ValueMax T6I
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Financials
Annual Report 2025
Explore the statements
34 tablesConsolidated statement of comprehensive income — FY2025 report
22 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| income | |||
| Revenue$’000 | 553,130 | 456,178 | PDF p. 42 |
| Cost of sales$’000 | (385,547) | (326,373) | PDF p. 42 |
| Gross profit$’000 | 167,583 | 129,805 | PDF p. 42 |
| Other item of income Other operating income$’000 | 9,526 | 7,768 | PDF p. 42 |
| Other items of expense Marketing and distribution expenses$’000 | (3,605) | (2,366) | PDF p. 42 |
| Administrative expenses$’000 | (49,503) | (42,500) | PDF p. 42 |
| Finance costs$’000 | (8,195) | (8,941) | PDF p. 42 |
| Other operating expenses$’000 | (4,238) | (2,593) | PDF p. 42 |
| Share of results of associates$’000 | 11,608 | 6,268 | PDF p. 42 |
| Gain on dilution of interest in an associate$’000 | – | 10,137 | PDF p. 42 |
| Profit before tax$’000 | 123,176 | 97,578 | PDF p. 42 |
| Income tax expense$’000 | (19,594) | (13,814) | PDF p. 42 |
| Profit for the year$’000 | 103,582 | 83,764 | PDF p. 42 |
| Items that may be reclassified subsequently to profit or loss | |||
| Foreign currency translation$’000 | 2,298 | 1,920 | PDF p. 42 |
| Fair value loss on cash flow hedges$’000 | (635) | (269) | PDF p. 42 |
| Total comprehensive income for the year$’000 | 105,245 | 85,415 | PDF p. 42 |
| Profit for the year attributable to: | |||
| Owners of the Company$’000 | 102,082 | 82,832 | PDF p. 42 |
| Non-controlling interests$’000 | 1,500 | 932 | PDF p. 42 |
| Subtotal$’000 | 103,582 | 83,764 | PDF p. 42 |
| Total comprehensive income for the year attributable to: | |||
| Owners of the Company$’000 | 103,745 | 84,483 | PDF p. 42 |
| Non-controlling interests$’000 | 1,500 | 932 | PDF p. 42 |
| Subtotal$’000 | 105,245 | 85,415 | PDF p. 42 |
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Original report: PDF p. 42 ↗
Earnings per share — FY2025 report
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Total comprehensive income for the year attributable to: | |||
| Earnings per share (cents per share) Basiccents per share | 11.16 | 9.78 | PDF p. 42 |
| Dilutedcents per share | 10.77 | 8.96 | PDF p. 42 |
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Original report: PDF p. 42 ↗
Statements of financial position — FY2025 report
38 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$’000 | 44,518 | 40,691 | 29 | 12 | PDF p. 43 |
| Intangible assets$’000 | 310 | 310 | – | – | PDF p. 43 |
| Right-of-use assets$’000 | 10,526 | 10,771 | – | 27 | PDF p. 43 |
| Investments in subsidiaries$’000 | – | – | 98,620 | 90,833 | PDF p. 43 |
| Investments in associates$’000 | 61,905 | 49,147 | 1,002 | 1,002 | PDF p. 43 |
| Other investment$’000 | 688 | 688 | 688 | 688 | PDF p. 43 |
| Trade and other receivables$’000 | 398,565 | 271,141 | – | – | PDF p. 43 |
| Subtotal$’000 | 516,512 | 372,748 | 100,339 | 92,562 | PDF p. 43 |
| Current assets | |||||
| Inventories$’000 | 150,265 | 114,959 | – | – | PDF p. 43 |
| Trade and other receivables$’000 | 867,130 | 738,979 | 402,509 | 359,627 | PDF p. 43 |
| Prepaid operating expenses$’000 | 3,829 | 3,610 | 79 | 82 | PDF p. 43 |
| Cash and bank balances$’000 | 22,419 | 16,805 | 487 | 165 | PDF p. 43 |
| Subtotal$’000 | 1,043,643 | 874,353 | 403,075 | 359,874 | PDF p. 43 |
| Total assets$’000 | 1,560,155 | 1,247,101 | 503,414 | 452,436 | PDF p. 43 |
| Current liabilities | |||||
| Trade and other payables$’000 | 12,263 | 4,044 | 29,876 | 17,350 | PDF p. 43 |
| Other liabilities$’000 | 13,747 | 9,335 | 2,889 | 1,517 | PDF p. 43 |
| Interest-bearing loans and borrowings$’000 | 820,919 | 641,265 | 132,358 | 120,634 | PDF p. 43 |
| Lease liabilities$’000 | 5,477 | 5,126 | – | 29 | PDF p. 43 |
| Income tax payable$’000 | 21,292 | 14,424 | 1,662 | 1,787 | PDF p. 43 |
| Subtotal$’000 | 873,698 | 674,194 | 166,785 | 141,317 | PDF p. 43 |
| Net current assets$’000 | 169,945 | 200,159 | 236,290 | 218,557 | PDF p. 43 |
| Non-current liabilities | |||||
| Other payables$’000 | 107 | 109 | – | – | PDF p. 43 |
| Provisions$’000 | 491 | 499 | – | – | PDF p. 43 |
| Deferred tax liabilities$’000 | 2,366 | 2,273 | 808 | 648 | PDF p. 43 |
| Interest-bearing loans and borrowings$’000 | 65,393 | 46,047 | – | – | PDF p. 43 |
| Lease liabilities$’000 | 5,372 | 5,898 | – | – | PDF p. 43 |
| Derivative liabilities$’000 | 928 | 293 | – | – | PDF p. 43 |
| Subtotal$’000 | 74,657 | 55,119 | 808 | 648 | PDF p. 43 |
| Total liabilities$’000 | 948,355 | 729,313 | 167,593 | 141,965 | PDF p. 43 |
| Net assets$’000 | 611,800 | 517,788 | 335,821 | 310,471 | PDF p. 43 |
| Equity attributable to owners of the Company | |||||
| Share capital$’000 | 217,448 | 191,568 | 217,448 | 191,568 | PDF p. 44 |
| Treasury shares$’000 | (26) | (26) | (26) | (26) | PDF p. 44 |
| Retained earnings$’000 | 394,440 | 328,655 | 118,399 | 118,929 | PDF p. 44 |
| Other reserves$’000 | (6,456) | (8,137) | – | – | PDF p. 44 |
| Subtotal$’000 | 605,406 | 512,060 | 335,821 | 310,471 | PDF p. 44 |
| Non-controlling interests$’000 | 6,394 | 5,728 | – | – | PDF p. 44 |
| Total equity$’000 | 611,800 | 517,788 | 335,821 | 310,471 | PDF p. 44 |
| Total equity and liabilities$’000 | 1,560,155 | 1,247,101 | 503,414 | 452,436 | PDF p. 44 |
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Definitions & sources
Original report: PDF p. 43 ↗ PDF p. 44 ↗
Statements of changes in equity — Group FY2025 — FY2025 report
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group — Share capital | 2025Group — Treasury shares | 2025Group — Capital reserve | 2025Group — Merger reserve | 2025Group — Foreign currency translation reserve | 2025Group — Cash flow hedge reserve | 2025Group — Retained earnings | 2025Group — Total attributable to owners of the Company | 2025Group — Non-controlling interests | 2025Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||||
| 2025 At 1 January 2025$’000 | 191,568 | (26) | 2,025 | (7,599) | (2,270) | (293) | 328,655 | 512,060 | 5,728 | 517,788 | PDF p. 45 |
| Profit for the year$’000 | – | – | – | – | – | – | 102,082 | 102,082 | 1,500 | 103,582 | PDF p. 45 |
| Other comprehensive income | |||||||||||
| Foreign currency translation$’000 | – | – | – | – | 2,298 | – | – | 2,298 | – | 2,298 | PDF p. 45 |
| Fair value loss on cash flow hedges$’000 | – | – | – | – | – | (635) | – | (635) | – | (635) | PDF p. 45 |
| Total comprehensive income for the year$’000 | – | – | – | – | 2,298 | (635) | 102,082 | 103,745 | 1,500 | 105,245 | PDF p. 45 |
| Contributions by and distributions to owners Shares issued pursuant to exercise of warrants$’000 | 25,880 | – | – | – | – | – | – | 25,880 | – | 25,880 | PDF p. 45 |
| Dividends paid on ordinary shares$’000 | – | – | – | – | – | – | (36,297) | (36,297) | – | (36,297) | PDF p. 45 |
| Dividends paid to non-controlling interests$’000 | – | – | – | – | – | – | – | – | (749) | (749) | PDF p. 45 |
| Acquisition of non-controlling interests without a change in control$’000 | – | – | 18 | – | – | – | – | 18 | (85) | (67) | PDF p. 45 |
| Total contributions by and distributions to owners, representing total transactions with owners in their capacity as owners$’000 | 25,880 | – | 18 | – | – | – | (36,297) | (10,399) | (834) | (11,233) | PDF p. 45 |
| At 31 December 2025$’000 | 217,448 | (26) | 2,043 | (7,599) | 28 | (928) | 394,440 | 605,406 | 6,394 | 611,800 | PDF p. 45 |
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Original report: PDF p. 45 ↗
Statements of changes in equity — Group FY2024 — FY2025 report
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group — Share capital | 2024Group — Treasury shares | 2024Group — Capital reserve | 2024Group — Merger reserve | 2024Group — Foreign currency translation reserve | 2024Group — Cash flow hedge reserve | 2024Group — Retained earnings | 2024Group — Total attributable to owners of the Company | 2024Group — Non-controlling interests | 2024Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||||
| 2024 At 1 January 2024$’000 | 168,329 | (26) | 2,025 | (7,599) | (4,190) | (24) | 264,921 | 423,436 | 5,484 | 428,920 | PDF p. 46 |
| Profit for the year$’000 | – | – | – | – | – | – | 82,832 | 82,832 | 932 | 83,764 | PDF p. 46 |
| Other comprehensive income | |||||||||||
| Foreign currency translation$’000 | – | – | – | – | 1,920 | – | – | 1,920 | – | 1,920 | PDF p. 46 |
