UOB Kay Hian U10
Financials
Annual Report 2025
Explore the statements
13 tablesStatements of Financial Position
44 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Statement of financial position | |||||
| Cash and cash equivalentsS$ | 1,290,467,077 | 918,274,890 | 2,530,533 | 2,348,718 | PDF p. 57 |
| Outstanding contracts receivableS$ | 835,543,869 | 801,492,426 | – | – | PDF p. 57 |
| Trade and other receivablesS$ | 2,574,852,232 | 2,127,108,339 | 12,329,390 | – | PDF p. 57 |
| Other financial assetsS$ | 403,907,572 | 300,878,742 | – | – | PDF p. 57 |
| Other current assetsS$ | 80,425,203 | 79,677,251 | 269,534,528 | 294,415,777 | PDF p. 57 |
| Derivative financial instrumentsS$ | 299,971,112 | 114,202,061 | – | – | PDF p. 57 |
| Total current assetsS$ | 5,485,167,065 | 4,341,633,709 | 284,394,451 | 296,764,495 | PDF p. 57 |
| Trade and other receivablesS$ | 140,445,253 | 223,675,268 | 320,925 | 374,096 | PDF p. 57 |
| Other financial assetsS$ | 1,274,931 | 1,344,693 | – | – | PDF p. 57 |
| GoodwillS$ | 1,099,826 | 1,057,401 | – | – | PDF p. 57 |
| SubsidiariesS$ | – | – | 363,222,484 | 363,860,486 | PDF p. 57 |
| Right-of-use assetsS$ | 24,727,318 | 10,402,311 | – | – | PDF p. 57 |
| Trading rights in ExchangesS$ | 85,467 | 91,287 | – | – | PDF p. 57 |
| Memberships in ExchangesS$ | 859,755 | 833,885 | – | – | PDF p. 57 |
| Property, plant and equipmentS$ | 22,318,943 | 12,302,903 | – | – | PDF p. 57 |
| Deferred tax assetsS$ | 2,991,013 | 2,255,873 | – | – | PDF p. 57 |
| Total non-current assetsS$ | 193,802,506 | 251,963,621 | 363,543,409 | 364,234,582 | PDF p. 57 |
| Total assetsS$ | 5,678,969,571 | 4,593,597,330 | 647,937,860 | 660,999,077 | PDF p. 57 |
| Outstanding contracts payableS$ | 748,529,571 | 774,240,452 | – | – | PDF p. 57 |
| Trade and other payablesS$ | 995,685,102 | 657,001,229 | 61,532,278 | 58,761,271 | PDF p. 57 |
| BorrowingsS$ | 1,118,213,119 | 597,044,834 | 165,230,000 | 126,655,963 | PDF p. 57 |
| Lease liabilitiesS$ | 9,527,021 | 6,724,524 | – | – | PDF p. 57 |
| Debts issuedS$ | 142,594,994 | 224,562,258 | – | – | PDF p. 57 |
| Income tax payableS$ | 28,059,460 | 26,992,758 | 672,350 | 614,161 | PDF p. 57 |
| Derivative financial instrumentsS$ | 299,959,803 | 114,214,870 | – | – | PDF p. 57 |
| Total current liabilitiesS$ | 3,342,569,070 | 2,400,780,925 | 227,434,628 | 186,031,395 | PDF p. 57 |
| Trade and other payablesS$ | 26,741,836 | 52,610,204 | – | – | PDF p. 57 |
| Lease liabilitiesS$ | 20,431,814 | 4,247,858 | – | – | PDF p. 57 |
| Deferred tax liabilitiesS$ | 2,053,334 | 1,222,353 | – | – | PDF p. 57 |
| Total non-current liabilitiesS$ | 49,226,984 | 58,080,415 | – | – | PDF p. 57 |
| Total liabilitiesS$ | 3,391,796,054 | 2,458,861,340 | 227,434,628 | 186,031,395 | PDF p. 57 |
| Share capitalS$ | 409,253,500 | 348,412,046 | 409,253,500 | 348,412,046 | PDF p. 58 |
| ReservesS$ | (69,008,719) | (33,255,291) | – | – | PDF p. 58 |
| Retained earningsS$ | 1,929,550,285 | 1,801,808,399 | 11,249,732 | 126,555,636 | PDF p. 58 |
| Equity attributable to owners of the CompanyS$ | 2,269,795,066 | 2,116,965,154 | 420,503,232 | 474,967,682 | PDF p. 58 |
