882 | 791,380 | 1,375,426 | PDF p. 52 |
| Total equity and liabilitiesSGD thousands | 3,066,011 | 3,558,986 | 1,627,751 | 2,179,854 | PDF p. 52 |
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Definitions & sources
Original report: PDF p. 52 ↗
Consolidated Cash Flows — Operating activities
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated Cash Flows — Operating activities | |||
| (Loss)/profit before taxSGD thousands | (184,582) | 25,063 | PDF p. 55 |
| Depreciation of property, plant and equipmentSGD thousands | 10,756 | 8,434 | PDF p. 55 |
| Amortisation of other intangible assets and mining assetsSGD thousands | 296 | 308 | PDF p. 55 |
| Net fair value changes in investment propertiesSGD thousands | 43,873 | (60,276) | PDF p. 55 |
| Net (gain)/loss on disposal of investment properties and property, plant and equipmentSGD thousands | (63) | 10,645 | PDF p. 55 |
| Net loss/(gain) on disposal of investment securitiesSGD thousands | 1,119 | (12) | PDF p. 55 |
| Property, plant and equipment written offSGD thousands | 152 | 243 | PDF p. 55 |
| Loss from loss of joint control over joint ventureSGD thousands | 102,271 | – | PDF p. 55 |
| Net loss on disposal of associateSGD thousands | 181 | – | PDF p. 55 |
| Impairment of assets classified as held for saleSGD thousands | 11 | – | PDF p. 55 |
| Fair value changes in financial assets and liabilitiesSGD thousands | (30,912) | (836) | PDF p. 55 |
| Share based paymentSGD thousands | 340 | (608) | PDF p. 55 |
| Share of results of associates and joint venturesSGD thousands | 12,397 | 12,612 | PDF p. 55 |
| Dividend incomeSGD thousands | (2,700) | (6,634) | PDF p. 55 |
| Interest incomeSGD thousands | (17,628) | (19,891) | PDF p. 55 |
| Finance costsSGD thousands | 112,716 | 90,629 | PDF p. 55 |
| Reclassification of foreign currency translation and hedging reserves to profit or lossSGD thousands | 19,138 | 3,391 | PDF p. 55 |
| Unrealised foreign currency translationSGD thousands | 13,958 | 14,461 | PDF p. 55 |
| Operating cash flows before changes in working capitalSGD thousands | 81,323 | 77,529 | PDF p. 55 |
| Increase in inventoriesSGD thousands | (27,950) | (17,269) | PDF p. 55 |
| Increase in trade and other receivables and prepaymentsSGD thousands | (32,777) | (14,027) | PDF p. 55 |
| Increase in trade and other payables and provisionsSGD thousands | 29,132 | 6,871 | PDF p. 55 |
| Decrease in investment securitiesSGD thousands | 12,023 | 168 | PDF p. 55 |
| Cash flows generated from operationsSGD thousands | 61,751 | 53,272 | PDF p. 55 |
| Income taxes paidSGD thousands | (11,818) | (18,953) | PDF p. 55 |
| Finance costs paidSGD thousands | (34,685) | (34,548) | PDF p. 55 |
| Interest receivedSGD thousands | 19,913 | 14,521 | PDF p. 55 |
| Dividend received from investment securitiesSGD thousands | 438 | 1,219 | PDF p. 55 |
| Net cash flows from operating activitiesSGD thousands | 35,599 | 15,511 | PDF p. 55 |
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Definitions & sources
Original report: PDF p. 55 ↗
Consolidated Cash Flows — Investing, financing and reconciliation
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated Cash Flows — Investing, financing and reconciliation | |||
| Dividend received from investment securities, associates and joint venturesSGD thousands | 6,444 | 30,783 | PDF p. 55 |
| Proceeds from disposal of investment properties and property, plant and equipmentSGD thousands | 5,975 | 49,984 | PDF p. 55 |
| Proceeds from disposal of investment securitiesSGD thousands | 412,170 | 3,669 | PDF p. 55 |
| Proceeds from settlement of derivativesSGD thousands | 17,692 | 3,357 | PDF p. 55 |
| Net cash inflow from changes in ownership interests in a subsidiarySGD thousands | 40,317 | – | PDF p. 55 |
| Expenditure on property, plant and equipmentSGD thousands | (7,648) | (8,104) | PDF p. 55 |
| Expenditure on land under developmentSGD thousands | (5,505) | (3,170) | PDF p. 55 |
| Expenditure on investment propertiesSGD thousands | (21,291) | (111,923) | PDF p. 55 |
| Expenditure on deferred mine exploration and evaluation expenditure, mine properties, and other intangible assetsSGD thousands | (371) | (157) | PDF p. 55 |
| Investment in associates and joint venturesSGD thousands | (7,807) | (15,154) | PDF p. 55 |
