YZJ Fin Hldg YF8
Financials
ANNUAL REPORT 2025
Explore the statements
32 tablesFinancial highlights — Total income
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Financial highlights | 2024Financial highlights | 2023Financial highlights | 2022Financial highlights | 2021Financial highlights | 2020Financial highlights | 2019Financial highlights | Source |
|---|---|---|---|---|---|---|---|---|
| Financial highlights | ||||||||
| TOTAL INCOME (S$M)S$M | 103.7 | 128.2 | 348.4 | 300.4 | 384.8 | 495.2 | 457.2 | PDF p. 5 |
Definitions & sources
Original report: PDF p. 5 ↗
Value and year point were visually checked against the original p5 render and source bbox coordinates. See independent-chart-point-inventory.json.
Financial highlights — Profit/(loss) after allowances
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Financial highlights | 2024Financial highlights | 2023Financial highlights | 2022Financial highlights | 2021Financial highlights | 2020Financial highlights | 2019Financial highlights | Source |
|---|---|---|---|---|---|---|---|---|
| Financial highlights | ||||||||
| PROFIT/(LOSS) AFTER ALLOWANCES (S$M)S$M | (198.8) | 128.9 | 270.9 | 147.4 | 371.9 | 359.7 | 403.8 | PDF p. 5 |
Definitions & sources
Original report: PDF p. 5 ↗
Value and year point were visually checked against the original p5 render and source bbox coordinates. See independent-chart-point-inventory.json.
Financial highlights — Net profit/(loss) attributable to equity holders of the Company
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Financial highlights | 2024Financial highlights | 2023Financial highlights | 2022Financial highlights | 2021Financial highlights | 2020Financial highlights | 2019Financial highlights | Source |
|---|---|---|---|---|---|---|---|---|
| Financial highlights | ||||||||
| NET PROFIT/(LOSS) ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY (S$M)S$M | (5.0) | 304.6 | 201.8 | 162.0 | 327.2 | 321.1 | 344.6 | PDF p. 5 |
Definitions & sources
Original report: PDF p. 5 ↗
Value and year point were visually checked against the original p5 render and source bbox coordinates. See independent-chart-point-inventory.json.
Consolidated Statement of Comprehensive Income — income statement
24 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Continuing operations | |||
| Interest incomeS$’000 | 92,472 | 130,287 | PDF p. 93 |
| Dividend incomeS$’000 | 4,089 | 3,163 | PDF p. 93 |
| Other net changes in fair value on financial assets and financial liabilities at fair value through profit or lossS$’000 | 2,690 | (7,301) | PDF p. 93 |
| Other incomeS$’000 | 4,433 | 2,070 | PDF p. 93 |
| Total incomeS$’000 | 103,684 | 128,219 | PDF p. 93 |
| Employee compensationS$’000 | (2,381) | (2,912) | PDF p. 93 |
| Other expensesS$’000 | (9,152) | (11,873) | PDF p. 93 |
| Total expensesS$’000 | (11,533) | (14,785) | PDF p. 93 |
| Profit from continuing operations before allowancesS$’000 | 92,151 | 113,434 | PDF p. 93 |
| (Allowance for)/Reversal of allowances for credit and other lossesS$’000 | (290,941) | 15,464 | PDF p. 93 |
| (Loss)/Profit from continuing operations after allowancesS$’000 | (198,790) | 128,898 | PDF p. 93 |
| Share of profits of associated companies, net of taxS$’000 | 19,019 | 2,888 | PDF p. 93 |
| Other (losses)/gainsS$’000 | (8,498) | 43,543 | PDF p. 93 |
| (Loss)/Profit before income tax from continuing operationsS$’000 | (188,269) | 175,329 | PDF p. 93 |
| Income tax credit/(expense)S$’000 | 53,755 | (51,892) | PDF p. 93 |
| (Loss)/Profit from continuing operations for the yearS$’000 | (134,514) | 123,437 | PDF p. 93 |
| Discontinued operations | |||
| Profit from discontinued operationsS$’000 | 135,152 | 186,239 | PDF p. 93 |
| Total | |||
| Total profitS$’000 | 638 | 309,676 | PDF p. 93 |
| (Loss)/Profit attributable to | |||
| Equity holders of the CompanyS$’000 | (5,219) | 304,629 | PDF p. 93 |
| Non-controlling interestsS$’000 | 5,857 | 5,047 | PDF p. 93 |
| SubtotalS$’000 | 638 | 309,676 | PDF p. 93 |
| (Loss)/Profit attributable to equity holders of the Company relates to | |||
| (Loss)/Profit from continuing operationsS$’000 | (134,514) | 123,437 | PDF p. 93 |
| Profit from discontinued operationsS$’000 | 129,295 | 181,192 | PDF p. 93 |
| SubtotalS$’000 | (5,219) | 304,629 | PDF p. 93 |
Definitions & sources
Original report: PDF p. 93 ↗
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Comprehensive Income — comprehensive income
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit for the yearS$’000 | 638 | 309,676 | PDF p. 94 |
| Other comprehensive income: Items that may be reclassified subsequently to profit or loss | |||
| – Currency translation differencesS$’000 | (1,541) | 44,634 | PDF p. 94 |
| – Currency translation difference for presentation currencyS$’000 | (2,444) | (1,922) | PDF p. 94 |
| Other comprehensive income: Items that will not be reclassified subsequently to profit or loss | |||
| – Currency translation gainsS$’000 | – | 2,045 | PDF p. 94 |
| Comprehensive income | |||
| Other comprehensive income, net of taxS$’000 | (3,985) | 44,757 | PDF p. 94 |
| Total comprehensive incomeS$’000 | (3,347) | 354,433 | PDF p. 94 |
| Total comprehensive income attributable to | |||
| Equity holders of the CompanyS$’000 | (9,204) | 347,341 | PDF p. 94 |
| Non-controlling interestsS$’000 | 5,857 | 7,092 | PDF p. 94 |
| SubtotalS$’000 | (3,347) | 354,433 | PDF p. 94 |
Definitions & sources
Original report: PDF p. 94 ↗
The accompanying notes form an integral part of these financial statements.
