ANNUAL REPORT 2025
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated income statement — FY2025 report | |||
| Revenue$’000 | 783,114 | 732,386 | PDF p. 75 |
| Cost of sales$’000 | (413,737) | (410,590) | PDF p. 75 |
| Gross profit$’000 | 369,377 | 321,796 | PDF p. 75 |
| Other income | |||
| – Interest income$’000 | 19,952 | 31,878 | PDF p. 75 |
| – Miscellaneous income$’000 | 2,747 | 5,595 | PDF p. 75 |
| Expenses | |||
| – Selling and distribution$’000 | (34,146) | (31,420) | PDF p. 75 |
| – Administrative$’000 | (57,234) | (51,614) | PDF p. 75 |
| – Finance$’000 | (21,224) | (17,280) | PDF p. 75 |
| – Other operating – Impairment loss on financial assets$’000 | (321) | (402) | PDF p. 75 |
| – Others$’000 | (698) | (384) | PDF p. 75 |
| Share of results of associates$’000 | 44,764 | 32,212 | PDF p. 75 |
| Share of results of joint ventures$’000 | (11,491) | (15,975) | PDF p. 75 |
| Other (loss)/gain$’000 | (2,971) | 21,623 | PDF p. 75 |
| Net fair value gains on investment properties$’000 | 41,065 | 65,754 | PDF p. 75 |
| Profit before income tax$’000 | 349,820 | 361,783 | PDF p. 75 |
| Income tax expense$’000 | (52,613) | (49,808) | PDF p. 75 |
| Net profit$’000 | 297,207 | 311,975 | PDF p. 75 |
| Net profit attributable to: Equity holders of the Company$’000 | 272,272 | 284,233 | PDF p. 75 |
| Non-controlling interests$’000 | 24,935 | 27,742 | PDF p. 75 |
| Subtotal$’000 | 297,207 | 311,975 | PDF p. 75 |
Original report: PDF p. 75 ↗
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Expenses | |||
| Basic and diluted earnings per share attributable to equity holders of the Companycents per share | 19.0 | 19.8 | PDF p. 75 |
Original report: PDF p. 75 ↗
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated statement of comprehensive income — FY2025 report | |||
| Net profit$’000 | 297,207 | 311,975 | PDF p. 76 |
| Items that may be reclassified subsequently to income statement: | |||
| Cash flow hedges – Fair value gains/(losses)$’000 | 2,937 | (9,676) | PDF p. 76 |
| – Reclassification$’000 | 891 | (2,475) | PDF p. 76 |
| Share of other comprehensive (losses)/gains of joint ventures and associates$’000 | (5,897) | 84 | PDF p. 76 |
| Currency translation differences arising from consolidation of foreign operations$’000 | (8,451) | 2,083 | PDF p. 76 |
| Subtotal$’000 | (10,520) | (9,984) | PDF p. 76 |
| Items that will not be reclassified subsequently to income statement: | |||
| Financial assets at fair value through other comprehensive income (“FVOCI”) – Fair value gain – equity instruments$’000 | 2,736 | 13 | PDF p. 76 |
| Currency translation differences arising from consolidation of foreign operations$’000 | (1,047) | (186) | PDF p. 76 |
| Other comprehensive loss, net of tax$’000 | (8,831) | (10,157) | PDF p. 76 |
| Total comprehensive income$’000 | 288,376 | 301,818 | PDF p. 76 |
| Total comprehensive income attributable to: | |||
| Equity holders of the Company$’000 | 264,261 | 274,262 | PDF p. 76 |
| Non-controlling interests$’000 | 24,115 | 27,556 | PDF p. 76 |
| Subtotal$’000 | 288,376 | 301,818 | PDF p. 76 |
Original report: PDF p. 76 ↗
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| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Trade and other receivables$’000 | 537,481 | 500,378 | – | – | PDF p. 77 |
| Financial assets at fair value through other comprehensive income$’000 | 16,163 | 13,427 | – | – | PDF p. 77 |
| Investments in associates$’000 | 625,631 | 649,338 | – | – | PDF p. 77 |
| Investments in joint ventures$’000 | 10,012 | 29,303 | – | – | PDF p. 77 |
| Investments in subsidiaries$’000 | – | – | 1,421,211 | 1,227,169 | PDF p. 77 |
| Investment properties$’000 | 7,740,056 | 7,187,431 | – | – | PDF p. 77 |
| Property, plant and equipment$’000 | 978,952 | 1,012,336 | 5,802 | 7,448 | PDF p. 77 |
| Derivative financial instruments$’000 | – | 1,174 | – | – | PDF p. 77 |
| Goodwill$’000 | 46,587 | 46,587 | – | – | PDF p. 77 |
| Deferred income tax assets$’000 | 248 | 94 | – | – | PDF p. 77 |
| Subtotal$’000 | 9,955,130 | 9,440,068 | 1,427,013 | 1,234,617 | PDF p. 77 |
| Current assets | |||||
| Cash and cash equivalents$’000 | 168,393 | 146,576 | 211 | 415 | PDF p. 77 |
| Properties held for sale$’000 | 17,802 | 20,294 | – | – | PDF p. 77 |
| Derivative financial instruments$’000 | 8 | 132 | – | – | PDF p. 77 |
| Trade and other receivables$’000 | 166,882 | 205,048 | 1,072,157 | 1,490,506 | PDF p. 77 |
| Inventories$’000 | 2,319 | 2,385 | – | – | PDF p. 77 |
| Subtotal$’000 | 355,404 | 374,435 | 1,072,368 | 1,490,921 | PDF p. 77 |
| Total assets$’000 | 10,310,534 | 9,814,503 | 2,499,381 | 2,725,538 | PDF p. 77 |
| Current liabilities | |||||
| Trade and other payables$’000 | 180,093 | 186,137 | 532,107 | 754,241 | PDF p. 77 |
| Derivative financial instruments$’000 | 187 | 9,417 | – | – | PDF p. 77 |
| Current income tax liabilities$’000 | 62,089 | 60,067 | 587 | 299 | PDF p. 77 |
| Borrowings$’000 | 180,981 | 19,455 | 1,302 | 1,302 | PDF p. 77 |
| Subtotal$’000 | 423,350 | 275,076 | 533,996 | 755,842 | PDF p. 77 |
| Non-current liabilities | |||||
| Trade and other payables$’000 | 68,381 | 61,885 | 1,015 | 723 | PDF p. 77 |
| Borrowings$’000 | 418,485 | 320,788 | 1,410 | 2,712 | PDF p. 77 |
| Derivative financial instruments$’000 | 4,821 | – | – | – | PDF p. 77 |
| Deferred income tax liabilities$’000 | 138,160 | 142,177 | 110 | 140 | PDF p. 77 |
| Subtotal$’000 | 629,847 | 524,850 | 2,535 | 3,575 | PDF p. 77 |
| Total liabilities$’000 | 1,053,197 | 799,926 | 536,531 | 759,417 | PDF p. 77 |
| NET ASSETS$’000 | 9,257,337 | 9,014,577 | 1,962,850 | 1,966,121 | PDF p. 77 |
| EQUITY | |||||
| Capital and reserves attributable to equity holders of the Company Share capital$’000 | 1,566,165 | 1,565,688 | 1,566,165 | 1,565,688 | PDF p. 77 |
| Retained earnings$’000 | 7,004,834 | 6,797,032 | 389,454 | 393,194 | PDF p. 77 |
| Reserves$’000 | 35,602 | 43,621 | 7,231 | 7,239 | PDF p. 77 |
| Subtotal$’000 | 8,606,601 | 8,406,341 | 1,962,850 | 1,966,121 | PDF p. 77 |
| Non-controlling interests$’000 | 650,736 | 608,236 | – | – | PDF p. 77 |
| TOTAL EQUITY$’000 | 9,257,337 | 9,014,577 | 1,962,850 | 1,966,121 | PDF p. 77 |
Original report: PDF p. 77 ↗
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| Metric / unit | 2025Group — Share capital | 2025Group — Retained earnings | 2025Group — Asset revaluation reserve | 2025Group — Other reserves | 2025Group — Total attributable to equity holders | 2025Group — Non-controlling interests | 2025Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| 2025 | ||||||||
| Balance at 1 January 2025$’000 | 1,565,688 | 6,797,032 | 58,933 | (15,312) | 8,406,341 | 608,236 | 9,014,577 | PDF p. 78 |
| Net profit$’000 | – | 272,272 | – | – | 272,272 | 24,935 | 297,207 | PDF p. 78 |
| Other comprehensive loss$’000 | – | – | – | (8,011) | (8,011) | (820) | (8,831) | PDF p. 78 |
| Total comprehensive income/(loss)$’000 | – | 272,272 | – | (8,011) | 264,261 | 24,115 | 288,376 | PDF p. 78 |
| Employee share option scheme – value of employee services$’000 | – | – | – | (8) | (8) | – | (8) | PDF p. 78 |