| Fair value loss on cash flow hedges$’000 | – | – | – | – | – | (269) | – | (269) | – | (269) | PDF p. 46 |
| Total comprehensive income for the year$’000 | – | – | – | – | 1,920 | (269) | 82,832 | 84,483 | 932 | 85,415 | PDF p. 46 |
| Contributions by and distributions to owners Shares issued pursuant to exercise of warrants$’000 | 23,239 | – | – | – | – | – | – | 23,239 | – | 23,239 | PDF p. 46 |
| Dividends paid on ordinary shares$’000 | – | – | – | – | – | – | (19,098) | (19,098) | – | (19,098) | PDF p. 46 |
| Dividends paid to non-controlling interests$’000 | – | – | – | – | – | – | – | – | (688) | (688) | PDF p. 46 |
| Total contributions by and distributions to owners, | |||||||||||
| representing total transactions with owners in their capacity as owners$’000 | 23,239 | – | – | – | – | – | (19,098) | 4,141 | (688) | 3,453 | PDF p. 46 |
| At 31 December 2024$’000 | 191,568 | (26) | 2,025 | (7,599) | (2,270) | (293) | 328,655 | 512,060 | 5,728 | 517,788 | PDF p. 46 |
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Definitions & sources
Original report: PDF p. 46 ↗
Statements of changes in equity — Company FY2024 — FY2025 report
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Company — Share capital | 2024Company — Treasury shares | 2024Company — Retained earnings | 2024Company — Total equity | Source |
|---|---|---|---|---|---|
| Company | |||||
| At 1 January 2024$’000 | 168,329 | (26) | 112,430 | 280,733 | PDF p. 47 |
| Profit for the year, representing total comprehensive income for the year$’000 | – | – | 25,597 | 25,597 | PDF p. 47 |
| Contributions by and distributions to owners Shares issued pursuant to exercise of warrants$’000 | 23,239 | – | – | 23,239 | PDF p. 47 |
| Dividends paid on ordinary shares$’000 | – | – | (19,098) | (19,098) | PDF p. 47 |
| Total contributions by and distributions to owners, representing total transactions with owners in their capacity as owners$’000 | 23,239 | – | (19,098) | 4,141 | PDF p. 47 |
| At 31 December 2024 and 1 January 2025$’000 | 191,568 | (26) | 118,929 | 310,471 | PDF p. 47 |
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Definitions & sources
Original report: PDF p. 47 ↗
Statements of changes in equity — Company FY2025 — FY2025 report
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company — Share capital | 2025Company — Treasury shares | 2025Company — Retained earnings | 2025Company — Total equity | Source |
|---|---|---|---|---|---|
| Company | |||||
| Profit for the year, representing total comprehensive income for the year$’000 | – | – | 35,767 | 35,767 | PDF p. 47 |
| Contributions by and distributions to owners Shares issued pursuant to exercise of warrants$’000 | 25,880 | – | – | 25,880 | PDF p. 47 |
| Dividends paid on ordinary shares$’000 | – | – | (36,297) | (36,297) | PDF p. 47 |
| Total contributions by and distributions to owners, representing total transactions with owners in their capacity as owners$’000 | 25,880 | – | (36,297) | (10,417) | PDF p. 47 |
| At 31 December 2025$’000 | 217,448 | (26) | 118,399 | 335,821 | PDF p. 47 |
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Definitions & sources
Original report: PDF p. 47 ↗
Cash-flow note A — property, plant and equipment — FY2025 report
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash-flow note A — property, plant and equipment | |||
| Current year additions to property, plant and equipment$’000 | 3,821 | 11,423 | PDF p. 49 |
| Less: Provision for restoration costs included in “Renovations”$’000 | – | (16) | PDF p. 49 |
| Net cash outflow on purchase of property, plant and equipment$’000 | 3,821 | 11,407 | PDF p. 49 |
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Original report: PDF p. 49 ↗
Consolidated statement of cash flows — FY2025 report
46 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before tax$’000 | 123,176 | 97,578 | PDF p. 48 |
| Adjustments for: | |||
| Depreciation of property, plant and equipment$’000 | 1,920 | 1,590 | PDF p. 48 |
| Depreciation of right-of-use assets$’000 | 6,188 | 5,890 | PDF p. 48 |
| Write-off of property, plant and equipment$’000 | 76 | 99 | PDF p. 48 |
| Impairment loss on property, plant and equipment$’000 | – | 5 | PDF p. 48 |
| Impairment loss on right-of-use assets$’000 | – | 12 | PDF p. 48 |
| Allowance for expected credit losses on trade receivables$’000 | 4,238 | 2,576 | PDF p. 48 |
| Reversal of allowance for write-down of retail inventories$’000 | (2) | (7) | PDF p. 48 |
| Increase in fair value of inventories less point-of-sale costs$’000 | (10,038) | (3,894) | PDF p. 48 |
| Dividend income from other investment$’000 | (88) | (48) | PDF p. 48 |
| Interest income$’000 | (123) | (295) | PDF p. 48 |
| Finance costs$’000 | 29,612 | 32,586 | PDF p. 48 |
| Net fair value loss on loans from unrelated parties$’000 | 2,100 | 2,058 | PDF p. 48 |
| Write-back of provision for restoration cost$’000 | (8) | (16) | PDF p. 48 |
| Unrealised exchange gain$’000 | (14) | (16) | PDF p. 48 |
| Gain on excess of fair value over consideration from acquisition of subsidiaries$’000 | (326) | – | PDF p. 48 |
| Gain on lease termination$’000 | (6) | – | PDF p. 48 |
| Gain on dilution of interest in an associate$’000 | – | (10,137) | PDF p. 48 |
| Share of results of associates$’000 | (11,608) | (6,268) | PDF p. 48 |
| Operating cash flows before changes in working capital$’000 | 145,097 | 121,713 | PDF p. 48 |
| Changes in working capital (Increase)/decrease in inventories$’000 | (24,836) | 4,367 | PDF p. 48 |
| Increase in trade and other receivables$’000 | (252,083) | (140,869) | PDF p. 48 |
| Increase in prepaid operating expenses$’000 | (193) | (527) | PDF p. 48 |
| Increase/(decrease) in trade and other payables$’000 | 3,157 | (371) | PDF p. 48 |
| Increase/(decrease) in other liabilities$’000 | 3,801 | (844) | PDF p. 48 |
| Cash flows used in operations$’000 | (125,057) | (16,531) | PDF p. 48 |
| Interest received$’000 | 123 | 295 | PDF p. 48 |
| Interest paid$’000 | (29,120) | (30,701) | PDF p. 48 |
| Income taxes paid$’000 | (12,659) | (9,368) | PDF p. 48 |
| Net cash flows used in operating activities$’000 | (166,713) | (56,305) | PDF p. 48 |
| Investing activities | |||
| Purchase of property, plant and equipment$’000 | (3,821) | (11,407) | PDF p. 48 |
| Dividend received from associates$’000 | 1,162 | 75 | PDF p. 48 |
| Dividend received from other investment$’000 | 88 | 48 | PDF p. 48 |
| Net cash outflow on acquisition of subsidiaries$’000 | (4,653) | – | PDF p. 48 |
| Acquisition of non-controlling interest in a subsidiary$’000 | (67) | – | PDF p. 48 |
| Net cash flows used in investing activities$’000 | (7,291) | (11,284) | PDF p. 48 |
| Financing activities | |||
| Proceeds from loans and borrowings$’000 | 732,143 | 525,410 | PDF p. 49 |
| Repayment of loans and borrowings$’000 | (530,835) | (458,142) | PDF p. 49 |
| Payment of principal portion of lease liabilities$’000 | (6,116) | (5,854) | PDF p. 49 |
| Gross proceeds from issuance of ordinary shares pursuant to exercise of warrants$’000 | 25,880 | 23,239 | PDF p. 49 |
| Dividends paid to non-controlling interests$’000 | (749) | (688) | PDF p. 49 |
| Dividends paid on ordinary shares$’000 | (36,297) | (19,098) | PDF p. 49 |
| Net cash flows from financing activities$’000 | 184,026 | 64,867 | PDF p. 49 |
| Net increase/(decrease) in cash and cash equivalents$’000 | 10,022 | (2,722) | PDF p. 49 |
| Cash and cash equivalents at beginning of the year$’000 | 8,014 | 10,736 | PDF p. 49 |
| Cash and cash equivalents at end of the year$’000 | 18,036 | 8,014 | PDF p. 49 |
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Definitions & sources
Original report: PDF p. 48 ↗ PDF p. 49 ↗
Financial highlights: five-year summary
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021FY2021 | 2022FY2022 | 2023FY2023 | 2024FY2024 | 2025FY2025 | Source |
|---|---|---|---|---|---|---|
| Financial highlights | ||||||
| Revenue$ million | 275.5 | 287.1 | 331.0 | 456.2 | 553.1 | PDF p. 12 |
| Profit Before Tax$ million | 49.6 | 53.3 | 63.4 | 97.6 | 123.2 | PDF p. 12 |
| Net Asset Value$ million | 327.4 | 369.0 | 428.9 | 517.8 | 611.8 | PDF p. 12 |
| Earnings Per Sharecents per share | 6.38 | 6.21 | 7.02 | 9.78 | 11.16 | PDF p. 12 |
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Original report: PDF p. 12 ↗
Highlights page also displays current-year headline figures of $553.1m Revenue, $123.2m Profit Before Tax, $611.8m Net Asset Value, and 11.16¢ Earnings Per Share.