Earnings per share attributable for (loss)/profit from continuing and discontinued operations
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Basic and diluted earnings per share attributable to equity holders of the Company | |||
| From continuing operationsS$ cents per share | (3.80) | 3.45 | PDF p. 94 |
| From discontinued operationsS$ cents per share | 3.65 | 5.21 | PDF p. 94 |
| SubtotalS$ cents per share | (0.15) | 8.66 | PDF p. 94 |
Definitions & sources
Original report: PDF p. 94 ↗
The printed heading states “Earnings per share attributable for (loss)/profit from continuing and discontinued operations to equity holders of the Company (expressed in S$ cents per share)” and labels the measure “Basic and diluted.” The total row includes note reference 12.
The accompanying notes form an integral part of these financial statements.
Balance Sheets — Group
35 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Assets: Current assets | |||
| Cash and cash equivalentsS$’000 | 618,606 | 1,413,270 | PDF p. 95 |
| Financial assets, at fair value through profit or lossS$’000 | 25,020 | 374,878 | PDF p. 95 |
| Derivative financial instrumentsS$’000 | 580 | 17,965 | PDF p. 95 |
| Debt investment at amortised costS$’000 | 425,544 | 539,960 | PDF p. 95 |
| Trade and other receivablesS$’000 | 50,688 | 89,835 | PDF p. 95 |
| SubtotalS$’000 | 1,120,438 | 2,435,908 | PDF p. 95 |
| Assets: Non-current assets | |||
| Debt investments at amortised costS$’000 | 418,394 | 710,779 | PDF p. 95 |
| Trade and other receivablesS$’000 | 423 | 212,723 | PDF p. 95 |
| Investments in subsidiariesS$’000 | – | – | PDF p. 95 |
| Investments in associated companiesS$’000 | 144,154 | 207,085 | PDF p. 95 |
| Investments in joint venturesS$’000 | – | 127,703 | PDF p. 95 |
| Investment propertiesS$’000 | 17,463 | 18,954 | PDF p. 95 |
| Financial assets, at fair value through profit or lossS$’000 | 56,196 | 479,369 | PDF p. 95 |
| Property, plant and equipmentS$’000 | 795 | 166,234 | PDF p. 95 |
| GoodwillS$’000 | – | 1,033 | PDF p. 95 |
| Deferred income tax assetsS$’000 | 135,270 | 62,794 | PDF p. 95 |
| SubtotalS$’000 | 772,695 | 1,986,674 | PDF p. 95 |
| Assets | |||
| Total assetsS$’000 | 1,893,133 | 4,422,582 | PDF p. 95 |
| Liabilities: Current liabilities | |||
| Trade and other payablesS$’000 | 38,789 | 30,698 | PDF p. 95 |
| Derivatives financial instrumentsS$’000 | 25 | 7,182 | PDF p. 95 |
| BorrowingsS$’000 | – | 23,921 | PDF p. 95 |
| Current income tax liabilitiesS$’000 | 2,309 | 22,524 | PDF p. 95 |
| SubtotalS$’000 | 41,123 | 84,325 | PDF p. 95 |
| Liabilities: Non-current liabilities | |||
| Deferred income tax liabilitiesS$’000 | 104,767 | 115,389 | PDF p. 95 |
| SubtotalS$’000 | 104,767 | 115,389 | PDF p. 95 |
| Liabilities | |||
| Total liabilitiesS$’000 | 145,890 | 199,714 | PDF p. 95 |
| Equity | |||
| NET ASSETSS$’000 | 1,747,243 | 4,222,868 | PDF p. 95 |
| Share capitalS$’000 | 1,599,870 | 3,653,262 | PDF p. 95 |
| Treasury sharesS$’000 | – | (58,666) | PDF p. 95 |
| Other reservesS$’000 | 110,035 | 83,399 | PDF p. 95 |
| Retained earningsS$’000 | 39,831 | 384,313 | PDF p. 95 |
| Currency translation reserveS$’000 | (2,493) | 3,547 | PDF p. 95 |
| SubtotalS$’000 | 1,747,243 | 4,065,855 | PDF p. 95 |
| Non-controlling interestsS$’000 | – | 157,013 | PDF p. 95 |
| Total equityS$’000 | 1,747,243 | 4,222,868 | PDF p. 95 |
Definitions & sources
Original report: PDF p. 95 ↗
The balance sheet also prints a Company column; its figures are extracted in the separate Company table. The accompanying notes form an integral part of these financial statements.