| Total comprehensive income attributable to | |||||
| Non-controlling interestsS$ | 17,378,451 | 17,770,836 | – | – | PDF p. 58 |
| Statement of financial position | |||||
| Total equityS$ | 2,287,173,517 | 2,134,735,990 | 420,503,232 | 474,967,682 | PDF p. 58 |
| Total liabilities and equityS$ | 5,678,969,571 | 4,593,597,330 | 647,937,860 | 660,999,077 | PDF p. 58 |
| - with related partiesS$ | 3,209,788,380 | 2,373,644,660 | – | – | PDF p. 58 |
| - with non-related banksS$ | 2,708,849,293 | 2,241,058,502 | – | – | PDF p. 58 |
| Margin with clearing houseS$ | 63,393,542 | 123,915,103 | – | – | PDF p. 58 |
| Investment in government debt securitiesS$ | 12,194,662 | 7,976,901 | – | – | PDF p. 58 |
| Less: Amounts held in trustS$ | (5,994,225,877) | (4,746,595,166) | – | – | PDF p. 58 |
| Clients’ trust/segregated accounts total | |||||
| SubtotalS$ | – | – | – | – | PDF p. 58 |
Definitions & sources
Original report: PDF p. 57 ↗ PDF p. 58 ↗
Consolidated Statement of Profit or Loss and Other Comprehensive Income
22 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss and other comprehensive income | |||
| RevenueS$ | 763,463,458 | 670,250,347 | PDF p. 59 |
| Net foreign exchange gainS$ | 3,981,832 | 27,957,139 | PDF p. 59 |
| Commission expenseS$ | (114,730,086) | (86,952,737) | PDF p. 59 |
| Staff costsS$ | (249,594,172) | (212,292,169) | PDF p. 59 |
| Finance expenseS$ | (40,596,923) | (38,556,709) | PDF p. 59 |
| Other operating expensesS$ | (91,666,451) | (105,649,172) | PDF p. 59 |
| Profit before income taxS$ | 270,857,658 | 254,756,699 | PDF p. 59 |
| Income tax expenseS$ | (31,427,523) | (31,080,490) | PDF p. 59 |
| Profit for the yearS$ | 239,430,135 | 223,676,209 | PDF p. 59 |
| Actuarial (loss)/gain on defined benefit plansS$ | (398,843) | 1,632,022 | PDF p. 59 |
| Income tax relating to items that will not be reclassified subsequently to profit or lossS$ | 43,856 | (259,885) | PDF p. 59 |
| Other comprehensive income subtotal — items not subsequently reclassified to profit or loss | |||
| SubtotalS$ | (354,987) | 1,372,137 | PDF p. 59 |
| Profit or loss and other comprehensive income | |||
| Exchange differences on translation of foreign operationsS$ | (35,623,207) | 38,167,971 | PDF p. 59 |
| Other comprehensive (loss)/income for the year, net of taxS$ | (35,978,194) | 39,540,108 | PDF p. 59 |
| Total comprehensive income for the yearS$ | 203,451,941 | 263,216,317 | PDF p. 59 |
| Profit attributable to | |||
| Owners of the CompanyS$ | 239,368,668 | 224,216,990 | PDF p. 59 |
| Non-controlling interestsS$ | 61,467 | (540,781) | PDF p. 59 |
| Profit attributable to subtotal | |||
| SubtotalS$ | 239,430,135 | 223,676,209 | PDF p. 59 |
| Total comprehensive income attributable to | |||
| Owners of the CompanyS$ | 202,913,200 | 263,173,172 | PDF p. 59 |
| Non-controlling interestsS$ | 538,741 | 43,145 | PDF p. 59 |
| Total comprehensive income attributable to subtotal | |||
| SubtotalS$ | 203,451,941 | 263,216,317 | PDF p. 59 |
| Profit or loss and other comprehensive income | |||