FY2025 financial ratios and per-share data
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY ended 31 December 2025 | Source |
|---|---|---|
| Chairman’s Statement | ||
| Gross profit margin% | 30.3 | PDF p. 4 |
| our debt-to-equity ratio remains prudent at belowtimes | 1.45 | PDF p. 4 |
| Net asset value per sharecents per share | 64.40 | PDF p. 4 |
| Secured loan book — original lower bound | ||
| over 95% of our loan book% | 95 | PDF p. 4 |
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Definitions & sources
Original report: PDF p. 4 ↗
Ordinary share dividends
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group and Company, 2025 | 2024Group and Company, 2024 | Source |
|---|---|---|---|
| Declared and paid during the financial year; dividends on ordinary shares | |||
| Interim exempt (one-tier) dividend for 2025: 1.20 (2024: Nil) cents per share$’000 | 11,237 | – | PDF p. 109 |
| Final exempt (one-tier) dividend for 2024: 2.68 (2023: 2.20) cents per share$’000 | 25,060 | 19,098 | PDF p. 109 |
| Declared and paid during the financial year — subtotal | |||
| Subtotal$’000 | 36,297 | 19,098 | PDF p. 109 |
| Proposed but not recognised as a liability as at 31 December; dividends on ordinary shares, subject to shareholders’ approval at the AGM | |||
| Final exempt (one-tier) dividend for 2025: 2.68 (2024: 2.68) cents per share$’000 | 25,195 | 23,268 | PDF p. 109 |
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Definitions & sources
Original report: PDF p. 109 ↗
The actual dividend paid for 2024 was $25,060,000 due to the exercise of warrants by shareholders in 2025 prior to closure of the share transfer books and register of members; 66,872,848 shares were issued as a result and entitled to the dividend.
Declared and paid dividend rates
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group and Company — paid during FY2025 | 2024Group and Company — paid during FY2024 | Source |
|---|---|---|---|
| Dividend rate (cents per share) | |||
| Interim exempt (one-tier) dividend for 2025cents per share | 1.20 | Nil | PDF p. 109 |
| Final exempt (one-tier) dividend for 2024cents per share | 2.68 | 2.20 | PDF p. 109 |
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Original report: PDF p. 109 ↗
The labels preserve the year in respect of which each dividend is declared; the columns state its payment/proposal context.
Proposed final dividend rates
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group and Company — proposed for FY2025, subject to shareholders approval | 2024Group and Company — proposed for FY2024 | Source |
|---|---|---|---|
| Dividend rate (cents per share) | |||
| Final exempt (one-tier) dividend for 2025cents per share | 2.68 | 2.68 | PDF p. 109 |
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Definitions & sources
Original report: PDF p. 109 ↗
The labels preserve the year in respect of which each dividend is declared; the columns state its payment/proposal context.
Consolidated statement of comprehensive income — FY2023 report
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2022Group | Source |
|---|---|---|---|
| income | |||
| Revenue$’000 | 331,037 | 287,064 | PDF p. 44 |
| Cost of sales$’000 | (230,813) | (204,893) | PDF p. 44 |
| Gross profit$’000 | 100,224 | 82,171 | PDF p. 44 |
| Other item of income Other operating income$’000 | 6,385 | 7,130 | PDF p. 44 |
| Other items of expense Marketing and distribution expenses$’000 | (2,620) | (2,958) | PDF p. 44 |
| Administrative expenses$’000 | (37,065) | (33,355) | PDF p. 44 |
| Finance costs$’000 | (6,598) | (3,132) | PDF p. 44 |
| Other operating expenses$’000 | (2,233) | (784) | PDF p. 44 |
| Share of results of associates$’000 | 5,336 | 4,255 | PDF p. 44 |
| Profit before tax$’000 | 63,429 | 53,327 | PDF p. 44 |
| Income tax expense$’000 | (9,903) | (8,298) | PDF p. 44 |
| Profit for the year$’000 | 53,526 | 45,029 | PDF p. 44 |
| Items that may be reclassified subsequently to profit or loss | |||
| Foreign currency translation$’000 | (1,489) | (1,458) | PDF p. 44 |
| Fair value (loss)/gain on cash flow hedges$’000 | (418) | 382 | PDF p. 44 |
| Total comprehensive income for the year$’000 | 51,619 | 43,953 | PDF p. 44 |
| Profit for the year attributable to: | |||
| Owners of the Company$’000 | 52,851 | 44,425 | PDF p. 44 |
| Non-controlling interests$’000 | 675 | 604 | PDF p. 44 |
| Subtotal$’000 | 53,526 | 45,029 | PDF p. 44 |
| Total comprehensive income for the year attributable to: | |||
| Owners of the Company$’000 | 50,944 | 43,349 | PDF p. 44 |
| Non-controlling interests$’000 | 675 | 604 | PDF p. 44 |
| Subtotal$’000 | 51,619 | 43,953 | PDF p. 44 |
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Definitions & sources
Original report: PDF p. 44 ↗
Earnings per share — FY2023 report
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2022Group | Source |
|---|---|---|---|
| Total comprehensive income for the year attributable to: | |||
| Earnings per share (cents per share) Basic and dilutedcents per share | 7.02 | 6.21 | PDF p. 44 |
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Definitions & sources
Original report: PDF p. 44 ↗
Statements of financial position — FY2023 report
39 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2022Group | 2023Company | 2022Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$’000 | 30,962 | 27,289 | 17 | 40 | PDF p. 45 |
| Intangible assets$’000 | 310 | 310 | – | – | PDF p. 45 |
| Right-of-use assets$’000 | 7,818 | 8,242 | 55 | 82 | PDF p. 45 |
| Investments in subsidiaries$’000 | – | – | 85,933 | 80,777 | PDF p. 45 |
| Investments in associates$’000 | 30,880 | 27,823 | 1,002 | 1,002 | PDF p. 45 |
| Other investment$’000 | 688 | 688 | 688 | 688 | PDF p. 45 |
| Trade and other receivables$’000 | 130,844 | 175,321 | – | – | PDF p. 45 |
| Derivative asset$’000 | 126 | 394 | – | – | PDF p. 45 |
| Subtotal$’000 | 201,628 | 240,067 | 87,695 | 82,589 | PDF p. 45 |
| Current assets | |||||
| Inventories$’000 | 115,425 | 98,631 | – | – | PDF p. 45 |
| Trade and other receivables$’000 | 740,983 | 658,580 | 305,227 | 247,745 | PDF p. 45 |
| Prepaid operating expenses$’000 | 3,083 | 2,107 | 107 | 51 | PDF p. 45 |
| Cash and bank balances$’000 | 15,474 | 10,989 | 416 | 330 | PDF p. 45 |
| Subtotal$’000 | 874,965 | 770,307 | 305,750 | 248,126 | PDF p. 45 |
| Total assets$’000 | 1,076,593 | 1,010,374 | 393,445 | 330,715 | PDF p. 45 |
| Current liabilities | |||||
| Trade and other payables$’000 | 4,435 | 4,490 | 16,651 | 15,131 | PDF p. 45 |
| Other liabilities$’000 | 8,294 | 6,609 | 2,035 | 1,345 | PDF p. 45 |
| Interest-bearing loans and borrowings$’000 | 564,692 | 577,164 | 91,681 | 62,046 | PDF p. 45 |
| Lease liabilities$’000 | 4,400 | 4,751 | 28 | 26 | PDF p. 45 |
| Income tax payable$’000 | 9,741 | 8,201 | 1,388 | 1,404 | PDF p. 45 |
| Subtotal$’000 | 591,562 | 601,215 | 111,783 | 79,952 | PDF p. 45 |
| Net current assets$’000 | 283,403 | 169,092 | 193,967 | 168,174 | PDF p. 45 |
| Non-current liabilities | |||||
| Other payables$’000 | 88 | 76 | – | – | PDF p. 45 |
| Provisions$’000 | 499 | 522 | – | – | PDF p. 45 |
| Deferred tax liabilities$’000 | 2,510 | 2,540 | 900 | 768 | PDF p. 45 |
| Interest-bearing loans and borrowings$’000 | 49,241 | 33,302 | – | – | PDF p. 45 |
| Lease liabilities$’000 | 3,623 | 3,712 | 29 | 57 | PDF p. 45 |
| Derivative liability$’000 | 150 | – | – | – | PDF p. 45 |
| Subtotal$’000 | 56,111 | 40,152 | 929 | 825 | PDF p. 45 |
| Total liabilities$’000 | 647,673 | 641,367 | 112,712 | 80,777 | PDF p. 45 |
| Net assets$’000 | 428,920 | 369,007 | 280,733 | 249,938 | PDF p. 45 |
| Company | |||||