Balance Sheets — Company
35 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| Assets: Current assets | |||
| Cash and cash equivalentsS$’000 | 1,483 | 1,152 | PDF p. 95 |
| Financial assets, at fair value through profit or lossS$’000 | 5,397 | – | PDF p. 95 |
| Derivative financial instrumentsS$’000 | 580 | 15 | PDF p. 95 |
| Debt investment at amortised costS$’000 | – | – | PDF p. 95 |
| Trade and other receivablesS$’000 | 123,475 | 2,135,784 | PDF p. 95 |
| SubtotalS$’000 | 130,935 | 2,136,951 | PDF p. 95 |
| Assets: Non-current assets | |||
| Debt investments at amortised costS$’000 | – | – | PDF p. 95 |
| Trade and other receivablesS$’000 | – | – | PDF p. 95 |
| Investments in subsidiariesS$’000 | 1,701,049 | 1,743,093 | PDF p. 95 |
| Investments in associated companiesS$’000 | – | – | PDF p. 95 |
| Investments in joint venturesS$’000 | – | – | PDF p. 95 |
| Investment propertiesS$’000 | – | – | PDF p. 95 |
| Financial assets, at fair value through profit or lossS$’000 | – | – | PDF p. 95 |
| Property, plant and equipmentS$’000 | – | 358 | PDF p. 95 |
| GoodwillS$’000 | – | – | PDF p. 95 |
| Deferred income tax assetsS$’000 | – | – | PDF p. 95 |
| SubtotalS$’000 | 1,701,049 | 1,743,451 | PDF p. 95 |
| Assets | |||
| Total assetsS$’000 | 1,831,984 | 3,880,402 | PDF p. 95 |
| Liabilities: Current liabilities | |||
| Trade and other payablesS$’000 | 35,167 | 77,519 | PDF p. 95 |
| Derivatives financial instrumentsS$’000 | – | – | PDF p. 95 |
| BorrowingsS$’000 | – | 358 | PDF p. 95 |
| Current income tax liabilitiesS$’000 | 189 | 189 | PDF p. 95 |
| SubtotalS$’000 | 35,356 | 78,066 | PDF p. 95 |
| Liabilities: Non-current liabilities | |||
| Deferred income tax liabilitiesS$’000 | 107,613 | 110,086 | PDF p. 95 |
| SubtotalS$’000 | 107,613 | 110,086 | PDF p. 95 |
| Liabilities | |||
| Total liabilitiesS$’000 | 142,969 | 188,152 | PDF p. 95 |
| Equity | |||
| NET ASSETSS$’000 | 1,689,015 | 3,692,250 | PDF p. 95 |
| Share capitalS$’000 | 1,599,870 | 3,653,262 | PDF p. 95 |
| Treasury sharesS$’000 | – | (58,666) | PDF p. 95 |
| Other reservesS$’000 | – | – | PDF p. 95 |
| Retained earningsS$’000 | 90,493 | 96,128 | PDF p. 95 |
| Currency translation reserveS$’000 | (1,348) | 1,526 | PDF p. 95 |
| SubtotalS$’000 | 1,689,015 | 3,692,250 | PDF p. 95 |
| Non-controlling interestsS$’000 | – | – | PDF p. 95 |
| Total equityS$’000 | 1,689,015 | 3,692,250 | PDF p. 95 |
Definitions & sources
Original report: PDF p. 95 ↗
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Changes in Equity — 2025
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Share capital, S$’000 | 2025Group; Treasury shares, S$’000 | 2025Group; Other reserves, S$’000 | 2025Group; Currency translation reserve, S$’000 | 2025Group; Retained earnings, S$’000 | 2025Group; Attributable to equity holders of the Company — Total, S$’000 | 2025Group; Non-controlling interest, S$’000 | 2025Group; Total equity, S$’000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2025 movements | |||||||||
| Beginning of financial yearS$’000 | 3,653,262 | (58,666) | 83,399 | 3,547 | 384,313 | 4,065,855 | 157,013 | 4,222,868 | PDF p. 96 |
