Tuan Sing Holdings Limited Annual Report 2025
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| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Statements of Financial Position | |||||
| ASSETS Current assets Cash and cash equivalentsSGD thousand | 159,809 | 156,918 | 55,258 | 9,427 | PDF p. 102 |
| Trade and other receivablesSGD thousand | 37,490 | 39,492 | 24,676 | 36,590 | PDF p. 102 |
| Tax recoverableSGD thousand | 4,646 | 4,738 | – | – | PDF p. 102 |
| Contract assetsSGD thousand | 1,580 | 33,255 | – | – | PDF p. 102 |
| Contract costsSGD thousand | 419 | 626 | – | – | PDF p. 102 |
| InventoriesSGD thousand | 2,841 | 2,963 | – | – | PDF p. 102 |
| Development propertiesSGD thousand | 65,895 | 65,216 | – | – | PDF p. 102 |
| Total current assetsSGD thousand | 272,680 | 303,208 | 79,934 | 46,017 | PDF p. 102 |
| Non-current assets Property, plant and equipmentSGD thousand | 586,034 | 577,006 | 10 | 32 | PDF p. 102 |
| Right-of-use assetsSGD thousand | 320 | 315 | – | 1 | PDF p. 102 |
| Investment propertiesSGD thousand | 1,677,806 | 1,539,214 | – | – | PDF p. 102 |
| Investments in subsidiariesSGD thousand | – | – | 995,601 | 948,661 | PDF p. 102 |
| Investments in equity accounted investeesSGD thousand | 205,328 | 227,782 | – | – | PDF p. 102 |
| Investments in financial assetsSGD thousand | 31,448 | 31,418 | – | – | PDF p. 102 |
| Trade and other receivablesSGD thousand | 22,752 | 19,179 | 243,898 | 292,679 | PDF p. 102 |
| Deferred tax assetsSGD thousand | 2,525 | 2,162 | – | – | PDF p. 102 |
| Derivative financial instrumentsSGD thousand | 4,406 | – | – | – | PDF p. 102 |
| Total non-current assetsSGD thousand | 2,530,619 | 2,397,076 | 1,239,509 | 1,241,373 | PDF p. 102 |
| Total assetsSGD thousand | 2,803,299 | 2,700,284 | 1,319,443 | 1,287,390 | PDF p. 102 |
| LIABILITIES AND EQUITY Current liabilities Loans and borrowingsSGD thousand | – | 1,181 | – | – | PDF p. 102 |
| Lease liabilitiesSGD thousand | 93 | 69 | – | 1 | PDF p. 102 |
| Trade and other payablesSGD thousand | 99,986 | 98,764 | 18,250 | 17,091 | PDF p. 102 |
| Derivative financial instrumentsSGD thousand | 1,036 | – | – | – | PDF p. 102 |
| Income tax payableSGD thousand | 9,616 | 7,560 | 50 | 279 | PDF p. 102 |
| Total current liabilitiesSGD thousand | 110,731 | 107,574 | 18,300 | 17,371 | PDF p. 102 |
| Non-current liabilities Loans and borrowingsSGD thousand | 1,398,465 | 1,322,681 | 148,731 | 148,039 | PDF p. 102 |
| Lease liabilitiesSGD thousand | 109 | 94 | – | – | PDF p. 102 |
| Trade and other payablesSGD thousand | 8,632 | 4,431 | 582,757 | 546,213 | PDF p. 102 |
| Deferred tax liabilitiesSGD thousand | 51,742 | 44,492 | – | – | PDF p. 102 |
| Derivative financial instrumentsSGD thousand | 8,499 | 742 | – | – | PDF p. 102 |
| Total non-current liabilitiesSGD thousand | 1,467,447 | 1,372,440 | 731,488 | 694,252 | PDF p. 102 |
| Capital, reserves and non-controlling interests Share capitalSGD thousand | 196,156 | 194,887 | 196,156 | 194,887 | PDF p. 102 |
| Treasury sharesSGD thousand | (4,538) | (4,538) | (4,538) | (4,538) | PDF p. 102 |
| ReservesSGD thousand | 1,032,421 | 1,028,910 | 378,037 | 385,418 | PDF p. 102 |
| Equity attributable to owners of the CompanySGD thousand | 1,224,039 | 1,219,259 | 569,655 | 575,767 | PDF p. 102 |
| Non-controlling interestsSGD thousand | 1,082 | 1,011 | – | – | PDF p. 102 |
| Total equitySGD thousand | 1,225,121 | 1,220,270 | 569,655 | 575,767 | PDF p. 102 |
| Total liabilities and equitySGD thousand | 2,803,299 | 2,700,284 | 1,319,443 | 1,287,390 | PDF p. 102 |
Original report: PDF p. 102 ↗
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated Profit or Loss and Other Comprehensive Income | |||
| RevenueSGD thousand | 146,004 | 192,516 | PDF p. 103 |
| Cost of salesSGD thousand | (71,784) | (116,287) | PDF p. 103 |
| Gross profitSGD thousand | 74,220 | 76,229 | PDF p. 103 |
| Other net operating incomeSGD thousand | 571 | 15,323 | PDF p. 103 |
| Distribution costsSGD thousand | (7,024) | (10,327) | PDF p. 103 |
| Administrative expensesSGD thousand | (50,012) | (48,810) | PDF p. 103 |
| Share of results of equity accounted investeesSGD thousand | 27,400 | 22,503 | PDF p. 103 |
| Interest incomeSGD thousand | 3,509 | 5,177 | PDF p. 103 |
| Finance costsSGD thousand | (60,122) | (68,452) | PDF p. 103 |
| Loss before tax and fair value adjustmentsSGD thousand | (11,458) | (8,357) | PDF p. 103 |
| Fair value adjustmentsSGD thousand | 51,162 | 7,187 | PDF p. 103 |
| Profit/(Loss) before taxSGD thousand | 39,704 | (1,170) | PDF p. 103 |
| Income tax (expense)/creditSGD thousand | (7,490) | 2,410 | PDF p. 103 |
| Profit for the yearSGD thousand | 32,214 | 1,240 | PDF p. 103 |
| Other comprehensive income Items that will not be reclassified subsequently to profit or loss Revaluation of propertiesSGD thousand | 1,682 | 11,737 | PDF p. 103 |
| Income tax relating to components of other comprehensive income that will not be reclassified subsequentlySGD thousand | (576) | (3,004) | PDF p. 103 |
| Fair value gain on investments in equity instruments designated at fair value through other comprehensive income (“FVTOCI”)SGD thousand | 30 | 4,639 | PDF p. 103 |
| TotalSGD thousand | 1,136 | 13,372 | PDF p. 103 |
