UOL U14
SGD 7.92
+1.89% +0.15 Updated 23 Oct 2026, 17:16 SGT
Financials
THE UOL DISTINCTION — ANNUAL REPORT 2025
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19 tablesConsolidated Income Statement
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$’000 | 3,234,085 | 2,794,764 | PDF p. 109 |
| Cost of sales$’000 | (1,957,921) | (1,680,135) | PDF p. 109 |
| Gross profit$’000 | 1,276,164 | 1,114,629 | PDF p. 109 |
| Other income | |||
| – Finance income$’000 | 40,477 | 53,933 | PDF p. 109 |
| – Miscellaneous income$’000 | 14,947 | 19,666 | PDF p. 109 |
| Expenses | |||
| – Marketing and distribution$’000 | (151,518) | (126,339) | PDF p. 109 |
| – Administrative$’000 | (179,548) | (163,012) | PDF p. 109 |
| – Finance$’000 | (175,880) | (204,069) | PDF p. 109 |
| Other operating expenses | |||
| • Impairment loss on financial assets$’000 | (1,813) | (2,171) | PDF p. 109 |
| • Others$’000 | (148,105) | (154,415) | PDF p. 109 |
| Income statement | |||
| Share of profit of associated companies$’000 | 5,941 | 1,614 | PDF p. 109 |
| Share of profit/(loss) of joint venture companies$’000 | 27,305 | (6,059) | PDF p. 109 |
| Income statement subtotal (unlabelled) | |||
| Subtotal$’000 | 707,970 | 533,777 | PDF p. 109 |
| Income statement | |||
| Other gains$’000 | 32,072 | 38,912 | PDF p. 109 |
| Fair value (losses)/gains on investment properties$’000 | (4,455) | 45,396 | PDF p. 109 |
| Profit before income tax$’000 | 735,587 | 618,085 | PDF p. 109 |
| Income tax expense$’000 | (121,617) | (94,969) | PDF p. 109 |
| Net profit$’000 | 613,970 | 523,116 | PDF p. 109 |
| Net profit attributable to | |||
| Equity holders of the Company$’000 | 481,729 | 358,185 | PDF p. 109 |
| Non-controlling interests$’000 | 132,241 | 164,931 | PDF p. 109 |
| Net profit attributable to subtotal (unlabelled) | |||
| Subtotal$’000 | 613,970 | 523,116 | PDF p. 109 |
| Earnings per share attributable to equity holders of the Company (expressed in cents per share) | |||
| – Basiccents per share | 57.00 | 42.39 | PDF p. 109 |
| – Dilutedcents per share | 57.00 | 42.39 | PDF p. 109 |
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Definitions & sources
Original report: PDF p. 109 ↗
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Comprehensive Income
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Comprehensive income | |||
| Net profit$’000 | 613,970 | 523,116 | PDF p. 110 |
| Other comprehensive (loss)/income; items that may be reclassified subsequently to profit or loss | |||
| Cash flow hedges$’000 | (44,642) | (18,378) | PDF p. 110 |
| Share of other comprehensive (loss)/income of joint venture companies$’000 | (12,279) | 1,953 | PDF p. 110 |
| Currency translation differences arising from consolidation of foreign operations$’000 | (23,829) | (3,128) | PDF p. 110 |
| Reclassification of currency translation differences from reserve to profit or loss$’000 | 14,727 | – | PDF p. 110 |
| Other comprehensive (loss)/income subtotal; items that may be reclassified subsequently to profit or loss | |||
| Subtotal$’000 | (66,023) | (19,553) | PDF p. 110 |
| Financial assets, at fair value through other comprehensive income (“FVOCI”) | |||
| – Fair value (losses)/gains$’000 | (33,721) | 318,273 | PDF p. 110 |
| Other comprehensive (loss)/income; items that will not be reclassified subsequently to profit or loss | |||
| Actuarial (losses)/gains on defined benefit plans, net of tax$’000 | (184) | 8 | PDF p. 110 |
| Currency translation differences arising from consolidation of foreign operations$’000 | (5,035) | 3,272 | PDF p. 110 |
| Comprehensive income | |||
| Other comprehensive (loss)/income, net of tax$’000 | (104,963) | 302,000 | PDF p. 110 |
| Total comprehensive income$’000 | 509,007 | 825,116 | PDF p. 110 |
| Total comprehensive income attributable to | |||
| Equity holders of the Company$’000 | 385,936 | 662,004 | PDF p. 110 |
| Non-controlling interests$’000 | 123,071 | 163,112 | PDF p. 110 |
| Total comprehensive income attributable to subtotal (unlabelled) | |||
| Subtotal$’000 | 509,007 | 825,116 | PDF p. 110 |
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Definitions & sources
Original report: PDF p. 110 ↗
The accompanying notes form an integral part of these financial statements.
Statements of Financial Position – Group and Company
42 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Assets; Current assets | |||||
| Cash and bank balances$’000 | 1,246,936 | 1,509,897 | 10,475 | 7,055 | PDF p. 111 |
| Trade and other receivables$’000 | 319,797 | 668,636 | 4,797 | 2,111 | PDF p. 111 |
| Derivative financial instruments$’000 | 875 | 132 | – | – | PDF p. 111 |
| Development properties$’000 | 2,158,564 | 2,642,582 | – | – | PDF p. 111 |
| Inventories$’000 | 3,360 | 3,568 | – | – | PDF p. 111 |
| Other assets$’000 | 275,458 | 127,845 | 1,149 | 983 | PDF p. 111 |
| Current income tax assets$’000 | 458 | 969 | – | – | PDF p. 111 |
| Assets; Current assets subtotal (unlabelled) | |||||
| Subtotal$’000 | 4,005,448 | 4,953,629 | 16,421 | 10,149 | PDF p. 111 |
| Assets; Non-current assets | |||||
| Trade and other receivables$’000 | 859,190 | 597,929 | 990,435 | 704,180 | PDF p. 111 |
| Other assets$’000 | 19,566 | 25,010 | – | – | PDF p. 111 |
| Derivative financial instrument$’000 | 9,575 | 43,719 | – | – | PDF p. 111 |
| Financial assets, at FVOCI$’000 | 1,515,130 | 1,548,851 | 1,143,335 | 1,168,841 | PDF p. 111 |
| Investments in associated companies$’000 | 408,468 | 237,028 | – | – | PDF p. 111 |
| Investments in joint venture companies$’000 | 46,816 | 29,575 | – | – | PDF p. 111 |
| Investments in subsidiaries$’000 | – | – | 1,815,745 | 1,856,541 | PDF p. 111 |
| Investment properties$’000 | 12,550,463 | 12,316,381 | 688,236 | 681,682 | PDF p. 111 |
| Property, plant and equipment$’000 | 2,973,854 | 2,998,174 | 7,075 | 7,636 | PDF p. 111 |
| Intangibles$’000 | 33,324 | 33,699 | 177 | 181 | PDF p. 111 |
| Deferred income tax assets$’000 | 57,921 | 52,196 | 329 | – | PDF p. 111 |
| Assets; Non-current assets subtotal (unlabelled) | |||||
| Subtotal$’000 | 18,474,307 | 17,882,562 | 4,645,332 | 4,419,061 | PDF p. 111 |
| Assets | |||||
| Total assets$’000 | 22,479,755 | 22,836,191 | 4,661,753 | 4,429,210 | PDF p. 111 |
| Liabilities; Current liabilities | |||||
| Trade and other payables$’000 | 528,298 | 608,566 | 118,512 | 482,324 | PDF p. 111 |
| Current income tax liabilities$’000 | 149,726 | 131,281 | 5,153 | 2,197 | PDF p. 111 |
| Borrowings$’000 | 999,108 | 396,326 | – | – | PDF p. 111 |
| Derivative financial instrument$’000 | 2,780 | 9,454 | – | – | PDF p. 111 |
| Loans from non-controlling shareholders of subsidiaries (unsecured)$’000 | 8,956 | 68,780 | – | – | PDF p. 111 |
| Liabilities; Current liabilities subtotal (unlabelled) | |||||
| Subtotal$’000 | 1,688,868 | 1,214,407 | 123,665 | 484,521 | PDF p. 111 |
| Liabilities; Non-current liabilities | |||||
| Trade and other payables$’000 | 199,635 | 206,841 | 8,480 | 6,493 | PDF p. 111 |
| Borrowings$’000 | 3,564,050 | 4,710,281 | 102,368 | 56,609 | PDF p. 111 |
| Derivative financial instrument$’000 | 37,951 | 7,467 | – | – | PDF p. 111 |
| Loans from non-controlling shareholders of subsidiaries (unsecured)$’000 | 78,369 | 36,138 | – | – | PDF p. 111 |
| Provision for retirement benefits$’000 | 3,490 | 2,838 | – | – | PDF p. 111 |
| Deferred income tax liabilities$’000 | 239,845 | 258,437 | – | 294 | PDF p. 111 |
| Liabilities; Non-current liabilities subtotal (unlabelled) | |||||
| Subtotal$’000 | 4,123,340 | 5,222,002 | 110,848 | 63,396 | PDF p. 111 |
| Liabilities | |||||
| Total liabilities$’000 | 5,812,208 | 6,436,409 | 234,513 | 547,917 | PDF p. 111 |
| Financial position | |||||
| NET ASSETS$’000 | 16,667,547 | 16,399,782 | 4,427,240 | 3,881,293 | PDF p. 111 |
| Equity; Capital and reserves attributable to equity holders of the Company | |||||
| Share capital$’000 | 1,577,411 | 1,570,595 | 1,577,411 | 1,570,595 | PDF p. 111 |
| Reserves$’000 | 1,116,950 | 1,212,747 | 973,217 | 998,723 | PDF p. 111 |
| Retained earnings$’000 | 9,081,142 | 8,751,501 | 1,876,612 | 1,311,975 | PDF p. 111 |
| Equity; Capital and reserves attributable to equity holders subtotal (unlabelled) | |||||
| Subtotal$’000 | 11,775,503 | 11,534,843 | 4,427,240 | 3,881,293 | PDF p. 111 |
| Equity | |||||
| Non-controlling interests$’000 | 4,892,044 | 4,864,939 | – | – | PDF p. 111 |
| Total equity$’000 | 16,667,547 | 16,399,782 | 4,427,240 | 3,881,293 | PDF p. 111 |
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Definitions & sources
Original report: PDF p. 111 ↗
The accompanying notes form an integral part of these financial statements.