| Share capital$’000 | 168,329 | 145,093 | 168,329 | 145,093 | PDF p. 46 |
| Treasury shares$’000 | (26) | (26) | (26) | (26) | PDF p. 46 |
| Retained earnings$’000 | 264,921 | 226,702 | 112,430 | 104,871 | PDF p. 46 |
| Other reserves$’000 | (9,788) | (7,881) | – | – | PDF p. 46 |
| Subtotal$’000 | 423,436 | 363,888 | 280,733 | 249,938 | PDF p. 46 |
| Non-controlling interests$’000 | 5,484 | 5,119 | – | – | PDF p. 46 |
| Total equity$’000 | 428,920 | 369,007 | 280,733 | 249,938 | PDF p. 46 |
| Total equity and liabilities$’000 | 1,076,593 | 1,010,374 | 393,445 | 330,715 | PDF p. 46 |
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Original report: PDF p. 45 ↗ PDF p. 46 ↗
Statements of changes in equity — Group FY2023 — FY2023 report
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group — Share capital | 2023Group — Treasury shares | 2023Group — Capital reserve | 2023Group — Merger reserve | 2023Group — Foreign currency translation reserve | 2023Group — Cash flow hedge reserve | 2023Group — Retained earnings | 2023Group — Total attributable to owners of the Company | 2023Group — Non-controlling interests | 2023Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||||
| 2023 At 1 January 2023$’000 | 145,093 | (26) | 2,025 | (7,599) | (2,701) | 394 | 226,702 | 363,888 | 5,119 | 369,007 | PDF p. 47 |
| Profit for the year$’000 | – | – | – | – | – | – | 52,851 | 52,851 | 675 | 53,526 | PDF p. 47 |
| Other comprehensive income | |||||||||||
| Foreign currency translation$’000 | – | – | – | – | (1,489) | – | – | (1,489) | – | (1,489) | PDF p. 47 |
| Fair value loss on cash flow hedges$’000 | – | – | – | – | – | (418) | – | (418) | – | (418) | PDF p. 47 |
| Total comprehensive income for the year$’000 | – | – | – | – | (1,489) | (418) | 52,851 | 50,944 | 675 | 51,619 | PDF p. 47 |
| Contributions by and distributions to owners Shares issued under rights cum warrants issue$’000 | 23,423 | – | – | – | – | – | – | 23,423 | – | 23,423 | PDF p. 47 |
| Share issuance expense$’000 | (187) | – | – | – | – | – | – | (187) | – | (187) | PDF p. 47 |
| Issuance of shares to non- 45 controlling shareholders of subsidiaries$’000 | – | – | – | – | – | – | – | – | 300 | 300 | PDF p. 47 |
| Dividends paid on ordinary shares$’000 | – | – | – | – | – | – | (14,632) | (14,632) | – | (14,632) | PDF p. 47 |
| Dividends paid to non-controlling interests$’000 | – | – | – | – | – | – | – | – | (610) | (610) | PDF p. 47 |
| Total contributions by and distributions to owners, representing total transactions with owners in their capacity as owners$’000 | 23,236 | – | – | – | – | – | (14,632) | 8,604 | (310) | 8,294 | PDF p. 47 |
| At 31 December 2023$’000 | 168,329 | (26) | 2,025 | (7,599) | (4,190) | (24) | 264,921 | 423,436 | 5,484 | 428,920 | PDF p. 47 |
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Original report: PDF p. 47 ↗
Statements of changes in equity — Group FY2022 — FY2023 report
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group — Share capital | 2022Group — Treasury shares | 2022Group — Capital reserve | 2022Group — Merger reserve | 2022Group — Foreign currency translation reserve | 2022Group — Cash flow hedge reserve | 2022Group — Retained earnings | 2022Group — Total attributable to owners of the Company | 2022Group — Non-controlling interests | 2022Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||||
| 2022 At 1 January 2022$’000 | 133,745 | (26) | 2,025 | (7,599) | (1,243) | 12 | 195,407 | 322,321 | 5,084 | 327,405 | PDF p. 48 |
| Profit for the year$’000 | – | – | – | – | – | – | 44,425 | 44,425 | 604 | 45,029 | PDF p. 48 |
| Other comprehensive income | |||||||||||
| Foreign currency translation$’000 | – | – | – | – | (1,458) | – | – | (1,458) | – | (1,458) | PDF p. 48 |
| Fair value gain on cash flow hedges$’000 | – | – | – | – | – | 382 | – | 382 | – | 382 | PDF p. 48 |
| Total comprehensive income for the year$’000 | – | – | – | – | (1,458) | 382 | 44,425 | 43,349 | 604 | 43,953 | PDF p. 48 |
| Contributions by and distributions to owners Shares issued under scrip | |||||||||||
| dividend scheme$’000 | 11,348 | – | – | – | – | – | – | 11,348 | – | 11,348 | PDF p. 48 |
| Issuance of shares to non- | |||||||||||
| controlling shareholders 46 of a subsidiary$’000 | – | – | – | – | – | – | – | – | 25 | 25 | PDF p. 48 |
| Dividends paid on ordinary shares$’000 | – | – | – | – | – | – | (13,130) | (13,130) | – | (13,130) | PDF p. 48 |
| Dividends paid to non- controlling interests$’000 | – | – | – | – | – | – | – | – | (594) | (594) | PDF p. 48 |
| Total contributions by and distributions to owners, representing total transactions with owners in their capacity as owners$’000 | 11,348 | – | – | – | – | – | (13,130) | (1,782) | (569) | (2,351) | PDF p. 48 |
| At 31 December 2022$’000 | 145,093 | (26) | 2,025 | (7,599) | (2,701) | 394 | 226,702 | 363,888 | 5,119 | 369,007 | PDF p. 48 |
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Original report: PDF p. 48 ↗
Statements of changes in equity — Company FY2022 — FY2023 report
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Company — Share capital | 2022Company — Treasury shares | 2022Company — Retained earnings | 2022Company — Total equity | Source |
|---|---|---|---|---|---|
| Company | |||||
| At 1 January 2022$’000 | 133,745 | (26) | 95,377 | 229,096 | PDF p. 49 |
| Profit for the year, representing total comprehensive income for the year$’000 | – | – | 22,624 | 22,624 | PDF p. 49 |
| Contributions by and distributions to owners Shares issued under scrip dividend scheme$’000 | 11,348 | – | – | 11,348 | PDF p. 49 |
| Dividends paid on ordinary shares$’000 | – | – | (13,130) | (13,130) | PDF p. 49 |
| Total contributions by and distributions to owners, representing total transactions with owners in their capacity as owners$’000 | 11,348 | – | (13,130) | (1,782) | PDF p. 49 |
| At 31 December 2022 and 1 January 2023$’000 | 145,093 | (26) | 104,871 | 249,938 | PDF p. 49 |
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Original report: PDF p. 49 ↗
Statements of changes in equity — Company FY2023 — FY2023 report
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Company — Share capital | 2023Company — Treasury shares | 2023Company — Retained earnings | 2023Company — Total equity | Source |
|---|---|---|---|---|---|
| Company | |||||
| Profit for the year, representing total comprehensive income for the year$’000 | – | – | 22,191 | 22,191 | PDF p. 49 |
| Contributions by and distributions to owners Shares issues under rights cum warrants issue$’000 | 23,423 | – | – | 23,423 | PDF p. 49 |
| Share issuance expense$’000 | (187) | – | – | (187) | PDF p. 49 |
| Dividends paid on ordinary shares$’000 | – | – | (14,632) | (14,632) | PDF p. 49 |
| Total contributions by and distributions to owners, representing total transactions with owners in their capacity as owners$’000 | 23,236 | – | (14,632) | 8,604 | PDF p. 49 |
| At 31 December 2023$’000 | 168,329 | (26) | 112,430 | 280,733 | PDF p. 49 |
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Definitions & sources
Original report: PDF p. 49 ↗
Cash-flow note A — property, plant and equipment — FY2023 report
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2022Group | Source |
|---|---|---|---|
| Cash-flow note A — property, plant and equipment | |||
| Current year additions to property, plant and equipment$’000 | 5,269 | 509 | PDF p. 51 |
| Less: Provision for restoration costs included in “Renovations”$’000 | (42) | (38) | PDF p. 51 |
| Net cash outflow on purchase of property, plant and equipment$’000 | 5,227 | 471 | PDF p. 51 |
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Original report: PDF p. 51 ↗
