MDR Limited Y3D

Original report: PDF p. 77 ↗ PDF p. 78 ↗ PDF p. 79 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 77 ↗ PDF p. 78 ↗ PDF p. 79 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 75 ↗ PDF p. 76 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 86 ↗ PDF p. 87 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 80 ↗ PDF p. 81 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 84 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 137 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 82 ↗ PDF p. 83 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 85 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 137 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 77 ↗ PDF p. 78 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 77 ↗ PDF p. 78 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 75 ↗ PDF p. 76 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 83 ↗ PDF p. 84 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 80 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 82 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 130 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 72 ↗ PDF p. 73 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 72 ↗ PDF p. 73 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 70 ↗ PDF p. 71 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 78 ↗ PDF p. 79 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 75 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 77 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 128 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 73 ↗ PDF p. 74 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 73 ↗ PDF p. 74 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.

Original report: PDF p. 71 ↗ PDF p. 72 ↗

Five available annual reports cover the twelve-month financial years ended 31 December 2021–2025. Amounts are Singapore dollars thousands; basic and diluted earnings per share are Singapore cents. Asterisks denote amounts less than $1,000 and are not asserted to be exact zero.

Financial position and changes in equity are disclosed for Group and Company. Comprehensive income, including the income statement and EPS, and cash-flow primary statements are Group consolidated. Separate Company income, comprehensive-income and cash-flow primary statements are not disclosed.

All five auditor opinions are unmodified, by Ernst & Young LLP. FY2021–FY2024 each include an Emphasis of matter paragraph concerning suspected asset misappropriation and the investigation or legal proceedings. These are not qualified opinions. The FY2025 auditor report has no Emphasis of matter heading. FY2021–FY2023 engagement partner is Ng Boon Heng, signed 6 July 2022, 28 March 2023 and 28 March 2024 respectively; FY2024 and FY2025 partner is Ang Chuen Beng, signed 28 March 2025 and 30 March 2026 respectively.

The five-year presentation uses the latest adjacent annual comparative for older periods. Affected original statements are also retained where numeric values, classifications or material captions differ. Original tables retain their own source period and entity scope.

FY2024 original other operating expenses of (3,619) are presented in the FY2025 comparative as other operating expenses (4,728), fair value gain on financial assets 1,455 and impairment loss on non-financial assets (346). The combined amount is unchanged; profit before tax remains 5,732.

FY2023 original other operating expenses (2,514) and financial-asset impairment (55,868) become (9,028) and (49,354) in the later comparative. The 6,514 changes offset. The cash-flow adjustment for debt-security impairment changes from 47,571 to 41,057 plus perpetual-security fair value loss 6,514. Original comprehensive income and cash flows are retained.

FY2022 original other operating income 3,443 and other operating expenses (4,764) become 3,066 and (4,387) in the later comparative; the changes of 377 offset and profit before tax remains 9,264. FY2021 original other operating income 3,768 and other operating expenses (5,630) become 4,158 and (6,020); the changes of 390 offset and profit before tax remains 4,304. Each original comprehensive-income statement is retained.

FY2022 original primary EPS captions and values conflict with Note 12: continuing EPS prints 0.829 cents and combined continuing/discontinued EPS prints 1.052 cents, for both basic and diluted. Note 12 gives owners’ combined earnings 7,258, continuing earnings 9,217 and 875,684,331 weighted-average shares, supporting combined 0.829 and continuing 1.052. The FY2023 comparative uses those latter values. The original primary figures and captions are retained without silently correcting them.

FY2024 original Group equity statement transfers (1,696) from property revaluation reserve and 1,696 into the reserve of an asset held for sale, net zero. Both the transfer row and the following Total row nevertheless print 1,696 in owners’ equity and total equity columns. Closing owners’ equity 148,431 and total equity 148,897 exclude this extra amount. The FY2025 comparative prints nil for those two totals. The original discrepancy is preserved; no balancing movement or rounding explanation is invented.

FY2023 original Group and Company non-current debt securities of 11,669 become debt securities 8,265 plus perpetual securities 3,404 in the later comparative. Both original financial-position statements are retained.