| – proceeds from shares issued$’000 | 477 | – | – | – | 477 | – | 477 | PDF p. 78 |
| Issuance of shares by a subsidiary$’000 | – | – | – | – | – | 46,910 | 46,910 | PDF p. 78 |
| Dividends paid in cash$’000 | – | (64,470) | – | – | (64,470) | (28,525) | (92,995) | PDF p. 78 |
| Total transactions with owners, recognised directly in equity$’000 | 477 | (64,470) | – | (8) | (64,001) | 18,385 | (45,616) | PDF p. 78 |
| Balance at 31 December 2025$’000 | 1,566,165 | 7,004,834 | 58,933 | (23,331) | 8,606,601 | 650,736 | 9,257,337 | PDF p. 78 |
Original report: PDF p. 78 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group — Share capital | 2024Group — Retained earnings | 2024Group — Asset revaluation reserve | 2024Group — Other reserves | 2024Group — Total attributable to equity holders | 2024Group — Non-controlling interests | 2024Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| 2024 | ||||||||
| Balance at 1 January 2024$’000 | 1,565,688 | 6,570,106 | 58,933 | (5,355) | 8,189,372 | 626,416 | 8,815,788 | PDF p. 78 |
| Net profit$’000 | – | 284,233 | – | – | 284,233 | 27,742 | 311,975 | PDF p. 78 |
| Other comprehensive loss$’000 | – | – | – | (9,971) | (9,971) | (186) | (10,157) | PDF p. 78 |
| Total comprehensive income/(loss)$’000 | – | 284,233 | – | (9,971) | 274,262 | 27,556 | 301,818 | PDF p. 78 |
| Employee share option scheme – value of employee services$’000 | – | – | – | 14 | 14 | – | 14 | PDF p. 78 |
| Capital reduction by a subsidiary$’000 | – | – | – | – | – | (9,250) | (9,250) | PDF p. 78 |
| Issuance of shares by a subsidiary$’000 | – | – | – | – | – | 4,161 | 4,161 | PDF p. 78 |
| Dividends paid in cash$’000 | – | (57,307) | – | – | (57,307) | (40,647) | (97,954) | PDF p. 78 |
| Total transactions with owners, recognised directly in equity$’000 | – | (57,307) | – | 14 | (57,293) | (45,736) | (103,029) | PDF p. 78 |
| Balance at 31 December 2024$’000 | 1,565,688 | 6,797,032 | 58,933 | (15,312) | 8,406,341 | 608,236 | 9,014,577 | PDF p. 78 |
Original report: PDF p. 78 ↗
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| Metric / unit | 2025Group | 2024Group — FY2024 comparative reclassified (Note38) | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before income tax$’000 | 349,820 | 361,783 | PDF p. 79 |
| Adjustments for: | |||
| Depreciation of property, plant and equipment$’000 | 42,606 | 45,230 | PDF p. 79 |
| Impairment loss on financial assets$’000 | 321 | 402 | PDF p. 79 |
| Employee share option (income)/expense$’000 | (8) | 14 | PDF p. 79 |
| Loss on disposal of property, plant and equipment$’000 | 626 | 127 | PDF p. 79 |
| Share of results of associates$’000 | (44,764) | (32,212) | PDF p. 79 |
| Share of results of joint ventures$’000 | 11,491 | 15,975 | PDF p. 79 |
| Net fair value gains on investment properties$’000 | (41,065) | (65,754) | PDF p. 79 |
| Fair value gains on derivative financial instruments$’000 | (13) | (62) | PDF p. 79 |
| Gain on disposal of a subsidiary$’000 | – | (21,623) | PDF p. 79 |
| Dividend income$’000 | (363) | (718) | PDF p. 79 |
| Interest income$’000 | (19,952) | (31,878) | PDF p. 79 |
| Interest expense$’000 | 21,224 | 17,280 | PDF p. 79 |
| Unrealised currency translation difference$’000 | (4,212) | (2,041) | PDF p. 79 |
| Subtotal$’000 | 315,711 | 286,523 | PDF p. 79 |
| Change in working capital: Properties held for sale$’000 | 2,492 | 11,823 | PDF p. 79 |
| Derivative financial instruments$’000 | 729 | (408) | PDF p. 79 |
| Inventories$’000 | 66 | 196 | PDF p. 79 |
| Trade and other receivables$’000 | 4,883 | (48,767) | PDF p. 79 |
| Trade and other payables$’000 | 10,319 | 16,008 | PDF p. 79 |
| Cash generated from operations$’000 | 334,200 | 265,375 | PDF p. 79 |
| Income tax paid$’000 | (54,766) | (37,639) | PDF p. 79 |
| Net cash provided by operating activities$’000 | 279,434 | 227,736 | PDF p. 79 |
| Cash flows from investing activities | |||
| Disposal of a subsidiary, net of cash disposed of$’000 | – | 123,103 | PDF p. 79 |
| Purchase of property, plant and equipment$’000 | (8,767) | (8,218) | PDF p. 79 |
| Proceeds from disposal of property, plant and equipment$’000 | 42 | 6 | PDF p. 79 |
| Asset enhancement of investment properties$’000 | (115,036) | (153,219) | PDF p. 79 |
| Loans to associates$’000 | (91,643) | (142,447) | PDF p. 79 |
| Repayment of loans by associates$’000 | 88,408 | 81,553 | PDF p. 79 |
| Investment in associates$’000 | (14,997) | (3) | PDF p. 79 |
| Capital reduction of an associated company$’000 | 46,878 | – | PDF p. 79 |
| Dividends received from unquoted equity investments$’000 | 363 | 718 | PDF p. 79 |
| Dividends received from associates$’000 | 26,600 | 29,700 | PDF p. 79 |
| Dividends received from a joint venture$’000 | 6,000 | 19,000 | PDF p. 79 |
| Proceeds from liquidation of an associate$’000 | 2,648 | – | PDF p. 79 |
| Proceeds from liquidation of a joint venture$’000 | – | 2,995 | PDF p. 79 |
| Acquisition of an investment property$’000 | (408,420) | – | PDF p. 79 |
| Interest received$’000 | 19,564 | 34,157 | PDF p. 79 |
| Net cash used in investing activities$’000 | (448,360) | (12,655) | PDF p. 79 |
Original report: PDF p. 79 ↗
* 2024 has been reclassified to conform with the presentation in 2025 (Note38).
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| Metric / unit | 2025Group | 2024Group — FY2024 comparative reclassified (Note38) | Source |
|---|---|---|---|
| Cash flows from financing activities | |||
| Repayment of bank loans$’000 | (124,245) | (330,015) | PDF p. 80 |
| Proceeds from bank loans$’000 | 372,070 | 186,745 | PDF p. 80 |
| Bank facilities fees paid$’000 | (2,796) | – | PDF p. 80 |
| Interest paid$’000 | (21,000) | (18,015) | PDF p. 80 |
| Principal payment of lease liabilities$’000 | (994) | (934) | PDF p. 80 |
| Proceeds from trade financing$’000 | 29,948 | 21,870 | PDF p. 80 |
| Repayment of trade financing$’000 | (15,819) | (13,917) | PDF p. 80 |
| Interest paid for lease liabilities and trade financing$’000 | (813) | (535) | PDF p. 80 |
| Increase in bank deposits pledged as security$’000 | (1,000) | – | PDF p. 80 |
| Proceeds from issuance of shares$’000 | 477 | – | PDF p. 80 |
| Capital contribution from non-controlling shareholder of a subsidiary$’000 | 46,910 | 4,161 | PDF p. 80 |
| Repayment of capital to non-controlling shareholder of a subsidiary$’000 | – | (9,250) | PDF p. 80 |
| Dividends paid to equity holders of the Company$’000 | (64,470) | (57,307) | PDF p. 80 |
| Dividends paid to non-controlling interests$’000 | (28,525) | (40,647) | PDF p. 80 |
| Net cash from/(used in) financing activities$’000 | 189,743 | (257,844) | PDF p. 80 |
| Net increase/(decrease) in cash and cash equivalents$’000 | 20,817 | (42,763) | PDF p. 80 |
| Cash and cash equivalents at beginning of financial year$’000 | 139,576 | 182,339 | PDF p. 80 |
| Cash and cash equivalents at end of financial year$’000 | 160,393 | 139,576 | PDF p. 80 |
Original report: PDF p. 80 ↗
* 2024 has been reclassified to conform with the presentation in 2025 (Note38).