| Items that may be reclassified subsequently to profit or loss Exchange differences on translation of foreign operationsSGD thousand | (2,070) | (19,776) | PDF p. 103 |
| Share of exchange differences on translation of equity accounted investeesSGD thousand | (13,282) | 5,401 | PDF p. 103 |
| Exchange differences reclassified to profit or loss on disposal of foreign operationsSGD thousand | – | (1,112) | PDF p. 103 |
| Fair value loss arising on hedging instrumentsSGD thousand | (4,388) | (589) | PDF p. 103 |
| Income tax relating to components of other comprehensive income that may be reclassified subsequentlySGD thousand | (1,322) | 260 | PDF p. 103 |
| TotalSGD thousand | (21,062) | (15,816) | PDF p. 103 |
| Other comprehensive loss for the year, net of taxSGD thousand | (19,926) | (2,444) | PDF p. 103 |
| Total comprehensive income/(loss) for the yearSGD thousand | 12,288 | (1,204) | PDF p. 103 |
| Profit/(Loss) attributable to: Owners of the CompanySGD thousand | 32,143 | 2,344 | PDF p. 103 |
| Non-controlling interestsSGD thousand | 71 | (1,104) | PDF p. 103 |
| TotalSGD thousand | 32,214 | 1,240 | PDF p. 103 |
| Total comprehensive income/(loss) attributable to: Owners of the CompanySGD thousand | 12,217 | (100) | PDF p. 103 |
| Non-controlling interestsSGD thousand | 71 | (1,104) | PDF p. 103 |
| TotalSGD thousand | 12,288 | (1,204) | PDF p. 103 |
Original report: PDF p. 103 ↗
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated Profit or Loss and Other Comprehensive Income | |||
| Basic and diluted earnings/(loss) per share (cents) Including fair value adjustmentsSGD cents per share | 2.58 | 0.19 | PDF p. 103 |
| Excluding fair value adjustmentsSGD cents per share | (1.21) | (0.68) | PDF p. 103 |
Original report: PDF p. 103 ↗
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated Cash Flows | |||
| Operating activities Profit/(Loss) before taxSGD thousand | 39,704 | (1,170) | PDF p. 104 |
| Adjustments for: Fair value gainSGD thousand | (51,162) | (7,187) | PDF p. 104 |
| Share of results of equity accounted investeesSGD thousand | (27,400) | (22,503) | PDF p. 104 |
| Depreciation of property, plant and equipmentSGD thousand | 7,559 | 6,733 | PDF p. 104 |
| Depreciation of right-of-use assetsSGD thousand | 107 | 74 | PDF p. 104 |
| Effect of lease incentives and rental straight-liningSGD thousand | (557) | – | PDF p. 104 |
| Amortisation of contract costsSGD thousand | 158 | 2,425 | PDF p. 104 |
| Allowance for doubtful trade and other receivables, netSGD thousand | 23 | 130 | PDF p. 104 |
| Bad debts (written back)/written off, netSGD thousand | (22) | 41 | PDF p. 104 |
| Net loss on disposal of right-of-use assetsSGD thousand | – | 7 | PDF p. 104 |
| Property, plant and equipment written offSGD thousand | 26 | 90 | PDF p. 104 |
| (Reversal of)/Provision for impairment on property, plant and equipmentSGD thousand | (585) | 585 | PDF p. 104 |
| Net gain on disposal of subsidiariesSGD thousand | – | (18,487) | PDF p. 104 |
| Interest incomeSGD thousand | (3,509) | (5,177) | PDF p. 104 |
| Finance costsSGD thousand | 60,122 | 68,452 | PDF p. 104 |
| Unrealised foreign currency translation loss/(gain)SGD thousand | 1,392 | (3,872) | PDF p. 104 |
| Operating cash flows before movements in working capitalSGD thousand | 25,856 | 20,141 | PDF p. 104 |
| Development propertiesSGD thousand | (2,121) | 8,721 | PDF p. 104 |
| InventoriesSGD thousand | 137 | (698) | PDF p. 104 |
| Trade and other receivablesSGD thousand | 5,082 | (4,644) | PDF p. 104 |
| Contract costsSGD thousand | – | (305) | PDF p. 104 |
| Contract assetsSGD thousand | 31,435 | 54,544 | PDF p. 104 |
| Trade and other payablesSGD thousand | 6,380 | (2,313) | PDF p. 104 |
| Cash generated from operationsSGD thousand | 66,769 | 75,446 | PDF p. 104 |
| Interest receivedSGD thousand | 3,556 | 5,245 | PDF p. 104 |
| Income tax paidSGD thousand | (967) | (1,378) | PDF p. 104 |
| Net cash from operating activitiesSGD thousand | 69,358 | 79,313 | PDF p. 104 |
| Investing activities Purchase of property, plant and equipmentSGD thousand | (19,151) | (124,944) | PDF p. 104 |
| Proceeds from disposal of property, plant and equipmentSGD thousand | – | 15 | PDF p. 104 |
| Additions to investment propertiesSGD thousand | (74,098) | (58,701) | PDF p. 104 |
| Deposits paid to a related party for acquisition of land and equity investmentSGD thousand | – | (7,073) | PDF p. 104 |
| Loan to an equity accounted investeeSGD thousand | (424) | (425) | PDF p. 104 |
| Net proceeds from disposal of subsidiariesSGD thousand | – | 11,066 | PDF p. 104 |
| Dividend received from an equity-accounted investeeSGD thousand | 28,497 | – | PDF p. 104 |
| Net cash used in investing activitiesSGD thousand | (65,176) | (180,062) | PDF p. 104 |
| Financing activities Proceeds from loans and borrowingsSGD thousand | 79,917 | 217,404 | PDF p. 104 |
| Repayment of loans and borrowingsSGD thousand | (12,589) | (107,888) | PDF p. 104 |
| Repayment of lease liabilitiesSGD thousand | (99) | (124) | PDF p. 104 |
| Interest paidSGD thousand | (56,580) | (63,208) | PDF p. 104 |
| Payment of interest rate swap feesSGD thousand | (3,433) | – | PDF p. 104 |
| Decrease/(Increase) in encumbered fixed deposits and bank balancesSGD thousand | 1,128 | (10,639) | PDF p. 104 |