Reconciliation of Liabilities Arising from Financing Activities — 2025
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupBeginning of financial year | 2025GroupPrincipal, interest and facility fees (payments)/receipts | 2025Group(Disposal of a subsidiary)/Additions | 2025GroupInterest expense | 2025GroupForeign exchange movement | 2025GroupEnd of financial year | Source |
|---|---|---|---|---|---|---|---|
| Financing liabilities reconciliation 2025 | |||||||
| Medium term notes$’000 | 402,209 | 289,093 | – | 13,572 | – | 704,874 | PDF p. 114 |
| Bank borrowings$’000 | 4,673,830 | (1,026,867) | – | 161,451 | 17,477 | 3,825,891 | PDF p. 114 |
| Loans from non-controlling shareholders$’000 | 115,262 | (24,197) | – | 2,587 | – | 93,652 | PDF p. 114 |
| Lease liabilities$’000 | 14,855 | (2,425) | (6,829) | 615 | (467) | 5,749 | PDF p. 114 |
| Trade financing$’000 | 27,816 | 13,387 | – | 742 | – | 41,945 | PDF p. 114 |
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Original report: PDF p. 114 ↗
Source reconciliation block for 2025; six printed components, all in $’000.
Reconciliation of Liabilities Arising from Financing Activities — 2024
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024GroupBeginning of financial year | 2024GroupPrincipal, interest and facility fees (payments)/receipts | 2024Group(Disposal of a subsidiary)/Additions | 2024GroupInterest expense | 2024GroupForeign exchange movement | 2024GroupEnd of financial year | Source |
|---|---|---|---|---|---|---|---|
| Financing liabilities reconciliation 2024 | |||||||
| Medium term notes$’000 | 602,523 | (212,337) | – | 12,023 | – | 402,209 | PDF p. 114 |
| Bank borrowings$’000 | 4,421,860 | 62,662 | – | 190,931 | (1,623) | 4,673,830 | PDF p. 114 |
| Loans from non-controlling shareholders$’000 | 106,090 | 4,453 | – | 4,719 | – | 115,262 | PDF p. 114 |
| Lease liabilities$’000 | 16,622 | (2,873) | 15 | 1,070 | 21 | 14,855 | PDF p. 114 |
| Trade financing$’000 | 19,863 | 7,483 | – | 470 | – | 27,816 | PDF p. 114 |
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Definitions & sources
Original report: PDF p. 114 ↗
Source reconciliation block for 2024; six printed components, all in $’000.
Five-Year Financial Summary — Group Income Statement
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Group Revenue | ||||||
| Property developmentSGD thousands | 1,511,165 | 1,195,792 | 1,210,318 | 1,977,355 | 1,571,529 | PDF p. 93 |
| Property investmentsSGD thousands | 629,272 | 555,511 | 512,507 | 504,227 | 502,187 | PDF p. 93 |
| Hotel operationsSGD thousands | 816,135 | 818,440 | 762,816 | 554,091 | 281,965 | PDF p. 93 |
| InvestmentsSGD thousands | 96,731 | 73,091 | 67,785 | 51,272 | 42,771 | PDF p. 93 |
| Technology operationsSGD thousands | 141,570 | 130,853 | 110,083 | 100,325 | 95,100 | PDF p. 93 |
| Management servicesSGD thousands | 39,212 | 21,077 | 18,192 | 14,441 | 11,052 | PDF p. 93 |
| SubtotalSGD thousands | 3,234,085 | 2,794,764 | 2,681,701 | 3,201,711 | 2,504,604 | PDF p. 93 |
| Group Income Statement | ||||||
| Property developmentSGD thousands | 212,193 | 170,509 | 189,966 | 338,545 | 218,883 | PDF p. 93 |
| Property investmentsSGD thousands | 414,127 | 356,658 | 332,149 | 333,300 | 341,492 | PDF p. 93 |
| Hotel operationsSGD thousands | 79,842 | 74,108 | 60,530 | (12,062) | (84,616) | PDF p. 93 |
| InvestmentsSGD thousands | 96,325 | 72,735 | 67,465 | 51,162 | 42,471 | PDF p. 93 |
| Technology operationsSGD thousands | 13,352 | 11,831 | 9,588 | 8,797 | 9,670 | PDF p. 93 |
| Management servicesSGD thousands | 40,410 | 28,083 | 24,321 | 15,070 | 1,489 | PDF p. 93 |
| SubtotalSGD thousands | 856,249 | 713,924 | 684,019 | 734,812 | 529,389 | PDF p. 93 |
| CorporateSGD thousands | (46,122) | (25,566) | (35,732) | (24,563) | (22,654) | PDF p. 93 |
| Profit from operationsSGD thousands | 810,127 | 688,358 | 648,287 | 710,249 | 506,735 | PDF p. 93 |
| Finance incomeSGD thousands | 40,477 | 53,933 | 37,271 | 25,517 | 15,295 | PDF p. 93 |
| Finance expenseSGD thousands | (175,880) | (204,069) | (200,396) | (128,330) | (67,552) | PDF p. 93 |
| Share of profit/(loss) of associated companiesSGD thousands | 5,941 | 1,614 | (10,942) | 1,149 | (9,576) | PDF p. 93 |
| Share of profit/(loss) of joint venture companiesSGD thousands | 27,305 | (6,059) | 898 | 18,267 | 5,982 | PDF p. 93 |
| Profit before fair value and other gains/(losses) and income taxSGD thousands | 707,970 | 533,777 | 475,118 | 626,852 | 450,884 | PDF p. 93 |
| Other gains/(losses) of the GroupSGD thousands | 32,072 | 38,912 | 452,653 | (5,123) | 26,740 | PDF p. 93 |
| Fair value (losses)/gains on the Group's investment propertiesSGD thousands | (4,455) | 45,396 | 20,201 | 268,192 | 114,205 | PDF p. 93 |
| Profit before income taxSGD thousands | 735,587 | 618,085 | 947,972 | 889,921 | 591,829 | PDF p. 93 |
| Profit attributable to equity holders of the CompanySGD thousands | 481,729 | 358,185 | 707,708 | 491,869 | 307,411 | PDF p. 93 |
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Original report: PDF p. 93 ↗
All six revenue segment lines, the blank total line, all income statement rows and blank subtotal are represented.
Five-Year Financial Summary — Group Financial Position and Ratios
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Group Statement of Financial Position | ||||||
| Property, plant and equipmentSGD thousands | 2,973,854 | 2,998,174 | 2,937,618 | 2,822,471 | 2,966,898 | PDF p. 94 |
| Investment propertiesSGD thousands | 12,550,463 | 12,316,381 | 12,123,179 | 11,861,129 | 11,512,665 | PDF p. 94 |
| Associated and joint venture companies, receivables and other assets (non-current)SGD thousands | 1,343,615 | 933,261 | 775,276 | 540,328 | 521,439 | PDF p. 94 |
| Financial assets, at fair value through other comprehensive incomeSGD thousands | 1,515,130 | 1,548,851 | 1,230,578 | 1,320,899 | 1,177,590 | PDF p. 94 |
| IntangiblesSGD thousands | 33,324 | 33,699 | 35,818 | 38,800 | 41,755 | PDF p. 94 |
| Deferred tax assetsSGD thousands | 57,921 | 52,196 | 47,905 | 35,908 | 58,061 | PDF p. 94 |
| Net current assets (excluding borrowings)SGD thousands | 3,324,644 | 4,204,328 | 4,267,314 | 4,573,668 | 4,077,168 | PDF p. 94 |
| Non-current liabilities (excluding borrowings)SGD thousands | (480,921) | (475,583) | (486,829) | (474,238) | (460,822) | PDF p. 94 |
| SubtotalSGD thousands | 21,318,030 | 21,611,307 | 20,930,859 | 20,718,965 | 9,894,754 | PDF p. 94 |
| Share capitalSGD thousands | 1,577,411 | 1,570,595 | 1,570,595 | 1,569,193 | 1,566,802 | PDF p. 94 |
| ReservesSGD thousands | 10,198,092 | 9,964,248 | 9,471,225 | 9,069,193 | 8,601,521 | PDF p. 94 |
| Interests of the shareholdersSGD thousands | 11,775,503 | 11,534,843 | 11,041,820 | 10,638,386 | 10,168,323 | PDF p. 94 |
| Non-controlling interestsSGD thousands | 4,892,044 | 4,864,939 | 4,757,904 | 4,654,227 | 4,447,752 | PDF p. 94 |
| BorrowingsSGD thousands | 4,650,483 | 5,211,525 | 5,131,135 | 5,426,352 | 5,278,679 | PDF p. 94 |
| SubtotalSGD thousands | 21,318,030 | 21,611,307 | 20,930,859 | 20,718,965 | 19,894,754 | PDF p. 94 |
| Financial Ratios | ||||||
| Basic earnings per ordinary share* (cents)SGD cents per ordinary share | 57.00 | 42.39 | 83.76 | 58.24 | 36.41 | PDF p. 94 |
| Gross dividend declared ($'000)SGD thousands | 211,486 | 152,088 | 168,987 | 152,073 | 126,670 | PDF p. 94 |
| Gross dividend declared | ||||||
| First and final (cents)SGD cents per ordinary share | 18.0 | 18.0 | 15.0 | 15.0 | 15.0 | PDF p. 94 |
| Special (cents)SGD cents per ordinary share | 7.0 | - | 5.0 | 3.0 | - | PDF p. 94 |
| Cover (times)times | 2.3 | 2.4 | 4.2 | 3.2 | 2.4 | PDF p. 94 |
| Net tangible asset backing per ordinary share | ||||||
| Before accounting for surplus on revaluation of hotel propertiesSGD per ordinary share | 13.88 | 13.61 | 13.03 | 12.55 | 11.99 | PDF p. 94 |
| After accounting for surplus on revaluation of hotel propertiesSGD per ordinary share | 15.58 | 15.34 | 14.62 | 14.34 | 13.71 | PDF p. 94 |
| Net tangible asset backing per ordinary | ||||||
| Gearing ratioratio | 0.20 | 0.23 | 0.24 | 0.26 | 0.26 | PDF p. 94 |
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Definitions & sources
Original report: PDF p. 94 ↗
Every printed row with five year values is retained. Blank source subtotal labels remain blank.