| Basic and dilutedcents per share | 25.06 | 24.42 | PDF p. 59 |
Definitions & sources
Original report: PDF p. 59 ↗
Statements of Changes in Equity — Company
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company; 2024 and 2025 movements as stated in each rowShare capital | 2025Company; 2024 and 2025 movements as stated in each rowRetained earnings | 2025Company; 2024 and 2025 movements as stated in each rowTotal | Source |
|---|---|---|---|---|
| Changes in equity — Company | ||||
| Balance as at 1 January 2024S$ | 305,409,773 | 212,399,636 | 517,809,409 | PDF p. 62 |
| Loss for the year, representing total comprehensive loss for the year — 2024S$ | – | (3,037,889) | (3,037,889) | PDF p. 62 |
| Final dividend for 2023 paid — 2024S$ | 43,002,273 | (82,806,111) | (39,803,838) | PDF p. 62 |
| Balance as at 31 December 2024S$ | 348,412,046 | 126,555,636 | 474,967,682 | PDF p. 62 |
| Loss for the year, representing total comprehensive loss for the year — 2025S$ | – | (4,030,559) | (4,030,559) | PDF p. 62 |
| Final dividend for 2024 paid — 2025S$ | 60,841,454 | (111,275,345) | (50,433,891) | PDF p. 62 |
| Balance as at 31 December 2025S$ | 409,253,500 | 11,249,732 | 420,503,232 | PDF p. 62 |
Definitions & sources
Original report: PDF p. 62 ↗
The statement presents both 2024 and 2025 movements. The column heading identifies an equity component; the year of each movement is stated in its row.
Consolidated Statement of Cash Flows
33 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated cash flow | |||
| Profit before taxS$ | 270,857,658 | 254,756,699 | PDF p. 63 |
| Depreciation of property, plant and equipmentS$ | 4,743,427 | 4,248,463 | PDF p. 63 |
| Depreciation of right-of-use assetsS$ | 10,732,947 | 7,390,721 | PDF p. 63 |
| Net loss/(gain) on disposal/write-off of property, plant and equipmentS$ | 25,233 | (48,182) | PDF p. 63 |
| Impairment of goodwillS$ | – | 9,609,632 | PDF p. 63 |
| Dividend incomeS$ | (456,912) | (391,095) | PDF p. 63 |
| Allowance for trade and other receivablesS$ | 309,907 | 15,728,878 | PDF p. 63 |
| Interest expenseS$ | 40,596,923 | 38,556,709 | PDF p. 63 |
| Exchange differencesS$ | 5,907,114 | (32,296,705) | PDF p. 63 |
| Operating cash flows before movements in working capitalS$ | 332,716,297 | 297,555,120 | PDF p. 63 |
| Other financial assetsS$ | (105,672,230) | 12,581,915 | PDF p. 63 |
| Trade, outstanding contracts and other receivablesS$ | (600,818,398) | (739,048,673) | PDF p. 63 |
| Trade, outstanding contracts and other payablesS$ | 460,034,110 | 395,096,710 | PDF p. 63 |
| Debts issuedS$ | (84,127,253) | 853,865 | PDF p. 63 |
| Cash from (used in) operationsS$ | 2,132,526 | (32,961,063) | PDF p. 63 |
| Interest paidS$ | (39,198,009) | (37,732,134) | PDF p. 63 |
| Income tax paidS$ | (30,304,952) | (21,221,987) | PDF p. 63 |
| Net cash used in operating activitiesS$ | (67,370,435) | (91,915,184) | PDF p. 63 |
| Payments for property, plant and equipmentS$ | (14,735,715) | (4,752,848) | PDF p. 63 |
| Payments for membership in exchangesS$ | (80,325) | – | PDF p. 63 |
| Proceeds from disposal of property, plant and equipmentS$ | 185,626 | 280,789 | PDF p. 63 |
