VICOM Ltd WJP

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Financials

Annual Report 2025

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9 tables

Statements of financial position — Group and Company

34 metrics

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Statements of financial position — Group and Company from Annual Report 2025
Metric / unit 2025Group2024Group2025Company2024Company Source
Current assets
Cash and cash equivalents$’000 57,90260,70552,62157,068 PDF p. 75
Trade receivables$’000 22,55917,50310,8995,021 PDF p. 75
Other receivables and prepayments$’000 3,9602,1862,274855 PDF p. 75
Due from subsidiary$’000 ––250– PDF p. 75
Inventories$’000 2112–– PDF p. 75
Total current assets$’000 84,44280,40666,04462,944 PDF p. 75
Non-current assets
Subsidiaries$’000 ––61,39625,941 PDF p. 75
Associate$’000 2525–– PDF p. 75
Due from subsidiary$’000 –––6,181 PDF p. 75
Financial assets at fair value through other comprehensive income$’000 5,9576,4395,9576,439 PDF p. 75
Vehicles, premises and equipment$’000 148,997111,54630,77830,456 PDF p. 75
Goodwill$’000 9,53111,588–– PDF p. 75
Intangible assets$’000 88–– PDF p. 75
Deferred tax assets$’000 1,4461,1971,2211,048 PDF p. 75
Total non-current assets$’000 165,964130,80399,35270,065 PDF p. 75
Assets
Total assets$’000 250,406211,209165,396133,009 PDF p. 75
Current liabilities
Trade and other payables$’000 39,64526,87019,0508,849 PDF p. 75
Due to subsidiaries$’000 ––25,98926,560 PDF p. 75
Lease liabilities$’000 1,5141,147662617 PDF p. 75
Income tax payable$’000 10,2616,6027,1923,941 PDF p. 75
Total current liabilities$’000 51,42034,61952,89339,967 PDF p. 75
Non-current liabilities
Other payables$’000 –720–– PDF p. 75
Deferred tax liabilities$’000 2,6022,624–– PDF p. 75
Lease liabilities$’000 32,58630,73326,06024,341 PDF p. 75
Total non-current liabilities$’000 35,18834,07726,06024,341 PDF p. 75
Liabilities
Total liabilities$’000 86,60868,69678,95364,308 PDF p. 75
Equity
Share capital$’000 36,28436,28436,28436,284 PDF p. 75
Other reserves$’000 4,3934,8754,3934,875 PDF p. 75
Foreign currency translation reserve$’000 8(89)–– PDF p. 75
Accumulated profits$’000 120,55499,70045,76627,542 PDF p. 75
Equity attributable to shareholders of the Company$’000 161,239140,77086,44368,701 PDF p. 75
Non-controlling interests$’000 2,5591,743–– PDF p. 75
Total equity$’000 163,798142,51386,44368,701 PDF p. 75
Liabilities and equity
Total liabilities and equity$’000 250,406211,209165,396133,009 PDF p. 75
Definitions & sources

Group income statement

22 metrics

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Group income statement from Annual Report 2025
Metric / unit 2025Group2024Group Source
Income statement
Revenue$’000 167,407119,482 PDF p. 76
Staff costs$’000 (57,246)(53,040) PDF p. 76
Contract services$’000 (28,532)(5,971) PDF p. 76
Depreciation and amortisation$’000 (8,488)(8,547) PDF p. 76
Materials and consumables$’000 (4,013)(3,722) PDF p. 76
Utilities and communication costs$’000 (3,778)(3,708) PDF p. 76
Repairs and maintenance costs$’000 (2,543)(2,090) PDF p. 76
Premises costs$’000 (2,215)(2,270) PDF p. 76
Impairment of goodwill$’000 (2,057)– PDF p. 76
Other operating costs$’000 (6,718)(5,510) PDF p. 76
Total operating costs$’000 (115,590)(84,858) PDF p. 76
Operating profit$’000 51,81734,624 PDF p. 76
Interest expense$’000 (924)(866) PDF p. 76
Interest income$’000 1,1291,938 PDF p. 76
Profit before taxation$’000 52,02235,696 PDF p. 76
Taxation$’000 (9,266)(6,074) PDF p. 76
Profit after taxation$’000 42,75629,622 PDF p. 76
Earnings per share
Shareholders of the Company$’000 42,48329,284 PDF p. 76
Income statement
Non-controlling interests$’000 273338 PDF p. 76
Attributable total
Subtotal$’000 42,75629,622 PDF p. 76
Earnings per share (in cents)
Basiccents per share 11.988.26 PDF p. 76
Dilutedcents per share 11.988.26 PDF p. 76
Definitions & sources