| Return of capital from associatesSGD thousands | 17,577 | 15,115 | PDF p. 55 |
| Loan repayment from associateSGD thousands | 9,797 | – | PDF p. 55 |
| Purchase of investment securitiesSGD thousands | – | (4,328) | PDF p. 55 |
| Redemption of/(investment in) treasury billsSGD thousands | 16,248 | (16,248) | PDF p. 55 |
| Net cash flows from/(used in) investing activitiesSGD thousands | 483,598 | (56,176) | PDF p. 55 |
| Dividend paid on ordinary sharesSGD thousands | (11,424) | (32,350) | PDF p. 55 |
| Dividend paid to non-controlling shareholders of subsidiariesSGD thousands | (12,566) | (23,079) | PDF p. 55 |
| Purchase of treasury sharesSGD thousands | – | (1,616) | PDF p. 55 |
| Net proceeds from issuance of shares by subsidiaries to non-controlling shareholdersSGD thousands | 4,000 | 1,245 | PDF p. 55 |
| Proceeds from borrowingsSGD thousands | 290,695 | 232,057 | PDF p. 55 |
| Repayment of borrowingsSGD thousands | (706,666) | (102,797) | PDF p. 55 |
| Payment of principal portion of lease liabilitiesSGD thousands | (2,754) | (2,758) | PDF p. 55 |
| Finance costs paidSGD thousands | (39,700) | (38,601) | PDF p. 55 |
| (Increase)/decrease in restricted cashSGD thousands | (48,030) | 9,464 | PDF p. 55 |
| Net cash flows (used in)/from financing activitiesSGD thousands | (526,445) | 41,565 | PDF p. 55 |
| Net (decrease)/increase in cash and cash equivalentsSGD thousands | (7,248) | 900 | PDF p. 55 |
| Effect of exchange rate changes on cash and cash equivalentsSGD thousands | (1,142) | (689) | PDF p. 55 |
| Cash and cash equivalents at 1 JanuarySGD thousands | 436,232 | 436,021 | PDF p. 55 |
| Cash and cash equivalents at 31 December (Note 26)SGD thousands | 427,842 | 436,232 | PDF p. 55 |
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Original report: PDF p. 55 ↗
Statement of Changes in Equity — Group 2025
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupTotal equity | 2025GroupEquity attributable to owners of the Company | 2025GroupShare capital | 2025GroupTreasury shares | 2025GroupRetained earnings | 2025GroupFVOCI reserve | 2025GroupHedging reserve | 2025GroupRevaluation reserve | 2025GroupForeign currency translation reserve | 2025GroupShare-based compensation reserve | 2025GroupOther reserves | 2025GroupNon-controlling interests | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Statement of Changes in Equity — Group 2025 | |||||||||||||
| Balance at 1 January 2025SGD thousands | 1,580,104 | 1,438,226 | 690,068 | (6,962) | 1,274,089 | (400,600) | (4,086) | 52,824 | (165,012) | 442 | (2,537) | 141,878 | PDF p. 53 |
| Total comprehensive income for the yearSGD thousands | (163,783) | (184,490) | – | – | (249,133) | 35,288 | (8,623) | 4,714 | 33,264 | – | – | 20,707 | PDF p. 53 |
| Contributions by and distributions to owners Share based paymentSGD thousands | 340 | 340 | – | – | – | – | – | – | – | 340 | – | – | PDF p. 53 |
| Treasury share reissued pursuant to share-based compensation planSGD thousands | – | – | 8 | 434 | – | – | – | – | – | (442) | – | – | PDF p. 53 |
| Dividend on ordinary sharesSGD thousands | (11,424) | (11,424) | 24,640 | – | (36,064) | – | – | – | – | – | – | – | PDF p. 53 |
| Writeback on unclaimed dividendSGD thousands | 107 | 107 | – | – | 107 | – | – | – | – | – | – | – | PDF p. 53 |
| Dividend paid to non-controlling interestsSGD thousands | (12,566) | – | – | – | – | – | – | – | – | – | – | (12,566) | PDF p. 53 |
| Contribution of capital by non-controlling interestsSGD thousands | 3,287 | – | – | – | – | – | – | – | – | – | – | 3,287 | PDF p. 53 |
| Total contributions by and distributions to ownersSGD thousands | (20,256) | (10,977) | 24,648 | 434 | (35,957) | – | – | – | – | (102) | – | (9,279) | PDF p. 53 |
| Changes in ownership interests in subsidiary Changes in ownership interests in subsidiarySGD thousands | 40,317 | 5,572 | – | – | – | – | – | – | 5,572 | – | – | 34,745 | PDF p. 53 |
| Total changes in ownership interests in subsidiarySGD thousands | 40,317 | 5,572 | – | – | – | – | – | – | 5,572 | – | – | 34,745 | PDF p. 53 |
| Others Reclassification of FVOCI reserveSGD thousands | – | – | – | – | (355,770) | 355,770 | – | – | – | – | – | – | PDF p. 53 |