| Dividends received from quoted/unquoted securitiesS$ | 456,912 | 391,095 | PDF p. 63 |
| Net cash used in investing activitiesS$ | (14,173,502) | (4,080,964) | PDF p. 63 |
| Payment to non-controlling interests for additional interest in a subsidiaryS$ | (580,523) | (640,696) | PDF p. 63 |
| Payment to non-controlling interests for dividendS$ | – | (80,378) | PDF p. 63 |
| Repayment of lease liabilitiesS$ | (10,510,633) | (9,471,614) | PDF p. 63 |
| Net drawdown (repayment) of short-term bank loansS$ | 533,903,676 | (15,524,825) | PDF p. 63 |
| Dividends paidS$ | (50,433,891) | (39,803,838) | PDF p. 63 |
| Net cash from (used in) financing activitiesS$ | 472,378,629 | (65,521,351) | PDF p. 63 |
| Effects of exchange rate changes on the balance of cash and cash equivalents held in foreign currenciesS$ | (5,907,114) | 32,296,705 | PDF p. 63 |
| Net increase (decrease) in cash and cash equivalentsS$ | 384,927,578 | (129,220,794) | PDF p. 63 |
| Cash and cash equivalents at beginning of yearS$ | 905,539,499 | 1,034,760,293 | PDF p. 63 |
| Cash and cash equivalents at end of yearS$ | 1,290,467,077 | 905,539,499 | PDF p. 63 |
Definitions & sources
Original report: PDF p. 63 ↗
Note 6 (PDF p. 98): 2024 cash and bank balances of SGD 918,274,890 less bank overdrafts of SGD 12,735,391 equal cash-flow cash equivalents of SGD 905,539,499. The 2025 cash-flow balance is SGD 1,290,467,077; the source shows a dash for bank overdrafts. Client trust bank balances are excluded from the Group statement of financial position.
Group Financial Highlights
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | Source |
|---|---|---|---|---|---|
| Group financial highlights | |||||
| Revenue & Foreign Exchange GainS$’000 | 767,445 | 698,207 | 597,109 | 503,536 | PDF p. 9 |
| Profit from OperationsS$’000 | 270,858 | 254,757 | 190,234 | 121,380 | PDF p. 9 |
| Profit Before TaxS$’000 | 270,858 | 254,757 | 190,234 | 121,380 | PDF p. 9 |
| Profit After TaxS$’000 | 239,430 | 223,676 | 170,779 | 102,921 | PDF p. 9 |
| Profit After Tax and Non-controlling InterestsS$’000 | 239,369 | 224,217 | 170,361 | 101,879 | PDF p. 9 |
| Shareholders’ Equity (excluding non-controlling interests)S$’000 | 2,269,795 | 2,116,965 | 1,893,203 | 1,780,304 | PDF p. 9 |
| Earnings Per Sharecents per share | 25.06 | 24.42 | 19.08 | 11.63 | PDF p. 9 |
| Gross Dividend Per Share(Note a)cents per share | 12.3 | 11.9 | 9.2 | 6.0 | PDF p. 9 |
| Net Assets Per Share(Note b)cents per share | 232.99 | 226.40 | 210.35 | 201.04 | PDF p. 9 |
| Percentage Return on Shareholders’ Equity | |||||
| Profit Before Tax% | 12.35 | 12.71 | 10.36 | 6.89 | PDF p. 9 |
| Profit After Tax% | 10.92 | 11.16 | 9.30 | 5.84 | PDF p. 9 |
| Profit After Tax and Non-controlling Interests% | 10.91 | 11.18 | 9.28 | 5.78 | PDF p. 9 |
Definitions & sources
Original report: PDF p. 9 ↗
(a) 2025 dividend of 12.3 cents (2024: dividend of 11.9 cents) is paid/payable on a one-tier tax exempt basis.
(b) Net asset value is derived after deducting 1.8 cents (2024: 1.9 cents) per share attributable to non-controlling interests.