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| Metric / unit | 2025Group — 1 January | 2025Group — Principal and interest payments/receipts | 2025Group — Amortisation of front end fee | 2025Group — Additions/lease remeasurement | 2025Group — Interest expense (including interest capitalised) | 2025Group — Foreign exchange movement | 2025Group — 31 December | Source |
|---|---|---|---|---|---|---|---|---|
| Reconciliation of financing liabilities — FY2025 — FY2025 report | ||||||||
| Bank loans$’000 | 311,435 | 224,029 | 1,038 | – | 21,299 | (2,036) | 555,765 | PDF p. 80 |
| Lease liabilities$’000 | 992 | (1,065) | – | 1,758 | 71 | – | 1,756 | PDF p. 80 |
| Trade financing$’000 | 27,816 | 13,387 | – | – | 742 | – | 41,945 | PDF p. 80 |
Original report: PDF p. 80 ↗
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| Metric / unit | 2024Group — 1 January | 2024Group — Principal and interest payments/receipts | 2024Group — Amortisation of front end fee | 2024Group — Additions/lease remeasurement | 2024Group — Interest expense (including interest capitalised) | 2024Group — Foreign exchange movement | 2024Group — 31 December | Source |
|---|---|---|---|---|---|---|---|---|
| Reconciliation of financing liabilities — FY2024 — FY2025 report | ||||||||
| Bank loans$’000 | 454,647 | (161,285) | 583 | – | 17,666 | (176) | 311,435 | PDF p. 80 |
| Lease liabilities$’000 | 1,911 | (999) | – | 15 | 65 | – | 992 | PDF p. 80 |
| Trade financing$’000 | 19,863 | 7,483 | – | – | 470 | – | 27,816 | PDF p. 80 |
Original report: PDF p. 80 ↗
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| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Group income statement | ||||||
| Revenue$’000 | 504,909 | 610,952 | 684,553 | 732,386 | 783,114 | PDF p. 62 |
| Profit before income tax$’000 | 367,556 | 513,881 | 338,452 | 361,783 | 349,820 | PDF p. 62 |
| Income tax expense$’000 | (37,702) | (40,920) | (44,819) | (49,808) | (52,613) | PDF p. 62 |
| Net profit$’000 | 329,854 | 472,961 | 293,633 | 311,975 | 297,207 | PDF p. 62 |
| Attributable to equity holders of the Company | ||||||
| – Net profit before fair value and other gains/(losses)$’000 | 191,285 | 228,257 | 188,557 | 209,639 | 242,835 | PDF p. 62 |
| – Other gains/(losses)$’000 | 34,619 | – | – | 21,623 | (2,971) | PDF p. 62 |
| – Net fair value gain/(loss) on subsidiaries' investment properties$’000 | 104,017 | 232,315 | 108,018 | 65,325 | 45,869 | PDF p. 62 |
| – Share of net fair value gain/(loss) on associates and joint ventures' investment properties$’000 | 1,323 | (5,452) | (25,732) | (12,354) | (13,461) | PDF p. 62 |
| Attributable to | ||||||
| Subtotal$’000 | 331,244 | 455,120 | 270,843 | 284,233 | 272,272 | PDF p. 62 |
| Non-controlling interests$’000 | (1,390) | 17,841 | 22,790 | 27,742 | 24,935 | PDF p. 62 |
| Subtotal$’000 | 329,854 | 472,961 | 293,633 | 311,975 | 297,207 | PDF p. 62 |
| Group income statement | ||||||
| Dividends proposed (net)$’000 | 50,143 | 50,143 | 57,307 | 64,470 | 64,479 | PDF p. 62 |
Original report: PDF p. 62 ↗
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| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Group statements of financial position | ||||||
| Investment properties$’000 | 6,381,509 | 6,680,626 | 7,084,129 | 7,187,431 | 7,740,056 | PDF p. 62 |
| Property, plant and equipment$’000 | 1,100,649 | 1,066,756 | 1,049,183 | 1,012,336 | 978,952 | PDF p. 62 |
| Other non-current assets$’000 | 1,335,533 | 1,380,863 | 1,152,099 | 1,240,301 | 1,236,122 | PDF p. 62 |
| Current assets$’000 | 355,429 | 322,563 | 445,607 | 374,435 | 355,404 | PDF p. 62 |
| Total assets$’000 | 9,173,120 | 9,450,808 | 9,731,018 | 9,814,503 | 10,310,534 | PDF p. 62 |
| Current liabilities$’000 | (379,365) | (235,596) | (562,436) | (275,076) | (423,350) | PDF p. 62 |
| Non-current liabilities$’000 | (554,212) | (595,395) | (352,794) | (524,850) | (629,847) | PDF p. 62 |
| Net assets employed$’000 | 8,239,543 | 8,619,817 | 8,815,788 | 9,014,577 | 9,257,337 | PDF p. 62 |
| Share capital$’000 | 1,565,688 | 1,565,688 | 1,565,688 | 1,565,688 | 1,566,165 | PDF p. 62 |
| Reserves$’000 | 6,034,404 | 6,414,588 | 6,623,684 | 6,840,653 | 7,040,436 | PDF p. 62 |
| Subtotal$’000 | 7,600,092 | 7,980,276 | 8,189,372 | 8,406,341 | 8,606,601 | PDF p. 62 |
| Non-controlling interests$’000 | 639,451 | 639,541 | 626,416 | 608,236 | 650,736 | PDF p. 62 |
| Total equity$’000 | 8,239,543 | 8,619,817 | 8,815,788 | 9,014,577 | 9,257,337 | PDF p. 62 |
Original report: PDF p. 62 ↗
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| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Other data — financial ratio | ||||||
| Profit before income tax - % of revenue% | 73 | 84 | 49 | 49 | 45 | PDF p. 63 |
| Profit attributable to equity holders of the Company – % of revenue% | 66 | 74 | 40 | 39 | 35 | PDF p. 63 |
| Profit attributable to equity holders of the Company – % of share capital and reserves% | 4.4 | 5.7 | 3.3 | 3.4 | 3.2 | PDF p. 63 |
| Other data — earnings per share, excluding fair value gain/(loss) on investment properties | ||||||
| Earnings per share (cents) – excluding fair value gain/(loss) on investment propertiescents | 15.8 | 15.9 | 13.2 | 16.1 | 16.7 | PDF p. 63 |
| Other data — earnings per share, including fair value gain/(loss) on investment properties | ||||||
| Earnings per share (cents) – including fair value gain/(loss) on investment propertiescents | 23.1 | 31.8 | 18.9 | 19.8 | 19.0 | PDF p. 63 |
| Other data — dividends proposed | ||||||
| Dividends proposed – gross per share (cents)cents | 3.5 | 3.5 | 4.0 | 4.5 | 4.5 | PDF p. 63 |
| Dividends proposed – cover (times)times | 6.6 | 9.1 | 4.7 | 4.4 | 4.2 | PDF p. 63 |
| Other data — per-share data | ||||||
| Net asset value per share ($)Singapore dollars per share | 5.30 | 5.57 | 5.72 | 5.87 | 6.01 | PDF p. 63 |
Original report: PDF p. 63 ↗
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| Metric / unit | 2025Group and Company — rate paid for preceding year | 2024Group and Company — rate paid for preceding year | Source |
|---|---|---|---|
| Paid final dividend rate | |||
| Final tax-exempt (one-tier) dividend paid for previous financial yearSingapore cents per share | 4.5 | 4.0 | PDF p. 138 |
Original report: PDF p. 138 ↗
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| Metric / unit | 2025Group and Company — recommendation at AGM30April2026 | Source |
|---|---|---|
| Proposed final dividend | ||
| Proposed final dividend per shareSingapore cents per share | 4.5 | PDF p. 138 |
| Proposed final dividend based on shares at31December2025Singapore dollars | 64,479,000 | PDF p. 138 |
Original report: PDF p. 138 ↗
The report states that the recommendation will be made at the AGM on30April2026 and describes appropriation of retained earnings in the financial year ending31December2025. The original stated period is retained.