| Profit for the yearS$’000 | – | – | – | – | (5,219) | (5,219) | 5,857 | 638 | PDF p. 96 |
| Other comprehensive incomeS$’000 | – | – | – | (3,985) | – | (3,985) | – | (3,985) | PDF p. 96 |
| Total comprehensive income for the yearS$’000 | – | – | – | (3,985) | (5,219) | (9,204) | 5,857 | (3,347) | PDF p. 96 |
| Transfer to the PRC statutory reserveS$’000 | – | – | 28,510 | – | (28,510) | – | – | – | PDF p. 96 |
| Translation difference arising from translation of equity items to presentation currencyS$’000 | 18,060 | (7,456) | (1,874) | (2,055) | (6,675) | – | – | – | PDF p. 96 |
| Dividend paidS$’000 | – | – | – | – | (120,076) | (120,076) | (8,886) | (128,962) | PDF p. 96 |
| Capital injection by non-controlling interestS$’000 | – | – | – | – | – | – | 13,143 | 13,143 | PDF p. 96 |
| Cancellation of treasury sharesS$’000 | (66,122) | 66,122 | – | – | – | – | – | – | PDF p. 96 |
| Disposal of subsidiaries as result of spin-offS$’000 | (2,005,330) | – | – | – | (184,002) | (2,189,332) | (167,127) | (2,356,459) | PDF p. 96 |
| End of financial yearS$’000 | 1,599,870 | – | 110,035 | (2,493) | 39,831 | 1,747,243 | – | 1,747,243 | PDF p. 96 |
Definitions & sources
Original report: PDF p. 96 ↗
Consolidated Statement of Changes in Equity — 2024
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group; Share capital, S$’000 | 2024Group; Treasury shares, S$’000 | 2024Group; Other reserves, S$’000 | 2024Group; Currency translation reserve, S$’000 | 2024Group; Retained earnings, S$’000 | 2024Group; Attributable to equity holders of the Company — Total, S$’000 | 2024Group; Non-controlling interest, S$’000 | 2024Group; Total equity, S$’000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2024 movements | |||||||||
| Beginning of financial yearS$’000 | 3,719,408 | (122,288) | 49,358 | (1,027) | 190,601 | 3,836,052 | 77,487 | 3,913,539 | PDF p. 97 |
| Profit for the yearS$’000 | – | – | – | – | 304,629 | 304,629 | 5,047 | 309,676 | PDF p. 97 |
| Other comprehensive incomeS$’000 | – | – | – | 42,712 | – | 42,712 | 2,045 | 44,757 | PDF p. 97 |
| Total comprehensive income for the yearS$’000 | – | – | – | 42,712 | 304,629 | 347,341 | 7,092 | 354,433 | PDF p. 97 |
| Transfer to the PRC statutory reserveS$’000 | – | – | 33,523 | – | (33,523) | – | – | – | PDF p. 97 |
| Translation difference arising from translation of equity items to presentation currencyS$’000 | 39,001 | (1,282) | 518 | (38,138) | (99) | – | – | – | PDF p. 97 |
| Dividend paidS$’000 | – | – | – | – | (77,295) | (77,295) | (4,714) | (82,009) | PDF p. 97 |
| Share buybackS$’000 | – | (40,243) | – | – | – | (40,243) | – | (40,243) | PDF p. 97 |
| Capital injection by non-controlling interestS$’000 | – | – | – | – | – | – | 77,148 | 77,148 | PDF p. 97 |
| Cancellation of treasury sharesS$’000 | (105,147) | 105,147 | – | – | – | – | – | – | PDF p. 97 |
| End of financial yearS$’000 | 3,653,262 | (58,666) | 83,399 | 3,547 | 384,313 | 4,065,855 | 157,013 | 4,222,868 | PDF p. 97 |
Definitions & sources
Original report: PDF p. 97 ↗
All reserves are distributable other than the share premium reserve and the foreign currency translation reserve.