| Dividend paid to shareholdersSGD thousand | (7,437) | (7,345) | PDF p. 104 |
| Purchase of treasury sharesSGD thousand | – | (65) | PDF p. 104 |
| Refund of unclaimed dividends to the CompanySGD thousand | – | 26 | PDF p. 104 |
| Net cash from financing activitiesSGD thousand | 907 | 28,161 | PDF p. 104 |
| Net increase/(decrease) in cash and cash equivalentsSGD thousand | 5,089 | (72,588) | PDF p. 104 |
| Cash and cash equivalents at the beginning of the yearSGD thousand | 136,913 | 213,051 | PDF p. 104 |
| Foreign currency translation adjustmentsSGD thousand | (1,225) | (3,550) | PDF p. 104 |
| Cash and cash equivalents at the end of the yearSGD thousand | 140,777 | 136,913 | PDF p. 104 |
Original report: PDF p. 104 ↗
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| Metric / unit | 2025GroupShare capital | 2025GroupTreasury shares | 2025GroupForeign currency translation account | 2025GroupAsset revaluation reserve | 2025GroupInvestment revaluation reserve | 2025GroupOther capital reserves | 2025GroupRevenue reserve | 2025GroupAttributable to owners | 2025GroupNon-controlling interests | 2025GroupTotal equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group equity movements | |||||||||||
| Group At 1 January 2025SGD thousand | 194,887 | (4,538) | (107,026) | 158,525 | 67 | 212,006 | 765,338 | 1,219,259 | 1,011 | 1,220,270 | PDF p. 105 |
| Total comprehensive income/(loss) for the year Profit for the yearSGD thousand | – | – | – | – | – | – | 32,143 | 32,143 | 71 | 32,214 | PDF p. 105 |
| Exchange differences on translation of foreign operationsSGD thousand | – | – | (15,352) | – | – | – | – | (15,352) | – | (15,352) | PDF p. 105 |
| Revaluation of propertiesSGD thousand | – | – | – | 1,682 | – | – | – | 1,682 | – | 1,682 | PDF p. 105 |
| Fair value loss arising on hedging instrumentsSGD thousand | – | – | – | – | – | (4,388) | – | (4,388) | – | (4,388) | PDF p. 105 |
| Fair value gain on investments in equity instruments designated at FVTOCISGD thousand | – | – | – | – | 30 | – | – | 30 | – | 30 | PDF p. 105 |
| Income tax adjustments relating to other comprehensive incomeSGD thousand | – | – | – | (576) | – | (1,322) | – | (1,898) | – | (1,898) | PDF p. 105 |
| Other comprehensive (loss)/income for the year, net of taxSGD thousand | – | – | (15,352) | 1,106 | 30 | (5,710) | – | (19,926) | – | (19,926) | PDF p. 105 |
| TotalSGD thousand | – | – | (15,352) | 1,106 | 30 | (5,710) | 32,143 | 12,217 | 71 | 12,288 | PDF p. 105 |
| Transactions with owners, recognised directly in equity Transfer from revenue reserves to other capital reservesSGD thousand | – | – | – | – | – | 18,399 | (18,399) | – | – | – | PDF p. 105 |
| Issue of shares under the Scrip Dividend SchemeSGD thousand | 1,269 | – | – | – | – | – | – | 1,269 | – | 1,269 | PDF p. 105 |
| Dividend paid to shareholders – CashSGD thousand | – | – | – | – | – | – | (7,437) | (7,437) | – | (7,437) | PDF p. 105 |
| – ShareSGD thousand | – | – | – | – | – | – | (1,269) | (1,269) | – | (1,269) | PDF p. 105 |
| TotalSGD thousand | 1,269 | – | – | – | – | 18,399 | (27,105) | (7,437) | – | (7,437) | PDF p. 105 |
| At 31 December 2025SGD thousand | 196,156 | (4,538) | (122,378) | 159,631 | 97 | 224,695 | 770,376 | 1,224,039 | 1,082 | 1,225,121 | PDF p. 105 |
Original report: PDF p. 105 ↗
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| Metric / unit | 2024GroupShare capital | 2024GroupTreasury shares | 2024GroupForeign currency translation account | 2024GroupAsset revaluation reserve | 2024GroupInvestment revaluation reserve | 2024GroupOther capital reserves | 2024GroupRevenue reserve | 2024GroupAttributable to owners | 2024GroupNon-controlling interests | 2024GroupTotal equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group equity movements | |||||||||||
| Group At 1 January 2024SGD thousand | 193,569 | (4,473) | (91,539) | 153,972 | (4,572) | 220,634 | 758,351 | 1,225,942 | 2,115 | 1,228,057 | PDF p. 106 |
| Total comprehensive income/(loss) for the year Profit for the yearSGD thousand | – | – | – | – | – | – | 2,344 | 2,344 | (1,104) | 1,240 | PDF p. 106 |
| Exchange differences on translation of foreign operationsSGD thousand | – | – | (14,375) | – | – | – | – | (14,375) | – | (14,375) | PDF p. 106 |
| Exchange differences reclassified to profit or loss on disposal of foreign operationsSGD thousand | – | – | (1,112) | – | – | – | – | (1,112) | – | (1,112) | PDF p. 106 |
| Revaluation of propertiesSGD thousand | – | – | – | 11,737 | – | – | – | 11,737 | – | 11,737 | PDF p. 106 |
| Fair value loss arising on hedging instrumentsSGD thousand | – | – | – | – | – | (589) | – | (589) | – | (589) | PDF p. 106 |
| Fair value gain on investments in equity instruments designated at FVTOCISGD thousand | – | – | – | – | 4,639 | – | – | 4,639 | – | 4,639 | PDF p. 106 |
| Income tax adjustments relating to other comprehensive incomeSGD thousand | – | – | – | (3,004) | – | 260 | – | (2,744) | – | (2,744) | PDF p. 106 |
| Other comprehensive (loss)/income for the year, net of taxSGD thousand | – | – | (15,487) | 8,733 | 4,639 | (329) | – | (2,444) | – | (2,444) | PDF p. 106 |
| TotalSGD thousand | – | – | (15,487) | 8,733 | 4,639 | (329) | 2,344 | (100) | (1,104) | (1,204) | PDF p. 106 |