Group comprehensive income statement

8 metrics

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Group comprehensive income statement from Annual Report 2025
Metric / unit 2025Group2024Group Source
Income
Profit after taxation$’000 42,75629,622 PDF p. 77
Other comprehensive income
Exchange differences arising on translation of foreign operations$’000 14291 PDF p. 77
Fair value adjustment on equity investments$’000 (482)177 PDF p. 77
Other comprehensive income for the year$’000 (340)268 PDF p. 77
Total comprehensive income
Total comprehensive income for the year$’000 42,41629,890 PDF p. 77
Attributable
Shareholders of the Company$’000 42,09829,552 PDF p. 77
Non-controlling interests$’000 318338 PDF p. 77
Attributable total
Subtotal$’000 42,41629,890 PDF p. 77
Definitions & sources

Group changes in equity — 2024

7 metrics

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Group changes in equity — 2024 from Annual Report 2025
Metric / unit 2024Group; Share capital2024Group; Other reserves2024Group; Foreign currency translation reserve2024Group; Accumulated profits2024Group; Equity attributable to shareholders2024Group; Non-controlling interests2024Group; Total equity Source
Equity movements
At 1 January 2024$’000 36,2844,698(180)90,095130,8971,405132,302 PDF p. 78
Profit for the year$’000 –––29,28429,28433829,622 PDF p. 78
Other comprehensive income$’000 –17791–268–268 PDF p. 78
Total comprehensive income for the year$’000 –1779129,28429,55233829,890 PDF p. 78
Payment of dividends (Note 30)$’000 –––(19,679)(19,679)–(19,679) PDF p. 78
Total contributions by shareholders$’000 –––(19,679)(19,679)–(19,679) PDF p. 78
At 31 December 2024$’000 36,2844,875(89)99,700140,7701,743142,513 PDF p. 78
Definitions & sources

Group changes in equity — 2025

8 metrics

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Group changes in equity — 2025 from Annual Report 2025
Metric / unit 2025Group; Share capital2025Group; Other reserves2025Group; Foreign currency translation reserve2025Group; Accumulated profits2025Group; Equity attributable to shareholders2025Group; Non-controlling interests2025Group; Total equity Source
Equity movements
At 1 January 2025$’000 36,2844,875(89)99,700140,7701,743142,513 PDF p. 78
Profit for the year$’000 –––42,48342,48327342,756 PDF p. 78
Other comprehensive income$’000 –(482)97–(385)45(340) PDF p. 78
Total comprehensive income for the year$’000 –(482)9742,48342,09831842,416 PDF p. 78
Payment of dividends (Note 30)$’000 –––(21,629)(21,629)(619)(22,248) PDF p. 78
Issuance of shares to non-controlling interests$’000 –––––1,1171,117 PDF p. 78
Total contribution by and distributions to shareholders$’000 –––(21,629)(21,629)498(21,131) PDF p. 78
At 31 December 2025$’000 36,2844,3938120,554161,2392,559163,798 PDF p. 78
Definitions & sources