| Transfer of reserves due to property, plant and equipment classified as held for saleSGD thousands | 521 | – | – | – | – | – | – | (563) | – | – | 563 | 521 | PDF p. 53 |
| Total othersSGD thousands | 521 | – | – | – | (355,770) | 355,770 | – | (563) | – | – | 563 | 521 | PDF p. 53 |
| Balance at 31 December 2025SGD thousands | 1,436,903 | 1,248,331 | 714,716 | (6,528) | 633,229 | (9,542) | (12,709) | 56,975 | (126,176) | 340 | (1,974) | 188,572 | PDF p. 53 |
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Original report: PDF p. 53 ↗
Statement of Changes in Equity — Group 2024
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024GroupTotal equity | 2024GroupEquity attributable to owners of the Company | 2024GroupShare capital | 2024GroupTreasury shares | 2024GroupRetained earnings | 2024GroupFVOCI reserve | 2024GroupHedging reserve | 2024GroupRevaluation reserve | 2024GroupForeign currency translation reserve | 2024GroupShare-based compensation reserve | 2024GroupOther reserves | 2024GroupNon-controlling interests | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Statement of Changes in Equity — Group 2024 | |||||||||||||
| Balance at 1 January 2024SGD thousands | 1,597,461 | 1,460,035 | 686,309 | (6,933) | 1,314,852 | (432,861) | 1,203 | 45,447 | (148,342) | 2,897 | (2,537) | 137,426 | PDF p. 53 |
| Total comprehensive income for the yearSGD thousands | 38,998 | 12,712 | – | – | (7,226) | 33,826 | (5,157) | 7,939 | (16,670) | – | – | 26,286 | PDF p. 53 |
| Contributions by and distributions to owners Share based paymentSGD thousands | (608) | (608) | – | – | – | – | – | – | – | (608) | – | – | PDF p. 53 |
| Treasury share reissued pursuant to share-based compensation planSGD thousands | – | – | 260 | 1,587 | – | – | – | – | – | (1,847) | – | – | PDF p. 53 |
| Dividend on ordinary sharesSGD thousands | (32,350) | (32,350) | 3,499 | – | (35,849) | – | – | – | – | – | – | – | PDF p. 53 |
| Contribution of capital by non-controlling interestsSGD thousands | 1,245 | – | – | – | – | – | – | – | – | – | – | 1,245 | PDF p. 53 |
| Writeback on unclaimed dividendSGD thousands | 53 | 53 | – | – | 53 | – | – | – | – | – | – | – | PDF p. 53 |
| Dividend paid to non-controlling interestsSGD thousands | (23,079) | – | – | – | – | – | – | – | – | – | – | (23,079) | PDF p. 53 |
| Purchase of treasury sharesSGD thousands | (1,616) | (1,616) | – | (1,616) | – | – | – | – | – | – | – | – | PDF p. 53 |
| Total contributions by and distributions to ownersSGD thousands | (56,355) | (34,521) | 3,759 | (29) | (35,796) | – | – | – | – | (2,455) | – | (21,834) | PDF p. 53 |
| Others Reclassification of FVOCI reserveSGD thousands | – | – | – | – | 1,565 | (1,565) | – | – | – | – | – | – | PDF p. 53 |
| Share of reserve of associateSGD thousands | – | – | – | – | 562 | – | – | (562) | – | – | – | – | PDF p. 53 |
| Reclassification of hedging reserveSGD thousands | – | – | – | – | 132 | – | (132) | – | – | – | – | – | PDF p. 53 |
| Total othersSGD thousands | – | – | – | – | 2,259 | (1,565) | (132) | (562) | – | – | – | – | PDF p. 53 |
| Balance at 31 December 2024SGD thousands | 1,580,104 | 1,438,226 | 690,068 | (6,962) | 1,274,089 | (400,600) | (4,086) | 52,824 | (165,012) | 442 | (2,537) | 141,878 | PDF p. 53 |
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Original report: PDF p. 53 ↗
Statement of Changes in Equity — Company 2025
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025CompanyTotal equity | 2025CompanyEquity attributable to owners of the Company | 2025CompanyShare capital | 2025CompanyTreasury shares | 2025CompanyRetained earnings | 2025CompanyRevaluation reserve | 2025CompanyForeign currency translation reserve | 2025CompanyShare-based compensation reserve | Source |
|---|---|---|---|---|---|---|---|---|---|
| Statement of Changes in Equity — Company 2025 | |||||||||
| Balance at 1 January 2025SGD thousands | 804,428 | 804,428 | 690,068 | (6,962) | 132,507 | 589 | (12,216) | 442 | PDF p. 54 |
| Total comprehensive income for the yearSGD thousands | 42,920 | 42,920 | – | – | 39,825 | 4 | 3,091 | – | PDF p. 54 |
| Contributions by and distributions to owners Share based paymentSGD thousands | 340 | 340 | – | – | – | – | – | 340 | PDF p. 54 |
| Treasury share reissued pursuant to share-based compensation planSGD thousands | – | – | 8 | 434 | – | – | – | (442) | PDF p. 54 |