Statements of Changes in Equity — Group (components 1–3)
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; 2024 and 2025 movements as stated in each rowShare capital | 2025Group; 2024 and 2025 movements as stated in each rowEquity reserve | 2025Group; 2024 and 2025 movements as stated in each rowForeign currency translation reserves | Source |
|---|---|---|---|---|
| Group changes in equity | ||||
| Balance as at 1 January 2024S$ | 305,409,773 | 2,257,956 | (75,437,262) | PDF p. 60 |
| Profit for the year — 2024S$ | – | – | – | PDF p. 60 |
| Other comprehensive income for the year — 2024S$ | – | – | 37,621,630 | PDF p. 60 |
| Total — 2024S$ | – | – | 37,621,630 | PDF p. 60 |
| Final dividend for 2023 paid — 2024S$ | 43,002,273 | – | – | PDF p. 60 |
| Transfer to statutory reserve — 2024S$ | – | – | – | PDF p. 60 |
| Acquisition of additional interest in a subsidiary — 2024S$ | – | 382,232 | – | PDF p. 60 |
| Payment of dividend by a subsidiary — 2024S$ | – | – | – | PDF p. 60 |
| Balance as at 31 December 2024S$ | 348,412,046 | 2,640,188 | (37,815,632) | PDF p. 60 |
| Profit for the year — 2025S$ | – | – | – | PDF p. 60 |
| Other comprehensive (loss)/income for the year — 2025S$ | – | – | (36,146,433) | PDF p. 60 |
| Total — 2025S$ | – | – | (36,146,433) | PDF p. 60 |
| Final dividend for 2024 paid — 2025S$ | 60,841,454 | – | – | PDF p. 60 |
| Acquisition of additional interest in a subsidiary — 2025S$ | – | 339,535 | – | PDF p. 60 |
| Balance as at 31 December 2025S$ | 409,253,500 | 2,979,723 | (73,962,065) | PDF p. 60 |
Definitions & sources
Original report: PDF p. 60 ↗
The statement presents both 2024 and 2025 movements. The column heading identifies an equity component; the year of each movement is stated in its row.
Statements of Changes in Equity — Group (components 4–8)
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; 2024 and 2025 movements as stated in each rowStatutory reserve | 2025Group; 2024 and 2025 movements as stated in each rowRetained earnings | 2025Group; 2024 and 2025 movements as stated in each rowEquity attributable to owners of the Company | 2025Group; 2024 and 2025 movements as stated in each rowNon-controlling interests | 2025Group; 2024 and 2025 movements as stated in each rowTotal | Source |
|---|---|---|---|---|---|---|
| Group equity movements — 2024 | ||||||
| Balance as at 1 January 2024S$ | 1,852,597 | 1,659,120,355 | 1,893,203,419 | 18,841,166 | 1,912,044,585 | PDF p. 61 Label p. 60 |
| Profit for the yearS$ | – | 224,216,990 | 224,216,990 | (540,781) | 223,676,209 | PDF p. 61 Label p. 60 |
| Other comprehensive income for the yearS$ | 54,545 | 1,280,007 | 38,956,182 | 583,926 | 39,540,108 | PDF p. 61 Label p. 60 |
| TotalS$ | 54,545 | 225,496,997 | 263,173,172 | 43,145 | 263,216,317 | PDF p. 61 Label p. 60 |
| Final dividend for 2023 paidS$ | – | (82,806,111) | (39,803,838) | – | (39,803,838) | PDF p. 61 Label p. 60 |
| Transfer to statutory reserveS$ | 2,842 | (2,842) | – | – | – | PDF p. 61 Label p. 60 |
| Acquisition of additional interest in a subsidiaryS$ | 10,169 | – | 392,401 | (1,033,097) | (640,696) | PDF p. 61 Label p. 60 |
| Payment of dividend by a subsidiaryS$ | – | – | – | (80,378) | (80,378) | PDF p. 61 Label p. 60 |
| Balance as at 31 December 2024S$ | 1,920,153 | 1,801,808,399 | 2,116,965,154 | 17,770,836 | 2,134,735,990 | PDF p. 61 Label p. 60 |
| Group equity movements — 2025 | ||||||
| Profit for the yearS$ | – | 239,368,668 | 239,368,668 | 61,467 | 239,430,135 | PDF p. 61 Label p. 60 |
| Other comprehensive (loss)/income for the yearS$ | 42,402 | (351,437) | (36,455,468) | 477,274 | (35,978,194) | PDF p. 61 Label p. 60 |
| TotalS$ | 42,402 | 239,017,231 | 202,913,200 | 538,741 | 203,451,941 | PDF p. 61 Label p. 60 |
| Final dividend for 2024 paidS$ | – | (111,275,345) | (50,433,891) | – | (50,433,891) | PDF p. 61 Label p. 60 |
| Acquisition of additional interest in a subsidiaryS$ | 11,068 | – | 350,603 | (931,126) | (580,523) | PDF p. 61 Label p. 60 |
| Balance as at 31 December 2025S$ | 1,973,623 | 1,929,550,285 | 2,269,795,066 | 17,378,451 | 2,287,173,517 | PDF p. 61 Label p. 60 |
Definitions & sources
Original report: PDF p. 61 ↗
The statement presents both 2024 and 2025 movements. The column heading identifies an equity component; the year of each movement is stated in its row.