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| Metric / unit | 2023Group | 2022Group | Source |
|---|---|---|---|
| Consolidated income statement — FY2023 report | |||
| Revenue$’000 | 684,553 | 610,952 | PDF p. 86 |
| Cost of sales$’000 | (394,656) | (368,876) | PDF p. 86 |
| Gross profit$’000 | 289,897 | 242,076 | PDF p. 86 |
| Other income | |||
| – Interest income$’000 | 29,262 | 21,834 | PDF p. 86 |
| – Miscellaneous income$’000 | 4,404 | 13,624 | PDF p. 86 |
| Expenses | |||
| – Selling and distribution$’000 | (29,053) | (25,467) | PDF p. 86 |
| – Administrative$’000 | (52,157) | (38,009) | PDF p. 86 |
| – Finance$’000 | (10,726) | (12,518) | PDF p. 86 |
| – Other operating – Reversal of impairment loss on financial assets$’000 | 22 | 99 | PDF p. 86 |
| – Others$’000 | (3,886) | (1,325) | PDF p. 86 |
| Share of results of associates$’000 | 26,494 | 79,950 | PDF p. 86 |
| Share of results of joint ventures$’000 | (25,161) | 571 | PDF p. 86 |
| Net fair value gains on investment properties$’000 | 109,356 | 233,046 | PDF p. 86 |
| Profit before income tax$’000 | 338,452 | 513,881 | PDF p. 86 |
| Income tax expense$’000 | (44,819) | (40,920) | PDF p. 86 |
| Net profit$’000 | 293,633 | 472,961 | PDF p. 86 |
| Net profit attributable to: Equity holders of the Company$’000 | 270,843 | 455,120 | PDF p. 86 |
| Non-controlling interests$’000 | 22,790 | 17,841 | PDF p. 86 |
| Subtotal$’000 | 293,633 | 472,961 | PDF p. 86 |
Original report: PDF p. 86 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2022Group | Source |
|---|---|---|---|
| Expenses | |||
| Basic and diluted earnings per share attributable to equity holders of the Companycents per share | 18.9 | 31.8 | PDF p. 86 |
Original report: PDF p. 86 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2022Group | Source |
|---|---|---|---|
| Consolidated statement of comprehensive income — FY2023 report | |||
| Net profit$’000 | 293,633 | 472,961 | PDF p. 87 |
| Items that may be reclassified subsequently to income statement: | |||
| Cash flow hedges – Fair value (loss)/gain$’000 | (1,300) | 7,358 | PDF p. 87 |
| – Reclassification$’000 | (1,832) | (210) | PDF p. 87 |
| Share of other comprehensive (loss)/gain of a joint venture$’000 | (1,618) | 3,180 | PDF p. 87 |
| Currency translation differences arising from consolidation of foreign operations$’000 | (5,754) | (31,622) | PDF p. 87 |
| Subtotal$’000 | (10,504) | (21,294) | PDF p. 87 |
| Items that will not be reclassified subsequently to income statement: | |||
| Financial assets at fair value through other comprehensive income (“FVOCI”) – Fair value loss – equity instruments$’000 | (1,130) | (3,614) | PDF p. 87 |
| Currency translation differences arising from consolidation of foreign operations$’000 | (18) | (81) | PDF p. 87 |
| Other comprehensive loss, net of tax$’000 | (11,652) | (24,989) | PDF p. 87 |
| Total comprehensive income$’000 | 281,981 | 447,972 | PDF p. 87 |
| Total comprehensive income attributable to: | |||
| Equity holders of the Company$’000 | 259,213 | 430,226 | PDF p. 87 |
| Non-controlling interests$’000 | 22,768 | 17,746 | PDF p. 87 |
| Subtotal$’000 | 281,981 | 447,972 | PDF p. 87 |
Original report: PDF p. 87 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2022Group | 2023Company | 2022Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Trade and other receivables$’000 | 376,704 | 583,564 | – | – | PDF p. 88 |
| Financial assets at fair value through other comprehensive income$’000 | 13,414 | 14,544 | – | – | PDF p. 88 |
| Investments in associates$’000 | 644,473 | 635,837 | – | – | PDF p. 88 |
| Investments in joint ventures$’000 | 66,752 | 92,813 | – | – | PDF p. 88 |
| Investments in subsidiaries$’000 | – | – | 1,226,858 | 1,226,722 | PDF p. 88 |
| Investment properties$’000 | 7,084,129 | 6,680,626 | – | – | PDF p. 88 |
| Property, plant and equipment$’000 | 1,049,183 | 1,066,756 | 8,438 | 1,390 | PDF p. 88 |
| Derivative financial instruments$’000 | 3,789 | 6,921 | – | 6,921 | PDF p. 88 |
| Goodwill$’000 | 46,587 | 46,587 | – | – | PDF p. 88 |
| Deferred income tax assets$’000 | 380 | 597 | – | – | PDF p. 88 |
| Subtotal$’000 | 9,285,411 | 9,128,245 | 1,235,296 | 1,235,033 | PDF p. 88 |
| Current assets | |||||
| Cash and cash equivalents$’000 | 189,339 | 184,697 | 773 | 884 | PDF p. 88 |
| Properties held for sale$’000 | 32,117 | 57,383 | – | – | PDF p. 88 |
| Trade and other receivables$’000 | 221,570 | 79,375 | 1,824,014 | 2,084,274 | PDF p. 88 |
| Inventories$’000 | 2,581 | 1,108 | – | – | PDF p. 88 |
| Subtotal$’000 | 445,607 | 322,563 | 1,824,787 | 2,085,158 | PDF p. 88 |
| Total assets$’000 | 9,731,018 | 9,450,808 | 3,060,083 | 3,320,191 | PDF p. 88 |
| Current liabilities | |||||
| Trade and other payables$’000 | 191,692 | 168,322 | 1,103,189 | 967,998 | PDF p. 88 |
| Derivative financial instruments$’000 | 156 | 72 | – | – | PDF p. 88 |
| Current income tax liabilities$’000 | 47,841 | 42,476 | – | – | PDF p. 88 |
| Borrowings$’000 | 322,747 | 24,726 | 1,302 | 2,857 | PDF p. 88 |
| Subtotal$’000 | 562,436 | 235,596 | 1,104,491 | 970,855 | PDF p. 88 |
| Non-current liabilities | |||||
| Trade and other payables$’000 | 55,947 | 43,426 | – | – | PDF p. 88 |
| Borrowings$’000 | 153,674 | 407,152 | 4,014 | 342,895 | PDF p. 88 |
| Derivative financial instruments$’000 | 63 | 41 | – | – | PDF p. 88 |
| Deferred income tax liabilities$’000 | 143,110 | 144,776 | 337 | – | PDF p. 88 |
| Subtotal$’000 | 352,794 | 595,395 | 4,351 | 342,895 | PDF p. 88 |
| Total liabilities$’000 | 915,230 | 830,991 | 1,108,842 | 1,313,750 | PDF p. 88 |
| NET ASSETS$’000 | 8,815,788 | 8,619,817 | 1,951,241 | 2,006,441 | PDF p. 88 |
| EQUITY | |||||
| Capital and reserves attributable to equity holders of the Company Share capital$’000 | 1,565,688 | 1,565,688 | 1,565,688 | 1,565,688 | PDF p. 88 |
| Retained earnings$’000 | 6,570,106 | 6,349,406 | 378,328 | 426,633 | PDF p. 88 |
| Reserves$’000 | 53,578 | 65,182 | 7,225 | 14,120 | PDF p. 88 |
| Subtotal$’000 | 8,189,372 | 7,980,276 | 1,951,241 | 2,006,441 | PDF p. 88 |
| Non-controlling interests$’000 | 626,416 | 639,541 | – | – | PDF p. 88 |
| TOTAL EQUITY$’000 | 8,815,788 | 8,619,817 | 1,951,241 | 2,006,441 | PDF p. 88 |
Original report: PDF p. 88 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group — Share capital | 2023Group — Retained earnings | 2023Group — Asset revaluation reserve | 2023Group — Other reserves | 2023Group — Total attributable to equity holders | 2023Group — Non-controlling interests | 2023Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| 2023 | ||||||||
| Balance at 1 January 2023$’000 | 1,565,688 | 6,349,406 | 58,933 | 6,249 | 7,980,276 | 639,541 | 8,619,817 | PDF p. 89 |
| Net profit$’000 | – | 270,843 | – | – | 270,843 | 22,790 | 293,633 | PDF p. 89 |
| Other comprehensive loss$’000 | – | – | – | (11,630) | (11,630) | (22) | (11,652) | PDF p. 89 |
| Total comprehensive income/ (loss)$’000 | – | 270,843 | – | (11,630) | 259,213 | 22,768 | 281,981 | PDF p. 89 |
| Employee share option scheme – value of employee services$’000 | – | – | – | 26 | 26 | – | 26 | PDF p. 89 |
| Dividends paid in cash$’000 | – | (50,143) | – | – | (50,143) | (35,893) | (86,036) | PDF p. 89 |
| Total transactions with owners, recognised directly in equity$’000 | – | (50,143) | – | 26 | (50,117) | (35,893) | (86,010) | PDF p. 89 |
| Balance at 31 December 2023$’000 | 1,565,688 | 6,570,106 | 58,933 | (5,355) | 8,189,372 | 626,416 | 8,815,788 | PDF p. 89 |
Original report: PDF p. 89 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group — Share capital | 2022Group — Retained earnings | 2022Group — Asset revaluation reserve | 2022Group — Other reserves | 2022Group — Total attributable to equity holders | 2022Group — Non-controlling interests | 2022Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| 2022 | ||||||||
| Balance at 1 January 2022$’000 | 1,565,688 | 5,944,429 | 58,933 | 31,042 | 7,600,092 | 639,451 | 8,239,543 | PDF p. 89 |
| Net profit$’000 | – | 455,120 | – | – | 455,120 | 17,841 | 472,961 | PDF p. 89 |