| Dividend on ordinary sharesSGD thousands | (11,424) | (11,424) | 24,640 | – | (36,064) | – | – | – | PDF p. 54 |
| Writeback on unclaimed dividendSGD thousands | 107 | 107 | – | – | 107 | – | – | – | PDF p. 54 |
| Total contributions by and distributions to ownersSGD thousands | (10,977) | (10,977) | 24,648 | 434 | (35,957) | – | – | (102) | PDF p. 54 |
| Balance at 31 December 2025SGD thousands | 836,371 | 836,371 | 714,716 | (6,528) | 136,375 | 593 | (9,125) | 340 | PDF p. 54 |
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Original report: PDF p. 54 ↗
Statement of Changes in Equity — Company 2024
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024CompanyTotal equity | 2024CompanyEquity attributable to owners of the Company | 2024CompanyShare capital | 2024CompanyTreasury shares | 2024CompanyRetained earnings | 2024CompanyHedging reserve | 2024CompanyRevaluation reserve | 2024CompanyForeign currency translation reserve | 2024CompanyShare-based compensation reserve | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Statement of Changes in Equity — Company 2024 | ||||||||||
| Balance at 1 January 2024SGD thousands | 798,947 | 798,947 | 686,309 | (6,933) | 130,809 | 548 | 585 | (15,268) | 2,897 | PDF p. 54 |
| Total comprehensive income for the yearSGD thousands | 40,002 | 40,002 | – | – | 37,494 | (548) | 4 | 3,052 | – | PDF p. 54 |
| Contributions by and distributions to owners Share based paymentSGD thousands | (608) | (608) | – | – | – | – | – | – | (608) | PDF p. 54 |
| Treasury share reissued pursuant to share-based compensation planSGD thousands | – | – | 260 | 1,587 | – | – | – | – | (1,847) | PDF p. 54 |
| Purchase of treasury sharesSGD thousands | (1,616) | (1,616) | – | (1,616) | – | – | – | – | – | PDF p. 54 |
| Dividend on ordinary sharesSGD thousands | (32,350) | (32,350) | 3,499 | – | (35,849) | – | – | – | – | PDF p. 54 |
| Writeback on unclaimed dividendSGD thousands | 53 | 53 | – | – | 53 | – | – | – | – | PDF p. 54 |
| Total contributions by and distributions to ownersSGD thousands | (34,521) | (34,521) | 3,759 | (29) | (35,796) | – | – | – | (2,455) | PDF p. 54 |
| Balance at 31 December 2024SGD thousands | 804,428 | 804,428 | 690,068 | (6,962) | 132,507 | – | 589 | (12,216) | 442 | PDF p. 54 |
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Definitions & sources
Original report: PDF p. 54 ↗
Five-year Financial Highlights
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Five-year Financial Highlights | ||||||
| Total revenueSGD thousands | 623,300 | 564,627 | 491,659 | 527,620 | 396,559 | PDF p. 10 |
| Earnings before interest, tax, depreciation and amortisationSGD thousands | (60,814) | 124,434 | 79,475 | 613,378 | 401,045 | PDF p. 10 |
| Profit before taxSGD thousands | (184,582) | 25,063 | (11,633) | 562,984 | 362,070 | PDF p. 10 |
| Profit attributable to owners of the CompanySGD thousands | (249,133) | (7,226) | (28,567) | 551,259 | 234,254 | PDF p. 10 |
| Shareholders’ fundsSGD thousands | 1,248,331 | 1,438,226 | 1,460,035 | 1,737,443 | 1,771,382 | PDF p. 10 |
| Earnings per share (cents)SGD cents per share | (54.1) | (1.6) | (6.4) | 127.0 | 57.6 | PDF p. 10 |
| Dividend per share (cents)SGD cents per share (2022 includes distribution in specie) | 8.0 | 8.0 | 8.0 | 58.0 | 8.0 | PDF p. 10 |
| Net asset value per share ($)SGD per share | 2.66 | 3.19 | 3.26 | 3.86 | 4.35 | PDF p. 10 |
| Return on equity (%)% | (18.5) | (0.5) | (1.8) | 31.4 | 14.2 | PDF p. 10 |
| Net gearing (%)% | 61.8 | 82.0 | 72.8 | 60.8 | 46.7 | PDF p. 10 |
| Total non-current assetsSGD thousands | 2,205,503 | 2,717,205 | 2,657,323 | 2,842,152 | 2,603,979 | PDF p. 10 |
| Total current assetsSGD thousands | 860,508 | 841,781 | 782,225 | 659,384 | 583,927 | PDF p. 10 |
| TOTAL ASSETSSGD thousands | 3,066,011 | 3,558,986 | 3,439,548 | 3,501,536 | 3,187,906 | PDF p. 10 |
| Equity attributable to owners of the CompanySGD thousands | 1,248,331 | 1,438,226 | 1,460,035 | 1,737,443 | 1,771,382 | PDF p. 10 |
| Non-controlling interestsSGD thousands | 188,572 | 141,878 | 137,426 | 137,055 | 163,468 | PDF p. 10 |
| TOTAL EQUITYSGD thousands | 1,436,903 | 1,580,104 | 1,597,461 | 1,874,498 | 1,934,850 | PDF p. 10 |