Consolidated Statement of Cash Flows — operating and investing activities
31 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, S$’000 | 2024Group, S$’000 | Source |
|---|---|---|---|
| Operating activities | |||
| Profit after income taxS$’000 | 638 | 309,676 | PDF p. 98 |
| Operating activities; adjustments | |||
| Income tax (credit)/expenseS$’000 | (47,276) | 63,460 | PDF p. 98 |
| Depreciation of property, plant and equipmentS$’000 | 6,788 | 7,812 | PDF p. 98 |
| Depreciation of investment propertiesS$’000 | 1,056 | 1,105 | PDF p. 98 |
| Allowances/(reversal of allowances) for credit and other lossesS$’000 | 290,941 | (15,464) | PDF p. 98 |
| Fair value gain on financial assets, at fair value through profit or lossS$’000 | (13,925) | (23,829) | PDF p. 98 |
| Dividend incomeS$’000 | (4,089) | (3,163) | PDF p. 98 |
| Fair value gain/(loss) on derivative financial instrumentsS$’000 | 14,550 | (25,349) | PDF p. 98 |
| Share of results from associated companies and joint ventures, net of taxS$’000 | (40,235) | (4,302) | PDF p. 98 |
| Net effect of exchange rate changes in consolidating foreign operationsS$’000 | – | (1,901) | PDF p. 98 |
| SubtotalS$’000 | 208,448 | 308,045 | PDF p. 98 |
| Operating activities; changes in working capital | |||
| Trade and other receivablesS$’000 | (304,644) | (159,670) | PDF p. 98 |
| Trade and other payablesS$’000 | 52,918 | (15,323) | PDF p. 98 |
| Operating activities | |||
| Cash generated from operationsS$’000 | (43,278) | 133,052 | PDF p. 98 |
| Income tax paidS$’000 | (48,564) | (53,845) | PDF p. 98 |
| Withholding tax paidS$’000 | – | (66,281) | PDF p. 98 |
| Net cash (used in)/provided by operating activitiesS$’000 | (91,842) | 12,926 | PDF p. 98 |
| Investing activities | |||
| Proceeds from sale of financial assets, at fair value through profit and lossS$’000 | 577,279 | 220,113 | PDF p. 98 |
| Proceeds from disposal of associated companiesS$’000 | 45,024 | 51,057 | PDF p. 98 |
| Dividend received from financial assets, at fair value through profit or lossS$’000 | 4,089 | 3,163 | PDF p. 98 |
| Dividend received from joint venturesS$’000 | 22,038 | 1,314 | PDF p. 98 |
| Purchase of debt investments at amortised costS$’000 | (318,680) | (114,337) | PDF p. 98 |
| Disposal of debt investments at amortised costS$’000 | 409,514 | 574,729 | PDF p. 98 |
| Purchase of property, plant and equipmentS$’000 | (58,268) | (43,829) | PDF p. 98 |
| Additions to investment propertiesS$’000 | – | (532) | PDF p. 98 |
| Acquisition of financial assets, at fair value through profit and lossS$’000 | (861,782) | (606,524) | PDF p. 98 |
| Additions to investments in associated companiesS$’000 | (643) | (6,387) | PDF p. 98 |
| Additions to investments in joint venturesS$’000 | (76,879) | (127,585) | PDF p. 98 |
| Return of capital by associated companiesS$’000 | 34,886 | 50,185 | PDF p. 98 |
| Return of capital by joint venturesS$’000 | 29,468 | – | PDF p. 98 |
| Net cash (used in)/provided by investing activitiesS$’000 | (193,954) | 1,367 | PDF p. 98 |
Definitions & sources
Original report: PDF p. 98 ↗
Consolidated Statement of Cash Flows — financing activities and cash reconciliation
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, S$’000 | 2024Group, S$’000 | Source |
|---|---|---|---|
| Financing activities | |||
| Dividend paidS$’000 | (128,962) | (82,009) | PDF p. 99 |
| Proceeds from borrowings from banksS$’000 | – | 193,904 | PDF p. 99 |
| Repayment of borrowings from banksS$’000 | (23,035) | (170,341) | PDF p. 99 |
| Principal repayment of lease liabilityS$’000 | (349) | (400) | PDF p. 99 |
| Share buybackS$’000 | – | (40,243) | PDF p. 99 |
| Capital injection by non-controlling interestsS$’000 | 13,143 | 77,148 | PDF p. 99 |
| Cash and cash equivalents of spin-off group at point of distributionS$’000 | (289,083) | – | PDF p. 99 |
| Net cash (used in)/provided by financing activitiesS$’000 | (428,286) | (21,941) | PDF p. 99 |
| Cash reconciliation | |||
| Net decrease in cash and cash equivalentsS$’000 | (714,082) | (7,648) | PDF p. 99 |
| Cash and cash equivalents at the beginning of financial yearS$’000 | 1,413,270 | 1,406,173 | PDF p. 99 |
| Effects of currency translation on cash and cash equivalentsS$’000 | (80,582) | 14,745 | PDF p. 99 |
| End of financial yearS$’000 | 618,606 | 1,413,270 | PDF p. 99 |
Definitions & sources
Original report: PDF p. 99 ↗
Earnings per share
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; financial year | 2024Group; financial year | Source |
|---|---|---|---|
| Earnings per share | |||
| Net (loss)/profit attributable to equity holders of the CompanyS$’000 | (5,219) | 304,629 | PDF p. 119 |
| Weighted average number of ordinary shares (’000)’000 ordinary shares | 3,536,653 | 3,519,420 | PDF p. 119 |
| Basic earnings per share (S$ cents)S$ cents | (0.15) | 8.66 | PDF p. 119 |
Definitions & sources
Original report: PDF p. 119 ↗
Basic earnings per share are calculated by dividing net (loss)/profit for the year attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding at the end of the financial year. Diluted earnings per share is equivalent to the basic earnings, as the Company does not have any dilutive potential ordinary shares.