At physical page 94, the first 2021 total under Group Financial Position is printed as 9,894,754 while the later balancing total is 19,894,754; both source values are preserved and the discrepancy is recorded.
Financial Highlights
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY2025 | 2024FY2024 comparison | Source |
|---|---|---|---|
| Financial highlights | |||
| RevenueSGD billions | 3.2 | 2.8 | PDF p. 12 |
| PATMI*SGD millions | 481.7 | 358.2 | PDF p. 12 |
| Operating PATMI^SGD millions | 468.7 | 314.2 | PDF p. 12 |
| Net Gearing Ratiotimes | 0.20 | 0.23 | PDF p. 12 |
| Net Tangible Asset Backing per shareSGD per share | 13.88 | 13.61 | PDF p. 12 |
| Dividend per shareSGD cents per share | 25.0 | 18.0 | PDF p. 12 |
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Definitions & sources
Original report: PDF p. 12 ↗
PATMI is profit after tax and minority interests; operating PATMI is before fair value and other gains/(losses). Original FY2024 comparison cards and rounded monetary values are distinct from precise statement totals.
Two-Year Financial Highlights
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 20252025 | 20242024 | 2025Increase/(Decrease) (%), 2025 vs 2024 | Source |
|---|---|---|---|---|
| For the financial year | ||||
| RevenueSGD thousands (2025/2024); % (change) | 3,234,085 | 2,794,764 | 16 | PDF p. 15 |
| Profit before income taxSGD thousands (2025/2024); % (change) | 735,587 | 618,085 | 19 | PDF p. 15 |
| Profit after income tax and non-controlling interestsSGD thousands (2025/2024); % (change) | 481,729 | 358,185 | 34 | PDF p. 15 |
| Return on equity (%)% (2025/2024); % (change) | 4.1 | 3.2 | 28 | PDF p. 15 |
| At 31 December | ||||
| Share capitalSGD thousands (2025/2024); % (change) | 1,577,411 | 1,570,595 | 0 | PDF p. 15 |
| ReservesSGD thousands (2025/2024); % (change) | 1,116,950 | 1,212,747 | (8) | PDF p. 15 |
| Retained earningsSGD thousands (2025/2024); % (change) | 9,081,142 | 8,751,501 | 4 | PDF p. 15 |
| Shareholders' fundsSGD thousands (2025/2024); % (change) | 11,775,503 | 11,534,843 | 2 | PDF p. 15 |
| Total assetsSGD thousands (2025/2024); % (change) | 22,479,755 | 22,836,191 | (2) | PDF p. 15 |
| Per ordinary share | ||||
| Basic earnings before fair value and other gains/(losses) (cents)SGD cents per ordinary share (2025/2024); % (change) | 55.5 | 37.2 | 49 | PDF p. 15 |
| Basic earnings (cents)SGD cents per ordinary share (2025/2024); % (change) | 57.0 | 42.4 | 34 | PDF p. 15 |
| Gross dividend declared (cents)SGD cents per ordinary share (2025/2024); % (change) | 25.0 | 18.0 | 39 | PDF p. 15 |
| Dividend cover (times)times (2025/2024); % (change) | 2.3 | 2.4 | (4) | PDF p. 15 |
| Net tangible asset backing ($)SGD per ordinary share (2025/2024); % (change) | 13.88 | 13.61 | 2 | PDF p. 15 |
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Definitions & sources
Original report: PDF p. 15 ↗
The Increase/(Decrease) column is retained as printed; its scope names the comparison periods.
Two-Year Half-Year and Full-Year Performance — 2025
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; 1st Half amount | 2025Group; 1st Half percentage of full year | 2025Group; 2nd Half amount | 2025Group; 2nd Half percentage of full year | 2025Group; Full Year amount | 2025Group; Full Year percentage of full year | Source |
|---|---|---|---|---|---|---|---|
| Financial highlights; FY2025 1st half, 2nd half, and full year | |||||||
| RevenueSGD thousands (amount columns); % (share columns) | 1,549,300 | 48 | 1,684,785 | 52 | 3,234,085 | 100 | PDF p. 13 |
| Profit before income taxSGD thousands (amount columns); % (share columns) | 322,652 | 44 | 412,935 | 56 | 735,587 | 100 | PDF p. 13 |
| Net profitSGD thousands (amount columns); % (share columns) | 269,390 | 44 | 344,580 | 56 | 613,970 | 100 | PDF p. 13 |
| Net attributable profitSGD thousands (amount columns); % (share columns) | 205,545 | 43 | 276,184 | 57 | 481,729 | 100 | PDF p. 13 |
| Basic earnings per ordinary share (in cents)SGD cents per ordinary share (amount columns); % (share columns) | 24.3 | 43 | 32.7 | 57 | 57.0 | 100 | PDF p. 13 |
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Definitions & sources
Original report: PDF p. 13 ↗
Source table reports first-half, second-half and full-year values with percentage of annual total for each period. Original year-specific block retained.
Two-Year Half-Year and Full-Year Performance — 2024
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group; 1st Half amount | 2024Group; 1st Half percentage of full year | 2024Group; 2nd Half amount | 2024Group; 2nd Half percentage of full year | 2024Group; Full Year amount | 2024Group; Full Year percentage of full year | Source |
|---|---|---|---|---|---|---|---|
| Financial highlights; FY2024 1st half, 2nd half, and full year | |||||||
| RevenueSGD thousands (amount columns); % (share columns) | 1,271,763 | 46 | 1,523,001 | 54 | 2,794,764 | 100 | PDF p. 13 |
| Profit before income taxSGD thousands (amount columns); % (share columns) | 237,350 | 38 | 380,735 | 62 | 618,085 | 100 | PDF p. 13 |
| Net profitSGD thousands (amount columns); % (share columns) | 192,105 | 37 | 331,011 | 63 | 523,116 | 100 | PDF p. 13 |
| Net attributable profitSGD thousands (amount columns); % (share columns) | 130,386 | 36 | 227,799 | 64 | 358,185 | 100 | PDF p. 13 |
| Basic earnings per ordinary share (in cents)SGD cents per ordinary share (amount columns); % (share columns) | 15.4 | 36 | 27.0 | 64 | 42.4 | 100 | PDF p. 13 |
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Definitions & sources
Original report: PDF p. 13 ↗
Source table reports first-half, second-half and full-year values with percentage of annual total for each period. Original year-specific block retained.
Financial Highlight Business Segment Mix Charts
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; chart series | Source |
|---|---|---|
| Revenue by Business Segment FY2025 | ||
| Property development% | 47 | PDF p. 13 |
| Property investments% | 20 | PDF p. 13 |
| Hotel operations% | 25 | PDF p. 13 |
| Investments% | 3 | PDF p. 13 |
| Technology operations% | 4 | PDF p. 13 |
| Management services% | 1 | PDF p. 13 |
| Adjusted EBITDA by Business Segment FY2025 | ||
| Property development% | 24 | PDF p. 13 |
| Property investments% | 40 | PDF p. 13 |
| Hotel operations% | 21 | PDF p. 13 |
| Investments% | 10 | PDF p. 13 |
| Technology operations% | 1 | PDF p. 13 |
| Management services% | 4 | PDF p. 13 |
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Definitions & sources
Original report: PDF p. 13 ↗
Pie chart labels and percentage associations were visually checked against fresh physical-13 rendering. Both charts sum to 100%.