Consolidated statement of cash flows — FY2023 report
45 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2022Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before tax$’000 | 63,429 | 53,327 | PDF p. 50 |
| Adjustments for: | |||
| Depreciation of property, plant and equipment$’000 | 1,574 | 1,560 | PDF p. 50 |
| Amortisation of intangible assets$’000 | – | 125 | PDF p. 50 |
| Depreciation of right-of-use assets$’000 | 5,699 | 5,383 | PDF p. 50 |
| Allowance for expected credit losses on trade receivables$’000 | 1,998 | 611 | PDF p. 50 |
| Write-off of property, plant and equipment$’000 | 43 | – | PDF p. 50 |
| Write-off of excess of fair value over consideration of interest acquired in a subsidiary$’000 | (30) | – | PDF p. 50 |
| Allowance for inventories$’000 | – | 5 | PDF p. 50 |
| Interest income$’000 | (574) | (683) | PDF p. 50 |
| Gain on retirement of right-of-use assets$’000 | – | (1) | PDF p. 50 |
| Finance costs$’000 | 34,674 | 17,189 | PDF p. 50 |
| Dividend income from other investment$’000 | (40) | (36) | PDF p. 50 |
| (Increase)/decrease in fair value of inventories less point-of-sale costs$’000 | (888) | 68 | PDF p. 50 |
| Net fair value loss/(gain) on loans from unrelated parties$’000 | 26 | (18) | PDF p. 50 |
| Write-back of provision for restoration cost$’000 | (65) | (24) | PDF p. 50 |
| Unrealised exchange loss$’000 | 13 | 332 | PDF p. 50 |
| Share of results of associates$’000 | (5,336) | (4,255) | PDF p. 50 |
| Operating cash flows before changes in working capital$’000 | 100,523 | 73,583 | PDF p. 50 |
| Changes in working capital Increase in inventories$’000 | (15,906) | (20,472) | PDF p. 50 |
| Increase in trade and other receivables$’000 | (31,788) | (192,943) | PDF p. 50 |
| Increase in prepaid operating expenses$’000 | (975) | (645) | PDF p. 50 |
| Decrease in trade and other payables$’000 | (7,590) | (246) | PDF p. 50 |
| Increase/(decrease) in other liabilities$’000 | 1,073 | (68) | PDF p. 50 |
| Cash flows generated from/(used in) operations$’000 | 45,337 | (140,791) | PDF p. 50 |
| Interest received$’000 | 574 | 683 | PDF p. 50 |
| Interest paid$’000 | (34,070) | (16,552) | PDF p. 50 |
| Income taxes paid$’000 | (8,308) | (7,419) | PDF p. 50 |
| Net cash flows generated from/(used in) operating activities$’000 | 3,533 | (164,079) | PDF p. 50 |
| Investing activities | |||
| Purchase of property, plant and equipment$’000 | (5,227) | (471) | PDF p. 50 |
| Dividend received from associates$’000 | 778 | 681 | PDF p. 50 |
| Dividend received from other investment$’000 | 40 | 36 | PDF p. 50 |
| Net cash outflow on acquisition of subsidiary$’000 | (659) | – | PDF p. 50 |
| Net cash flows (used in)/generated from investing activities$’000 | (5,068) | 246 | PDF p. 50 |
| Financing activities | |||
| Proceeds from loans and borrowings$’000 | 402,244 | 347,199 | PDF p. 51 |
| Repayment of loans and borrowings$’000 | (398,831) | (183,875) | PDF p. 51 |
| Payment of principal portion of lease liabilities$’000 | (5,715) | (5,342) | PDF p. 51 |
| Gross proceeds from issuance of ordinary shares pursuant to the rights issue$’000 | 23,423 | – | PDF p. 51 |
| Share issuance expense$’000 | (187) | – | PDF p. 51 |
| Proceeds from issuance of shares to non-controlling shareholders of a subsidiary$’000 | 300 | 25 | PDF p. 51 |
| Dividends paid to non-controlling interests$’000 | (610) | (594) | PDF p. 51 |
| Dividends paid on ordinary shares$’000 | (14,632) | (1,782) | PDF p. 51 |
| Net cash flows generated from financing activities$’000 | 5,992 | 155,631 | PDF p. 51 |
| Net increase/(decrease) in cash and cash equivalents$’000 | 4,457 | (8,202) | PDF p. 51 |
| Cash and cash equivalents at beginning of the year$’000 | 6,279 | 14,481 | PDF p. 51 |
| Cash and cash equivalents at end of the year$’000 | 10,736 | 6,279 | PDF p. 51 |
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Original report: PDF p. 50 ↗ PDF p. 51 ↗
Consolidated statement of comprehensive income — FY2021 report
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | Source |
|---|---|---|---|
| income | |||
| Revenue$’000 | 275,512 | 276,113 | PDF p. 42 |
| Cost of sales$’000 | (200,425) | (216,300) | PDF p. 42 |
| Gross profit$’000 | 75,087 | 59,813 | PDF p. 42 |
| Other item of income Other operating income$’000 | 7,121 | 8,212 | PDF p. 42 |
| Other items of expense Marketing and distribution expenses$’000 | (2,381) | (1,205) | PDF p. 42 |
| Administrative expenses$’000 | (30,063) | (25,159) | PDF p. 42 |
| Finance costs$’000 | (2,358) | (4,055) | PDF p. 42 |
| Other operating expenses$’000 | (1,716) | (2,699) | PDF p. 42 |
| Share of results of associates$’000 | 3,910 | 5,540 | PDF p. 42 |
| Profit before tax$’000 | 49,600 | 40,447 | PDF p. 42 |
| Income tax expense$’000 | (7,510) | (5,843) | PDF p. 42 |
| Profit for the year$’000 | 42,090 | 34,604 | PDF p. 42 |
| Items that may be reclassified subsequently to profit or loss | |||
| Foreign currency translation$’000 | (240) | (16) | PDF p. 42 |
| Fair value gain on cash flow hedges$’000 | 12 | – | PDF p. 42 |
| Total comprehensive income for the year$’000 | 41,862 | 34,588 | PDF p. 42 |
| Profit for the year attributable to: | |||
| Owners of the Company$’000 | 41,511 | 33,873 | PDF p. 42 |
| Non-controlling interests$’000 | 579 | 731 | PDF p. 42 |
| Subtotal$’000 | 42,090 | 34,604 | PDF p. 42 |
| attributable to: | |||
| Owners of the Company$’000 | 41,283 | 33,857 | PDF p. 42 |
| Non-controlling interests$’000 | 579 | 731 | PDF p. 42 |
| Subtotal$’000 | 41,862 | 34,588 | PDF p. 42 |
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Definitions & sources
Original report: PDF p. 42 ↗
Earnings per share — FY2021 report
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | Source |
|---|---|---|---|
| attributable to: | |||
| Earnings per share (cents per share) Basic and dilutedcents per share | 6.38 | 6.00 | PDF p. 42 |
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Original report: PDF p. 42 ↗
Statements of financial position — FY2021 report
38 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | 2021Company | 2020Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$’000 | 28,340 | 27,481 | 58 | 24 | PDF p. 43 |
| Intangible assets$’000 | 435 | 318 | – | – | PDF p. 43 |
| Right-of-use assets$’000 | 7,746 | 7,302 | 14 | 42 | PDF p. 43 |
| Investments in subsidiaries$’000 | – | – | 75,802 | 70,622 | PDF p. 43 |
| Investments in associates$’000 | 26,038 | 23,393 | 1,002 | 1,002 | PDF p. 43 |
| Other investment$’000 | 688 | 688 | 688 | 688 | PDF p. 43 |
| Trade and other receivables$’000 | 263,908 | 131,148 | – | – | PDF p. 43 |
| Derivative assets$’000 | 12 | – | – | – | PDF p. 43 |
| Subtotal$’000 | 327,167 | 190,330 | 77,564 | 72,378 | PDF p. 43 |
| Current assets | |||||
| Inventories$’000 | 78,232 | 74,077 | – | – | PDF p. 43 |
| Trade and other receivables$’000 | 377,661 | 313,993 | 188,153 | 182,322 | PDF p. 43 |
| Prepaid operating expenses$’000 | 1,462 | 880 | 61 | 40 | PDF p. 43 |
| Cash and bank balances$’000 | 14,601 | 11,818 | 4,283 | 82 | PDF p. 43 |
| Subtotal$’000 | 471,956 | 400,768 | 192,497 | 182,444 | PDF p. 43 |
| Total assets$’000 | 799,123 | 591,098 | 270,061 | 254,822 | PDF p. 43 |
| Current liabilities | |||||
| Trade and other payables$’000 | 4,773 | 4,404 | 12,523 | 23,373 | PDF p. 43 |
| Other liabilities$’000 | 6,040 | 5,518 | 1,793 | 2,076 | PDF p. 43 |
| Interest-bearing loans and borrowings$’000 | 403,509 | 267,011 | 25,000 | 55,013 | PDF p. 43 |
| Lease liabilities$’000 | 4,363 | 3,807 | 15 | 28 | PDF p. 43 |
| Income tax payable$’000 | 7,376 | 6,965 | 971 | 1,075 | PDF p. 43 |