Dividends paid by Group
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; dividends paid during year | 2024Group; dividends paid during year | Source |
|---|---|---|---|
| Final exempt dividend paid in respect of the previous financial year of S$0.0345 (2024: S$0.022) per share | |||
| Ordinary dividendsS$’000 | 120,076 | 77,295 | PDF p. 136 |
Definitions & sources
Original report: PDF p. 136 ↗
A final exempt (one-tier) dividend of 3.45 Singapore cents per share amounting to S$120,076,000 was approved by shareholders on 15 April 2025 and distributed on 13 May 2025.
AUM breakdown by asset class
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024As of 31 December 2024 | 2025As of 31 December 2025 | Source |
|---|---|---|---|
| AUM by asset class | |||
| Total AUMS$’Billion | 1.99 | 1.71 | PDF p. 5 |
| Debt InvestmentS$’Billion | 1.25 | 0.84 | PDF p. 5 |
| CashS$’Billion | 0.43 | 0.62 | PDF p. 5 |
| Equity and Other InvestmentS$’Billion | 0.31 | 0.25 | PDF p. 5 |
Definitions & sources
Original report: PDF p. 5 ↗
Chart labels and stacked categories were visually matched to original physical page 5.
AUM breakdown by country and asset class — amounts
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; FY2025 highlights context; country chart has no independently printed as-of date | Source |
|---|---|---|
| Singapore; Singapore | ||
| Total AUM in SingaporeS$’Million | 48.3 | PDF p. 5 |
| CashS$’Million | 2.4 | PDF p. 5 |
| DebtS$’Million | 45.9 | PDF p. 5 |
| PRC; PRC | ||
| Total AUM in PRCS$’Million | 1,657.8 | PDF p. 5 |
| CashS$’Million | 616.2 | PDF p. 5 |
| DebtS$’Million | 843.9 | PDF p. 5 |
| EquityS$’Million | 180.2 | PDF p. 5 |
| Investment PropertyS$’Million | 17.5 | PDF p. 5 |
Definitions & sources
Original report: PDF p. 5 ↗
The chart states total AUM of S$48.3M in Singapore and S$1,657.8M in PRC.
The country charts appear alongside the 31 December 2024 and 31 December 2025 AUM comparison. FY2025 is contextual; the donut charts do not print a separate date.
AUM breakdown by country and asset class — percentages
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; FY2025 highlights context; country chart has no independently printed as-of date | Source |
|---|---|---|
| Singapore; Singapore | ||
| Cash% | 5 | PDF p. 5 |
| Debt% | 95 | PDF p. 5 |
| PRC; PRC | ||
| Cash% | 37 | PDF p. 5 |
| Debt% | 51 | PDF p. 5 |
| Equity% | 11 | PDF p. 5 |
| Investment Property% | 1 | PDF p. 5 |
| Share of total AUM by country; Share of total AUM; country label | ||
| Singapore% | 3 | PDF p. 5 |
| The PRC% | 97 | PDF p. 5 |
Definitions & sources
Original report: PDF p. 5 ↗
Percent values are printed in the chart; component values sum to displayed rounded shares.
The country charts appear alongside the 31 December 2024 and 31 December 2025 AUM comparison. FY2025 is contextual; the donut charts do not print a separate date.
Final exempt dividend per share (Group)
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; dividend paid in 2025 | 2024Group; dividend paid in 2024 | Source |
|---|---|---|---|
| Ordinary dividends | |||
| Final exempt dividend paid in respect of the previous financial yearS$ per share | 0.0345 | 0.022 | PDF p. 136 |
Definitions & sources
Original report: PDF p. 136 ↗
The payment amount is separately shown in the ordinary-dividends table in S$’000. The 2025 amount was approved on 15 April 2025 and distributed on 13 May 2025.
Financial and Operations Review — selected FY2025 and FY2024 amounts
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Financial and Operations Review; review-rounded; S$M | 2024Group; Financial and Operations Review; review-rounded; S$M | Source |
|---|---|---|---|
| Financial review; source rounded S$M values | |||
| Total incomeS$M | 103.7 | 128.2 | PDF p. 14 |
| Dividend incomeS$M | 4.1 | 3.2 | PDF p. 14 |
| FY2025 gain; FY2024 loss; source rounded magnitudes | |||
| Net fair value gain/loss magnitudeS$M | 2.7 | 7.3 | PDF p. 14 |
| FY2025 allowance; FY2024 reversal; source rounded magnitudes | |||
| Credit loss allowance/reversal magnitudeS$M | 290.9 | 15.5 | PDF p. 14 |
| Financial review; source rounded S$M values | |||
| Share of results from associated companiesS$M | 19.0 | 2.9 | PDF p. 14 |
| FY2025 loss; FY2024 profit; source rounded magnitudes | |||
| Loss/profit attributable to equity holders of the CompanyS$M | 5.2 | 304.6 | PDF p. 14 |
Definitions & sources
Original report: PDF p. 14 ↗
These are the report’s rounded narrative review values; preserve them separately from the more precise audited S$’000 statements. Direction words in source prose distinguish gains/losses, allowances/reversals, and losses/profits; raw magnitudes are not sign-normalized.