| Other comprehensive loss$’000 | – | – | – | (24,894) | (24,894) | (95) | (24,989) | PDF p. 89 |
| Total comprehensive income/ (loss)$’000 | – | 455,120 | – | (24,894) | 430,226 | 17,746 | 447,972 | PDF p. 89 |
| Employee share option scheme – value of employee services$’000 | – | – | – | 101 | 101 | – | 101 | PDF p. 89 |
| Dividends paid in cash$’000 | – | (50,143) | – | – | (50,143) | (17,656) | (67,799) | PDF p. 89 |
| Total transactions with owners, recognised directly in equity$’000 | – | (50,143) | – | 101 | (50,042) | (17,656) | (67,698) | PDF p. 89 |
| Balance at 31 December 2022$’000 | 1,565,688 | 6,349,406 | 58,933 | 6,249 | 7,980,276 | 639,541 | 8,619,817 | PDF p. 89 |
Original report: PDF p. 89 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2022Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before income tax$’000 | 338,452 | 513,881 | PDF p. 90 |
| Adjustments for: | |||
| Depreciation of property, plant and equipment$’000 | 48,998 | 44,720 | PDF p. 90 |
| Reversal of impairment loss on financial assets$’000 | (22) | (99) | PDF p. 90 |
| Employee share option expense$’000 | 26 | 101 | PDF p. 90 |
| Loss on disposal of property, plant and equipment$’000 | 841 | 1,592 | PDF p. 90 |
| Share of results of associates$’000 | (26,494) | (79,950) | PDF p. 90 |
| Share of results of joint ventures$’000 | 25,161 | (571) | PDF p. 90 |
| Net fair value gain on investment properties$’000 | (109,356) | (233,046) | PDF p. 90 |
| Fair value gain on derivative financial instruments$’000 | (25) | (163) | PDF p. 90 |
| Interest income$’000 | (29,262) | (21,834) | PDF p. 90 |
| Dividend income$’000 | (855) | (899) | PDF p. 90 |
| Interest expense$’000 | 10,726 | 12,518 | PDF p. 90 |
| Unrealised currency translation differences$’000 | 1,999 | 9,689 | PDF p. 90 |
| Subtotal$’000 | 260,189 | 245,939 | PDF p. 90 |
| Change in working capital: Properties held for sale$’000 | 30,226 | 36,136 | PDF p. 90 |
| Derivative financial instruments$’000 | 131 | 229 | PDF p. 90 |
| Inventories$’000 | (1,473) | 587 | PDF p. 90 |
| Trade and other receivables$’000 | 20,034 | 12,410 | PDF p. 90 |
| Trade and other payables$’000 | 28,074 | (4,266) | PDF p. 90 |
| Cash generated from operations$’000 | 337,181 | 291,035 | PDF p. 90 |
| Income tax paid$’000 | (40,866) | (32,984) | PDF p. 90 |
| Net cash provided by operating activities$’000 | 296,315 | 258,051 | PDF p. 90 |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipment$’000 | (33,771) | (15,604) | PDF p. 90 |
| Proceeds from disposal of property, plant and equipment$’000 | 107 | 29 | PDF p. 90 |
| Asset enhancement of investment properties$’000 | (285,587) | (51,670) | PDF p. 90 |
| Repayment of loans by/(Loans to) associates$’000 | 17,914 | (157,026) | PDF p. 90 |
| Repayment of loan by a joint venture$’000 | 31,658 | 158,797 | PDF p. 90 |
| Investment in associates$’000 | (600) | (1,400) | PDF p. 90 |
| Dividends received from unquoted equity investments$’000 | 855 | 899 | PDF p. 90 |
| Dividends received from associates$’000 | 10,200 | 11,200 | PDF p. 90 |
| Interest received$’000 | 25,299 | 2,964 | PDF p. 90 |
| Net cash used in investing activities$’000 | (233,925) | (51,811) | PDF p. 90 |
Original report: PDF p. 90 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2022Group | Source |
|---|---|---|---|
| Cash flows from financing activities | |||
| Repayment of bank loans$’000 | (164,716) | (151,480) | PDF p. 91 |
| Proceeds from bank loans$’000 | 218,528 | 41,110 | PDF p. 91 |
| Interest paid$’000 | (14,270) | (11,521) | PDF p. 91 |
| Principal payment of lease liabilities$’000 | (903) | (783) | PDF p. 91 |
| Proceeds from trade financing$’000 | 12,120 | 9,144 | PDF p. 91 |
| Repayment of trade financing$’000 | (21,823) | (24,500) | PDF p. 91 |
| Interest paid for lease liabilities and trade financing$’000 | (648) | (1,045) | PDF p. 91 |
| Increase in bank deposits pledged as security$’000 | (2,500) | (2,000) | PDF p. 91 |
| Dividends paid to equity holders of the Company$’000 | (50,143) | (50,143) | PDF p. 91 |
| Dividends paid to non-controlling interests$’000 | (35,893) | (17,656) | PDF p. 91 |
| Net cash used in financing activities$’000 | (60,248) | (208,874) | PDF p. 91 |
| Net increase/(decrease) in cash and cash equivalents$’000 | 2,142 | (2,634) | PDF p. 91 |
| Cash and cash equivalents at beginning of financial year$’000 | 180,197 | 182,831 | PDF p. 91 |
| Cash and cash equivalents at end of financial year$’000 | 182,339 | 180,197 | PDF p. 91 |
Original report: PDF p. 91 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group — 1 January | 2023Group — Principal and interest payments/receipts | 2023Group — Amortisation of front end fee | 2023Group — Additions | 2023Group — Interest expense (including interest capitalised) | 2023Group — Foreign exchange movement | 2023Group — 31 December | Source |
|---|---|---|---|---|---|---|---|---|
| Reconciliation of financing liabilities — FY2023 — FY2023 report | ||||||||
| Bank loans$’000 | 399,478 | 39,542 | 500 | – | 14,559 | 568 | 454,647 | PDF p. 91 |
| Lease liabilities$’000 | 2,815 | (1,000) | – | – | 96 | – | 1,911 | PDF p. 91 |
| Trade financing$’000 | 29,585 | (10,254) | – | – | 532 | – | 19,863 | PDF p. 91 |
Original report: PDF p. 91 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group — 1 January | 2022Group — Principal and interest payments/receipts | 2022Group — Amortisation of front end fee | 2022Group — Additions | 2022Group — Interest expense (including interest capitalised) | 2022Group — Foreign exchange movement | 2022Group — 31 December | Source |
|---|---|---|---|---|---|---|---|---|
| Reconciliation of financing liabilities — FY2022 — FY2023 report | ||||||||
| Bank loans$’000 | 503,887 | (121,891) | 500 | – | 11,717 | 5,265 | 399,478 | PDF p. 91 |
| Lease liabilities$’000 | 3,394 | (876) | – | 204 | 93 | – | 2,815 | PDF p. 91 |
| Trade financing$’000 | 44,941 | (16,308) | – | – | 952 | – | 29,585 | PDF p. 91 |
Original report: PDF p. 91 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | Source |
|---|---|---|---|
| Consolidated income statement — FY2021 report | |||
| Revenue$’000 | 607,141 | 671,125 | PDF p. 84 |
| Cost of sales$’000 | (388,420) | (448,044) | PDF p. 84 |
| Gross profit$’000 | 218,721 | 223,081 | PDF p. 84 |
| Other income | |||
| – Interest income$’000 | 9,785 | 9,759 | PDF p. 84 |
| – Miscellaneous income$’000 | 16,623 | 38,355 | PDF p. 84 |
| Expenses | |||
| – Selling and distribution$’000 | (23,281) | (25,416) | PDF p. 84 |
| – Administrative$’000 | (33,300) | (30,145) | PDF p. 84 |
| – Finance$’000 | (9,639) | (11,046) | PDF p. 84 |
| – Other operating – Impairment loss on financial assets$’000 | (3,166) | (1,623) | PDF p. 84 |
| – Others$’000 | (131) | (8,859) | PDF p. 84 |
| Share of results of associates$’000 | 24,896 | 34,268 | PDF p. 84 |
| Share of results of joint ventures$’000 | 24,192 | (8,521) | PDF p. 84 |
| Other gain – Gain on disposal of an associate$’000 | 37,619 | – | PDF p. 84 |
| Net fair value gain/(loss) on investment properties$’000 | 105,237 | (112,124) | PDF p. 84 |
| Profit before income tax$’000 | 367,556 | 107,729 | PDF p. 84 |
| Income tax expense$’000 | (37,702) | (28,411) | PDF p. 84 |
| Net profit$’000 | 329,854 | 79,318 | PDF p. 84 |
| Net profit/(loss) attributable to: Equity holders of the Company$’000 | 331,244 | 90,234 | PDF p. 84 |
| Non-controlling interests$’000 | (1,390) | (10,916) | PDF p. 84 |
| Subtotal$’000 | 329,854 | 79,318 | PDF p. 84 |
Original report: PDF p. 84 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | Source |
|---|---|---|---|
| Expenses | |||
| Basic and diluted earnings per share attributable to equity holders of the Companycents per share | 23.1 | 6.3 | PDF p. 84 |
Original report: PDF p. 84 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | Source |
|---|---|---|---|
| Consolidated statement of comprehensive income — FY2021 report | |||
| Net profit$’000 | 329,854 | 79,318 | PDF p. 85 |
| Items that may be reclassified subsequently to income statement: | |||
| Cash flow hedges – Fair value losses$’000 | (87) | (3,116) | PDF p. 85 |