Simplified Group Financial Position — Total Assets Owned
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; SGD millions | 2024Group; SGD millions | 2025share of total assets/liabilities (%) | 2024share of total assets/liabilities (%) | Source |
|---|---|---|---|---|---|
| TOTAL ASSETS OWNED | |||||
| Development propertiesSGD millions (amount columns); % (share columns) | 2,159 | 2,643 | 10 | 12 | PDF p. 92 |
| Investment propertiesSGD millions (amount columns); % (share columns) | 12,550 | 12,316 | 56 | 54 | PDF p. 92 |
| Property, plant and equipmentSGD millions (amount columns); % (share columns) | 2,974 | 2,998 | 13 | 13 | PDF p. 92 |
| Listed and unlisted equity securitiesSGD millions (amount columns); % (share columns) | 1,515 | 1,549 | 7 | 6 | PDF p. 92 |
| Associated and joint venture companiesSGD millions (amount columns); % (share columns) | 1,226 | 841 | 5 | 4 | PDF p. 92 |
| Other assets and cashSGD millions (amount columns); % (share columns) | 2,056 | 2,489 | 9 | 11 | PDF p. 92 |
| SubtotalSGD millions (amount columns); % (share columns) | 22,480 | 22,836 | 100 | 100 | PDF p. 92 |
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Definitions & sources
Original report: PDF p. 92 ↗
Original $m monetary columns are Singapore dollars, consistent with the original reporting currency; percentages are separate share columns.
Simplified Group Financial Position — Total Liabilities Owed and Capital Invested
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; SGD millions | 2024Group; SGD millions | 2025share of total assets/liabilities (%) | 2024share of total assets/liabilities (%) | Source |
|---|---|---|---|---|---|
| TOTAL LIABILITIES OWED AND CAPITAL INVESTED | |||||
| Shareholders' fundsSGD millions (amount columns); % (share columns) | 11,776 | 11,535 | 52 | 51 | PDF p. 92 |
| Non-controlling interestsSGD millions (amount columns); % (share columns) | 4,892 | 4,865 | 22 | 21 | PDF p. 92 |
| BorrowingsSGD millions (amount columns); % (share columns) | 4,650 | 5,212 | 21 | 23 | PDF p. 92 |
| Other liabilitiesSGD millions (amount columns); % (share columns) | 1,162 | 1,224 | 5 | 5 | PDF p. 92 |
| SubtotalSGD millions (amount columns); % (share columns) | 22,480 | 22,836 | 100 | 100 | PDF p. 92 |
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Definitions & sources
Original report: PDF p. 92 ↗
Original $m monetary columns are Singapore dollars, consistent with the original reporting currency; percentages are separate share columns.
Segmental Performance Analysis — page 95
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025amount ($’000) | 2025percent | 2024amount ($’000) | 2024percent | Source |
|---|---|---|---|---|---|
| Total revenue by business segments | |||||
| Property developmentSGD thousands (amount columns); % (share columns) | 1,511,165 | 46.7 | 1,195,792 | 42.8 | PDF p. 95 |
| Property investmentsSGD thousands (amount columns); % (share columns) | 629,272 | 19.5 | 555,511 | 19.9 | PDF p. 95 |
| Hotel operationsSGD thousands (amount columns); % (share columns) | 816,135 | 25.2 | 818,440 | 29.3 | PDF p. 95 |
| InvestmentsSGD thousands (amount columns); % (share columns) | 96,731 | 3.0 | 73,091 | 2.5 | PDF p. 95 |
| Technology operationsSGD thousands (amount columns); % (share columns) | 141,570 | 4.4 | 130,853 | 4.7 | PDF p. 95 |
| Management servicesSGD thousands (amount columns); % (share columns) | 39,212 | 1.2 | 21,077 | 0.8 | PDF p. 95 |
| SubtotalSGD thousands (amount columns); % (share columns) | 3,234,085 | 100.0 | 2,794,764 | 100.0 | PDF p. 95 |
| Adjusted EBITDA by business segments | |||||
| Property developmentSGD thousands (amount columns); % (share columns) | 247,227 | 24.1 | 168,274 | 20.0 | PDF p. 95 |
| Property investmentsSGD thousands (amount columns); % (share columns) | 408,438 | 39.9 | 357,649 | 42.5 | PDF p. 95 |
| Hotel operationsSGD thousands (amount columns); % (share columns) | 215,488 | 21.0 | 200,169 | 23.8 | PDF p. 95 |
| InvestmentsSGD thousands (amount columns); % (share columns) | 96,325 | 9.4 | 72,735 | 8.6 | PDF p. 95 |
| Technology operationsSGD thousands (amount columns); % (share columns) | 14,147 | 1.4 | 12,618 | 1.5 | PDF p. 95 |
| Management servicesSGD thousands (amount columns); % (share columns) | 42,344 | 4.2 | 29,942 | 3.6 | PDF p. 95 |
| SubtotalSGD thousands (amount columns); % (share columns) | 1,023,969 | 100.0 | 841,387 | 100.0 | PDF p. 95 |
| Total assets by business segments | |||||
| Property developmentSGD thousands (amount columns); % (share columns) | 3,962,495 | 17.6 | 4,995,414 | 21.9 | PDF p. 95 |
| Property investmentsSGD thousands (amount columns); % (share columns) | 13,070,207 | 58.1 | 12,425,166 | 54.4 | PDF p. 95 |
| Hotel operationsSGD thousands (amount columns); % (share columns) | 3,447,451 | 15.4 | 3,456,034 | 15.1 | PDF p. 95 |
| InvestmentsSGD thousands (amount columns); % (share columns) | 1,571,814 | 7.0 | 1,647,431 | 7.2 | PDF p. 95 |
| Technology operationsSGD thousands (amount columns); % (share columns) | 132,705 | 0.6 | 117,364 | 0.6 | PDF p. 95 |
| Management servicesSGD thousands (amount columns); % (share columns) | 88,868 | 0.4 | 54,355 | 0.2 | PDF p. 95 |
| SubtotalSGD thousands (amount columns); % (share columns) | 22,273,540 | 99.1 | 22,695,764 | 99.4 | PDF p. 95 |
| Unallocated assetsSGD thousands (amount columns); % (share columns) | 206,215 | 0.9 | 140,427 | 0.6 | PDF p. 95 |
| SubtotalSGD thousands (amount columns); % (share columns) | 22,479,755 | 100.0 | 22,836,191 | 100.0 | PDF p. 95 |
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Definitions & sources
Original report: PDF p. 95 ↗
All segment rows with both years and printed percentage columns are retained.
Segmental Performance Analysis — page 96
30 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025amount ($’000) | 2025percent | 2024amount ($’000) | 2024percent | Source |
|---|---|---|---|---|---|
| Total revenue by geographical segments | |||||
| SingaporeSGD thousands (amount columns); % (share columns) | 2,788,118 | 86.2 | 2,369,148 | 84.8 | PDF p. 96 |
| AustraliaSGD thousands (amount columns); % (share columns) | 179,233 | 5.5 | 138,669 | 5.0 | PDF p. 96 |
| United KingdomSGD thousands (amount columns); % (share columns) | 115,123 | 3.6 | 135,406 | 4.8 | PDF p. 96 |
| MalaysiaSGD thousands (amount columns); % (share columns) | 71,553 | 2.2 | 64,774 | 2.3 | PDF p. 96 |
| The People's Republic of ChinaSGD thousands (amount columns); % (share columns) | 36,620 | 1.1 | 41,265 | 1.5 | PDF p. 96 |
| VietnamSGD thousands (amount columns); % (share columns) | 26,100 | 0.8 | 28,138 | 1.0 | PDF p. 96 |
| IndonesiaSGD thousands (amount columns); % (share columns) | 11,736 | 0.4 | 7,178 | 0.3 | PDF p. 96 |
| MyanmarSGD thousands (amount columns); % (share columns) | 2,653 | 0.1 | 6,708 | 0.2 | PDF p. 96 |
| OthersSGD thousands (amount columns); % (share columns) | 2,949 | 0.1 | 3,478 | 0.1 | PDF p. 96 |
| SubtotalSGD thousands (amount columns); % (share columns) | 3,234,085 | 100.0 | 2,794,764 | 100.0 | PDF p. 96 |
| Adjusted EBITDA by geographical segments | |||||
| SingaporeSGD thousands (amount columns); % (share columns) | 917,678 | 89.6 | 769,279 | 91.4 | PDF p. 96 |
| AustraliaSGD thousands (amount columns); % (share columns) | 52,163 | 5.1 | 22,005 | 2.6 | PDF p. 96 |
| United KingdomSGD thousands (amount columns); % (share columns) | 23,251 | 2.2 | 29,456 | 3.5 | PDF p. 96 |
| MalaysiaSGD thousands (amount columns); % (share columns) | 22,963 | 2.2 | 17,862 | 2.1 | PDF p. 96 |
| VietnamSGD thousands (amount columns); % (share columns) | 9,913 | 1.0 | 9,059 | 1.1 | PDF p. 96 |
| IndonesiaSGD thousands (amount columns); % (share columns) | (349) | (0.0) | (5,162) | (0.6) | PDF p. 96 |
| MyanmarSGD thousands (amount columns); % (share columns) | (360) | (0.0) | (1,266) | (0.1) | PDF p. 96 |
| The People's Republic of ChinaSGD thousands (amount columns); % (share columns) | (1,443) | (0.1) | 190 | 0.0 | PDF p. 96 |
| OthersSGD thousands (amount columns); % (share columns) | 153 | 0.0 | (36) | (0.0) | PDF p. 96 |
| SubtotalSGD thousands (amount columns); % (share columns) | 1,023,969 | 100.0 | 841,387 | 100.0 | PDF p. 96 |
| Total assets by geographical segments | |||||
| SingaporeSGD thousands (amount columns); % (share columns) | 19,160,255 | 85.2 | 19,704,523 | 86.3 | PDF p. 96 |
| United KingdomSGD thousands (amount columns); % (share columns) | 1,086,224 | 4.8 | 1,067,633 | 4.7 | PDF p. 96 |
| AustraliaSGD thousands (amount columns); % (share columns) | 936,158 | 4.2 | 521,648 | 2.3 | PDF p. 96 |
| The People's Republic of ChinaSGD thousands (amount columns); % (share columns) | 847,385 | 3.8 | 1,063,002 | 4.6 | PDF p. 96 |
| MalaysiaSGD thousands (amount columns); % (share columns) | 234,629 | 1.0 | 229,024 | 1.0 | PDF p. 96 |
| IndonesiaSGD thousands (amount columns); % (share columns) | 143,509 | 0.7 | 159,439 | 0.7 | PDF p. 96 |
| MyanmarSGD thousands (amount columns); % (share columns) | 35,657 | 0.2 | 53,309 | 0.2 | PDF p. 96 |
| VietnamSGD thousands (amount columns); % (share columns) | 31,888 | 0.1 | 34,466 | 0.2 | PDF p. 96 |
| OthersSGD thousands (amount columns); % (share columns) | 4,050 | 0.0 | 3,147 | 0.0 | PDF p. 96 |
| SubtotalSGD thousands (amount columns); % (share columns) | 22,479,755 | 100.0 | 22,836,191 | 100.0 | PDF p. 96 |
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Definitions & sources
Original report: PDF p. 96 ↗
All segment rows with both years and printed percentage columns are retained.