| Total non-current liabilitiesSGD thousands | 830,220 | 1,153,090 | 1,445,224 | 1,143,829 | 622,547 | PDF p. 10 |
| Total current liabilitiesSGD thousands | 798,888 | 825,792 | 396,863 | 483,209 | 630,509 | PDF p. 10 |
| TOTAL LIABILITIESSGD thousands | 1,629,108 | 1,978,882 | 1,842,087 | 1,627,038 | 1,253,056 | PDF p. 10 |
| TOTAL EQUITY AND LIABILITIESSGD thousands | 3,066,011 | 3,558,986 | 3,439,548 | 3,501,536 | 3,187,906 | PDF p. 10 |
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Definitions & sources
Original report: PDF p. 10 ↗
Cash and cash equivalents — restricted cash reconciliation
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash and cash equivalents — restricted cash reconciliation | |||
| Cash and bank balancesSGD thousands | 488,440 | 448,800 | PDF p. 81 |
| Less: Restricted cashSGD thousands | (60,598) | (12,568) | PDF p. 81 |
| Cash and cash equivalents per consolidated statement of cash flowsSGD thousands | 427,842 | 436,232 | PDF p. 81 |
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Definitions & sources
Original report: PDF p. 81 ↗
Dividends — paid and declared
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group and Company | 2024Group and Company | Source |
|---|---|---|---|
| Dividends — paid and declared | |||
| 2024 interim dividend paid in 2025 (2023 interim dividend paid in 2024)SGD thousands (dividend declared, including scrip allotment) | 36,064 | 35,849 | PDF p. 85 |
| Interim dividend for 2025 declared subsequently (2024 comparative)SGD thousands (declared after year end) | 37,511 | 36,064 | PDF p. 85 |
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Definitions & sources
Original report: PDF p. 85 ↗
Where the money comes from
Segment information
By business
Segment information - 2025 Operating segments 22 lines
| Item / unit | 2025Resources, $'000 | 2025Real Estate, $'000 | 2025Hospitality, $'000 | 2025Others, $'000 | 2025Elimination, $'000 | 2025Consolidated, $'000 | Source |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| External revenue$'000 | 537,322 | 85,978 | – | – | – | 623,300 | PDF p. 94 |
| Inter-segment revenue$'000 | – | 11 | – | – | (11) | – | PDF p. 94 |
| Total revenue$'000 | 537,322 | 85,989 | – | – | (11) | 623,300 | PDF p. 94 |
| Segment results | |||||||
| Operating profit$'000 | 48,582 | 6,764 | 1,475 | 29,854 | – | 86,675 | PDF p. 94 |
| Net fair value changes in investment properties$'000 | – | (43,873) | – | – | – | (43,873) | PDF p. 94 |
| Loss from loss of joint control over joint venture$'000 | – | (102,271) | – | – | – | (102,271) | PDF p. 94 |
| Finance costs$'000 | (6,363) | (39,097) | – | (67,256) | – | (112,716) | PDF p. 94 |
| Share of results of associates and joint ventures$'000 | 442 | (11,437) | (358) | (1,044) | – | (12,397) | PDF p. 94 |
| Profit/(loss) before tax$'000 | 42,661 | (189,914) | 1,117 | (38,446) | – | (184,582) | PDF p. 94 |
| Income tax expense$'000 | (11,924) | (35,894) | (250) | (1,321) | – | (49,389) | PDF p. 94 |
| Profit/(loss) after tax$'000 | 30,737 | (225,808) | 867 | (39,767) | – | (233,971) | PDF p. 94 |
| Profit/(loss) attributable to | |||||||
| Owners of the Company$'000 | 14,208 | (224,441) | 867 | (39,767) | – | (249,133) | PDF p. 94 |
| Non-controlling interests$'000 | 16,529 | (1,367) | – | – | – | 15,162 | PDF p. 94 |
| Assets | |||||||
| Segment assets$'000 | 495,167 | 2,023,905 | 149,627 | 397,312 | – | 3,066,011 | PDF p. 94 |
| Liabilities | |||||||
| Segment liabilities$'000 | 224,011 | 891,183 | – | 513,914 | – | 1,629,108 | PDF p. 94 |
| Other information | |||||||
| Dividend income$'000 | 822 | 775 | – | 1,103 | – | 2,700 | PDF p. 94 |
| Interest income$'000 | 1,463 | 7,315 | 1,475 | 7,375 | – | 17,628 | PDF p. 94 |
| Depreciation expense$'000 | 4,220 | 6,536 | – | – | – | 10,756 | PDF p. 94 |
| Amortisation expense$'000 | 292 | – | – | 4 | – | 296 | PDF p. 94 |
| Loss from loss of joint control over joint venture$'000 | – | 102,271 | – | – | – | 102,271 | PDF p. 94 |
| Other material non-cash items | |||||||
| Associates and joint ventures$'000 | 9,759 | 340,448 | 92,913 | 7,505 | – | 450,625 | PDF p. 94 |
| Additions to non-current assets (1)$'000 | 9,762 | 43,037 | – | 35 | – | 52,834 | PDF p. 94 |
Notes
Additions to non-current assets exclude associates and joint ventures.