| – Reclassification$’000 | 2,184 | 2,462 | PDF p. 85 |
| Share of other comprehensive loss of a joint venture$’000 | – | (30) | PDF p. 85 |
| Currency translation differences arising from consolidation of foreign operations$’000 | 12,090 | 11,838 | PDF p. 85 |
| Subtotal$’000 | 14,187 | 11,154 | PDF p. 85 |
| Items that will not be reclassified subsequently to income statement: | |||
| Financial assets at fair value through other comprehensive income (“FVOCI”) – Fair value gains/(losses) – equity instruments$’000 | 25,447 | (5,095) | PDF p. 85 |
| Currency translation differences arising from consolidation of foreign operations$’000 | 632 | 872 | PDF p. 85 |
| Other comprehensive income, net of tax$’000 | 40,266 | 6,931 | PDF p. 85 |
| Total comprehensive income$’000 | 370,120 | 86,249 | PDF p. 85 |
| Total comprehensive income/(loss) attributable to: | |||
| Equity holders of the Company$’000 | 370,794 | 96,309 | PDF p. 85 |
| Non-controlling interests$’000 | (674) | (10,060) | PDF p. 85 |
| Subtotal$’000 | 370,120 | 86,249 | PDF p. 85 |
Original report: PDF p. 85 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | 2021Company | 2020Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Trade and other receivables$’000 | 585,697 | 451,541 | – | – | PDF p. 86 |
| Financial assets at fair value through other comprehensive income$’000 | 18,158 | 30,635 | – | – | PDF p. 86 |
| Investments in associates$’000 | 588,282 | 568,865 | – | – | PDF p. 86 |
| Investments in joint ventures$’000 | 95,669 | 110,428 | – | – | PDF p. 86 |
| Investments in subsidiaries$’000 | – | – | 1,227,093 | 1,227,084 | PDF p. 86 |
| Investment properties$’000 | 6,381,509 | 6,242,360 | – | – | PDF p. 86 |
| Property, plant and equipment$’000 | 1,100,649 | 1,109,042 | 1,651 | 3,915 | PDF p. 86 |
| Derivative financial instruments$’000 | 6 | – | – | – | PDF p. 86 |
| Goodwill$’000 | 46,587 | 46,587 | – | – | PDF p. 86 |
| Deferred income tax assets$’000 | 1,134 | 1,599 | – | – | PDF p. 86 |
| Subtotal$’000 | 8,817,691 | 8,561,057 | 1,228,744 | 1,230,999 | PDF p. 86 |
| Current assets | |||||
| Cash and cash equivalents$’000 | 185,331 | 181,053 | 1,999 | 2,036 | PDF p. 86 |
| Properties held for sale$’000 | 93,519 | 120,739 | – | – | PDF p. 86 |
| Derivative financial instruments$’000 | 8 | – | – | – | PDF p. 86 |
| Trade and other receivables$’000 | 74,876 | 83,077 | 1,917,618 | 1,756,218 | PDF p. 86 |
| Inventories$’000 | 1,695 | 817 | – | – | PDF p. 86 |
| Subtotal$’000 | 355,429 | 385,686 | 1,919,617 | 1,758,254 | PDF p. 86 |
| Total assets$’000 | 9,173,120 | 8,946,743 | 3,148,361 | 2,989,253 | PDF p. 86 |
| Current liabilities | |||||
| Trade and other payables$’000 | 152,635 | 167,674 | 803,078 | 544,149 | PDF p. 86 |
| Derivative financial instruments$’000 | 58 | 2,530 | – | 2,324 | PDF p. 86 |
| Current income tax liabilities$’000 | 35,375 | 56,555 | – | 17 | PDF p. 86 |
| Borrowings$’000 | 191,297 | 354,075 | 52,904 | 306,072 | PDF p. 86 |
| Subtotal$’000 | 379,365 | 580,834 | 855,982 | 852,562 | PDF p. 86 |
| Non-current liabilities | |||||
| Trade and other payables$’000 | 48,479 | 53,126 | – | 1,624 | PDF p. 86 |
| Borrowings$’000 | 360,925 | 172,239 | 298,583 | 151,722 | PDF p. 86 |
| Derivative financial instruments$’000 | 229 | 115 | 227 | – | PDF p. 86 |
| Deferred income tax liabilities$’000 | 144,579 | 142,930 | – | – | PDF p. 86 |
| Subtotal$’000 | 554,212 | 368,410 | 298,810 | 153,346 | PDF p. 86 |
| Total liabilities$’000 | 933,577 | 949,244 | 1,154,792 | 1,005,908 | PDF p. 86 |
| NET ASSETS$’000 | 8,239,543 | 7,997,499 | 1,993,569 | 1,983,345 | PDF p. 86 |
| EQUITY | |||||
| Capital and reserves attributable to equity holders of the Company Share capital$’000 | 1,565,688 | 1,565,688 | 1,565,688 | 1,565,688 | PDF p. 86 |
| Retained earnings$’000 | 5,944,429 | 5,685,564 | 421,010 | 413,143 | PDF p. 86 |
| Reserves$’000 | 89,975 | 87,711 | 6,871 | 4,514 | PDF p. 86 |
| Subtotal$’000 | 7,600,092 | 7,338,963 | 1,993,569 | 1,983,345 | PDF p. 86 |
| Non-controlling interests$’000 | 639,451 | 658,536 | – | – | PDF p. 86 |
| TOTAL EQUITY$’000 | 8,239,543 | 7,997,499 | 1,993,569 | 1,983,345 | PDF p. 86 |
Original report: PDF p. 86 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group — Share capital | 2021Group — Retained earnings | 2021Group — Asset revaluation reserve | 2021Group — Other reserves | 2021Group — Total attributable to equity holders | 2021Group — Non-controlling interests | 2021Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| 2021 | ||||||||
| Balance at 1 January 2021$’000 | 1,565,688 | 5,685,564 | 58,933 | 28,778 | 7,338,963 | 658,536 | 7,997,499 | PDF p. 87 |
| Net profit/(loss)$’000 | – | 331,244 | – | – | 331,244 | (1,390) | 329,854 | PDF p. 87 |
| Other comprehensive income$’000 | – | – | – | 39,550 | 39,550 | 716 | 40,266 | PDF p. 87 |
| Total comprehensive income/ (loss)$’000 | – | 331,244 | – | 39,550 | 370,794 | (674) | 370,120 | PDF p. 87 |
| Employee share option scheme – value of employee services$’000 | – | – | – | 260 | 260 | – | 260 | PDF p. 87 |
| Dividends paid in cash$’000 | – | (50,143) | – | – | (50,143) | (2,439) | (52,582) | PDF p. 87 |
| Acquisition of additional interest from non-controlling shareholder$’000 | – | (59,782) | – | – | (59,782) | (15,972) | (75,754) | PDF p. 87 |
| Total transactions with owners, recognised directly in equity$’000 | – | (109,925) | – | 260 | (109,665) | (18,411) | (128,076) | PDF p. 87 |
| Transfer upon disposal of financial asset at fair value through other comprehensive income$’000 | – | 37,546 | – | (37,546) | – | – | – | PDF p. 87 |
| Balance at 31 December 2021$’000 | 1,565,688 | 5,944,429 | 58,933 | 31,042 | 7,600,092 | 639,451 | 8,239,543 | PDF p. 87 |
Original report: PDF p. 87 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2020Group — Share capital | 2020Group — Retained earnings | 2020Group — Asset revaluation reserve | 2020Group — Other reserves | 2020Group — Total attributable to equity holders | 2020Group — Non-controlling interests | 2020Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| 2020 | ||||||||
| Balance at 1 January 2020$’000 | 1,565,485 | 5,652,637 | 58,933 | 22,694 | 7,299,749 | 673,075 | 7,972,824 | PDF p. 87 |
| Net profit/(loss)$’000 | – | 90,234 | – | – | 90,234 | (10,916) | 79,318 | PDF p. 87 |
| Other comprehensive income$’000 | – | – | – | 6,075 | 6,075 | 856 | 6,931 | PDF p. 87 |
| Total comprehensive income/ (loss)$’000 | – | 90,234 | – | 6,075 | 96,309 | (10,060) | 86,249 | PDF p. 87 |
| Employee share option scheme – value of employee services$’000 | – | – | – | 9 | 9 | – | 9 | PDF p. 87 |
| – proceeds from shares issued$’000 | 203 | – | – | – | 203 | – | 203 | PDF p. 87 |
| Dividends paid in cash$’000 | – | (57,307) | – | – | (57,307) | (4,479) | (61,786) | PDF p. 87 |
| Total transactions with owners, recognised directly in equity$’000 | 203 | (57,307) | – | 9 | (57,095) | (4,479) | (61,574) | PDF p. 87 |
| Balance at 31 December 2020$’000 | 1,565,688 | 5,685,564 | 58,933 | 28,778 | 7,338,963 | 658,536 | 7,997,499 | PDF p. 87 |
Original report: PDF p. 87 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before income tax$’000 | 367,556 | 107,729 | PDF p. 88 |
| Adjustments for: | |||
| Depreciation of property, plant and equipment$’000 | 41,761 | 49,939 | PDF p. 88 |
| Allowance for foreseeable losses on properties held for sale$’000 | – | 749 | PDF p. 88 |
| Impairment loss on financial assets$’000 | 3,166 | 1,623 | PDF p. 88 |
| Employee share option expense$’000 | 260 | 9 | PDF p. 88 |
| Loss on disposal of property, plant and equipment$’000 | 222 | 8,413 | PDF p. 88 |
| Share of results of associates$’000 | (24,896) | (34,268) | PDF p. 88 |
| Share of results of joint ventures$’000 | (24,192) | 8,521 | PDF p. 88 |
| Net fair value (gain)/loss on investment properties$’000 | (105,237) | 112,124 | PDF p. 88 |
| Fair value loss/(gain) on derivative financial instruments$’000 | 64 | (208) | PDF p. 88 |
| Gain on disposal of an associate$’000 | (37,619) | – | PDF p. 88 |