Company changes in equity — 2024

7 metrics

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Company changes in equity — 2024 from Annual Report 2025
Metric / unit 2024Company; Share capital2024Company; Other reserves2024Company; Accumulated profits2024Company; Total equity Source
Equity movements
At 1 January 2024$’000 36,2844,69823,98064,962 PDF p. 79
Profit for the year$’000 ––23,24123,241 PDF p. 79
Other comprehensive income$’000 –177–177 PDF p. 79
Total comprehensive income for the year$’000 –17723,24123,418 PDF p. 79
Payment of dividends (Note 30)$’000 ––(19,679)(19,679) PDF p. 79
Total contributions by shareholders$’000 ––(19,679)(19,679) PDF p. 79
At 31 December 2024$’000 36,2844,87527,54268,701 PDF p. 79
Definitions & sources

Company changes in equity — 2025

7 metrics

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Company changes in equity — 2025 from Annual Report 2025
Metric / unit 2025Company; Share capital2025Company; Other reserves2025Company; Accumulated profits2025Company; Total equity Source
Equity movements
At 1 January 2025$’000 36,2844,87527,54268,701 PDF p. 79
Profit for the year$’000 ––39,85339,853 PDF p. 79
Other comprehensive income$’000 –(482)–(482) PDF p. 79
Total comprehensive income for the year$’000 –(482)39,85339,371 PDF p. 79
Payment of dividends (Note 30)$’000 ––(21,629)(21,629) PDF p. 79
Total contributions by shareholders$’000 ––(21,629)(21,629) PDF p. 79
At 31 December 2025$’000 36,2844,39345,76686,443 PDF p. 79
Definitions & sources

Group cash flow statement

30 metrics

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Group cash flow statement from Annual Report 2025
Metric / unit 2025Group2024Group Source
Operating activities
Profit before taxation$’000 52,02235,696 PDF p. 80
Depreciation and amortisation$’000 8,4888,547 PDF p. 80
Interest expense$’000 924866 PDF p. 80
Interest income$’000 (1,129)(1,938) PDF p. 80
Loss on disposal of vehicles, premises and equipment$’000 1712 PDF p. 80
Impairment of goodwill$’000 2,057– PDF p. 80
Writeback of allowance for expected credit losses$’000 (113)(436) PDF p. 80
Operating cash flows before changes in working capital$’000 62,26642,747 PDF p. 80
Changes in working capital
Trade receivables$’000 (4,943)(2,689) PDF p. 80
Other receivables and prepayments$’000 (2,072)(318) PDF p. 80
Inventories$’000 (9)16 PDF p. 80
Trade and other payables$’000 9,759825 PDF p. 80
Operating activities
Cash flows generated from operations$’000 65,00140,581 PDF p. 80
Interest paid$’000 (924)(866) PDF p. 80
Income tax paid$’000 (5,878)(4,772) PDF p. 80
Net cash flows generated from operating activities$’000 58,19934,943 PDF p. 80
Investing activities
Purchase of vehicles, premises and equipment$’000 (39,049)(11,906) PDF p. 80
Proceeds from government grant$’000 –1,352 PDF p. 80
Interest received$’000 1,4272,385 PDF p. 80
Proceeds from disposal of vehicles and equipment$’000 6210 PDF p. 80
Net cash flows used in investing activities$’000 (37,560)(8,159) PDF p. 80
Financing activities
Capital contribution from non-controlling interests of a subsidiary$’000 280– PDF p. 80
Payments to non-controlling interests$’000 (619)– PDF p. 80
Repayments of principal portion of lease liabilities$’000 (1,552)(1,524) PDF p. 80
Dividends paid$’000 (21,629)(19,679) PDF p. 80
Net cash flows used in financing activities$’000 (23,520)(21,203) PDF p. 80
Cash reconciliation
Net effect of foreign exchange rates in consolidating subsidiaries$’000 7858 PDF p. 80
Net (decrease)/increase in cash and cash equivalents$’000 (2,803)5,639 PDF p. 80
Cash and cash equivalents at beginning of the year$’000 60,70555,066 PDF p. 80
Cash and cash equivalents at end of the year$’000 57,90260,705 PDF p. 80
Definitions & sources

