Annual Report 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current assets | |||||
| Cash and cash equivalents$’000 | 57,902 | 60,705 | 52,621 | 57,068 | PDF p. 75 |
| Trade receivables$’000 | 22,559 | 17,503 | 10,899 | 5,021 | PDF p. 75 |
| Other receivables and prepayments$’000 | 3,960 | 2,186 | 2,274 | 855 | PDF p. 75 |
| Due from subsidiary$’000 | – | – | 250 | – | PDF p. 75 |
| Inventories$’000 | 21 | 12 | – | – | PDF p. 75 |
| Total current assets$’000 | 84,442 | 80,406 | 66,044 | 62,944 | PDF p. 75 |
| Non-current assets | |||||
| Subsidiaries$’000 | – | – | 61,396 | 25,941 | PDF p. 75 |
| Associate$’000 | 25 | 25 | – | – | PDF p. 75 |
| Due from subsidiary$’000 | – | – | – | 6,181 | PDF p. 75 |
| Financial assets at fair value through other comprehensive income$’000 | 5,957 | 6,439 | 5,957 | 6,439 | PDF p. 75 |
| Vehicles, premises and equipment$’000 | 148,997 | 111,546 | 30,778 | 30,456 | PDF p. 75 |
| Goodwill$’000 | 9,531 | 11,588 | – | – | PDF p. 75 |
| Intangible assets$’000 | 8 | 8 | – | – | PDF p. 75 |
| Deferred tax assets$’000 | 1,446 | 1,197 | 1,221 | 1,048 | PDF p. 75 |
| Total non-current assets$’000 | 165,964 | 130,803 | 99,352 | 70,065 | PDF p. 75 |
| Assets | |||||
| Total assets$’000 | 250,406 | 211,209 | 165,396 | 133,009 | PDF p. 75 |
| Current liabilities | |||||
| Trade and other payables$’000 | 39,645 | 26,870 | 19,050 | 8,849 | PDF p. 75 |
| Due to subsidiaries$’000 | – | – | 25,989 | 26,560 | PDF p. 75 |
| Lease liabilities$’000 | 1,514 | 1,147 | 662 | 617 | PDF p. 75 |
| Income tax payable$’000 | 10,261 | 6,602 | 7,192 | 3,941 | PDF p. 75 |
| Total current liabilities$’000 | 51,420 | 34,619 | 52,893 | 39,967 | PDF p. 75 |
| Non-current liabilities | |||||
| Other payables$’000 | – | 720 | – | – | PDF p. 75 |
| Deferred tax liabilities$’000 | 2,602 | 2,624 | – | – | PDF p. 75 |
| Lease liabilities$’000 | 32,586 | 30,733 | 26,060 | 24,341 | PDF p. 75 |
| Total non-current liabilities$’000 | 35,188 | 34,077 | 26,060 | 24,341 | PDF p. 75 |
| Liabilities | |||||
| Total liabilities$’000 | 86,608 | 68,696 | 78,953 | 64,308 | PDF p. 75 |
| Equity | |||||
| Share capital$’000 | 36,284 | 36,284 | 36,284 | 36,284 | PDF p. 75 |
| Other reserves$’000 | 4,393 | 4,875 | 4,393 | 4,875 | PDF p. 75 |
| Foreign currency translation reserve$’000 | 8 | (89) | – | – | PDF p. 75 |
| Accumulated profits$’000 | 120,554 | 99,700 | 45,766 | 27,542 | PDF p. 75 |
| Equity attributable to shareholders of the Company$’000 | 161,239 | 140,770 | 86,443 | 68,701 | PDF p. 75 |
| Non-controlling interests$’000 | 2,559 | 1,743 | – | – | PDF p. 75 |
| Total equity$’000 | 163,798 | 142,513 | 86,443 | 68,701 | PDF p. 75 |
| Liabilities and equity | |||||
| Total liabilities and equity$’000 | 250,406 | 211,209 | 165,396 | 133,009 | PDF p. 75 |
Original report: PDF p. 75 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$’000 | 167,407 | 119,482 | PDF p. 76 |
| Staff costs$’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 | 51,817 | 34,624 | PDF p. 76 |
| Interest expense$’000 | (924) | (866) | PDF p. 76 |
| Interest income$’000 | 1,129 | 1,938 | PDF p. 76 |
| Profit before taxation$’000 | 52,022 | 35,696 | PDF p. 76 |
| Taxation$’000 | (9,266) | (6,074) | PDF p. 76 |
| Profit after taxation$’000 | 42,756 | 29,622 | PDF p. 76 |
| Earnings per share | |||
| Shareholders of the Company$’000 | 42,483 | 29,284 | PDF p. 76 |
| Income statement | |||
| Non-controlling interests$’000 | 273 | 338 | PDF p. 76 |
| Attributable total | |||
| Subtotal$’000 | 42,756 | 29,622 | PDF p. 76 |
| Earnings per share (in cents) | |||