Row labels come from the facing left page (PDF p. 60); corresponding values are printed on PDF p. 61. All 15 rows align with a constant 12-point vertical offset.
UOB-Kay Hian Holdings Limited Share Price Chart
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group share price chart; chart period 2 January 2025 to 27 February 2026 | Source |
|---|---|---|
| Share price chart callout | ||
| Last closeS$ per share | 3.11 | PDF p. 10 |
| HighS$ per share | 3.36 | PDF p. 10 |
| LowS$ per share | 1.63 | PDF p. 10 |
Definitions & sources
Original report: PDF p. 10 ↗
The line chart covers 2 January 2025 to 27 February 2026 and prints only these callout values, plus monthly axis ticks.
Segment information — Segment information by geographical segment - The Group, 2025 (revenue, results, assets, liabilities, other items)
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025The Group - Singapore | 2025The Group - Hong Kong | 2025The Group - Thailand | 2025The Group - Malaysia | 2025The Group - Others | 2025The Group - Elimination | 2025The Group - Total | Source |
|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||
| - External sales$ | 260,048,879 | 159,951,731 | 28,005,499 | 61,237,505 | 8,678,613 | – | 517,922,227 | PDF p. 120 |
| - Interest income$ | 149,589,146 | 78,300,267 | 6,644,607 | 9,234,718 | 1,772,493 | – | 245,541,231 | PDF p. 120 |
| - Inter-segment sales$ | 19,944,787 | 721,146 | 403,287 | 1,185,227 | 1,104,098 | (23,358,545) | – | PDF p. 120 |
| Total revenue (unlabelled subtotal)$ | 429,582,812 | 238,973,144 | 35,053,393 | 71,657,450 | 11,555,204 | (23,358,545) | 763,463,458 | PDF p. 120 |
| Results | ||||||||
| Segment results$ | 157,475,341 | 90,193,424 | 482,460 | 20,502,295 | 2,529,793 | (325,655) | 270,857,658 | PDF p. 120 |
| Assets | ||||||||
| Segment assets (Note A)$ | 4,372,174,207 | 1,282,101,771 | 232,070,339 | 284,790,029 | 82,109,204 | (577,266,992) | 5,675,978,558 | PDF p. 120 |
| Liabilities | ||||||||
| Segment liabilities (Note A)$ | 2,883,048,874 | 501,484,174 | 66,740,600 | 71,310,358 | 51,550,418 | (212,451,164) | 3,361,683,260 | PDF p. 120 |
| Other segment items | ||||||||
| Capital expenditure$ | 8,386,766 | 1,470,709 | 2,404,534 | 2,233,442 | 240,264 | – | 14,735,715 | PDF p. 120 |
| Depreciation and amortisation expense$ | 6,975,453 | 3,165,428 | 2,857,992 | 1,900,353 | 577,148 | – | 15,476,374 | PDF p. 120 |
| Finance expense$ | 37,308,103 | 2,728,536 | 348,291 | 379,780 | 163,835 | (331,622) | 40,596,923 | PDF p. 120 |
Definitions & sources
Original report: PDF p. 120 ↗
Group is organised on a geographical basis: Singapore, Hong Kong, Thailand, Malaysia and other countries; provides securities and futures broking and other related services. No single external customer contributes more than 10% of consolidated revenue.
Note A: The Group operates mainly in the securities/futures broking and structured lending business. There are no other business segments that contribute more than 10% of the combined revenue, net profit or assets of all operating segments.
Rows with only a Total value: other columns not printed (empty string). The 'Total revenue' subtotal row is unlabelled in source.
Depreciation and amortisation expense label wraps over two lines in source.