Segment performance is evaluated based on net profit. Transactions between operating segments are based on terms agreed between the parties.
Segment information - 2024 Operating segments 20 lines
| Item / unit | 2024Resources, $'000 | 2024Real Estate, $'000 | 2024Hospitality, $'000 | 2024Others, $'000 | 2024Elimination, $'000 | 2024Consolidated, $'000 | Source |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| External revenue$'000 | 494,085 | 70,542 | – | – | – | 564,627 | PDF p. 94 |
| Inter-segment revenue$'000 | – | 10 | – | – | (10) | – | PDF p. 94 |
| Total revenue$'000 | 494,085 | 70,552 | – | – | (10) | 564,627 | PDF p. 94 |
| Segment results | |||||||
| Operating profit$'000 | 44,868 | 15,512 | 1,331 | 6,317 | – | 68,028 | PDF p. 94 |
| Net fair value changes in investment properties$'000 | – | 60,276 | – | – | – | 60,276 | PDF p. 94 |
| Finance costs$'000 | (5,620) | (38,774) | – | (46,235) | – | (90,629) | PDF p. 94 |
| Share of results of associates and joint ventures$'000 | (73) | (15,627) | 4,447 | (1,359) | – | (12,612) | PDF p. 94 |
| Profit/(loss) before tax$'000 | 39,175 | 21,387 | 5,778 | (41,277) | – | 25,063 | PDF p. 94 |
| Income tax expense$'000 | (11,485) | (865) | (226) | (1,457) | – | (14,033) | PDF p. 94 |
| Profit/(loss) after tax$'000 | 27,690 | 20,522 | 5,552 | (42,734) | – | 11,030 | PDF p. 94 |
| Profit/(loss) attributable to | |||||||
| Owners of the Company$'000 | 12,338 | 17,618 | 5,552 | (42,734) | – | (7,226) | PDF p. 94 |
| Non-controlling interests$'000 | 15,352 | 2,904 | – | – | – | 18,256 | PDF p. 94 |
| Assets | |||||||
| Segment assets$'000 | 430,924 | 2,597,312 | 154,611 | 376,139 | – | 3,558,986 | PDF p. 94 |
| Liabilities | |||||||
| Segment liabilities$'000 | 179,648 | 858,298 | – | 940,936 | – | 1,978,882 | PDF p. 94 |
| Other information | |||||||
| Dividend income$'000 | 1,002 | 4,413 | – | 1,219 | – | 6,634 | PDF p. 94 |
| Interest income$'000 | 1,944 | 7,027 | 1,331 | 9,589 | – | 19,891 | PDF p. 94 |
| Depreciation expense$'000 | 3,683 | 4,751 | – | – | – | 8,434 | PDF p. 94 |
| Amortisation expense$'000 | 307 | – | – | 1 | – | 308 | PDF p. 94 |
| Other material non-cash items | |||||||
| Associates and joint ventures$'000 | 8,925 | 466,858 | 88,104 | 8,548 | – | 572,435 | PDF p. 94 |
| Additions to non-current assets (1)$'000 | 6,164 | 112,532 | – | 32 | – | 118,728 | PDF p. 94 |
Notes
Additions to non-current assets exclude associates and joint ventures.
Segment performance is evaluated based on net profit.
By geography
Geographical information 2 lines
| Item / unit | 2025Singapore, $'000 | 2025Malaysia, $'000 | 2025Australia, $'000 | 2025Japan, $'000 | 2025China, $'000 | 2025Korea, $'000 | 2025United Kingdom, $'000 | 2025Consolidated, $'000 | 2024Singapore, $'000 | 2024Malaysia, $'000 | 2024Australia, $'000 | 2024Japan, $'000 | 2024China, $'000 | 2024Korea, $'000 | 2024United Kingdom, $'000 | 2024Consolidated, $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Segment revenue | |||||||||||||||||
| Revenue from external parties$'000 | 2,682 | 544,027 | 39,676 | – | 9,568 | 7,528 | 19,819 | 623,300 | 2,083 | 495,906 | 35,066 | – | 9,359 | 3,364 | 18,849 | 564,627 | PDF p. 95 |
| Geographical information | |||||||||||||||||
| Non-current assets$'000 | 355,563 | 341,915 | 725,804 | 24,930 | 132,092 | 321,359 | 303,840 | 2,205,503 | 359,388 | 307,757 | 708,215 | 43,755 | 635,934 | 344,662 | 317,494 | 2,717,205 | PDF p. 95 |
Notes
Revenue and non-current assets information are based on the geographical location of the business operation.