Consolidated Statement of Changes in Equity — Group, 2025
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupShare capital | 2025GroupReserves | 2025GroupRetained earnings | 2025GroupTotal attributable to equity holders | 2025GroupNon-controlling interests | 2025GroupTotal equity | Source |
|---|---|---|---|---|---|---|---|
| 2025 statement block | |||||||
| Beginning of financial year$’000 | 1,570,595 | 1,212,747 | 8,751,501 | 11,534,843 | 4,864,939 | 16,399,782 | PDF p. 112 |
| Profit for the year$’000 | – | – | 481,729 | 481,729 | 132,241 | 613,970 | PDF p. 112 |
| Other comprehensive loss for the year$’000 | – | (95,793) | – | (95,793) | (9,170) | (104,963) | PDF p. 112 |
| Total comprehensive (loss)/income for the year$’000 | – | (95,793) | 481,729 | 385,936 | 123,071 | 509,007 | PDF p. 112 |
| – Value of employee services$’000 | – | (4) | – | (4) | (4) | (8) | PDF p. 112 |
| – Proceeds from shares issued$’000 | 6,816 | – | – | 6,816 | – | 6,816 | PDF p. 112 |
| Dividends$’000 | – | – | (152,088) | (152,088) | (44,322) | (196,410) | PDF p. 112 |
| Issue of shares to non-controlling shareholders$’000 | – | – | – | – | 876 | 876 | PDF p. 112 |
| Capital reduction of a subsidiary$’000 | – | – | – | – | (51,707) | (51,707) | PDF p. 112 |
| Liquidation of a subsidiary$’000 | – | – | – | – | (809) | (809) | PDF p. 112 |
| Total transactions with owners, recognised directly in equity$’000 | 6,816 | (4) | (152,088) | (145,276) | (95,966) | (241,242) | PDF p. 112 |
| End of financial year$’000 | 1,577,411 | 1,116,950 | 9,081,142 | 11,775,503 | 4,892,044 | 16,667,547 | PDF p. 112 |
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Definitions & sources
Original report: PDF p. 112 ↗
The source prints separate 2025 and 2024 blocks on physical page 112. The two year blocks are separately represented; column order is Share capital, Reserves, Retained earnings, Total attributable to equity holders, Non-controlling interests, Total equity.
Consolidated Statement of Changes in Equity — Group, 2024
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024GroupShare capital | 2024GroupReserves | 2024GroupRetained earnings | 2024GroupTotal attributable to equity holders | 2024GroupNon-controlling interests | 2024GroupTotal equity | Source |
|---|---|---|---|---|---|---|---|
| 2024 statement block | |||||||
| Beginning of financial year$’000 | 1,570,595 | 908,922 | 8,562,303 | 11,041,820 | 4,757,904 | 15,799,724 | PDF p. 112 |
| Profit for the year$’000 | – | – | 358,185 | 358,185 | 164,931 | 523,116 | PDF p. 112 |
| Other comprehensive income/(loss) for the year$’000 | – | 303,819 | – | 303,819 | (1,819) | 302,000 | PDF p. 112 |
| Total comprehensive income for the year$’000 | – | 303,819 | 358,185 | 662,004 | 163,112 | 825,116 | PDF p. 112 |
| – Value of employee services$’000 | – | 6 | – | 6 | 6 | 12 | PDF p. 112 |
| Dividends$’000 | – | – | (168,987) | (168,987) | (56,085) | (225,072) | PDF p. 112 |
| Issue of shares to non-controlling shareholders$’000 | – | – | – | – | 2 | 2 | PDF p. 112 |
| Total transactions with owners, recognised directly in equity$’000 | – | 6 | (168,987) | (168,981) | (56,077) | (225,058) | PDF p. 112 |
| End of financial year$’000 | 1,570,595 | 1,212,747 | 8,751,501 | 11,534,843 | 4,864,939 | 16,399,782 | PDF p. 112 |
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Definitions & sources
Original report: PDF p. 112 ↗
The source prints separate 2025 and 2024 blocks on physical page 112. The two year blocks are separately represented; column order is Share capital, Reserves, Retained earnings, Total attributable to equity holders, Non-controlling interests, Total equity.
Consolidated Statement of Cash Flows
67 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net profit$’000 | 613,970 | 523,116 | PDF p. 113 |
| Adjustments for | |||
| – Income tax expense$’000 | 121,617 | 94,969 | PDF p. 113 |
| – Depreciation and amortisation$’000 | 134,474 | 131,908 | PDF p. 113 |
| – Allowance for foreseeable losses on development properties$’000 | 17,318 | 188 | PDF p. 113 |
| – Impairment loss on financial assets – net$’000 | 1,813 | 2,171 | PDF p. 113 |
| – Share of profit of associated companies$’000 | (5,941) | (1,614) | PDF p. 113 |
| – Share of (profit)/loss of joint venture companies$’000 | (27,305) | 6,059 | PDF p. 113 |
| – Unrealised translation losses/(gains)$’000 | 25,467 | (6,857) | PDF p. 113 |
| – Net (write-back)/provision for retirement benefits$’000 | (71) | 356 | PDF p. 113 |
| – Liability for cash-settled share-based plan$’000 | 8,739 | 2,434 | PDF p. 113 |
| – Employee share option expense$’000 | (8) | 12 | PDF p. 113 |
| – Dividend income$’000 | (96,731) | (73,091) | PDF p. 113 |
| – Interest income$’000 | (40,477) | (53,815) | PDF p. 113 |
| – Interest expense$’000 | 174,688 | 204,069 | PDF p. 113 |
| – Fair value losses/(gains) on the Group’s investment properties$’000 | 4,455 | (45,396) | PDF p. 113 |
| – Gains on disposal of subsidiaries$’000 | (17,728) | (21,623) | PDF p. 113 |
| – Gain on liquidation of a subsidiary$’000 | (19) | – | PDF p. 113 |
| – Loss on capital reduction of a subsidiary$’000 | 8,772 | – | PDF p. 113 |
| – Property, plant and equipment written off and net loss on disposals$’000 | 1,721 | 2,613 | PDF p. 113 |
| – Write-back of impairment charge on property, plant and equipment – net$’000 | (20,765) | (17,289) | PDF p. 113 |
| – Gain on disposal of an investment property$’000 | (2,332) | – | PDF p. 113 |
| Cash flows from operating activities | |||
| Subtotal$’000 | 901,657 | 748,210 | PDF p. 113 |
| Change in working capital | |||
| – Receivables$’000 | 140,388 | (129,267) | PDF p. 113 |
| – Development properties$’000 | 432,730 | 215,480 | PDF p. 113 |
| – Inventories$’000 | 152 | 41 | PDF p. 113 |
| – Payables$’000 | (67,217) | 61,236 | PDF p. 113 |
| Cash flows from operating activities | |||
| Subtotal$’000 | 506,053 | 147,490 | PDF p. 113 |
| Cash generated from operations$’000 | 1,407,710 | 895,700 | PDF p. 113 |
| Income tax paid$’000 | (115,666) | (84,259) | PDF p. 113 |
| Retirement benefits paid$’000 | (70) | (179) | PDF p. 113 |
| Net cash provided by operating activities$’000 | 1,291,974 | 811,262 | PDF p. 113 |
| Cash flows from investing activities | |||
| Disposal of subsidiaries, net of cash disposed of$’000 | 32,932 | 123,103 | PDF p. 113 |
| Payments to non-controlling shareholders on liquidation of a subsidiary$’000 | (809) | – | PDF p. 113 |
| Payments for intangibles$’000 | (135) | (264) | PDF p. 113 |
| Payments for interests in joint venture and associated companies$’000 | (172,059) | (2,600) | PDF p. 113 |
| Loans to joint venture companies$’000 | (200,275) | (247,674) | PDF p. 113 |
| Repayment of loans by a joint venture company$’000 | 616 | – | PDF p. 113 |
| Net proceeds from disposal of property, plant and equipment$’000 | 3,368 | 484 | PDF p. 113 |
| Net proceeds from disposal of investment property$’000 | 372,358 | – | PDF p. 113 |
| Proceeds from liquidation of an associated company$’000 | 2,648 | – | PDF p. 113 |
| Payments for investment properties$’000 | (604,219) | (204,153) | PDF p. 113 |
| Payments for property, plant and equipment$’000 | (107,118) | (147,728) | PDF p. 113 |
| Interest received$’000 | 40,477 | 53,815 | PDF p. 113 |
| Dividends received$’000 | 97,956 | 73,724 | PDF p. 113 |
| Net cash used in investing activities$’000 | (534,260) | (351,293) | PDF p. 113 |
| Cash flows from financing activities | |||
| Proceeds from shares issued$’000 | 6,816 | – | PDF p. 114 |
| Net proceeds from issue of shares to non-controlling shareholders of subsidiaries$’000 | 876 | 2 | PDF p. 114 |