| Subtotal$’000 | 426,061 | 287,705 | 40,302 | 81,565 | PDF p. 43 |
| Net current assets$’000 | 45,895 | 113,063 | 152,195 | 100,879 | PDF p. 43 |
| Non-current liabilities | |||||
| Other payables$’000 | 39 | 44 | – | – | PDF p. 43 |
| Provisions$’000 | 508 | 421 | – | – | PDF p. 43 |
| Deferred tax liabilities$’000 | 2,486 | 2,345 | 663 | 460 | PDF p. 43 |
| Interest-bearing loans and borrowings$’000 | 39,060 | 41,916 | – | – | PDF p. 43 |
| Lease liabilities$’000 | 3,564 | 3,679 | – | 15 | PDF p. 43 |
| Subtotal$’000 | 45,657 | 48,405 | 663 | 475 | PDF p. 43 |
| Total liabilities$’000 | 471,718 | 336,110 | 40,965 | 82,040 | PDF p. 43 |
| Net assets$’000 | 327,405 | 254,988 | 229,096 | 172,782 | PDF p. 43 |
| Equity attributable to owners of the Company | |||||
| Share capital$’000 | 133,745 | 91,971 | 133,745 | 91,971 | PDF p. 44 |
| Treasury shares$’000 | (26) | (26) | (26) | (26) | PDF p. 44 |
| Retained earnings$’000 | 195,407 | 164,370 | 95,377 | 80,837 | PDF p. 44 |
| Other reserves$’000 | (6,805) | (6,577) | – | – | PDF p. 44 |
| Subtotal$’000 | 322,321 | 249,738 | 229,096 | 172,782 | PDF p. 44 |
| Non-controlling interests$’000 | 5,084 | 5,250 | – | – | PDF p. 44 |
| Total equity$’000 | 327,405 | 254,988 | 229,096 | 172,782 | PDF p. 44 |
| Total equity and liabilities$’000 | 799,123 | 591,098 | 270,061 | 254,822 | PDF p. 44 |
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Original report: PDF p. 43 ↗ PDF p. 44 ↗
Statements of changes in equity — Group FY2021 — FY2021 report
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group — Share capital | 2021Group — Treasury shares | 2021Group — Capital reserve | 2021Group — Merger reserve | 2021Group — Foreign currency translation reserve | 2021Group — Cash flow hedge reserve | 2021Group — Retained earnings | 2021Group — Total attributable to owners of the Company | 2021Group — Non-controlling interests | 2021Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||||
| 2021 At 1 January 2021$’000 | 91,971 | (26) | 2,025 | (7,599) | (1,003) | – | 164,370 | 249,738 | 5,250 | 254,988 | PDF p. 45 |
| Profit for the year$’000 | – | – | – | – | – | – | 41,511 | 41,511 | 579 | 42,090 | PDF p. 45 |
| Other comprehensive income Foreign currency translation$’000 | – | – | – | – | (240) | – | – | (240) | – | (240) | PDF p. 45 |
| Fair value gain on cash flow hedges$’000 | – | – | – | – | – | 12 | – | 12 | – | 12 | PDF p. 45 |
| Total comprehensive income for the year$’000 | – | – | – | – | (240) | 12 | 41,511 | 41,283 | 579 | 41,862 | PDF p. 45 |
| Contributions by and distributions to owners Shares issued pursuant to rights issue$’000 | 41,904 | – | – | – | – | – | – | 41,904 | – | 41,904 | PDF p. 45 |
| Share issue expense$’000 | (130) | – | – | – | – | – | – | (130) | – | (130) | PDF p. 45 |
| Dividends paid on ordinary shares$’000 | – | – | – | – | – | – | (10,474) | (10,474) | – | (10,474) | PDF p. 45 |
| Dividends paid to non-controlling interests$’000 | – | – | – | – | – | – | – | – | (745) | (745) | PDF p. 45 |
| Total contributions by and distributions to owners, representing total transactions with owners in their capacity as owners$’000 | 41,774 | – | – | – | – | – | (10,474) | 31,300 | (745) | 30,555 | PDF p. 45 |
| At 31 December 2021$’000 | 133,745 | (26) | 2,025 | (7,599) | (1,243) | 12 | 195,407 | 322,321 | 5,084 | 327,405 | PDF p. 45 |
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Original report: PDF p. 45 ↗
Statements of changes in equity — Group FY2020 — FY2021 report
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2020Group — Share capital | 2020Group — Treasury shares | 2020Group — Capital reserve | 2020Group — Merger reserve | 2020Group — Foreign currency translation reserve | 2020Group — Retained earnings | 2020Group — Total attributable to owners of the Company | 2020Group — Non-controlling interests | 2020Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Group | ||||||||||
| 2020 At 1 January 2020$’000 | 84,230 | (26) | 1,984 | (7,599) | (987) | 139,438 | 217,040 | 4,624 | 221,664 | PDF p. 46 |
| Profit for the year$’000 | – | – | – | – | – | 33,873 | 33,873 | 731 | 34,604 | PDF p. 46 |
| Other comprehensive income | ||||||||||
| Foreign currency translation$’000 | – | – | – | – | (16) | – | (16) | – | (16) | PDF p. 46 |
| Total comprehensive income for the year$’000 | – | – | – | – | (16) | 33,873 | 33,857 | 731 | 34,588 | PDF p. 46 |
| Contributions by and distributions to owners Dividends paid on ordinary shares$’000 | – | – | – | – | – | (8,941) | (8,941) | – | (8,941) | PDF p. 46 |
| Shares issued under scrip dividend scheme$’000 | 7,741 | – | – | – | – | – | 7,741 | – | 7,741 | PDF p. 46 |
| Disposal of interest in a subsidiary without a change in control$’000 | – | – | 41 | – | – | – | 41 | 384 | 425 | PDF p. 46 |
| Dividends paid to non-controlling interests$’000 | – | – | – | – | – | – | – | (489) | (489) | PDF p. 46 |
| Total contributions by and distributions to owners, representing total transactions with owners in their capacity as owners$’000 | 7,741 | – | 41 | – | – | (8,941) | (1,159) | (105) | (1,264) | PDF p. 46 |
| At 31 December 2020$’000 | 91,971 | (26) | 2,025 | (7,599) | (1,003) | 164,370 | 249,738 | 5,250 | 254,988 | PDF p. 46 |
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Definitions & sources
Original report: PDF p. 46 ↗
Statements of changes in equity — Company FY2020 — FY2021 report
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2020Company — Share capital | 2020Company — Treasury shares | 2020Company — Retained earnings | 2020Company — Total equity | Source |
|---|---|---|---|---|---|
| Company | |||||
| At 1 January 2020$’000 | 84,230 | (26) | 77,046 | 161,250 | PDF p. 47 |
| Profit for the year, representing total comprehensive income for the year$’000 | – | – | 12,732 | 12,732 | PDF p. 47 |
| Contributions by and distributions to owners | |||||
| Dividends paid on ordinary shares$’000 | – | – | (8,941) | (8,941) | PDF p. 47 |
| Shares issued under scrip dividend scheme$’000 | 7,741 | – | – | 7,741 | PDF p. 47 |
| Total contributions by and distributions to owners, representing total transactions with owners in their capacity as owners$’000 | 7,741 | – | (8,941) | (1,200) | PDF p. 47 |
| At 31 December 2020 and 1 January 2021$’000 | 91,971 | (26) | 80,837 | 172,782 | PDF p. 47 |
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Definitions & sources
Original report: PDF p. 47 ↗
Statements of changes in equity — Company FY2021 — FY2021 report
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Company — Share capital | 2021Company — Treasury shares | 2021Company — Retained earnings | 2021Company — Total equity | Source |
|---|---|---|---|---|---|
| Contributions by and distributions to owners | |||||
| Profit for the year, representing total comprehensive income for the year$’000 | – | – | 25,014 | 25,014 | PDF p. 47 |
| Shares issued pursuant to rights issue$’000 | 41,904 | – | – | 41,904 | PDF p. 47 |
| Share issue expense$’000 | (130) | – | – | (130) | PDF p. 47 |
| Dividends paid on ordinary shares$’000 | – | – | (10,474) | (10,474) | PDF p. 47 |
| Total contributions by and distributions to owners, representing total transactions with owners in their capacity as owners$’000 | 41,774 | – | (10,474) | 31,296 | PDF p. 47 |
| At 31 December 2021$’000 | 133,745 | (26) | 95,377 | 229,096 | PDF p. 47 |
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Definitions & sources
Original report: PDF p. 47 ↗
Original FY2021 printed subtotal31,296 differs by4($’000) from printed components41,774 minus10,474. The FY2022 report’s FY2021 comparative prints31,300. Both versions are preserved.