Group financial highlights — financial summary

16 metrics

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Group financial highlights — financial summary from Annual Report 2025
Metric / unit 2021Group2022Group2023Group2024Group2025Group Source
Five-year financial highlights
Revenue ($’mil)$’mil 100.9108.3111.9119.5167.4 PDF p. 7
Operating Costs ($’mil)$’mil 69.975.678.984.9115.6 PDF p. 7
Operating Profit ($’mil)$’mil 31.032.733.034.651.8 PDF p. 7
Profit Attributable to Shareholders ($’mil)$’mil 24.826.227.629.342.5 PDF p. 7
EBITDA ($’mil)$’mil 38.239.940.943.260.3 PDF p. 7
Issued Capital ($’mil)$’mil 36.336.336.336.336.3 PDF p. 7
Capital and Reserves ($’mil)*$’mil 128.6124.2130.9140.8161.2 PDF p. 7
Capital Disbursement ($’mil)$’mil 12.38.912.811.939.0 PDF p. 7
Return on Shareholders’ Equity (%)*% 18.920.721.621.628.1 PDF p. 7
Earnings Per Ordinary Share (cents)cents 6.997.387.788.2611.98 PDF p. 7
Net Asset Value Per Ordinary Share (cents)*cents 36.2635.0336.9239.7045.47 PDF p. 7
Interim Dividend Per Ordinary Share (cents)cents 3.043.322.752.803.10 PDF p. 7
Final Dividend Per Ordinary Share (cents)cents 3.243.322.753.005.30 PDF p. 7
Special Dividend Per Ordinary Share (cents)cents 2.00–––– PDF p. 7
Total Dividend Per Ordinary Share (cents)cents 8.286.645.505.808.40 PDF p. 7
Dividend Cover (number of times)times 0.81.11.41.41.4 PDF p. 7
Definitions & sources

FY2022 and FY2021 numbers have been restated due to a change in accounting policy, the preceding years were not restated.

Debt

Borrowings

Lease liabilities - maturity analysis and current/non-current split

Lease liabilities - maturity analysis and current/non-current split
Item / unit 2025Group2024Group2025Company2024Company Source
Maturity analysis
Within one year$'000 2,4351,9961,3941,285 PDF p. 104
In the second to fifth year inclusive$'000 7,0786,3455,5754,951 PDF p. 104
After five years$'000 39,43638,10431,64530,259 PDF p. 104
Less: Future finance charges$'000 (14,849)(14,565)(11,892)(11,537) PDF p. 104
Total$'000 34,10031,88026,72224,958 PDF p. 104
Analysed as
Current$'000 1,5141,147662617 PDF p. 104
Non-current$'000 32,58630,73326,06024,341 PDF p. 104
Notes

Undiscounted subtotal row (48,949; 46,445; 38,614; 36,495) is printed without a label above 'Less: Future finance charges'.

The Group and the Company do not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group's and the Company's treasury function.

The report discloses no bank borrowings, loans or debt securities; the only interest-bearing debt-like items are lease liabilities.

Liquidity risk - contractual undiscounted maturity of lease liabilities, Group

Liquidity risk - contractual undiscounted maturity of lease liabilities, Group — Group
Item / unit 2025One year or less2025One to five years2025Beyond five years2025Total Source
Group 2025
Lease liabilities$'000 2,4357,07839,43648,949 PDF p. 112
Notes

Based on contractual undiscounted repayment obligations. Trade and other payables are also listed in the source table but are not debt.

Liquidity risk - contractual undiscounted maturity of lease liabilities, Group

Liquidity risk - contractual undiscounted maturity of lease liabilities, Group — Group
Item / unit 2024One year or less2024One to five years2024Beyond five years2024Total Source
Group 2024
Lease liabilities$'000 1,9966,34538,10446,445 PDF p. 112
Notes

Based on contractual undiscounted repayment obligations.