Segment information — Segment information by geographical segment - The Group, 2024 (revenue, results, assets, liabilities, other items)
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024The Group - Singapore | 2024The Group - Hong Kong | 2024The Group - Thailand | 2024The Group - Malaysia | 2024The Group - Others | 2024The Group - Elimination | 2024The Group - Total | Source |
|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||
| - External sales$ | 216,035,522 | 103,878,834 | 30,149,658 | 60,260,508 | 6,565,977 | – | 416,890,499 | PDF p. 120 |
| - Interest income$ | 155,119,904 | 78,806,057 | 8,091,758 | 9,239,181 | 2,102,948 | – | 253,359,848 | PDF p. 120 |
| - Inter-segment sales$ | 11,150,360 | 355,508 | 437,486 | 885,611 | 1,018,589 | (13,847,554) | – | PDF p. 120 |
| Total revenue (unlabelled subtotal)$ | 382,305,786 | 183,040,399 | 38,678,902 | 70,385,300 | 9,687,514 | (13,847,554) | 670,250,347 | PDF p. 120 |
| Results | ||||||||
| Segment results$ | 163,861,337 | 74,693,904 | (5,786,805) | 24,390,193 | (2,122,407) | (279,523) | 254,756,699 | PDF p. 120 |
| Assets | ||||||||
| Segment assets (Note A)$ | 3,495,479,511 | 1,088,044,878 | 242,435,010 | 258,916,630 | 77,041,480 | (570,576,052) | 4,591,341,457 | PDF p. 120 |
| Liabilities | ||||||||
| Segment liabilities (Note A)$ | 2,042,569,675 | 353,616,168 | 81,858,719 | 68,584,519 | 42,113,527 | (158,096,379) | 2,430,646,229 | PDF p. 120 |
| Other segment items | ||||||||
| Capital expenditure$ | 352,934 | 404,272 | 1,825,305 | 1,991,256 | 179,081 | – | 4,752,848 | PDF p. 120 |
| Impairment loss of goodwill$ | – | – | 9,609,632 | – | – | – | 9,609,632 | PDF p. 120 |
| Depreciation and amortisation expense$ | 2,290,763 | 4,076,499 | 2,994,160 | 1,678,844 | 598,918 | – | 11,639,184 | PDF p. 120 |
| Finance expense$ | 34,564,197 | 3,121,135 | 540,519 | 469,395 | 290,408 | (428,945) | 38,556,709 | PDF p. 120 |
Definitions & sources
Original report: PDF p. 120 ↗
Group is organised on a geographical basis: Singapore, Hong Kong, Thailand, Malaysia and other countries. No single external customer contributes more than 10% of consolidated revenue.
Note A: The Group operates mainly in the securities/futures broking and structured lending business. There are no other business segments that contribute more than 10% of the combined revenue, net profit or assets of all operating segments.
Rows with only a Total value: other columns not printed (empty string). The 'Total revenue' subtotal row is unlabelled in source.
The 2024 block shares the single column header printed above the 2025 block; the 'The Group 2024' sub-heading introduces it.
Borrowings — Note 19 Borrowings (current)
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025The Group, 31 December 2025, $ | 2024The Group, 31 December 2024, $ | 2025The Company, 31 December 2025, $ | 2024The Company, 31 December 2024, $ | Source |
|---|---|---|---|---|---|
| Current - Bank overdrafts | |||||
| - with related parties [Note 5(c)]$ | – | 11,762,765 | – | – | PDF p. 111 |
| - with non-related banks$ | – | 972,626 | – | – | PDF p. 111 |
| Current - Short-term bank loans | |||||
| - with related parties [Note 5(c)]$ | 826,045,056 | 219,243,338 | 28,430,000 | 2,720,700 | PDF p. 111 |
| - with non-related banks$ | 292,168,063 | 365,066,105 | 136,800,000 | 123,935,263 | PDF p. 111 |
| Current | |||||
| Total borrowings$ | 1,118,213,119 | 597,044,834 | 165,230,000 | 126,655,963 | PDF p. 111 |
Definitions & sources
Original report: PDF p. 111 ↗
Bank overdrafts are unsecured and repayable upon demand. As at 31 December 2024, bank overdrafts of the Group with related parties and with non-related banks bore an effective interest rate of 7.50% per annum and 9.33% per annum respectively. The Group had no bank overdrafts as at 31 December 2025.
Short-term bank loans of the Company with related parties and with non-related banks bear an effective interest rate of 1.76% per annum (31 December 2024 : 5.00% per annum) and 1.16% per annum (31 December 2024 : 2.66% per annum) respectively. They are secured with a fixed charge over immovable fixed assets and a floating charge over all assets of the Company, and is due within 1 month (31 December 2024 : 1 month) from the end of the reporting period.