Cash-flow note A — property, plant and equipment — FY2021 report
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | Source |
|---|---|---|---|
| Cash-flow note A — property, plant and equipment | |||
| Current year additions to property, plant and equipment$’000 | 2,451 | 582 | PDF p. 49 |
| Less: Provision for restoration costs included in “Renovations”$’000 | (87) | (18) | PDF p. 49 |
| Net cash outflow on purchase of property, plant and equipment$’000 | 2,364 | 564 | PDF p. 49 |
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Definitions & sources
Original report: PDF p. 49 ↗
Consolidated statement of cash flows — FY2021 report
43 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before tax$’000 | 49,600 | 40,447 | PDF p. 48 |
| Adjustments for: | |||
| Depreciation of property, plant and equipment$’000 | 1,592 | 1,739 | PDF p. 48 |
| Amortisation of intangible assets$’000 | 150 | 150 | PDF p. 48 |
| Depreciation of right-of-use assets$’000 | 5,053 | 4,113 | PDF p. 48 |
| Allowance/(reversal of allowance) for expected credit losses on trade receivables$’000 | 1,715 | (555) | PDF p. 48 |
| Allowance for inventories$’000 | 1 | 2,699 | PDF p. 48 |
| Interest income$’000 | (523) | (757) | PDF p. 48 |
| Finance costs$’000 | 8,568 | 9,036 | PDF p. 48 |
| Dividend income from other investment$’000 | (52) | (52) | PDF p. 48 |
| Decrease/(increase) in fair value of inventories less point-of-sale costs$’000 | 186 | (1,695) | PDF p. 48 |
| Write off of property, plant and equipment$’000 | – | 2 | PDF p. 48 |
| Net fair value gain on loan from an unrelated party$’000 | (26) | (6) | PDF p. 48 |
| Unrealised exchange loss$’000 | 35 | 827 | PDF p. 48 |
| Excess of fair value over consideration of interest acquired in a subsidiary$’000 | – | (245) | PDF p. 48 |
| Share of results of associates$’000 | (3,910) | (5,540) | PDF p. 48 |
| Operating cash flows before changes in working capital$’000 | 62,389 | 50,163 | PDF p. 48 |
| Changes in working capital Increase in inventories$’000 | (4,342) | (2,083) | PDF p. 48 |
| Increase in trade and other receivables$’000 | (198,134) | (23,789) | PDF p. 48 |
| Increase in prepaid operating expenses$’000 | (580) | (305) | PDF p. 48 |
| Increase/(decrease) in trade and other payables$’000 | 346 | (980) | PDF p. 48 |
| Increase in other liabilities$’000 | 523 | 2,024 | PDF p. 48 |
| Cash flows (used in)/generated from operations$’000 | (139,798) | 25,030 | PDF p. 48 |
| Interest received$’000 | 523 | 757 | PDF p. 48 |
| Interest paid$’000 | (8,533) | (8,933) | PDF p. 48 |
| Income taxes paid$’000 | (6,959) | (3,817) | PDF p. 48 |
| Net cash flows (used in)/generated from operating activities$’000 | (154,767) | 13,037 | PDF p. 48 |
| Investing activities | |||
| Purchase of property, plant and equipment$’000 | (2,364) | (564) | PDF p. 48 |
| Dividend received from associates$’000 | 987 | 130 | PDF p. 48 |
| Dividend received from other investment$’000 | 52 | 52 | PDF p. 48 |
| Net cash outflow on acquisition of subsidiary$’000 | (259) | (2,133) | PDF p. 48 |
| Disposal of interest in a subsidiary without a change in control$’000 | – | 425 | PDF p. 48 |
| Net cash flows used in investing activities$’000 | (1,584) | (2,090) | PDF p. 48 |
| Financing activities | |||
| Proceeds from interest-bearing loans and borrowings$’000 | 195,674 | 75,595 | PDF p. 49 |
| Repayment of interest-bearing loans and borrowings$’000 | (61,407) | (74,966) | PDF p. 49 |
| Payment of principal portion of lease liabilities$’000 | (5,056) | (4,043) | PDF p. 49 |
| Gross proceeds from shares issued pursuant to rights issue$’000 | 41,904 | – | PDF p. 49 |
| Share issue expense$’000 | (130) | – | PDF p. 49 |
| Dividends paid to non-controlling interests$’000 | (745) | (489) | PDF p. 49 |
| Dividends paid on ordinary shares$’000 | (10,474) | (1,200) | PDF p. 49 |
| Net cash flows generated from/(used in) in financing activities$’000 | 159,766 | (5,103) | PDF p. 49 |
| Net increase in cash and cash equivalents$’000 | 3,415 | 5,844 | PDF p. 49 |
| Cash and cash equivalents at beginning of the year$’000 | 11,066 | 5,222 | PDF p. 49 |
| Cash and cash equivalents at end of the year$’000 | 14,481 | 11,066 | PDF p. 49 |
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Definitions & sources
Original report: PDF p. 48 ↗ PDF p. 49 ↗
Statements of changes in equity — Company FY2021 — FY2022 report
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Company — Share capital | 2021Company — Treasury shares | 2021Company — Retained earnings | 2021Company — Total equity | Source |
|---|---|---|---|---|---|
| Company | |||||
| At 1 January 2021$’000 | 91,971 | (26) | 80,837 | 172,782 | PDF p. 49 |
| Profit for the year, representing total comprehensive income for the year$’000 | – | – | 25,014 | 25,014 | PDF p. 49 |
| Contributions by and distributions to owners | |||||
| Shares issued under rights issue$’000 | 41,904 | – | – | 41,904 | PDF p. 49 |
| Share issuance expense$’000 | (130) | – | – | (130) | PDF p. 49 |
| Dividends paid on ordinary shares$’000 | – | – | (10,474) | (10,474) | PDF p. 49 |
| Total contributions by and distributions to owners, representing total transactions with owners in their capacity as owners$’000 | 41,774 | – | (10,474) | 31,300 | PDF p. 49 |
| At 31 December 2021 and 1 January 2022$’000 | 133,745 | (26) | 95,377 | 229,096 | PDF p. 49 |
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Definitions & sources
Original report: PDF p. 49 ↗
The FY2022 comparative prints the FY2021 contribution/distribution subtotal as31,300; the original FY2021 report prints31,296. Both original versions are retained with their report sources.