| Interest income$’000 | (9,785) | (9,759) | PDF p. 88 |
| Dividend income$’000 | (876) | (829) | PDF p. 88 |
| Interest expense$’000 | 9,639 | 11,046 | PDF p. 88 |
| Unrealised currency translation differences$’000 | 1,053 | (990) | PDF p. 88 |
| Subtotal$’000 | 221,116 | 254,099 | PDF p. 88 |
| Change in working capital: Properties held for sale$’000 | 27,220 | 55,865 | PDF p. 88 |
| Derivative financial instruments$’000 | (338) | 364 | PDF p. 88 |
| Inventories$’000 | (878) | 2,928 | PDF p. 88 |
| Trade and other receivables$’000 | 4,534 | (40,247) | PDF p. 88 |
| Trade and other payables$’000 | (19,686) | (27,195) | PDF p. 88 |
| Cash generated from operations$’000 | 231,968 | 245,814 | PDF p. 88 |
| Interest paid$’000 | (7,689) | (9,963) | PDF p. 88 |
| Income tax paid$’000 | (56,818) | (41,845) | PDF p. 88 |
| Net cash provided by operating activities$’000 | 167,461 | 194,006 | PDF p. 88 |
| Cash flows from investing activities | |||
| Proceeds from disposal of an associate$’000 | 37,619 | – | PDF p. 88 |
| Proceeds from disposal of a financial asset at fair value through other comprehensive income (“FVOCI”)$’000 | 37,924 | – | PDF p. 88 |
| Purchase of property, plant and equipment$’000 | (28,675) | (27,877) | PDF p. 88 |
| Proceeds from disposal of property, plant and equipment$’000 | 2 | 35 | PDF p. 88 |
| Asset enhancement of investment properties$’000 | (33,912) | (4,688) | PDF p. 88 |
| Loans to associates$’000 | (58,715) | (41,636) | PDF p. 88 |
| Loan to a joint venture$’000 | (69,400) | (7,000) | PDF p. 88 |
| Investment in associates$’000 | (1,800) | (800) | PDF p. 88 |
| Dividends received from unquoted equity investments$’000 | 876 | 829 | PDF p. 88 |
| Dividends received from associates$’000 | 16,800 | – | PDF p. 88 |
| Dividends received from joint ventures$’000 | 39,500 | 10,000 | PDF p. 88 |
| Interest received$’000 | 4,621 | 2,228 | PDF p. 88 |
| Net cash used in investing activities$’000 | (55,160) | (68,909) | PDF p. 88 |
Original report: PDF p. 88 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | Source |
|---|---|---|---|
| Cash flows from financing activities | |||
| Payment to non-controlling shareholder for purchase of shares in a subsidiary$’000 | (75,754) | – | PDF p. 89 |
| Repayment of bank loans$’000 | (300,200) | (242,109) | PDF p. 89 |
| Proceeds from bank loans$’000 | 316,936 | 150,100 | PDF p. 89 |
| Principal payment of lease liabilities$’000 | (853) | (500) | PDF p. 89 |
| Proceeds from trade financing$’000 | 26,613 | 35,691 | PDF p. 89 |
| Repayment of trade financing$’000 | (19,166) | (6,749) | PDF p. 89 |
| Interest paid$’000 | (1,117) | (500) | PDF p. 89 |
| Bank facility fee paid$’000 | (1,900) | – | PDF p. 89 |
| Decrease in bank deposits pledged as security$’000 | – | 500 | PDF p. 89 |
| Proceeds from issuance of shares$’000 | – | 203 | PDF p. 89 |
| Dividends paid to equity holders of the Company$’000 | (50,143) | (57,307) | PDF p. 89 |
| Dividends paid to non-controlling interests$’000 | (2,439) | (4,479) | PDF p. 89 |
| Net cash used in financing activities$’000 | (108,023) | (125,150) | PDF p. 89 |
| Net increase/(decrease) in cash and cash equivalents$’000 | 4,278 | (53) | PDF p. 89 |
| Cash and cash equivalents at beginning of financial year$’000 | 178,553 | 178,606 | PDF p. 89 |
| Cash and cash equivalents at end of financial year$’000 | 182,831 | 178,553 | PDF p. 89 |
Original report: PDF p. 89 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group — 1 January | 2021Group — Proceeds and repayments | 2021Group — Amortisation of front end fee | 2021Group — Additions | 2021Group — Lease remeasurement | 2021Group — Interest expense | 2021Group — Foreign exchange movement | 2021Group — 31 December | Source |
|---|---|---|---|---|---|---|---|---|---|
| Reconciliation of financing liabilities — FY2021 — FY2021 report | |||||||||
| Bank loans$’000 | 487,446 | 7,147 | 833 | – | – | 7,689 | 772 | 503,887 | PDF p. 89 |
| Lease liabilities$’000 | 1,374 | (962) | – | 1,216 | 1,657 | 109 | – | 3,394 | PDF p. 89 |
| Trade financing$’000 | 37,494 | 6,439 | – | – | – | 1,008 | – | 44,941 | PDF p. 89 |
Original report: PDF p. 89 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2020Group — 1 January | 2020Group — Proceeds and repayments | 2020Group — Amortisation of front end fee | 2020Group — Interest expense | 2020Group — Foreign exchange movement | 2020Group — 31 December | Source |
|---|---|---|---|---|---|---|---|
| Reconciliation of financing liabilities — FY2020 — FY2021 report | |||||||
| Bank loans$’000 | 579,438 | (101,972) | 583 | 9,963 | (566) | 487,446 | PDF p. 89 |
| Lease liabilities$’000 | 1,874 | (563) | – | 63 | – | 1,374 | PDF p. 89 |
| Trade financing$’000 | 8,552 | 28,505 | – | 437 | – | 37,494 | PDF p. 89 |
Original report: PDF p. 89 ↗
Where the money comes from
| Item / unit | 2025Property investment | 2024Property investment | 2025Property development | 2024Property development | 2025Hotel operations | 2024Hotel operations | 2025Technology operations | 2024Technology operations | 2025Others | 2024Others | 2025The Group | 2024The Group | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||
| Total segment revenue$'000 | 335,041 | 275,335 | 4,250 | 14,505 | 300,777 | 308,207 | 141,570 | 130,853 | 22,269 | 22,442 | 803,907 | 751,342 | PDF p. 150 |
| Inter-segment revenue$'000 | (1,890) | (1,651) | – | – | – | – | – | – | (18,903) | (17,305) | (20,793) | (18,956) | PDF p. 150 |
| Revenue – External sales$'000 | 333,151 | 273,684 | 4,250 | 14,505 | 300,777 | 308,207 | 141,570 | 130,853 | 3,366 | 5,137 | 783,114 | 732,386 | PDF p. 150 |
| Results | |||||||||||||
| Segment results – Company and subsidiaries$'000 | 226,742 | 178,066 | 966 | 362 | 94,588 | 104,241 | 14,137 | 12,350 | 2,558 | 6,968 | 338,991 | 301,987 | PDF p. 150 |
| Share of results of associates$'000 | 9,818 | 13,087 | 26,439 | 16,959 | 8,507 | 2,166 | – | – | – | – | 44,764 | 32,212 | PDF p. 150 |
| Share of results of joint ventures$'000 | (12,111) | (15,383) | 620 | (592) | – | – | – | – | – | – | (11,491) | (15,975) | PDF p. 150 |
| Adjusted EBITDA* of reportable segments$'000 | 224,449 | 175,770 | 28,025 | 16,729 | 103,095 | 106,407 | 14,137 | 12,350 | 2,558 | 6,968 | 372,264 | 318,224 | PDF p. 150 |
| Depreciation$'000 | (530) | (560) | – | – | (40,556) | (43,225) | (795) | (787) | (725) | (658) | (42,606) | (45,230) | PDF p. 150 |
| Other (loss)/gain$'000 | – | – | – | – | – | – | – | – | – | – | (2,971) | 21,623 | PDF p. 150 |
| Net fair value gains on investment properties$'000 | 41,065 | 65,754 | – | – | – | – | – | – | – | – | 41,065 | 65,754 | PDF p. 150 |
| Assets | |||||||||||||
| Segment assets$'000 | 7,869,574 | 7,314,599 | 581,675 | 595,854 | 1,034,376 | 1,055,168 | 132,705 | 117,364 | 56,305 | 51,609 | 9,674,635 | 9,134,594 | PDF p. 150 |
| Investments in associates$'000 | 301,013 | 290,061 | 240,280 | 283,445 | 84,338 | 75,832 | – | – | – | – | 625,631 | 649,338 | PDF p. 150 |
| Investments in joint ventures$'000 | – | 13,911 | 10,012 | 15,392 | – | – | – | – | – | – | 10,012 | 29,303 | PDF p. 150 |
| Liabilities | |||||||||||||
| Segment liabilities$'000 | 144,530 | 136,239 | 9,490 | 10,267 | 57,158 | 56,882 | 71,434 | 63,762 | 9,563 | 9,680 | 292,175 | 276,830 | PDF p. 150 |
| Other segment items – Additions during the financial year to: | |||||||||||||
| – property, plant and equipment$'000 | 2,090 | 177 | – | – | 7,690 | 6,982 | 365 | 108 | 380 | 966 | 10,525 | 8,233 | PDF p. 150 |
| – investment properties$'000 | 515,215 | 147,055 | – | – | – | – | – | – | – | – | 515,215 | 147,055 | PDF p. 150 |
| Other segment items | |||||||||||||
| Depreciation$'000 | 530 | 560 | – | – | 40,556 | 43,225 | 795 | 787 | 725 | 658 | 42,606 | 45,230 | PDF p. 150 |
Blank values ('') mean no figure printed in that column for the row (group-level only rows).
* Earnings before interest, tax, depreciation and amortisation (EBITDA) and Earnings before interest and tax (EBIT) adjusted to exclude fair value gains/ losses on subsidiaries’ investment properties and other gains/losses which are not operational in nature.