The carrying amounts of borrowings approximate their fair values.
All borrowings are classified as current; no non-current borrowings are printed. Currency is $ (Singapore dollars implied by report; not stated on page).
Borrowings — Note 20 Lease liabilities - maturity analysis
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025The Group, 31 December 2025, $ | 2024The Group, 31 December 2024, $ | Source |
|---|---|---|---|
| Maturity analysis | |||
| Year 1$ | 11,411,201 | 7,011,045 | PDF p. 113 |
| Year 2$ | 9,775,718 | 2,843,836 | PDF p. 113 |
| Year 3$ | 7,192,688 | 1,526,361 | PDF p. 113 |
| Year 4$ | 5,659,928 | 10,049 | PDF p. 113 |
| Year 5$ | – | 837 | PDF p. 113 |
| Less: Unearned interest$ | (4,080,700) | (419,746) | PDF p. 113 |
| Analysed as | |||
| Current$ | 9,527,021 | 6,724,524 | PDF p. 113 |
| Non-current$ | 20,431,814 | 4,247,858 | PDF p. 113 |
Definitions & sources
Original report: PDF p. 113 ↗
Subtotals (34,039,535 / 11,392,128 undiscounted; 29,958,835 / 10,972,382 total) are unlabeled rows in the source and omitted.
The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group's Finance function.
Borrowings — Reconciliation of liabilities arising from financing activities - Group 2025 (borrowings and lease liabilities)
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025The Group, 1 January 2025 opening balance, $ | 2025The Group, financing cash flows 2025, $ | 2025The Group, addition to lease liabilities (non-cash), $ | 2025The Group, foreign exchange movement (non-cash), $ | 2025The Group, other changes (non-cash), $ | 2025The Group, 31 December 2025 closing balance, $ | Source |
|---|---|---|---|---|---|---|---|
| The Group | |||||||
| Lease liabilities (Note 20)$ | 10,972,382 | (10,510,633) | 25,380,104 | 2,718,068 | 1,398,914 | 29,958,835 | PDF p. 112 |
Definitions & sources
Original report: PDF p. 112 ↗
(i) Other changes include interest accruals.
Short-term bank loan reconciliation rows (1 Jan 2025 584,309,443 to 31 Dec 2025 1,118,213,119) are on the same page; only lease row included here.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | Our dividend policy pays out 50% of distributable profits. | Group | PDF p. 31 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Gross Dividend Per Share(Note a) | 12.3 cents per share | Group, FY2025 first and final dividend (proposed) | PDF p. 9 |
| Gross Dividend Per Share(Note a) | 11.9 cents per share | Group, FY2024 comparative (paid) | PDF p. 9 |
| One-tier tax-exempt final dividend | a one-tier tax-exempt final dividend of 12.3 cents per ordinary share in respect of year ended 31 December 2025 amounting to a total of $119,825,153 will be recommended | Group and Company, FY2025 | PDF p. 118 |
| One-tier tax-exempt final dividend in respect of the year ended 31 December 2024 | 111,275,345 $ | Group and Company, 2025 (final dividend for FY2024 of 11.9 cents paid); comparative 2024 column: 82,806,111 (9.2 cents for FY2023) | PDF p. 118 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend paid through issuance of new shares under the Scrip Dividend Scheme | 60,841,454 $ | Group and Company, 2025 (comparative 2024: 43,002,273) | PDF p. 118 |
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 |
|---|---|---|---|
| Auditors | Deloitte & Touche LLP | Group | PDF p. 52 |
| Engagement partner | Mr. Chua How Kiat | Group | PDF p. 56 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)s”) so as to give a true and fair view | Group and Company, year ended 31 December 2025 | PDF p. 53 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Trade and other receivables, trade payables and debts issued | Allowance for impairment of trade and other receivables | Group | PDF p. 54 |
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.
No separate Company income/OCI or cash flow statement is disclosed. Five-year summary is not five years: the report supplies 2022–2025 only. Equity spread pages have component columns across physical pages 60–61; draft pairings are provisional pending bbox alignment.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.