Statements of changes in equity — Company FY2022 — FY2022 report
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Company — Share capital | 2022Company — Treasury shares | 2022Company — Retained earnings | 2022Company — Total equity | Source |
|---|---|---|---|---|---|
| Contributions by and distributions to owners | |||||
| Profit for the year, representing total comprehensive income for the year$’000 | – | – | 22,624 | 22,624 | PDF p. 49 |
| Contributions by and distributions to owners Shares issued under scrip dividend scheme$’000 | 11,348 | – | – | 11,348 | PDF p. 49 |
| Dividends paid on ordinary shares$’000 | – | – | (13,130) | (13,130) | PDF p. 49 |
| Total contributions by and distributions to owners, representing total transactions with owners in their capacity as owners$’000 | 11,348 | – | (13,130) | (1,782) | PDF p. 49 |
| At 31 December 2022$’000 | 145,093 | (26) | 104,871 | 249,938 | PDF p. 49 |
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Definitions & sources
Original report: PDF p. 49 ↗
The FY2022 comparative prints the FY2021 contribution/distribution subtotal as31,300; the original FY2021 report prints31,296. Both original versions are retained with their report sources.
Where the money comes from
Segment information
By business
Segment information by business segment, FY2025 (Note 31) 15 lines
| Item / unit | 2025Pawnbroking | 2025Retail and trading of jewellery and gold | 2025Moneylending | 2025Others | 2025Adjustments and eliminations | 2025Group | Source |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| Revenue from external customers$'000 | 60,815 | 425,030 | 67,285 | – | – | 553,130 | PDF p. 97 |
| Inter-segment revenue$'000 | 38,833 | 2 | – | – | (38,835) | – | PDF p. 97 |
| Results | |||||||
| Facility fee income$'000 | – | – | 4,897 | – | – | 4,897 | PDF p. 97 |
| Interest income$'000 | – | – | – | 17,039 | (16,916) | 123 | PDF p. 97 |
| Reversal of allowance for write-down of retail inventories$'000 | – | 2 | – | – | – | 2 | PDF p. 97 |
| Allowance for expected credit losses on trade receivables$'000 | (547) | – | (3,691) | – | – | (4,238) | PDF p. 97 |
| Depreciation of property, plant and equipment$'000 | (470) | (224) | (59) | (1,167) | – | (1,920) | PDF p. 97 |
| Depreciation of right-of-use assets$'000 | (1,795) | (1,044) | – | (3,349) | – | (6,188) | PDF p. 97 |
| Finance costs$'000 | (11,635) | (2,703) | (25,121) | (7,048) | 16,895 | (29,612) | PDF p. 97 |
| Share of results of associates$'000 | – | – | – | 11,608 | – | 11,608 | PDF p. 97 |
| Segment profit$'000 | 25,851 | 45,751 | 35,966 | 4,000 | 11,608 | 123,176 | PDF p. 97 |
| Income tax expense$'000 | (4,009) | (8,080) | (5,880) | (1,625) | – | (19,594) | PDF p. 97 |
| Assets | |||||||
| Segment assets$'000 | 464,498 | 156,259 | 824,245 | 206,253 | (91,100) | 1,560,155 | PDF p. 97 |
| Capital expenditure$'000 | 1,226 | 2,269 | 252 | 5,706 | – | 9,453 | PDF p. 97 |
| Liabilities | |||||||
| Segment liabilities$'000 | 230,435 | 68,741 | 442,176 | 167,190 | 39,813 | 948,355 | PDF p. 97 |
Notes
Printed Note column letters A, B, C, D omitted from values; A: Inter-segment revenues and income are eliminated on consolidation. B: share of results of associates added to segment profit to arrive at profit before tax (2025: 11,608; 2024: 6,268). C: inter-segment assets deducted from segment assets (2025: (91,100); 2024: (81,344)). D: added to segment liabilities: deferred tax liabilities 1,373 (2024: 1,438); income tax payable (1,242) (2024: (898)); inter-segment liabilities 39,682 (2024: 24,372); total 39,813 (2024: 24,912).
Four segments: Pawnbroking; Retail and trading of jewellery and gold; Moneylending; Others (investment holding and other support services). Non-cash items not material and not presented.
Debt
Borrowings
Borrowing notes 3 tables
Interest-bearing loans and borrowings
| Item / unit | 2025Group ($'000) | 2024Group ($'000) | 2025Company ($'000) | 2024Company ($'000) | Source |
|---|---|---|---|---|---|
| Current | |||||
| Loans from unrelated parties$'000 | 5,908 | 3,808 | – | – | PDF p. 87 |
| Bank overdrafts$'000 | 4,383 | 8,791 | 2,668 | 6,454 | PDF p. 87 |
| Commercial papers$'000 | 124,690 | 109,180 | 124,690 | 109,180 | PDF p. 87 |
| Bank loans$'000 | 685,938 | 519,486 | 5,000 | 5,000 | PDF p. 87 |
| Current subtotal$'000 | 820,919 | 641,265 | 132,358 | 120,634 | PDF p. 87 |
| Non-current | |||||
| Bank loans$'000 | 65,393 | 46,047 | – | – | PDF p. 87 |
| Total | |||||
| Total loans and borrowings$'000 | 886,312 | 687,312 | 132,358 | 120,634 | PDF p. 87 |
Notes
Loans from unrelated parties are physical gold loans, unsecured, repayable on demand, at fair value through profit or loss.
Bank overdrafts repayable on demand and secured by fixed and floating charge on assets of certain subsidiaries and personal guarantees by certain directors of a subsidiary.
Commercial papers: two $100 million multi-tranche unsecured programmes; five series (2024: five), tenures three to six months.
Bank loans are repayable within twelve months, except for $65,393,000 (2024: $46,047,000) with remaining tenures 1 to 25 years (2024: 1 to 24 years). Secured by fixed and floating charge on assets of certain subsidiaries, corporate guarantees by the Company and personal guarantees by certain directors of a subsidiary.
Annual interest rates of total borrowings
| Item / unit | 2025Group (%) | 2024Group (%) | 2025Company (%) | 2024Company (%) | Source |
|---|---|---|---|---|---|
| Interest rates | |||||
| Loans from unrelated parties% | 2.00 | 2.00 | – | – | PDF p. 88 |
Notes
The annual interest rates of total borrowings at the end of the reporting period.
Lease liabilities carrying amounts (Property)
| Item / unit | 2025Group ($'000) | 2024Group ($'000) | 2025Company ($'000) | 2024Company ($'000) | Source |
|---|---|---|---|---|---|
| Lease liabilities | |||||
| At 31 December$'000 | 10,849 | 11,024 | – | 29 | PDF p. 90 |
| Current$'000 | 5,477 | 5,126 | – | 29 | PDF p. 90 |
| Non-current$'000 | 5,372 | 5,898 | – | – | PDF p. 90 |
Notes
The maturity analysis of lease liabilities is disclosed in Note 32.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | The Company’s dividend policy endeavors to balance dividend return to shareholders with the need for long-term sustainable growth whilst aiming for an efficient capital structure. The Company strives to provide shareholders with a consistent and sustainable ordinary dividend on an annual basis, with a variable special dividend based on cash position, working capital, expenditure plans, acquisition opportunities and market environment. | Company | PDF p. 31 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Interim exempt (one-tier) dividend for 2025 | 1.20 cents per share | Group and Company, FY2025 interim, declared and paid; comparative 2024: Nil | PDF p. 109 |
| Final exempt (one-tier) dividend for 2025 | 2.68 cents per share | Group and Company, FY2025 proposed final; comparative 2024 final: 2.68 | PDF p. 109 |
| Final exempt (one-tier) dividend for 2024 | 2.68 cents per share | Group and Company, FY2024 final paid in 2025; comparative 2023: 2.20 | PDF p. 109 |
| Record Date | 8 May 2026 | Proposed final dividend FY2025 | PDF p. 122 |
| Proposed Final Dividend payment date | 21 May 2026 | Proposed final dividend FY2025 | PDF p. 122 |
| total dividend for FY2025 | 3.88 cents per share | FY2025 total (interim 1.20 + final 2.68) | PDF p. 5 |
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. 41 |
| Engagement partner | Sharon Peh | Group | PDF p. 41 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Allowance for expected credit losses of trade receivables | Trade receivable balances are significant to the Group. | Group | PDF p. 37 |
| Valuation of retail inventories | The determination of allowance for retail inventories involves significant estimation and judgement by management considering, amongst others, authenticity of retail inventories, marketability, and fluctuations in market price of gold. | Group · As at 2025-12-31 | PDF p. 39 |
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.
The original report prints consolidated comprehensive income and cash-flow statements, and Group/Company financial position and equity statements; separate Company comprehensive-income and cash-flow statements are not printed.
Original FY2021 printed subtotal31,296 differs by4($’000) from printed components41,774 minus10,474. The FY2022 report’s FY2021 comparative prints31,300. Both versions are preserved.
One original FY2021 Company equity subtotal differs by4($’000) from its printed components; the subsequent FY2022 comparative prints31,300 and reconciles.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.