Revenue from five major customers amounted to $372,078,000 in 2025 (2024: five major customers amounted to $352,966,000) arising from the Resources segment.
Debt
Borrowings
Borrowings by type, security and maturity
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Company, $'000 | 2024Company, $'000 | Source |
|---|---|---|---|---|---|
| Non-current | |||||
| Secured bank loans$'000 | 505,613 | 359,095 | – | – | PDF p. 84 |
| Secured notes$'000 | – | 332,203 | – | 332,203 | PDF p. 84 |
| Unsecured bank loans$'000 | 99,835 | 49,679 | 99,835 | 49,679 | PDF p. 84 |
| Unsecured notes$'000 | 131,924 | 301,201 | 129,319 | 298,596 | PDF p. 84 |
| Non-current subtotal (unlabelled)$'000 | 737,372 | 1,042,178 | 229,154 | 680,478 | PDF p. 84 |
| Current | |||||
| Secured bank loans$'000 | 252,658 | 394,288 | – | – | PDF p. 84 |
| Secured notes$'000 | 85,178 | – | 85,178 | – | PDF p. 84 |
| Unsecured bank loans*$'000 | 131,761 | 99,934 | 19,993 | – | PDF p. 84 |
| Unsecured notes$'000 | 169,874 | 208,760 | 169,874 | 208,760 | PDF p. 84 |
| Current subtotal (unlabelled)$'000 | 639,471 | 702,982 | 275,045 | 208,760 | PDF p. 84 |
| Total | |||||
| Total borrowings$'000 | 1,376,843 | 1,745,160 | 504,199 | 889,238 | PDF p. 84 |
Notes
Maturity column as printed: non-current secured bank loans 2027 – 2033; secured notes '–'; unsecured bank loans 2027; unsecured notes 2027 – 2029; current items all 2026.
* Included in current unsecured bank loans are short-term trade financing, bankers' acceptances and trust receipts.
The Group's non-current borrowings are subject to various financial covenants tested quarterly, semi-annually or annually (leverage ratios, interest coverage ratio, net worth requirements, debt service coverage ratio and debt yield). The Group has complied with these covenants.
Assets pledged (Group, $'000, 2025/2024): investment properties 1,382,606/1,403,953; land under development 24,935/23,906; joint ventures 118,873/114,956; investment securities (non-current) –/215,513; cash and bank balances 6,920/5,907; total 1,533,334/1,764,235.
Note 39(d) Contractual undiscounted maturity profile: borrowings and lease liabilities
| Item / unit | 20251 year or less, $'000 | 20251 to 5 years, $'000 | 2025Over 5 years, $'000 | 2025Total, $'000 | 20241 year or less, $'000 | 20241 to 5 years, $'000 | 2024Over 5 years, $'000 | 2024Total, $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group financial liabilities | |||||||||
| Borrowings$'000 | 706,471 | 738,667 | 12,027 | 1,457,165 | 771,268 | 1,126,449 | 15,805 | 1,913,522 | PDF p. 89 |
| Lease liabilities$'000 | 1,378 | 429 | 1,677 | 3,484 | 2,757 | 1,695 | 1,695 | 6,147 | PDF p. 89 |
Notes
Based on contractual undiscounted repayment obligations, including estimated interest payments.
Note 39(d) Contractual undiscounted maturity profile: borrowings (Company)
| Item / unit | 20251 year or less, $'000 | 20251 to 5 years, $'000 | 2025Total, $'000 | 20241 year or less, $'000 | 20241 to 5 years, $'000 | 2024Total, $'000 | Source |
|---|---|---|---|---|---|---|---|
| Company financial liabilities | |||||||
| Borrowings$'000 | 289,187 | 246,501 | 535,688 | 242,754 | 766,850 | 1,009,604 | PDF p. 89 |
Notes
Company table has no 'Over 5 years' column. Based on contractual undiscounted repayment obligations, including estimated interest payments.
Borrowing notes 4 tables
Interest rates of borrowings (%)
| Item / unit | 2025Group, % | 2024Group, % | 2025Company, % | 2024Company, % | Source |
|---|---|---|---|---|---|
| Interest rates of borrowings | |||||
| Fixed rate loans% | 3.9 | 3.9 | – | – | PDF p. 84 |
Notes
Interest rates on floating rate bank loans are repriced at intervals of 1 to 3 months (2024: 1 to 3 months).
Note 39(b): 4% (2024: 3%) of the Group's borrowings are denominated in foreign currencies other than the functional currencies of the respective Group entities, mainly Australian Dollar and United States Dollar.
Borrowings denominated in foreign currencies other than functional currencies
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Foreign currency borrowings | |||
| Australian Dollar$'000 | 19,689 | 19,378 | PDF p. 84 |
| United States Dollar$'000 | 34,563 | 26,431 | PDF p. 84 |
Notes
Borrowings denominated in foreign currencies other than the functional currencies of the respective Group entities are mainly as follows.