| Transactions with owners, recognised directly in equity Transfer from asset revaluation reserve and revenue reserves to other capital reservesSGD thousand | – | – | – | (4,180) | – | (9,100) | 13,280 | – | – | – | PDF p. 106 |
| Share of reserves of equity accounted investeesSGD thousand | – | – | – | – | – | 801 | – | 801 | – | 801 | PDF p. 106 |
| Issue of shares under the Scrip Dividend SchemeSGD thousand | 1,318 | – | – | – | – | – | – | 1,318 | – | 1,318 | PDF p. 106 |
| Repurchase of sharesSGD thousand | – | (65) | – | – | – | – | – | (65) | – | (65) | PDF p. 106 |
| Dividend paid to shareholders – CashSGD thousand | – | – | – | – | – | – | (7,345) | (7,345) | – | (7,345) | PDF p. 106 |
| – ShareSGD thousand | – | – | – | – | – | – | (1,318) | (1,318) | – | (1,318) | PDF p. 106 |
| Unclaimed dividendsSGD thousand | – | – | – | – | – | – | 26 | 26 | – | 26 | PDF p. 106 |
| TotalSGD thousand | 1,318 | (65) | – | (4,180) | – | (8,299) | 4,643 | (6,583) | – | (6,583) | PDF p. 106 |
| At 31 December 2024SGD thousand | 194,887 | (4,538) | (107,026) | 158,525 | 67 | 212,006 | 765,338 | 1,219,259 | 1,011 | 1,220,270 | PDF p. 106 |
Original report: PDF p. 106 ↗
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| Metric / unit | 2025CompanyShare capital | 2025CompanyTreasury shares | 2025CompanyOther capital reserves | 2025CompanyRevenue reserve | 2025CompanyTotal equity | Source |
|---|---|---|---|---|---|---|
| Company equity movements | ||||||
| Company At 1 January 2025SGD thousand | 194,887 | (4,538) | 101,264 | 284,154 | 575,767 | PDF p. 107 |
| Profit for the year, representing total comprehensive income for the yearSGD thousand | – | – | – | 1,325 | 1,325 | PDF p. 107 |
| Transactions with owners, recognised directly in equity Issue of shares under the Scrip Dividend SchemeSGD thousand | 1,269 | – | – | – | 1,269 | PDF p. 107 |
| Dividend paid to shareholders – CashSGD thousand | – | – | – | (7,437) | (7,437) | PDF p. 107 |
| – ShareSGD thousand | – | – | – | (1,269) | (1,269) | PDF p. 107 |
| TotalSGD thousand | 1,269 | – | – | (8,706) | (7,437) | PDF p. 107 |
| At 31 December 2025SGD thousand | 196,156 | (4,538) | 101,264 | 276,773 | 569,655 | PDF p. 107 |
Original report: PDF p. 107 ↗
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| Metric / unit | 2024CompanyShare capital | 2024CompanyTreasury shares | 2024CompanyOther capital reserves | 2024CompanyRevenue reserve | 2024CompanyTotal equity | Source |
|---|---|---|---|---|---|---|
| Company equity movements | ||||||
| At 1 January 2024SGD thousand | 193,569 | (4,473) | 101,264 | 292,493 | 582,853 | PDF p. 107 |
| Profit for the year, representing total comprehensive income for the yearSGD thousand | – | – | – | 298 | 298 | PDF p. 107 |
| Transactions with owners, recognised directly in equity Issue of shares under the Scrip Dividend SchemeSGD thousand | 1,318 | – | – | – | 1,318 | PDF p. 107 |
| Repurchase of sharesSGD thousand | – | (65) | – | – | (65) | PDF p. 107 |
| Dividend paid to shareholders – CashSGD thousand | – | – | – | (7,345) | (7,345) | PDF p. 107 |
| – ShareSGD thousand | – | – | – | (1,318) | (1,318) | PDF p. 107 |
| Unclaimed dividendsSGD thousand | – | – | – | 26 | 26 | PDF p. 107 |
| TotalSGD thousand | 1,318 | (65) | – | (8,637) | (7,384) | PDF p. 107 |
| At 31 December 2024SGD thousand | 194,887 | (4,538) | 101,264 | 284,154 | 575,767 | PDF p. 107 |
Original report: PDF p. 107 ↗
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| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Five-year financial performance | ||||||
| Revenue 1SGD thousand | 146,004 | 192,516 | 303,720 | 225,297 | 248,714 | PDF p. 7 |
| Adjusted EBIT 2SGD thousand | 45,339 | 40,792 | 56,674 | 52,745 | 39,970 | PDF p. 7 |
| Profit/(Loss) before taxSGD thousand | 39,704 | (1,170) | 2,659 | 734 | 84,115 | PDF p. 7 |
| Income tax (expense)/creditSGD thousand | (7,490) | 2,410 | 2,751 | 2,116 | (2,295) | PDF p. 7 |
| Profit after taxSGD thousand | 32,214 | 1,240 | 5,410 | 2,850 | 81,820 | PDF p. 7 |
| Profit attributable to: Shareholders of the CompanySGD thousand | 32,143 | 2,344 | 4,836 | 4,591 | 83,662 | PDF p. 7 |
| Non-controlling interestsSGD thousand | 71 | (1,104) | 574 | (1,741) | (1,842) | PDF p. 7 |
| TotalSGD thousand | 32,214 | 1,240 | 5,410 | 2,850 | 81,820 | PDF p. 7 |
| AT YEAR-END ($’000) Property, plant and equipmentSGD thousand | 586,034 | 577,006 | 481,083 | 473,774 | 496,056 | PDF p. 7 |
| Right-of-use assetsSGD thousand | 320 | 315 | 231 | 187 | 239 | PDF p. 7 |
| Investment propertiesSGD thousand | 1,677,806 | 1,539,214 | 1,450,424 | 1,395,151 | 1,342,245 | PDF p. 7 |
| Development propertiesSGD thousand | 65,895 | 65,216 | 110,163 | 209,739 | 241,611 | PDF p. 7 |
| Investments in equity accounted investeesSGD thousand | 205,328 | 227,782 | 195,019 | 166,196 | 143,840 | PDF p. 7 |
| Cash and cash equivalentsSGD thousand | 159,809 | 156,918 | 222,796 | 251,988 | 405,044 | PDF p. 7 |
| Other assetsSGD thousand | 108,107 | 133,833 | 159,651 | 159,961 | 135,293 | PDF p. 7 |
| Total assetsSGD thousand | 2,803,299 | 2,700,284 | 2,619,367 | 2,656,996 | 2,764,328 | PDF p. 7 |
| Shareholders’ fundsSGD thousand | 1,224,039 | 1,219,259 | 1,225,942 | 1,223,286 | 1,250,200 | PDF p. 7 |