| Basiccents per share | 11.98 | 8.26 | PDF p. 76 |
| Dilutedcents per share | 11.98 | 8.26 | PDF p. 76 |
Original report: PDF p. 76 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income | |||
| Profit after taxation$’000 | 42,756 | 29,622 | PDF p. 77 |
| Other comprehensive income | |||
| Exchange differences arising on translation of foreign operations$’000 | 142 | 91 | 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$’000 | 42,416 | 29,890 | PDF p. 77 |
| Attributable | |||
| Shareholders of the Company$’000 | 42,098 | 29,552 | PDF p. 77 |
| Non-controlling interests$’000 | 318 | 338 | PDF p. 77 |
| Attributable total | |||
| Subtotal$’000 | 42,416 | 29,890 | PDF p. 77 |
Original report: PDF p. 77 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group; Share capital | 2024Group; Other reserves | 2024Group; Foreign currency translation reserve | 2024Group; Accumulated profits | 2024Group; Equity attributable to shareholders | 2024Group; Non-controlling interests | 2024Group; Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| Equity movements | ||||||||
| At 1 January 2024$’000 | 36,284 | 4,698 | (180) | 90,095 | 130,897 | 1,405 | 132,302 | PDF p. 78 |
| Profit for the year$’000 | – | – | – | 29,284 | 29,284 | 338 | 29,622 | PDF p. 78 |
| Other comprehensive income$’000 | – | 177 | 91 | – | 268 | – | 268 | PDF p. 78 |
| Total comprehensive income for the year$’000 | – | 177 | 91 | 29,284 | 29,552 | 338 | 29,890 | 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$’000 | 36,284 | 4,875 | (89) | 99,700 | 140,770 | 1,743 | 142,513 | PDF p. 78 |
Original report: PDF p. 78 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Share capital | 2025Group; Other reserves | 2025Group; Foreign currency translation reserve | 2025Group; Accumulated profits | 2025Group; Equity attributable to shareholders | 2025Group; Non-controlling interests | 2025Group; Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| Equity movements | ||||||||
| At 1 January 2025$’000 | 36,284 | 4,875 | (89) | 99,700 | 140,770 | 1,743 | 142,513 | PDF p. 78 |
| Profit for the year$’000 | – | – | – | 42,483 | 42,483 | 273 | 42,756 | PDF p. 78 |
| Other comprehensive income$’000 | – | (482) | 97 | – | (385) | 45 | (340) | PDF p. 78 |
| Total comprehensive income for the year$’000 | – | (482) | 97 | 42,483 | 42,098 | 318 | 42,416 | PDF p. 78 |
| Payment of dividends (Note 30)$’000 | – | – | – | (21,629) | (21,629) | (619) | (22,248) | PDF p. 78 |
| Issuance of shares to non-controlling interests$’000 | – | – | – | – | – | 1,117 | 1,117 | PDF p. 78 |
| Total contribution by and distributions to shareholders$’000 | – | – | – | (21,629) | (21,629) | 498 | (21,131) | PDF p. 78 |
| At 31 December 2025$’000 | 36,284 | 4,393 | 8 | 120,554 | 161,239 | 2,559 | 163,798 | PDF p. 78 |
Original report: PDF p. 78 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Company; Share capital | 2024Company; Other reserves | 2024Company; Accumulated profits | 2024Company; Total equity | Source |
|---|---|---|---|---|---|
| Equity movements | |||||
| At 1 January 2024$’000 | 36,284 | 4,698 | 23,980 | 64,962 | PDF p. 79 |
| Profit for the year$’000 | – | – | 23,241 | 23,241 | PDF p. 79 |
| Other comprehensive income$’000 | – | 177 | – | 177 | PDF p. 79 |
| Total comprehensive income for the year$’000 | – | 177 | 23,241 | 23,418 | PDF p. 79 |
| Payment of dividends (Note 30)$’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 | 36,284 | 4,875 | 27,542 | 68,701 | PDF p. 79 |
Original report: PDF p. 79 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company; Share capital | 2025Company; Other reserves | 2025Company; Accumulated profits | 2025Company; Total equity | Source |