Reconciliation of borrowings arising from financing activities
| Item / unit | 2024Group opening balance at 2024, $'000 | 2025Group cash flows, $'000 | 2025Group non-cash: reclassification, $'000 | 2025Group non-cash: exchange differences, $'000 | 2025Group non-cash: others, $'000 | 2025Group closing balance at 2025, $'000 | 2023Group opening balance at 2023, $'000 | 2024Group cash flows, $'000 | 2024Group non-cash: reclassification, $'000 | 2024Group non-cash: exchange differences, $'000 | 2024Group non-cash: others, $'000 | 2024Group closing balance at 2024, $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Borrowings | |||||||||||||
| - current$'000 | 702,982 | (636,823) | 568,877 | 1,656 | 2,779 | 639,471 | 292,490 | (58,393) | 467,793 | 344 | 748 | 702,982 | PDF p. 85 |
| - non-current$'000 | 1,042,178 | 220,852 | (568,877) | 5,067 | 38,152 | 737,372 | 1,329,034 | 187,653 | (467,793) | (19,816) | 13,100 | 1,042,178 | PDF p. 85 |
| Total$'000 | 1,745,160 | (415,971) | – | 6,723 | 40,931 | 1,376,843 | 1,621,524 | 129,260 | – | (19,472) | 13,848 | 1,745,160 | PDF p. 85 |
Notes
Others in 2025 includes a remeasurement loss of $36.8 million from early redemption of Exchangeable Bonds; bonds of $284 million were redeemed on 8 August 2025.
Lease liabilities
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Lease liabilities | |||
| At 31 December$'000 | 2,553 | 5,130 | PDF p. 85 |
| Current$'000 | 1,308 | 2,633 | PDF p. 85 |
| Non-current$'000 | 1,245 | 2,497 | PDF p. 85 |
Notes
The maturity analysis of lease liabilities is disclosed in Note 39(d).
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not distribute a fixed amount or fixed percentage of earnings by way of dividend in any financial year. | Company | PDF p. 46 |
| Dividend policy (aim) | As a matter of policy, the Company aims to pay consistent and sustainable dividends to | Company | PDF p. 46 |
| Issued pursuant to scrip dividend scheme | In 2025, the Company allotted and issued 17,853,963 (2024: 2,591,104) new ordinary shares at S$1.38 (2024: S$1.35) per ordinary share | Group and Company | PDF p. 82 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Interim dividend for 2025 | 8 cents per share | Group and Company; FY2025 interim dividend declared subsequent to year end, not recognised as a liability at 31 December 2025 | PDF p. 85 |
| (Interim dividend for 2024: 8 cents per share tax exempt (one-tier tax)) | 37,511 $'000 | Group and Company; 2025 column, declared subsequent to year end | PDF p. 85 |
| Interim dividend for 2024 (comparative) | 8 cents per share | Group and Company; FY2024 interim dividend, comparative year | PDF p. 85 |
| 2023 Interim dividend paid in 2024 | 8 cents per share | Group and Company; FY2023 interim dividend paid in 2024 (earlier comparative) | PDF p. 85 |
| Dividend per share (cents) | 8.0 cents | Group; 2025 (five-year table 2025 2024 2023 2022 2021: 8.0, 8.0, 8.0, * 58.0, 8.0) | PDF p. 10 |
| Dividend per share (cents) | 8.0 cents | Group; 2024 (comparative) | PDF p. 10 |
Extracted from The Straits Trading Company Limited 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 |
|---|---|---|---|
| Audit firm | Ernst & Young LLP | Group | PDF p. 50 |
| Engagement partner | Terry Wee Hiang Bing | Group | PDF p. 50 |
| Opinion | In our opinion, the accompanying consolidated financial statements of the Group, the statement of financial position and the statement of changes | Group and Company | PDF p. 48 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment testing for goodwill | As at 31 December 2025, the Group’s goodwill arising from the acquisition of Malaysia Smelting Corporation Berhad (“MSC”) is carried at | Group · As at 2025-12-31 | PDF p. 49 |
| Provision for mine restoration costs | As at 31 December 2025, the Group recorded a provision for mine restoration costs of $22.0 million in respect of restoration obligations of | Group · As at 2025-12-31 | PDF p. 49 |
| Existence and valuation of tin inventories | As at 31 December 2025, the Group’s inventories are carried at $215.1 million. | Group · As at 2025-12-31 | PDF p. 49 |
Extracted from The Straits Trading Company Limited 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 The Straits Trading Company Limited Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Amounts are SGD thousands unless stated per share or percent. Group and Company figures retain their separate scope.
2022 five-year dividend per share of 58.0 cents includes a special distribution in specie; the cash dividend was 8.0 cents.
2025 dividend on ordinary shares of SGD36.064m includes SGD24.640m scrip share allotment and SGD11.424m cash paid. 2024 total SGD35.849m includes SGD3.499m scrip and SGD32.350m cash.
Cash flow closing cash excludes restricted cash: 2025 SGD488.440m less SGD60.598m equals SGD427.842m; 2024 SGD448.800m less SGD12.568m equals SGD436.232m.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.