| Non-controlling interestsSGD thousand | 1,082 | 1,011 | 2,115 | 1,541 | 14,217 | PDF p. 7 |
| Total borrowingsSGD thousand | 1,398,465 | 1,323,862 | 1,229,514 | 1,278,161 | 1,352,728 | PDF p. 7 |
| Other liabilitiesSGD thousand | 179,713 | 156,152 | 161,796 | 154,008 | 147,183 | PDF p. 7 |
| Total liabilities and equitySGD thousand | 2,803,299 | 2,700,284 | 2,619,367 | 2,656,996 | 2,764,328 | PDF p. 7 |
| FINANCIAL RATIOS Return on assets 3Percent | 1.17 | 0.05 | 0.21 | 0.11 | 2.77 | PDF p. 7 |
| Return on shareholders’ funds 4Percent | 2.63 | 0.19 | 0.39 | 0.37 | 6.94 | PDF p. 7 |
| Interest coverage ratio 5Times | 1.7 | 1.0 | 1.0 | 1.0 | 2.9 | PDF p. 7 |
| Gross gearing 6Times | 1.14 | 1.08 | 1.00 | 1.04 | 1.07 | PDF p. 7 |
| Net gearing 7Times | 1.01 | 0.96 | 0.82 | 0.84 | 0.75 | PDF p. 7 |
| SHAREHOLDERS’ RETURN Earnings per share (cents)SGD cents per share | 2.58 | 0.19 | 0.39 | 0.38 | 7.00 | PDF p. 7 |
| Net asset value per share (cents)SGD cents per share | 98.0 | 98.0 | 99.0 | 100.4 | 104.0 | PDF p. 7 |
| Dividend per share (cent)SGD cents per share | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | PDF p. 7 |
| Total dividend payout ($’000)SGD thousand | 8,746 | 8,706 | 8,663 | 8,526 | 8,411 | PDF p. 7 |
Original report: PDF p. 7 ↗
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| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Cash composition | |||||
| Cash at banks and on handSGD thousand | 70,445 | 69,745 | 4,310 | 1,907 | PDF p. 123 |
| Fixed depositsSGD thousand | 89,364 | 81,712 | 50,948 | 7,520 | PDF p. 123 |
| Housing Developers Project Account amountsSGD thousand | – | 5,461 | – | – | PDF p. 123 |
| Cash and cash equivalents totalSGD thousand | 159,809 | 156,918 | 55,258 | 9,427 | PDF p. 123 |
Original report: PDF p. 123 ↗
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flow cash reconciliation | |||
| Cash per statement of financial positionSGD thousand | 159,809 | 156,918 | PDF p. 123 |
| Encumbered fixed deposits and bank balancesSGD thousand | (19,032) | (20,005) | PDF p. 123 |
| Cash per consolidated statement of cash flowsSGD thousand | 140,777 | 136,913 | PDF p. 123 |
Original report: PDF p. 123 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group and Company | 2024Group and Company | Source |
|---|---|---|---|
| Cash and scrip dividends paid | |||
| Cash dividend paid in respect of previous financial yearSGD thousand | 7,437 | 7,345 | PDF p. 158 |
| Share dividend paid in respect of previous financial yearSGD thousand | 1,269 | 1,318 | PDF p. 158 |
| Total dividend paid in respect of previous financial yearSGD thousand | 8,706 | 8,663 | PDF p. 158 |
Original report: PDF p. 158 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Borrowings composition and security | |||||
| Short-term borrowing — bank loanSGD thousand | – | 1,181 | – | – | PDF p. 153 |
| Long-term borrowings — bank loansSGD thousand | 1,249,734 | 1,174,642 | – | – | PDF p. 153 |
| Long-term borrowings — notes issued under unsecured MTN ProgrammeSGD thousand | 148,731 | 148,039 | 148,731 | 148,039 | PDF p. 153 |
| Total long-term borrowingsSGD thousand | 1,398,465 | 1,322,681 | 148,731 | 148,039 | PDF p. 153 |
| Total borrowingsSGD thousand | 1,398,465 | 1,323,862 | 148,731 | 148,039 | PDF p. 153 |
| Interest-bearing liabilitiesSGD thousand | 1,404,683 | 1,329,300 | 150,000 | 150,000 | PDF p. 153 |
| Capitalised finance costsSGD thousand | (6,218) | (5,438) | (1,269) | (1,961) | PDF p. 153 |
| Total carrying amount of borrowingsSGD thousand | 1,398,465 | 1,323,862 | 148,731 | 148,039 | PDF p. 153 |
| Secured borrowings — non-currentSGD thousand | 1,249,734 | 1,174,642 | – | – | PDF p. 153 |
| Unsecured borrowings — currentSGD thousand | – | 1,181 | – | – | PDF p. 153 |
| Unsecured borrowings — non-currentSGD thousand | 148,731 | 148,039 | 148,731 | 148,039 | PDF p. 153 |
| Total unsecured borrowingsSGD thousand | 148,731 | 149,220 | 148,731 | 148,039 | PDF p. 153 |
| Total borrowings by security profileSGD thousand | 1,398,465 | 1,323,862 | 148,731 | 148,039 | PDF p. 153 |
Original report: PDF p. 153 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Borrowings interest rate profile | |||||
| Fixed rateSGD thousand | 148,731 | 149,220 | 148,731 | 148,039 | PDF p. 154 |
| Variable rateSGD thousand | 1,249,734 | 1,174,642 | – | – | PDF p. 154 |
| Total borrowingsSGD thousand | 1,398,465 | 1,323,862 | 148,731 | 148,039 | PDF p. 154 |
Original report: PDF p. 154 ↗
Where the money comes from
| Item / unit | 2025Real Estate Investment | 2025Real Estate Development | 2025Hospitality | 2025Other Investments | 2025Corporate | 2025Consolidated | Source |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| External revenue$'000 | 45,410 | 3,858 | 89,541 | 6,977 | 218 | 146,004 | PDF p. 120 |
| Inter-segment revenue$'000 | 2,783 | – | 16 | – | (2,799) | – | PDF p. 120 |
| Total segment revenue$'000 | 48,193 | 3,858 | 89,557 | 6,977 | (2,581) | 146,004 | PDF p. 120 |
| Results | |||||||
| Adjusted EBIT*$'000 | 16,195 | (2,289) | 15,501 | 29,225 | (13,293) | 45,339 | PDF p. 120 |
Reconciling items below Adjusted EBIT are shown only in the Consolidated column. Reversal of impairment loss on property, plant and equipment: 585 (label wraps over lines).