|---|---|---|---|---|---|
| Equity movements | |||||
| At 1 January 2025$’000 | 36,284 | 4,875 | 27,542 | 68,701 | PDF p. 79 |
| Profit for the year$’000 | – | – | 39,853 | 39,853 | PDF p. 79 |
| Other comprehensive income$’000 | – | (482) | – | (482) | PDF p. 79 |
| Total comprehensive income for the year$’000 | – | (482) | 39,853 | 39,371 | 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$’000 | 36,284 | 4,393 | 45,766 | 86,443 | PDF p. 79 |
Original report: PDF p. 79 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before taxation$’000 | 52,022 | 35,696 | PDF p. 80 |
| Depreciation and amortisation$’000 | 8,488 | 8,547 | PDF p. 80 |
| Interest expense$’000 | 924 | 866 | PDF p. 80 |
| Interest income$’000 | (1,129) | (1,938) | PDF p. 80 |
| Loss on disposal of vehicles, premises and equipment$’000 | 17 | 12 | 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$’000 | 62,266 | 42,747 | PDF p. 80 |
| Changes in working capital | |||
| Trade receivables$’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$’000 | 9,759 | 825 | PDF p. 80 |
| Operating activities | |||
| Cash flows generated from operations$’000 | 65,001 | 40,581 | 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$’000 | 58,199 | 34,943 | PDF p. 80 |
| Investing activities | |||
| Purchase of vehicles, premises and equipment$’000 | (39,049) | (11,906) | PDF p. 80 |
| Proceeds from government grant$’000 | – | 1,352 | PDF p. 80 |
| Interest received$’000 | 1,427 | 2,385 | PDF p. 80 |
| Proceeds from disposal of vehicles and equipment$’000 | 62 | 10 | PDF p. 80 |
| Net cash flows used in investing activities$’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 | 78 | 58 | 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 | 60,705 | 55,066 | PDF p. 80 |
| Cash and cash equivalents at end of the year$’000 | 57,902 | 60,705 | PDF p. 80 |
Original report: PDF p. 80 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Five-year financial highlights | ||||||
| Revenue ($’mil)$’mil | 100.9 | 108.3 | 111.9 | 119.5 | 167.4 | PDF p. 7 |
| Operating Costs ($’mil)$’mil | 69.9 | 75.6 | 78.9 | 84.9 | 115.6 | PDF p. 7 |
| Operating Profit ($’mil)$’mil | 31.0 | 32.7 | 33.0 | 34.6 | 51.8 | PDF p. 7 |
| Profit Attributable to Shareholders ($’mil)$’mil | 24.8 | 26.2 | 27.6 | 29.3 | 42.5 | PDF p. 7 |
| EBITDA ($’mil)$’mil | 38.2 | 39.9 | 40.9 | 43.2 | 60.3 | PDF p. 7 |
| Issued Capital ($’mil)$’mil | 36.3 | 36.3 | 36.3 | 36.3 | 36.3 | PDF p. 7 |
| Capital and Reserves ($’mil)*$’mil | 128.6 | 124.2 | 130.9 | 140.8 | 161.2 | PDF p. 7 |
| Capital Disbursement ($’mil)$’mil | 12.3 | 8.9 | 12.8 | 11.9 | 39.0 | PDF p. 7 |
| Return on Shareholders’ Equity (%)*% | 18.9 | 20.7 | 21.6 | 21.6 | 28.1 | PDF p. 7 |
| Earnings Per Ordinary Share (cents)cents | 6.99 | 7.38 | 7.78 | 8.26 | 11.98 | PDF p. 7 |
| Net Asset Value Per Ordinary Share (cents)*cents | 36.26 | 35.03 | 36.92 | 39.70 | 45.47 | PDF p. 7 |
| Interim Dividend Per Ordinary Share (cents)cents | 3.04 | 3.32 | 2.75 | 2.80 | 3.10 | PDF p. 7 |
| Final Dividend Per Ordinary Share (cents)cents | 3.24 | 3.32 | 2.75 | 3.00 | 5.30 | PDF p. 7 |
| Special Dividend Per Ordinary Share (cents)cents | 2.00 | – | – | – | – | PDF p. 7 |
| Total Dividend Per Ordinary Share (cents)cents | 8.28 | 6.64 | 5.50 | 5.80 | 8.40 | PDF p. 7 |
| Dividend Cover (number of times)times | 0.8 | 1.1 | 1.4 | 1.4 | 1.4 | PDF p. 7 |
Original report: PDF p. 7 ↗
FY2022 and FY2021 numbers have been restated due to a change in accounting policy, the preceding years were not restated.