| Loans from non-controlling shareholders of subsidiaries$’000 | 42,230 | 44,258 | PDF p. 114 |
| Repayment of loans from non-controlling shareholders of subsidiaries$’000 | (59,823) | (21,481) | PDF p. 114 |
| Proceeds from 2.78% unsecured fixed rate notes due 2032$’000 | 300,000 | – | PDF p. 114 |
| Repayment of 3.00% unsecured fixed rate notes due 2024$’000 | – | (200,000) | PDF p. 114 |
| Proceeds from borrowings$’000 | 795,705 | 986,911 | PDF p. 114 |
| Repayment of borrowings$’000 | (1,665,469) | (736,533) | PDF p. 114 |
| Expenditure relating to bank borrowings$’000 | (5,457) | (3,305) | PDF p. 114 |
| Interest paid$’000 | (165,620) | (197,218) | PDF p. 114 |
| Proceeds from trade financing$’000 | 29,948 | 21,871 | PDF p. 114 |
| Repayment of trade financing$’000 | (15,819) | (13,918) | PDF p. 114 |
| Repayment of lease liabilities$’000 | (2,425) | (2,873) | PDF p. 114 |
| Bank deposits pledged as security$’000 | (1,000) | – | PDF p. 114 |
| Dividends paid to equity holders of the Company$’000 | (152,088) | (168,987) | PDF p. 114 |
| Dividends paid to non-controlling interests$’000 | (44,322) | (56,085) | PDF p. 114 |
| Repayment of capital to non-controlling interests$’000 | (65,699) | – | PDF p. 114 |
| Net cash used in financing activities$’000 | (1,002,147) | (347,358) | PDF p. 114 |
| Cash and cash equivalents | |||
| Net (decrease)/increase in cash and cash equivalents$’000 | (244,433) | 112,611 | PDF p. 114 |
| Cash and cash equivalents at the beginning of the financial year$’000 | 1,502,897 | 1,383,146 | PDF p. 114 |
| Effects of currency translation on cash and cash equivalents$’000 | (19,528) | 7,140 | PDF p. 114 |
| Cash and cash equivalents at the end of the financial year$’000 | 1,238,936 | 1,502,897 | PDF p. 114 |
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Definitions & sources
Original report: PDF p. 113 ↗ PDF p. 114 ↗
The accompanying notes form an integral part of these financial statements.
The cash flow statement continues on physical page 114.
Where the money comes from
Segment information
By business
Group segment information 2025 – Property development and Property investments 23 lines
| Item / unit | 2025Property development (incl. PRC and UK), Group, $'000 | 2025Property investments (incl. Malaysia, PRC, UK, Australia, Indonesia), Group, $'000 | Source |
|---|---|---|---|
| Revenue – Total segment sales | |||
| – recognised at a point in time$'000 | 18,845 | – | PDF p. 204 |
| – recognised over time$'000 | 1,492,320 | – | PDF p. 204 |
| – others$'000 | – | 635,899 | PDF p. 204 |
| Revenue | |||
| Inter-segment sales$'000 | – | (6,627) | PDF p. 204 |
| Sales to external parties$'000 | 1,511,165 | 629,272 | PDF p. 204 |
| Results | |||
| Adjusted EBITDA$'000 | 247,227 | 408,438 | PDF p. 204 |
| Depreciation and amortisation$'000 | (418) | (2,653) | PDF p. 204 |
| Gain on disposals of subsidiaries$'000 | – | – | PDF p. 204 |
| Gain on disposal of an investment property$'000 | – | 2,332 | PDF p. 204 |
| Write-back of impairment charge on property, plant and equipment$'000 | – | – | PDF p. 204 |
| Impairment charge on property, plant and equipment$'000 | – | – | PDF p. 204 |
| Loss on capital reduction of a subsidiary$'000 | (8,772) | – | PDF p. 204 |
| Gain on liquidation of a subsidiary$'000 | 19 | – | PDF p. 204 |
| Fair value losses on investment properties$'000 | – | (4,455) | PDF p. 204 |
| Share of (loss)/profit of associated companies$'000 | (1,031) | – | PDF p. 204 |
| Share of profit/(loss) of joint venture companies$'000 | 35,647 | (8,342) | PDF p. 204 |
| Assets | |||
| Segment assets$'000 | 3,962,495 | 13,070,207 | PDF p. 204 |
| Total assets include | |||
| Investments in associated companies$'000 | 169,024 | – | PDF p. 204 |
| Investments in joint venture companies$'000 | 27,954 | 18,862 | PDF p. 204 |
| Additions during the financial year to | |||
| – property, plant and equipment$'000 | – | 3,058 | PDF p. 204 |
| – investment properties$'000 | – | 602,823 | PDF p. 204 |
| – intangibles$'000 | – | 135 | PDF p. 204 |
| Liabilities | |||
| Segment liabilities$'000 | 953,457 | 736,745 | PDF p. 204 |
Notes
Continued on page 205 (Hotel operations, Investments, Technology operations, Others, Total).
* Included within are PRC and UK operating segments which are not reportable segments individually.
** Included within are Malaysia, PRC, UK, Australia and Indonesia operating segments which are not reportable segments individually.
Group segment information 2025 – Hotel operations, Investments, Technology operations, Others and Total 23 lines
| Item / unit | 2025Hotel operations – Singapore, $'000 | 2025Hotel operations – Australia, $'000 | 2025Hotel operations – Others, $'000 | 2025Investments, $'000 | 2025Technology operations, $'000 | 2025Others, $'000 | 2025Total Group, $'000 | Source |
|---|---|---|---|---|---|---|---|---|
| Revenue – Total segment sales | ||||||||
| – recognised at a point in time$'000 | 175,161 | 36,657 | 67,707 | – | 121,805 | – | 420,175 | PDF p. 205 |
| – recognised over time$'000 | 312,665 | 105,989 | 118,065 | – | 19,765 | 102,278 | 2,151,082 | PDF p. 205 |
| – others$'000 | – | – | – | 96,731 | – | – | 732,630 | PDF p. 205 |
| Revenue | ||||||||
| Inter-segment sales$'000 | (109) | – | – | – | – | (63,066) | (69,802) | PDF p. 205 |
| Sales to external parties$'000 | 487,717 | 142,646 | 185,772 | 96,731 | 141,570 | 39,212 | 3,234,085 | PDF p. 205 |
| Results | ||||||||
| Adjusted EBITDA$'000 | 152,533 | 21,817 | 41,138 | 96,325 | 14,147 | 42,344 | 1,023,969 | PDF p. 205 |
| Depreciation and amortisation$'000 | (64,646) | (22,531) | (41,497) | – | (795) | (1,934) | (134,474) | PDF p. 205 |
| Gain on disposals of subsidiaries$'000 | – | – | 17,728 | – | – | – | 17,728 | PDF p. 205 |
| Gain on disposal of an investment property$'000 | – | – | – | – | – | – | 2,332 | PDF p. 205 |
| Write-back of impairment charge on property, plant and equipment$'000 | – | – | 26,042 | – | – | – | 26,042 | PDF p. 205 |
| Impairment charge on property, plant and equipment$'000 | – | – | (5,277) | – | – | – | (5,277) | PDF p. 205 |
| Loss on capital reduction of a subsidiary$'000 | – | – | – | – | – | – | (8,772) | PDF p. 205 |
| Gain on liquidation of a subsidiary$'000 | – | – | – | – | – | – | 19 | PDF p. 205 |
| Fair value losses on investment properties$'000 | – | – | – | – | – | – | (4,455) | PDF p. 205 |
| Share of (loss)/profit of associated companies$'000 | 5,758 | – | 1,214 | – | – | – | 5,941 | PDF p. 205 |
| Share of profit/(loss) of joint venture companies$'000 | – | – | – | – | – | – | 27,305 | PDF p. 205 |
| Assets | ||||||||
| Segment assets$'000 | 2,295,502 | 442,407 | 709,542 | 1,571,814 | 132,705 | 88,868 | 22,273,540 | PDF p. 205 |
| Total assets include | ||||||||
| Investments in associated companies$'000 | 231,850 | – | 7,594 | – | – | – | 408,468 | PDF p. 205 |
| Investments in joint venture companies$'000 | – | – | – | – | – | – | 46,816 | PDF p. 205 |
| Additions during the financial year to | ||||||||
| – property, plant and equipment$'000 | 74,142 | 18,677 | 6,411 | – | 380 | 3,543 | 106,211 | PDF p. 205 |
| – investment properties$'000 | – | – | – | – | – | – | 602,823 | PDF p. 205 |
| – intangibles$'000 | – | – | – | – | – | 54 | 189 | PDF p. 205 |
| Liabilities | ||||||||
| Segment liabilities$'000 | 105,001 | 176,933 | 173,962 | 37,765 | 71,434 | 16,415 | 2,271,712 | PDF p. 205 |
Notes
Row labels are printed on page 204 (same row order); page 205 prints values only, so each quote is the numeric line. Order of lines follows the 2025 table on page 204.