* Adjusted EBIT is based on a measure of adjusted earnings before interest and tax, excluding the effects of (i) gain or loss on disposal of subsidiaries, joint venture/associate, investment properties, and property, plant & equipment, (ii) fair value gain or loss on investment properties and derivative financial instruments, (iii) revaluation deficit on property, plant and equipment, (iv) impairment/writeback of impairment on investments in joint venture/associate and property, plant and equipment, (v) non-recurring termination costs and expenses and (vi) net foreign exchange gain or loss.
1. The revenue is derived from the manufacturing business of polypropylene woven bags in Malaysia. No revenue is reported from GulTech under 'Other Investments' as the Group's investment in GulTech is equity accounted for.
2. 'Corporate' refers to the aggregation of provision of corporate-level services by the Company to the various subsidiaries and is presented net of inter-segment eliminations.
| Item / unit | 2024Real Estate Investment | 2024Real Estate Development | 2024Hospitality | 2024Other Investments | 2024Corporate | 2024Consolidated | Source |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| External revenue$'000 | 51,085 | 44,890 | 88,424 | 7,818 | 299 | 192,516 | PDF p. 120 |
| Inter-segment revenue$'000 | 2,327 | – | 16 | – | (2,343) | – | PDF p. 120 |
| Total segment revenue$'000 | 53,412 | 44,890 | 88,440 | 7,818 | (2,044) | 192,516 | PDF p. 120 |
| Results | |||||||
| Adjusted EBIT*$'000 | 18,969 | (5,519) | 12,147 | 26,639 | (11,444) | 40,792 | PDF p. 120 |
Reconciling items are shown only in the Consolidated column. Also printed: Net loss on disposal of right-of-use assets (7); Provision for impairment loss on property, plant and equipment (585) (labels wrap over lines).
Footnotes * , 1 and 2 as for the 2025 table (page 121).
| Item / unit | 2025Real Estate Investment | 2025Real Estate Development | 2025Hospitality | 2025Other Investments | 2025Corporate | 2025Consolidated | Source |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Segment assets$'000 | 1,825,018 | 77,208 | 557,605 | 14,388 | 89,779 | 2,563,998 | PDF p. 121 |
| Deferred tax assets$'000 | – | 60 | 1,711 | – | 754 | 2,525 | PDF p. 121 |
| Investments in financial assets$'000 | – | 31,448 | – | – | – | 31,448 | PDF p. 121 |
| Investments in equity accounted investees$'000 | 23,327 | 4,310 | – | 177,691 | – | 205,328 | PDF p. 121 |
| Total assets$'000 | 1,848,345 | 113,026 | 559,316 | 192,079 | 90,533 | 2,803,299 | PDF p. 121 |
| Liabilities | |||||||
| Segment liabilities$'000 | (63,986) | (20,666) | (23,391) | (5,616) | (4,696) | (118,355) | PDF p. 121 |
| Loans and borrowings$'000 | (871,066) | – | (246,339) | – | (281,060) | (1,398,465) | PDF p. 121 |
| Income tax payable and deferred tax liabilities$'000 | (5,212) | (226) | (3,889) | (206) | (51,825) | (61,358) | PDF p. 121 |
| Total liabilities$'000 | (940,264) | (20,892) | (273,619) | (5,822) | (337,581) | (1,578,178) | PDF p. 121 |
| Net assets/(liabilities)$'000 | 908,081 | 92,134 | 285,697 | 186,257 | (247,048) | 1,225,121 | PDF p. 121 |
| Other information | |||||||
| Capital expenditure$'000 | 279 | 34 | 18,525 | 32 | 281 | 19,151 | PDF p. 121 |
| Depreciation of property, plant and equipment$'000 | 712 | 13 | 6,183 | 263 | 388 | 7,559 | PDF p. 121 |
| Depreciation of right-of-use assets$'000 | 8 | 33 | 5 | 53 | 8 | 107 | PDF p. 121 |
| Plant and equipment written off$'000 | – | – | 26 | – | – | 26 | PDF p. 121 |
| Revaluation gain on properties (in other comprehensive income)$'000 | 11 | – | 1,671 | – | – | 1,682 | PDF p. 121 |
| Revaluation loss on property, plant and equipment (in profit or loss)$'000 | (16,369) | – | – | – | – | (16,369) | PDF p. 121 |
| Fair value gain on investment properties$'000 | 67,328 | – | – | – | 91 | 67,419 | PDF p. 121 |
| Fair value gain on financial instruments$'000 | – | – | – | 112 | – | 112 | PDF p. 121 |
Segment assets and liabilities are presented net of inter-segment balances.