Segments: Property investment, Property development, Hotel operations, Technology operations, Others.
| Item / unit | 2025The Group | 2024The Group | Source |
|---|---|---|---|
| Assets reconciliation | |||
| Segment assets for reportable segments$'000 | 10,310,278 | 9,813,235 | PDF p. 151 |
| Unallocated assets | |||
| Derivative financial instruments$'000 | 8 | 1,174 | PDF p. 151 |
| Deferred income tax assets$'000 | 248 | 94 | PDF p. 151 |
| Assets reconciliation | |||
| Total assets$'000 | 10,310,534 | 9,814,503 | PDF p. 151 |
Total row has no printed label.
| Item / unit | 2025The Group | 2024The Group | Source |
|---|---|---|---|
| Liabilities reconciliation | |||
| Segment liabilities for reportable segments$'000 | 292,175 | 276,830 | PDF p. 151 |
| Unallocated liabilities | |||
| Current income tax liabilities$'000 | 62,089 | 60,067 | PDF p. 151 |
| Borrowings$'000 | 555,765 | 311,435 | PDF p. 151 |
| Derivative financial instruments$'000 | 5,008 | 9,417 | PDF p. 151 |
| Deferred income tax liabilities$'000 | 138,160 | 142,177 | PDF p. 151 |
| Liabilities reconciliation | |||
| Total liabilities$'000 | 1,053,197 | 799,926 | PDF p. 151 |
Total row has no printed label.
| Item / unit | 2025Revenue | 2024Revenue | 2025Non-current assets (31 December) | 2024Non-current assets (31 December) | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| Singapore$'000 | 742,825 | 720,251 | 8,824,052 | 8,668,024 | PDF p. 151 |
| Australia$'000 | 28,761 | – | 391,573 | – | PDF p. 151 |
| Other countries$'000 | 11,528 | 12,135 | 212,430 | 276,731 | PDF p. 151 |
| Total$'000 | 783,114 | 732,386 | 9,428,055 | 8,944,755 | PDF p. 151 |
Revenue is based on the country in which the sale is originated. Non-current assets (excluding financial instruments and deferred income tax assets) are shown by the geographical area in which the assets are located.
Total row has no printed label.
There is no single external customer who contributes 10% or more of the Group’s revenue during the financial years ended 31 December 2025 and 2024.
Debt
| Item / unit | 2025The Group, 31 December 2025 | 2024The Group, 31 December 2024 | 2025The Company, 31 December 2025 | 2024The Company, 31 December 2024 | Source |
|---|---|---|---|---|---|
| Current | |||||
| Short-term bank loans (unsecured)$'000 | 8,988 | 6,072 | – | – | PDF p. 134 |
| Revolving credit loans (unsecured)$'000 | 151,750 | – | – | – | PDF p. 134 |
| Trade financing$'000 | 19,664 | 12,657 | – | – | PDF p. 134 |
| Lease liabilities$'000 | 579 | 726 | 1,302 | 1,302 | PDF p. 134 |
| Total current borrowings (unlabelled subtotal)$'000 | 180,981 | 19,455 | 1,302 | 1,302 | PDF p. 134 |
| Non-current | |||||
| Revolving credit loans (unsecured)$'000 | 383,378 | 293,914 | – | – | PDF p. 134 |
| Term loan (unsecured)$'000 | 11,649 | 11,449 | – | – | PDF p. 134 |
| Trade financing$'000 | 22,281 | 15,159 | – | – | PDF p. 134 |
| Lease liabilities$'000 | 1,177 | 266 | 1,410 | 2,712 | PDF p. 134 |
| Total non-current borrowings (unlabelled subtotal)$'000 | 418,485 | 320,788 | 1,410 | 2,712 | PDF p. 134 |
| Total | |||||
| Total borrowings$'000 | 599,466 | 340,243 | 2,712 | 4,014 | PDF p. 134 |
(i) The unsecured short-term loans are drawn under various uncommitted floating rate, committed floating and fixed rate revolving credit facilities.
(ii) The unsecured revolving credit loans are drawn under both committed floating rate and fixed rate revolving credit facilities. The amounts drawn down under the revolving credit facilities will expire in December 2026 and February 2029 respectively. For the purposes of liquidity risk disclosure (Note 34(c)), the loans had been classified as both current and non-current as the disclosure was based on actual contractual drawdowns to be repaid within one to five years.
The Group has designated GBP 12,000,000 (2024: GBP 12,000,000) of borrowings as a net investment hedge; $350,000 (2024: $261,000) recognised in OCI.
(iii) Trade financing relates to financing arrangement with a financial institution company for the purchase of computer hardware or equipment. The interest rate is determined at the inception of the financing contract. The amounts are repayable over one to three years.
A major bank borrowing has carrying amount $395,027,000 (2024: $305,363,000) with covenants: consolidated total liabilities to consolidated tangible net worth not more than 1:1, and consolidated tangible net worth not less than $4.5 billion. Group complied.
Fair values of non-current borrowings approximate carrying values except fixed rate borrowings, discounted at 3.6% (2024: 3.6%), Level 2. No interest rate ranges or currency breakdown table found in the pages read.
| Item / unit | 2025The Group, 31 December 2025 | 2024The Group, 31 December 2024 | 2025The Company, 31 December 2025 | 2024The Company, 31 December 2024 | Source |
|---|---|---|---|---|---|
| Repricing | |||||
| 6 months or less$'000 | 160,738 | 6,072 | – | – | PDF p. 135 |
| 1 to 5 years$'000 | 395,027 | 304,559 | – | – | PDF p. 135 |
Table shows exposure of borrowings to interest rate changes and contractual repricing dates at statement of financial position dates.
| Item / unit | 2025At 31 December 2025: Less than 1 year | 2025At 31 December 2025: Between 1 and 2 years | 2025At 31 December 2025: Between 2 and 5 years | 2025At 31 December 2025: Over 5 years | Source |
|---|---|---|---|---|---|
| The Group – At 31 December 2025 | |||||
| Lease liabilities$'000 | (579) | (1,177) | – | – | PDF p. 145 |
| Borrowings (excluding lease liabilities)$'000 | (199,851) | (40,817) | (419,762) | – | PDF p. 145 |
Contractual undiscounted cash flows; balances due within 12 months equal carrying amounts.
| Item / unit | 2024At 31 December 2024: Less than 1 year | 2024At 31 December 2024: Between 1 and 2 years | 2024At 31 December 2024: Between 2 and 5 years | 2024At 31 December 2024: Over 5 years | Source |
|---|---|---|---|---|---|
| The Group – At 31 December 2024 | |||||
| Lease liabilities$'000 | (726) | (266) | – | – | PDF p. 145 |
| Borrowings (excluding lease liabilities)$'000 | (29,397) | (176,701) | (167,331) | – | PDF p. 145 |
Contractual undiscounted cash flows.
| Item / unit | 2025At 31 December 2025: Less than 1 year | 2025At 31 December 2025: Between 1 and 2 years | 2025At 31 December 2025: Between 2 and 5 years | Source |
|---|---|---|---|---|
| The Company – At 31 December 2025 | ||||
| Lease liabilities$'000 | (1,421) | (1,540) | – | PDF p. 145 |
Company 2024 comparative: Lease liabilities (1,400) (1,421) (1,540) for less than 1 year, 1-2 years, 2-5 years.
| Item / unit | 2025The Group, 31 December 2025 | 2024The Group, 31 December 2024 | 2025The Company, 31 December 2025 | 2024The Company, 31 December 2024 | Source |
|---|---|---|---|---|---|
| Gearing | |||||
| Net debt$'000 | 431,073 | 193,667 | 2,501 | 3,599 | PDF p. 146 |
Gearing ratio is net debt divided by total equity. Net debt is borrowings less cash and cash equivalents.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | The Company’s policy is to declare dividends at a rate of approximately 20% to 50% of net profit attributable to equity holders, excluding fair value gains/losses and other non-cash exceptional gains/losses. The Company strives to declare dividends at a sustainable rate, after taking into account the Company’s financial performance, short- and long-term capital requirements, market conditions and opportunities for capital reinvestments, amongst other reasons. | Company | PDF p. 51 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| final tax-exempt (one-tier) cash dividend | 4.5 cents per share | Group and Company, FY2025 final dividend proposed, to be recommended at AGM on 30 April 2026 | PDF p. 138 |
| Final tax-exempt (one-tier) cash dividend paid in respect of the previous financial year | 4.0 cents per share | Group and Company, dividend paid in 2024 in respect of FY2023 (comparative column 2024) | PDF p. 138 |
| – gross per share (cents) | 4.5 cents | Group, 2025 (2024: 4.5; 2023: 4.0; 2022: 3.5; 2021: 3.5) | PDF p. 63 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Total dividend payout | $64.5 million (2024: $64.5 million) | Group, FY2025 vs FY2024 | PDF p. 10 |
| – cover (times) | 4.2 times | Group, 2025 (2024: 4.4; 2023: 4.7; 2022: 9.1; 2021: 6.6) | PDF p. 63 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | PricewaterhouseCoopers LLP | Group | PDF p. 74 |
| Engagement partner | Choo Eng Beng | Group | PDF p. 74 |
| Our opinion | In our opinion, the accompanying consolidated financial statements of Singapore Land Group Limited (“the Company”) and its subsidiaries (“the Group”) and the statement of financial position of the Company are 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 | PDF p. 71 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Basis of preparation (Note 2.1) | These financial statements are prepared on a going concern basis because the Group is able to drawdown on unutilised credit facilities to cover its net current liability position. | Group | PDF p. 81 |
Extracted from 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 ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
The audited statements include Group income, comprehensive income, equity and cash flows and Group/Company balance sheets. Separate Company versions of the other primary statements are not printed.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.