^ Included within are Vietnam, Malaysia, PRC, Myanmar, UK and Indonesia operating segments which are not reportable segments individually.
Unallocated assets/liabilities and totals are printed only in the Total column; other cells are left empty strings.
Group segment information 2024 – Property development and Property investments 20 lines
| Item / unit | 2024Property development (incl. PRC and UK), Group, $'000 | 2024Property investments (incl. Malaysia, PRC, UK, Australia, Indonesia), Group, $'000 | Source |
|---|---|---|---|
| Revenue – Total segment sales | |||
| – recognised at a point in time$'000 | 55,826 | – | PDF p. 206 |
| – recognised over time$'000 | 1,139,966 | – | PDF p. 206 |
| – others$'000 | – | 562,252 | PDF p. 206 |
| Revenue | |||
| Inter-segment sales$'000 | – | (6,741) | PDF p. 206 |
| Sales to external parties$'000 | 1,195,792 | 555,511 | PDF p. 206 |
| Results | |||
| Adjusted EBITDA$'000 | 168,274 | 357,649 | PDF p. 206 |
| Depreciation and amortisation$'000 | (438) | (2,117) | PDF p. 206 |
| Gain on disposal of a subsidiary$'000 | – | 21,623 | PDF p. 206 |
| Write-back of impairment charge on property, plant and equipment$'000 | – | – | PDF p. 206 |
| Impairment charge on property, plant and equipment$'000 | – | – | PDF p. 206 |
| Fair value gains on investment properties$'000 | – | 45,396 | PDF p. 206 |
| Share of profit/(loss) of associated companies$'000 | 2,260 | – | PDF p. 206 |
| Share of loss of joint venture companies$'000 | (4,933) | (1,126) | PDF p. 206 |
| Assets | |||
| Segment assets$'000 | 4,995,414 | 12,425,166 | PDF p. 206 |
| Total assets include | |||
| Investments in associated companies$'000 | 2,648 | – | PDF p. 206 |
| Investments in joint venture companies$'000 | 1,227 | 28,348 | PDF p. 206 |
| Additions during the financial year to | |||
| – property, plant and equipment$'000 | – | 6,669 | PDF p. 206 |
| – investment properties$'000 | – | 248,895 | PDF p. 206 |
| – intangibles$'000 | – | 229 | PDF p. 206 |
| Liabilities | |||
| Segment liabilities$'000 | 1,639,382 | 663,190 | PDF p. 206 |
Notes
Continued on page 207.
* Included within are PRC and UK operating segments which are not reportable segments individually.
** Included within are Malaysia, PRC, UK, Australia and Indonesia operating segments which are not reportable segments individually.
Group segment information 2024 – Hotel operations, Investments, Technology operations, Others and Total 20 lines
| Item / unit | 2024Hotel operations – Singapore, $'000 | 2024Hotel operations – Australia, $'000 | 2024Hotel operations – Others, $'000 | 2024Investments, $'000 | 2024Technology operations, $'000 | 2024Others, $'000 | 2024Total Group, $'000 | Source |
|---|---|---|---|---|---|---|---|---|
| Revenue – Total segment sales | ||||||||
| – recognised at a point in time$'000 | 191,451 | 32,259 | 66,938 | – | 111,271 | – | 457,745 | PDF p. 207 |
| – recognised over time$'000 | 310,255 | 98,309 | 119,355 | – | 19,582 | 83,962 | 1,771,429 | PDF p. 207 |
| – others$'000 | – | – | – | 73,091 | – | – | 635,343 | PDF p. 207 |
| Revenue | ||||||||
| Inter-segment sales$'000 | (127) | – | – | – | – | (62,885) | (69,753) | PDF p. 207 |
| Sales to external parties$'000 | 501,579 | 130,568 | 186,293 | 73,091 | 130,853 | 21,077 | 2,794,764 | PDF p. 207 |
| Results | ||||||||
| Adjusted EBITDA$'000 | 163,987 | 14,399 | 21,783 | 72,735 | 12,618 | 29,942 | 841,387 | PDF p. 207 |
| Depreciation and amortisation$'000 | (66,251) | (17,478) | (42,978) | – | (787) | (1,859) | (131,908) | PDF p. 207 |
| Gain on disposal of a subsidiary$'000 | – | – | – | – | – | – | 21,623 | PDF p. 207 |
| Write-back of impairment charge on property, plant and equipment$'000 | – | – | 22,021 | – | – | – | 22,021 | PDF p. 207 |
| Impairment charge on property, plant and equipment$'000 | – | – | (4,732) | – | – | – | (4,732) | PDF p. 207 |
| Fair value gains on investment properties$'000 | – | – | – | – | – | – | 45,396 | PDF p. 207 |
| Share of profit/(loss) of associated companies$'000 | (583) | – | (63) | – | – | – | 1,614 | PDF p. 207 |
| Share of loss of joint venture companies$'000 | – | – | – | – | – | – | (6,059) | PDF p. 207 |
| Assets | ||||||||
| Segment assets$'000 | 2,220,783 | 429,964 | 805,287 | 1,647,431 | 117,364 | 54,355 | 22,695,764 | PDF p. 207 |
| Total assets include | ||||||||
| Investments in associated companies$'000 | 226,093 | – | 8,287 | – | – | – | 237,028 | PDF p. 207 |
| Investments in joint venture companies$'000 | – | – | – | – | – | – | 29,575 | PDF p. 207 |
| Additions during the financial year to | ||||||||
| – property, plant and equipment$'000 | 42,102 | 41,401 | 98,496 | – | 108 | 1,667 | 190,443 | PDF p. 207 |
| – investment properties$'000 | – | – | – | – | – | – | 248,895 | PDF p. 207 |
| – intangibles$'000 | 35 | – | – | – | – | – | 264 | PDF p. 207 |
| Liabilities | ||||||||
| Segment liabilities$'000 | 219,513 | 180,798 | 392,336 | 5,227 | 63,762 | 24,190 | 3,188,398 | PDF p. 207 |
Notes
Row labels are printed on page 206 (same row order); page 207 prints values only, so each quote is the numeric line.
^ Included within are Vietnam, Malaysia, PRC, Myanmar, UK and Indonesia operating segments which are not reportable segments individually.
Unallocated assets/liabilities and totals are printed only in the Total column; other cells are left empty strings.
Reconciliation of adjusted EBITDA to profit before income tax 8 lines
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Reconciliation | |||
| Adjusted EBITDA for reportable segments$'000 | 1,023,969 | 841,387 | PDF p. 208 |
| Depreciation and amortisation$'000 | (134,474) | (131,908) | PDF p. 208 |
| Other gains$'000 | 32,072 | 38,912 | PDF p. 208 |
| Fair value (losses)/gains on investment properties$'000 | (4,455) | 45,396 | PDF p. 208 |
| Unallocated costs$'000 | (46,122) | (25,566) | PDF p. 208 |
| Finance income$'000 | 40,477 | 53,933 | PDF p. 208 |
| Finance expense$'000 | (175,880) | (204,069) | PDF p. 208 |
| Profit before income tax$'000 | 735,587 | 618,085 | PDF p. 208 |
Notes
Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation excluding the effects of fair value and other gains and losses which are not operational in nature.
Reconciliation of segment assets to total assets 8 lines
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Assets reconciliation | |||
| Segment assets for reportable segments$'000 | 22,273,540 | 22,695,764 | PDF p. 208 |
| Unallocated | |||
| Cash and bank balances$'000 | 130,731 | 34,630 | PDF p. 208 |
| Derivative financial instruments$'000 | 10,450 | 43,851 | PDF p. 208 |
| Receivables and other assets$'000 | 406 | 1,645 | PDF p. 208 |
| Current income tax assets$'000 | 458 | 969 | PDF p. 208 |
| Property, plant and equipment$'000 | 6,088 | 6,976 | PDF p. 208 |
| Intangibles$'000 | 161 | 160 | PDF p. 208 |
| Deferred income tax assets$'000 | 57,921 | 52,196 | PDF p. 208 |
Notes
Final total row (22,479,755 / 22,836,191) is printed without a label.
Reconciliation of segment liabilities to total liabilities 6 lines
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Liabilities reconciliation | |||
| Segment liabilities for reportable segments$'000 | 2,271,712 | 3,188,398 | PDF p. 209 |
| Unallocated | |||
| Other payables$'000 | 77,305 | 82,985 | PDF p. 209 |
| Current income tax liabilities$'000 | 149,726 | 131,281 | PDF p. 209 |
| Borrowings$'000 | 3,032,889 | 2,758,387 | PDF p. 209 |
| Derivative financial instruments$'000 | 40,731 | 16,921 | PDF p. 209 |
| Deferred income tax liabilities$'000 | 239,845 | 258,437 | PDF p. 209 |
Notes
Final total row (5,812,208 / 6,436,409) is printed without a label.