Financial and Operations Review — cash and cash equivalents
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group; Financial and Operations Review; review-rounded; S$M | 2025Group; Financial and Operations Review; review-rounded; S$M | Source |
|---|---|---|---|
| Financial review; source quote presents FY2024 then FY2025 | |||
| Cash and cash equivalentsS$M | 1,413.3 | 618.6 | PDF p. 14 |
Definitions & sources
Original report: PDF p. 14 ↗
Rounded narrative review values; the cited prose presents FY2024 before FY2025. These remain separate from precise audited S$’000 statement figures.
Financial and Operations Review — debt investments at amortised cost
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group; Financial and Operations Review; review-rounded; S$M | 2025Group; Financial and Operations Review; review-rounded; S$M | Source |
|---|---|---|---|
| Financial review; source quote presents FY2024 then FY2025 | |||
| Debt investments at amortised costS$M | 1,250.7 | 843.9 | PDF p. 14 |
Definitions & sources
Original report: PDF p. 14 ↗
Rounded narrative review values; the cited prose presents FY2024 before FY2025. These remain separate from precise audited S$’000 statement figures.
Financial and Operations Review — financial assets at fair value through profit or loss
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group; Financial and Operations Review; review-rounded; S$M | 2025Group; Financial and Operations Review; review-rounded; S$M | Source |
|---|---|---|---|
| Financial review; source quote presents FY2024 then FY2025 | |||
| Financial assets at fair value through profit or lossS$M | 854.2 | 81.2 | PDF p. 14 |
Definitions & sources
Original report: PDF p. 14 ↗
Rounded narrative review values; the cited prose presents FY2024 before FY2025. These remain separate from precise audited S$’000 statement figures.
Financial and Operations Review — FY2025 year-over-year change rates
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; change versus FY2024; Financial and Operations Review | Source |
|---|---|---|
| Financial review; down vs FY2024 | ||
| Total income decrease rate% | 19 | PDF p. 14 |
| Financial review; up vs FY2024 | ||
| Dividend income increase rate% | 29 | PDF p. 14 |
| Financial review; down FY2024 to FY2025 | ||
| Debt investments at amortised cost decrease rate% | 32.5 | PDF p. 14 |
| Financial assets at fair value through profit or loss decrease rate% | 90.5 | PDF p. 14 |
| Cash and cash equivalents decrease rate% | 56.2 | PDF p. 14 |
Definitions & sources
Original report: PDF p. 14 ↗
Rates are printed percentage changes in source prose; raw values omit the adjacent percent sign and use the % unit.
Financial and Operations Review — FY2025 net fair value gain components
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Financial and Operations Review | Source |
|---|---|---|
| Component of FY2025 net fair value gain | ||
| Fund investmentsS$M | 1.1 | PDF p. 14 |
| Derivative financial instrumentsS$M | 1.6 | PDF p. 14 |
Definitions & sources
Original report: PDF p. 14 ↗
Component amounts are rounded review amounts and are separate from the audited statement totals.
Financial and Operations Review — FY2025 interest income
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Financial and Operations Review | Source |
|---|---|---|
| FY2025 financial review; lower average balance of debt investments in China | ||
| Interest incomeS$M | 92.5 | PDF p. 14 |
Definitions & sources
Original report: PDF p. 14 ↗
Rounded narrative review amount; the audited statement presents S$92,472 thousand.
Financial highlights — narrative callouts FY2025
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; rounded narrative actuals | Source |
|---|---|---|
| FY2025; rounded narrative actuals | ||
| Provisions recognised to accelerate non-performing loan recoveryS$ million | 290.9 | PDF p. 5 |
| Profit from continuing operations before allowancesS$ million | 92.2 | PDF p. 5 |
Definitions & sources
Original report: PDF p. 5 ↗
These are rounded narrative amounts, distinct from the audited financial statements.
Financial and Operations Review — total AUM narrative FY2025
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; rounded narrative actuals | Source |
|---|---|---|
| FY2025; rounded narrative actuals | ||
| Total assets under managementS$ billion | 1.71 | PDF p. 14 |
Definitions & sources
Original report: PDF p. 14 ↗
These are rounded narrative amounts, distinct from the audited financial statements.
Forward-looking portfolio targets, not actual FY2025 allocation: approximately 40% income-generating debt investments, 40% equity investments (including private equity and listed equities), and 20% cash and cash equivalents.