FY2024 original debt-security captions become FVTOCI captions for current 9,465 and non-current 15,092, while original perpetual securities 6,557 become debt securities at FVTPL in the later comparative. This records the observed source presentation and does not establish identical underlying classifications. Original Group and Company financial position are retained.

FY2024 original cash-flow captions refer to perpetual-security fair value gain (2,977), debt-security disposal gain (3), interest paid (2,532), and proceeds from disposal of quoted debt securities 1,338. The later comparative labels these as quoted-debt fair value gain, disposal of quoted investments, bank-borrowing interest and redemption/disposal proceeds respectively, with the same amounts. The original cash-flow statement is retained.

FY2024 shareholder loans 27,822 are classified as equity because the original terms left interest and repayment at the Company’s discretion. Their addition to the later financing reconciliation is not an additional financial-position liability. On 1 May 2025, changed terms caused 27,503 to be reclassified from equity to liability. The FY2025 closing shareholder loan liability is 42,065; the equity shareholder-loan balance is nil. The original FY2024 financing reconciliation, which omits the equity loan row, is retained.

FY2025 Note 28 states that shareholder-loan principal is payable after two years under the changed terms. Interest before reclassification of 350 is charged to retained earnings; subsequent interest of 651 is recognised in profit or loss. Total interest paid to the shareholder is 1,001. Related-party loans of 14,959 were assigned to the controlling shareholder on 30 December 2025.

EPS uses actual weighted-average ordinary shares excluding treasury shares, not year-end shares. FY2021–FY2025 denominators are 881,673,776; 875,684,331; 874,721,726; 870,720,731; and 870,110,270 respectively. The later 2026 rights shares and unexercised warrants are not substituted into these annual EPS denominators.

FY2024 share-capital reduction of 27,397 reduces the capital account from 123,276 to 95,879 without reducing issued share count 907,077,553. Treasury shares at both FY2024 and FY2025 year ends are 36,967,283; ordinary shares excluding treasury are 870,110,270.

Financial highlights use Revenue including interest income: FY2023 215,603, FY2024 232,027 and FY2025 248,153. Primary revenue excludes separately presented interest income 11,761, 18,478 and 17,202 respectively. Highlights NAV means equity attributable to owners, excluding non-controlling interests. The FY2024 illustrative NAV of 120,609 treats equity shareholder loans 27,822 as debt; it does not replace audited owners’ equity 148,431.

FY2024 dividend 2,000 is attributed to that financial year in highlights but was paid in FY2025 cash flows. No dividend is declared for FY2025. The 5 May 2025 corrigendum corrects the FY2024 revenue textbox from $232,027m to $232.027m; this changes its unit punctuation, not primary revenue and interest-income amounts.

Note 2.1 states that monetary amounts are rounded to the nearest thousand dollars. EPS note numerators therefore do not identify exact dollar profits: FY2022 continuing earnings 9,217 and 875,684,331 weighted-average shares permit 1.052 cents at the printed precision, although direct division of the rounded numerator rounds to 1.053. This does not explain the original primary continuing/combined EPS transposition; both source presentations remain visible.

Note 2.1 discloses net current liabilities despite the going-concern basis: Group/Company FY2022 14,928/28,560; FY2023 7,237/20,830; FY2024 9,701/32,333; FY2025 35,280/59,075. Directors cite expected operating cash inflows for twelve months after approval and unutilised banking facilities. This note is separate from the historical audit emphasis-of-matter paragraph about asset misappropriation.

FY2021 original Group opening equity is restated for FY2020 marketing-rebate accounting and an inventory write-off: owners 127,335 plus 1,156 becomes 128,491; non-controlling interests (1,457) plus 29 becomes (1,428); total equity 125,878 plus 1,185 becomes 127,063. Previously reported, adjustment and restated rows are distinct steps, not separate movements to add twice. Note 42 gives the basis. FY2020 is retained only in full source controls, outside the five displayed annual periods.

Added or omitted nil rows and repeated subtotals remain available in full original controls. Unlabelled source subtotals are identified explicitly. Comprehensive-income and equity subtotals repeat underlying amounts and must not be added again as independent income or movements.