| Item / unit | 2024Real Estate Investment | 2024Real Estate Development | 2024Hospitality | 2024Other Investments | 2024Corporate | 2024Consolidated | Source |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Segment assets$'000 | 1,738,107 | 113,823 | 534,463 | 9,905 | 42,624 | 2,438,922 | PDF p. 122 |
| Deferred tax assets$'000 | – | 60 | 1,723 | – | 379 | 2,162 | PDF p. 122 |
| Investments in financial assets$'000 | – | 31,418 | – | – | – | 31,418 | PDF p. 122 |
| Investments in equity accounted investees$'000 | 30,202 | 5,029 | – | 192,551 | – | 227,782 | PDF p. 122 |
| Total assets$'000 | 1,768,309 | 150,330 | 536,186 | 202,456 | 43,003 | 2,700,284 | PDF p. 122 |
| Liabilities | |||||||
| Segment liabilities$'000 | (39,887) | (31,477) | (21,348) | (5,658) | (5,730) | (104,100) | PDF p. 122 |
| Loans and borrowings$'000 | (824,712) | – | (243,254) | – | (255,896) | (1,323,862) | PDF p. 122 |
| Income tax payable and deferred tax liabilities$'000 | (5,774) | (191) | (2,454) | (181) | (43,452) | (52,052) | PDF p. 122 |
| Total liabilities$'000 | (870,373) | (31,668) | (267,056) | (5,839) | (305,078) | (1,480,014) | PDF p. 122 |
| Net assets/(liabilities)$'000 | 897,936 | 118,662 | 269,130 | 196,617 | (262,075) | 1,220,270 | PDF p. 122 |
| Other information | |||||||
| Capital expenditure$'000 | 5,293 | 11 | 118,622 | 51 | 967 | 124,944 | PDF p. 122 |
| Depreciation of property, plant and equipment$'000 | 699 | 37 | 5,476 | 264 | 257 | 6,733 | PDF p. 122 |
| Depreciation of right-of-use assets$'000 | 3 | 37 | – | 25 | 9 | 74 | PDF p. 122 |
| Revaluation gain on properties (in other comprehensive income)$'000 | 81 | – | 11,656 | – | – | 11,737 | PDF p. 122 |
| Revaluation loss on property, plant and equipment (in profit or loss)$'000 | (1,528) | – | – | – | – | (1,528) | PDF p. 122 |
| Fair value gain on investment properties$'000 | 9,056 | – | – | – | – | 9,056 | PDF p. 122 |
| Fair value loss on financial instruments$'000 | – | – | – | (341) | – | (341) | PDF p. 122 |
Continuation of Note 4 segment assets, liabilities and other segment information (cont'd).
| Item / unit | 2025Revenue from external customers | 2024Revenue from external customers | 2025Non-current assets | 2024Non-current assets | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| Singapore$'000 | 35,379 | 72,347 | 1,514,009 | 1,417,831 | PDF p. 122 |
| Australia$'000 | 98,330 | 105,815 | 660,176 | 615,666 | PDF p. 122 |
| China$'000 | 1,300 | 1,795 | 229,787 | 251,035 | PDF p. 122 |
| Indonesia$'000 | 4,018 | 4,741 | 113,934 | 104,779 | PDF p. 122 |
| Malaysia$'000 | 6,977 | 7,818 | 5,782 | 5,603 | PDF p. 122 |
| Total$'000 | 146,004 | 192,516 | 2,523,688 | 2,394,914 | PDF p. 122 |
Segment revenue is based on the geographical location of external customers. Non-current assets other than the deferred tax assets and derivative financial instruments are based on the geographical location of the assets.
There were no customers that contributed individually 10% or more to the Group's revenue for FY2025 and FY2024.
The total row has no printed label.
Debt
| Item / unit | 2025Group effective interest rate % p.a. | 2025Group on demand or less than 1 year $'000 | 2025Group within 1 to 2 years $'000 | 2025Group within 2 to 5 years $'000 | 2025Group over 5 years $'000 | 2025Group adjustment $'000 | 2025Group total $'000 | Source |
|---|---|---|---|---|---|---|---|---|
| Group 31 December 2025 | ||||||||
| Fixed interest rate instruments$'000 | 7.5 | 11,250 | 159,401 | – | – | (21,920) | 148,731 | PDF p. 176 |
Based on undiscounted cash flows including interest and principal; adjustment column is future cash flow not included in carrying amount.
| Item / unit | 2025Company effective interest rate % p.a. | 2025Company on demand or less than 1 year $'000 | 2025Company within 1 to 2 years $'000 | 2025Company within 2 to 5 years $'000 | 2025Company over 5 years $'000 | 2025Company adjustment $'000 | 2025Company total $'000 | Source |
|---|---|---|---|---|---|---|---|---|
| Company 31 December 2025 | ||||||||
| Fixed interest rate instruments$'000 | 7.5 | 11,250 | 159,401 | – | – | (21,920) | 148,731 | PDF p. 176 |
| Variable interest rate instruments$'000 | 3.1 | – | 102,587 | – | – | (3,123) | 99,464 | PDF p. 176 |
Company variable rate instruments of 99,464 are non-derivative financial liabilities in the liquidity table (not part of Company loans and borrowings in Note 18).