By geography
Geographical information – Revenue 9 lines
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Revenue | |||
| Singapore$'000 | 2,788,118 | 2,369,148 | PDF p. 209 |
| Australia$'000 | 179,233 | 138,669 | PDF p. 209 |
| UK$'000 | 115,123 | 135,406 | PDF p. 209 |
| Malaysia$'000 | 71,553 | 64,774 | PDF p. 209 |
| PRC$'000 | 36,620 | 41,265 | PDF p. 209 |
| Vietnam$'000 | 26,100 | 28,138 | PDF p. 209 |
| Indonesia$'000 | 11,736 | 7,178 | PDF p. 209 |
| Myanmar$'000 | 2,653 | 6,708 | PDF p. 209 |
| Others$'000 | 2,949 | 3,478 | PDF p. 209 |
Notes
Revenue and non-current assets (excluding financial instruments and deferred income tax assets) are shown by the geographical areas where the assets are located.
Total row printed without a label.
Geographical information – Non-current assets 8 lines
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Non-current assets | |||
| Singapore$'000 | 13,478,462 | 13,593,199 | PDF p. 210 |
| UK$'000 | 932,528 | 893,161 | PDF p. 210 |
| Australia$'000 | 900,217 | 498,152 | PDF p. 210 |
| PRC$'000 | 375,928 | 271,547 | PDF p. 210 |
| Indonesia$'000 | 130,222 | 212,833 | PDF p. 210 |
| Malaysia$'000 | 216,622 | 148,885 | PDF p. 210 |
| Vietnam$'000 | 24,870 | 27,548 | PDF p. 210 |
| Myanmar$'000 | 459 | 14,303 | PDF p. 210 |
Notes
Non-current assets exclude financial instruments and deferred income tax assets. Total row (16,059,308 / 15,659,628) printed without a label.
There is no single external customer who contributes 10 per cent or more of the Group’s revenue.
Debt
Borrowings
Note 36(c) Maturity profile (contractual undiscounted cash flows) – Group, 31 December
| Item / unit | 2025Group Less than 1 year | 2025Group Between 1 and 2 years | 2025Group Between 2 and 5 years | 2025Group Over 5 years | 2024Group Less than 1 year | 2024Group Between 1 and 2 years | 2024Group Between 2 and 5 years | 2024Group Over 5 years | Source |
|---|---|---|---|---|---|---|---|---|---|
| The Group 31 December | |||||||||
| Borrowings (excluding lease liabilities)$'000 | 1,142,326 | 1,467,980 | 1,994,518 | 311,865 | 456,106 | 1,474,215 | 3,346,442 | – | PDF p. 199 |
| Lease liabilities$'000 | 1,553 | 12 | 6 | 4,178 | 1,850 | 954 | 560 | 11,491 | PDF p. 199 |
Notes
Revolving credit facilities classified as current for liquidity risk disclosure based on actual contractual drawdowns to be repaid within a year (Note 26(d)).
Note 36(c) Maturity profile – Company, borrowings
| Item / unit | 2025Company Less than 1 year | 2025Company Between 1 and 2 years | 2025Company Between 2 and 5 years | 2025Company Over 5 years | Source |
|---|---|---|---|---|---|
| The Company 31 December 2025 | |||||
| Borrowings$'000 | 4,951 | 60,590 | 49,281 | – | PDF p. 199 |
Notes
Company 31 December 2024 borrowings row (3,160; 3,160; 57,483; –) not separately tabulated because its quote duplicates no unique text in the extraction.
Borrowing notes 3 tables
Borrowings (current and non-current)
| Item / unit | 2025The Group | 2024The Group | 2025The Company | 2024The Company | Source |
|---|---|---|---|---|---|
| Current | |||||
| Bank loans (secured)$'000 | 141,677 | 99,889 | – | – | PDF p. 179 |
| Bank loans (unsecured)$'000 | 836,214 | 281,930 | – | – | PDF p. 179 |
| Trade financing [Note (b) below]$'000 | 19,664 | 12,657 | – | – | PDF p. 179 |
| Lease liabilities$'000 | 1,553 | 1,850 | – | – | PDF p. 179 |
| Total current borrowings$'000 | 999,108 | 396,326 | – | – | PDF p. 179 |
| Non-current | |||||
| Bank loans (secured)$'000 | 804,080 | 1,402,476 | – | – | PDF p. 179 |
| Bank loans (unsecured)$'000 | 2,035,772 | 2,880,573 | 102,368 | 56,609 | PDF p. 179 |
| 2.33% unsecured fixed rate notes due 2028$'000 | 399,328 | 399,068 | – | – | PDF p. 179 |
| 2.78% unsecured fixed rate notes due 2032$'000 | 298,393 | – | – | – | PDF p. 179 |
| Trade financing [Note (b) below]$'000 | 22,281 | 15,159 | – | – | PDF p. 179 |
| Lease liabilities$'000 | 4,196 | 13,005 | – | – | PDF p. 179 |
| Total non-current borrowings$'000 | 3,564,050 | 4,710,281 | 102,368 | 56,609 | PDF p. 179 |
| Total | |||||
| Total borrowings$'000 | 4,563,158 | 5,106,607 | 102,368 | 56,609 | PDF p. 179 |
Notes
Trade financing relates to financing arrangements for purchase of computer hardware or equipment; repayable over two or three years.
Revolving credit facilities within unsecured bank loans are classified non-current as the Group has discretion to roll over for at least 12 months; for liquidity risk disclosure they are classified as current.
2018 Programme (S$2 billion Multicurrency MTN) is guaranteed by the Company.
Note 26(f) Weighted average effective interest rates of floating rate borrowings – Group, 31 December
| Item / unit | 2025Group SGD % | 2025Group RMB % | 2025Group GBP % | 2025Group AUD % | 2025Group MYR % | 2024Group SGD % | 2024Group RMB % | 2024Group GBP % | 2024Group AUD % | 2024Group MYR % | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 December | |||||||||||
| Bank loans (secured)% | 2.5 | – | – | 5.1 | – | 3.6 | – | – | 5.9 | – | PDF p. 181 |
| Bank loans (unsecured)% | 2.2 | 3.6 | 3.8 | 4.8 | 3.4 | 3.8 | 3.8 | 5.5 | 5.5 | 3.8 | PDF p. 181 |
Notes
Weighted average effective interest rates of floating rate borrowings at the end of the reporting period.
Note 26(g) Fair value of unsecured fixed rate notes – Group
| Item / unit | 2025Group fair value $'000 | 2024Group fair value $'000 | 2025Group market borrowing rate % | 2024Group market borrowing rate % | Source |
|---|---|---|---|---|---|
| Fair value / market borrowing rate | |||||
| 2.33% unsecured fixed rate notes due 2028$'000 and % | 401,305 | 383,514 | 2.2 | 3.5 | PDF p. 181 |
| 2.78% unsecured fixed rate notes due 2032$'000 and % | 303,216 | – | 2.6 | – | PDF p. 181 |
Notes
Fair values within Level 2 of the fair value hierarchy; computed from cash flows discounted at market borrowing rates.
Payout
Dividends & distributions
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Gross dividend declared (cents) | 25.0 cents | 2025 (comparative 2024: 18.0) | PDF p. 15 |
| Gross dividend declared (cents) | 18.0 cents | 2024 comparative; first and final dividend only | PDF p. 15 |
| total of | $211,486,000 | FY2025 proposed final $0.18 and special $0.07 per share | PDF p. 190 |
| Final one-tier dividend paid in respect of the previous financial year of $0.18 (2024: $0.15) per share | 152,088 $'000 | The Group and the Company, paid in 2025 (2024 column: 126,740) | PDF p. 190 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend cover (times) | 2.3 times | 2025 (2024: 2.4) | PDF p. 15 |
Extracted from THE UOL DISTINCTION — 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 |
|---|---|---|---|
| Engagement partner | Choo Eng Beng | Group | PDF p. 108 |
| Our opinion | In our opinion, the accompanying consolidated financial statements of UOL Group Limited (“the Company”) and its subsidiaries (“the Group”) and the statement of financial position of the Company are properly drawn up | Group and Company | PDF p. 104 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Carrying value of development properties and revenue and | Significant estimates and assumptions are involved in estimating the stage of completion and development costs of each project. | Group | PDF p. 106 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern | If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements | Group | PDF p. 108 |
Extracted from THE UOL DISTINCTION — ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow THE UOL DISTINCTION — ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Amounts and units follow each original source table. Historical comparisons are those printed in the FY2025 annual report; original earlier reports have not yet been backfilled. Source discrepancy on PDF p.94: the FY2021 upper subtotal is printed as 9,894,754 (SGD thousands), whereas its components and the lower total sum to 19,894,754, a difference of SGD 10,000,000 thousand. Both original figures are retained. Highlight cards use the report’s rounded figures. Group and Company scopes and equity/financing components are shown separately. PATMI means profit after tax and minority interests; Operating PATMI excludes fair value and other gains/(losses). FY2025 dividend25.0cents includes18.0cents first/final plus7.0cents special; FY2024 comparison18.0cents is first/final only. The report presents Group income/OCI/equity/cash flow and Group/Company financial position; separate Company income, equity and cash flow statements are not presented.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.