Liquidity risk - contractual undiscounted maturity, Company

Liquidity risk - contractual undiscounted maturity, Company — Company
Item / unit 2025One year or less2025One to five years2025Beyond five years2025Total2024One year or less2024One to five years2024Beyond five years2024Total Source
Company
Due to subsidiaries$'000 25,989––25,98926,560––26,560 PDF p. 112
Lease liabilities$'000 1,3945,57531,64538,6141,2854,95130,25936,495 PDF p. 112
Notes

Due to subsidiaries are non-trade, unsecured, repayable on demand; one balance of $6,648,000 (2024: $7,905,000) bears interest at 1.32% to 1.75% (2024: 2.84% to 3.84%) per annum, remainder interest-free (Note 15).

Based on contractual undiscounted repayment obligations.

Borrowing notes 1 tables

Reconciliation of liabilities arising from financing activities - Group lease liabilities

Reconciliation of liabilities arising from financing activities - Group lease liabilities — Group
Item / unit 20251 January 20252025Cash flows2025Interest expense2025New lease liabilities202531 December 202520241 January 20242024Cash flows2024Interest expense2024New lease liabilities202431 December 2024 Source
Financing reconciliation
Lease liabilities$'000 31,880(2,476)9243,77234,10031,421(2,390)8661,98331,880 PDF p. 105
Notes

Group total cash outflows for leases of $2,769,000 (2024: $2,653,000).

Payout

Dividends & distributions

Dividend policy

ItemValuePeriod / scopeSource
11.6 Dividend Policy The Company’s dividend policy is to pay out at least 70% of profit attributable to shareholders of the Company. Company policy PDF p. 51

Dividends declared and proposed

ItemValuePeriod / scopeSource
Interim Dividend Per Ordinary Share (cents) 3.10 cents per share FY2025 PDF p. 7
Interim Dividend Per Ordinary Share (cents) 2.80 cents per share FY2024 comparative PDF p. 7
Final Dividend Per Ordinary Share (cents) 5.30 cents per share FY2025 PDF p. 7
Final Dividend Per Ordinary Share (cents) 3.00 cents per share FY2024 comparative PDF p. 7
Special Dividend Per Ordinary Share (cents) – cents per share FY2025 and FY2024 PDF p. 7
Total Dividend Per Ordinary Share (cents) 8.40 cents per share FY2025 PDF p. 7
Total Dividend Per Ordinary Share (cents) 5.80 cents per share FY2024 comparative PDF p. 7
Tax-exempt one-tier final dividend a tax-exempt one-tier final dividend of 5.30 cents per ordinary share totalling $18,792,000 FY2025 proposed PDF p. 114
Notice of record and dividend payment dates Thursday, 30 April 2026 FY2025 proposed final dividend PDF p. 118
Payment of 2025 Final Dividend (5.3 cents/share) 8 May 2026 FY2025 final dividend PDF p. 65
Payment of 2025 Interim Dividend (3.1 cents/share) 26 August 2025 FY2025 interim dividend PDF p. 65
Payment of 2024 Final Dividend (3.00 cents/share) 9 May 2025 FY2024 final dividend PDF p. 65

Payout

ItemValuePeriod / scopeSource
Dividend Cover (number of times) 1.4 times FY2025 PDF p. 7

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

ItemValuePeriod / scopeSource
Auditor Ernst & Young LLP Group PDF p. 74
Engagement partner Lim Huijing Amanda Group PDF p. 74
Opinion properly drawn up in accordance with the provisions of the Companies Act 1967 Group and Company, year ended 31 December 2025 PDF p. 71

Key audit matters

ItemValuePeriod / scopeSource
Goodwill impairment review The Group is required to test goodwill for impairment annually, or when an indicator of impairment is identified. Group PDF p. 71

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.

FY2022 and FY2021 numbers have been restated due to a change in accounting policy, the preceding years were not restated.

The 2025 final dividend of 5.30 cents is proposed and subject to shareholder approval, as stated in audited Note 30(b); it is not a confirmed paid amount. Historical original annual-report backfill remains outstanding.

These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.