Debt
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Maturity analysis | |||||
| Within one year$'000 | 2,435 | 1,996 | 1,394 | 1,285 | PDF p. 104 |
| In the second to fifth year inclusive$'000 | 7,078 | 6,345 | 5,575 | 4,951 | PDF p. 104 |
| After five years$'000 | 39,436 | 38,104 | 31,645 | 30,259 | PDF p. 104 |
| Less: Future finance charges$'000 | (14,849) | (14,565) | (11,892) | (11,537) | PDF p. 104 |
| Total$'000 | 34,100 | 31,880 | 26,722 | 24,958 | PDF p. 104 |
| Analysed as | |||||
| Current$'000 | 1,514 | 1,147 | 662 | 617 | PDF p. 104 |
| Non-current$'000 | 32,586 | 30,733 | 26,060 | 24,341 | PDF p. 104 |
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.
| Item / unit | 2025One year or less | 2025One to five years | 2025Beyond five years | 2025Total | Source |
|---|---|---|---|---|---|
| Group 2025 | |||||
| Lease liabilities$'000 | 2,435 | 7,078 | 39,436 | 48,949 | PDF p. 112 |
Based on contractual undiscounted repayment obligations. Trade and other payables are also listed in the source table but are not debt.
| Item / unit | 2024One year or less | 2024One to five years | 2024Beyond five years | 2024Total | Source |
|---|---|---|---|---|---|
| Group 2024 | |||||
| Lease liabilities$'000 | 1,996 | 6,345 | 38,104 | 46,445 | PDF p. 112 |
Based on contractual undiscounted repayment obligations.
| Item / unit | 2025One year or less | 2025One to five years | 2025Beyond five years | 2025Total | 2024One year or less | 2024One to five years | 2024Beyond five years | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Company | |||||||||
| Due to subsidiaries$'000 | 25,989 | – | – | 25,989 | 26,560 | – | – | 26,560 | PDF p. 112 |
| Lease liabilities$'000 | 1,394 | 5,575 | 31,645 | 38,614 | 1,285 | 4,951 | 30,259 | 36,495 | PDF p. 112 |
Due to subsidiaries are non-trade, unsecured, repayable on demand; one balance of $6,648,000 (2024: $7,905,000) bears interest at 1.32% to 1.75% (2024: 2.84% to 3.84%) per annum, remainder interest-free (Note 15).
Based on contractual undiscounted repayment obligations.
| Item / unit | 20251 January 2025 | 2025Cash flows | 2025Interest expense | 2025New lease liabilities | 202531 December 2025 | 20241 January 2024 | 2024Cash flows | 2024Interest expense | 2024New lease liabilities | 202431 December 2024 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Financing reconciliation | |||||||||||
| Lease liabilities$'000 | 31,880 | (2,476) | 924 | 3,772 | 34,100 | 31,421 | (2,390) | 866 | 1,983 | 31,880 | PDF p. 105 |
Group total cash outflows for leases of $2,769,000 (2024: $2,653,000).
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 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 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 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 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 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
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 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 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 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.
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.