| Item / unit | 2024Company effective interest rate % p.a. | 2024Company on demand or less than 1 year $'000 | 2024Company within 1 to 2 years $'000 | 2024Company within 2 to 5 years $'000 | 2024Company over 5 years $'000 | 2024Company adjustment $'000 | 2024Company total $'000 | Source |
|---|---|---|---|---|---|---|---|---|
| Company 31 December 2024 | ||||||||
| Lease liabilities (Fixed rate)$'000 | 2.0 | 1 | – | – | – | – | 1 | PDF p. 176 |
| Fixed interest rate instruments$'000 | 7.5 | 11,250 | 11,250 | 159,401 | – | (33,862) | 148,039 | PDF p. 176 |
| Item / unit | 2025Group $'000 | 2024Group $'000 | 2025Company $'000 | 2024Company $'000 | Source |
|---|---|---|---|---|---|
| Short-term borrowing | |||||
| Bank loan$'000 | – | 1,181 | – | – | PDF p. 153 |
| Long-term borrowings | |||||
| Bank loans$'000 | 1,249,734 | 1,174,642 | – | – | PDF p. 153 |
| Notes issued under unsecured MTN Programme$'000 | 148,731 | 148,039 | 148,731 | 148,039 | PDF p. 153 |
| Total | |||||
| Total borrowings$'000 | 1,398,465 | 1,323,862 | 148,731 | 148,039 | PDF p. 153 |
| Represented by | |||||
| Interest-bearing liabilities$'000 | 1,404,683 | 1,329,300 | 150,000 | 150,000 | PDF p. 153 |
| Capitalised finance costs$'000 | (6,218) | (5,438) | (1,269) | (1,961) | PDF p. 153 |
| Security profile - Secured borrowings | |||||
| Non-current$'000 | 1,249,734 | 1,174,642 | – | – | PDF p. 153 |
| Security profile - Unsecured borrowings | |||||
| Current$'000 | – | 1,181 | – | – | PDF p. 153 |
| Non-current$'000 | 148,731 | 148,039 | 148,731 | 148,039 | PDF p. 153 |
Unsecured S$900 million Multicurrency MTN Programme. Series V: S$150 million issued 2 November 2023, tenor four years, fixed 7.50% per annum payable semi-annually in arrears. Series IV (6.90%) fully redeemed 18 October 2024.
Secured borrowings applied to financing certain development and investment properties and PPE in Singapore, China and Australia; secured over cash, receivables, inventories, PPE, right-of-use assets, investment properties and covered by corporate guarantees.
Non-current borrowings generally repayable from 2 November 2027 to 16 July 2029 (2024: 18 November 2025 to 14 July 2028).
Interest rate swaps notional $562,032,000 (2024: $380,000,000).
| Item / unit | 2025Group $'000 | 2024Group $'000 | 2025Company $'000 | 2024Company $'000 | Source |
|---|---|---|---|---|---|
| Loans and borrowings | |||||
| Fixed rate$'000 | 148,731 | 149,220 | 148,731 | 148,039 | PDF p. 154 |
| Variable rate$'000 | 1,249,734 | 1,174,642 | – | – | PDF p. 154 |
| Item / unit | 2025Group 1 January 2025 $'000 | 2025Group financing cash flow $'000 | 2025Group new lease liabilities $'000 | 2025Group foreign exchange movement $'000 | 2025Group other changes $'000 | 2025Group 31 December 2025 $'000 | Source |
|---|---|---|---|---|---|---|---|
| Group | |||||||
| Loans and borrowings$'000 | 1,323,862 | 67,328 | – | 4,195 | 3,080 | 1,398,465 | PDF p. 154 |
| Lease liabilities$'000 | 163 | (99) | 128 | 1 | 9 | 202 | PDF p. 154 |
(i) Financing cash flows include net proceeds/repayments of borrowings, transaction costs and interest paid of $56,580,000 (2024: $63,208,000). (ii) Other changes include amortisation of capitalised finance costs.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| first and final one-tier tax exempt dividend | 0.7 cent per share | Proposed for FY2025; subject to AGM approval on 28 April 2026 | PDF p. 189 |
| Book closure date FY2025 dividend | Monday, 11 May 2026 | Proposed FY2025 first and final dividend | PDF p. 189 |
| Payment date FY2025 dividend | Friday, 26 June 2026 | Proposed FY2025 first and final dividend | PDF p. 189 |
| 2024 | 0.7 cent per share | Comparative FY2024 first and final dividend, one-tier tax exempt | PDF p. 30 |
| 2025 | 8,746 $’000 | FY2025 gross payout | PDF p. 30 |
| 2024 | 8,706 $’000 | FY2024 gross payout | PDF p. 30 |
| Issued under Scrip Dividend Scheme | 5,791 Number of shares (’000) | Group and Company, 2025 (shares issued in respect of FY2024 dividend) | PDF p. 157 |
| Dividend per share (cent) | 0.7 cent | FY2025 (5-year summary; 2024 to 2021 also 0.7) | PDF p. 7 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| dividend payout ratio | 27.2% | FY2025, based on profit attributable to shareholders after fair value adjustments | PDF p. 30 |
| negative dividend payout ratio | 57.8% | FY2025, based on loss attributable to shareholders before fair value adjustments | PDF p. 30 |
Extracted from Tuan Sing Holdings Limited Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Auditor | Deloitte & Touche LLP | Group and Company, FY2025 | PDF p. 101 |
| Engagement partner | Yang Chi Chih | Group and Company, FY2025 | PDF p. 101 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)s”) so as to give a true and fair view | Group and Company, year ended 31 December 2025 | PDF p. 99 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of development properties | These development properties are stated at the lower of cost and net realisable values. | Group, FY2025 | PDF p. 99 |
| Valuation of investment properties, hotels and owner-managed properties | The valuation process involves significant judgement and estimation. | Group, FY2025 | PDF p. 99 |
Extracted from Tuan Sing Holdings Limited Annual Report 2025 and checked against the cited pages; see the original report for full context.
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 Tuan Sing Holdings Limited Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
FY2021 revenue is adjusted in original for expense recovery reclassification. Adjusted EBIT follows the original exclusions, not statutory profit. Total dividend payout is attributed to the financial year and differs cash paid during that year; cash and scrip components require Note25. Ratios retain original definitions and rounded amounts.
Cash flow cash excludes encumbered fixed deposits/bank balances19.032million in2025 and20.005million in2024. Note5 separately discloses pledged cash63.984million/54.723million; pledged amount must not be substituted for this cashflow reconciliation adjustment.
Dividend paid in FY2025 relates to FY2024:cash7.437million+scrip1.269million=8.706million. Proposed FY2025 first and final dividend0.7SGDcent/share estimated8.746million remains subject to AGM approval. Annual payout in the five-year highlights is attributed to the financial year, not the cash-flow payment year.
Borrowings are carrying amounts net of capitalised finance costs; SGD900million MTN programme capacity is not outstanding debt. Security and rate profiles are separate classifications of the same borrowings, not additional debt.
Non-current borrowings generally repayable2November2027 to16July2029; contractual maturity analysis differs from carrying amounts. Interest-rate swap notional562.032million is not borrowings.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.