For 1H2026, planned deployment of up to RMB1.0 billion into selected high-yield listed equities with yields of at least 4.5% and other value-accretive opportunities, subject to market conditions, internal risk parameters and capital preservation.
Geographic target: 50:50 allocation between China and Asia Pacific region over the next three years. No fixed target end date is printed.
FY2025 actual narrative states zero external borrowings. The source word “zero” is retained here; no numeric zero is substituted for statement dashes.
Segment information — Note 33 Segment information by geography – 2025 (total assets and total income)
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Singapore, S$'000 | 2025China, S$'000 | 2025Total, S$'000 | Source |
|---|---|---|---|---|
| Segment income | ||||
| Segment incomeS$'000 | 1,647 | 102,037 | 103,684 | PDF p. 150 |
| Segment income – including | ||||
| – Interest IncomeS$'000 | 243 | 92,229 | 92,472 | PDF p. 150 |
| – Other net changes in fair value on financial assets and financial liabilities at fair value through profit or lossS$'000 | 1,295 | 1,395 | 2,690 | PDF p. 150 |
| Segment expenses | ||||
| Segment ExpensesS$'000 | 2,633 | 8,900 | 11,533 | PDF p. 150 |
| Segment expenses – including | ||||
| – Depreciation of investment propertiesS$'000 | – | 1,056 | 1,056 | PDF p. 150 |
| – Depreciation of property, plant and equipmentS$'000 | 346 | 89 | 435 | PDF p. 150 |
| Segment assets | ||||
| Segment AssetsS$'000 | 84,759 | 1,808,374 | 1,893,133 | PDF p. 150 |
| Segment assets – including | ||||
| – Cash and cash equivalentsS$'000 | 2,370 | 616,236 | 618,606 | PDF p. 150 |
| – Debt investments at amortised costS$'000 | – | 843,938 | 843,938 | PDF p. 150 |
| – Financial assets, at fair value through profit or lossS$'000 | 45,273 | 35,943 | 81,216 | PDF p. 150 |
| – Investment in associated companiesS$'000 | – | 144,154 | 144,154 | PDF p. 150 |
| – Investment propertiesS$'000 | – | 17,463 | 17,463 | PDF p. 150 |
| – Property, plant and equipmentS$'000 | – | 795 | 795 | PDF p. 150 |
| – Deferred income tax assetsS$'000 | – | 135,270 | 135,270 | PDF p. 150 |
| Segment net assets | ||||
| Segment net assetsS$'000 | 83,554 | 1,663,689 | 1,747,243 | PDF p. 150 |
Definitions & sources
Original report: PDF p. 150 ↗
Management considers the investment business of the Group as a single business segment; the two primary geographic areas are Singapore and the PRC. The following table analyses the total assets and total income by geography. Column headed 'China' in table; Total column has no printed unit of its own (S$'000 applies).
Segment information — Note 33 Segment information by geography – 2024 (continued)
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Singapore, S$'000 | 2024China, S$'000 | 2024Total, S$'000 | Source |
|---|---|---|---|---|
| Segment income | ||||
| Segment incomeS$'000 | 7 | 128,212 | 128,219 | PDF p. 151 |
| Segment income – including | ||||
| – Interest IncomeS$'000 | 6 | 130,281 | 130,287 | PDF p. 151 |
| – Other net changes in fair value on financial assets and financial liabilities at fair value through profit or lossS$'000 | – | (7,301) | (7,301) | PDF p. 151 |
| Segment expenses | ||||
| Segment ExpensesS$'000 | 2,718 | 12,067 | 14,785 | PDF p. 151 |
| Segment expenses – including | ||||
| – Depreciation of investment propertiesS$'000 | – | 1,105 | 1,105 | PDF p. 151 |
| – Depreciation of property, plant and equipmentS$'000 | 347 | 89 | 436 | PDF p. 151 |
| Segment assets | ||||
| Segment AssetsS$'000 | 2,405,546 | 2,017,036 | 4,422,582 | PDF p. 151 |
| Segment assets – including | ||||
| – Cash and cash equivalentsS$'000 | 980,300 | 432,970 | 1,413,270 | PDF p. 151 |
| – Debt investments at amortised costS$'000 | 42,477 | 1,208,262 | 1,250,739 | PDF p. 151 |
| – Financial assets, at fair value through profit or lossS$'000 | 779,069 | 75,178 | 854,247 | PDF p. 151 |
| – Investment in associated companiesS$'000 | – | 207,085 | 207,085 | PDF p. 151 |
| – Investment propertiesS$'000 | – | 18,954 | 18,954 | PDF p. 151 |
| – Property, plant and equipmentS$'000 | 165,331 | 903 | 166,234 | PDF p. 151 |
| – Deferred income tax assetsS$'000 | – | 62,794 | 62,794 | PDF p. 151 |
| Segment net assets | ||||
| Segment net assetsS$'000 | 2,205,831 | 2,017,037 | 4,222,868 | PDF p. 151 |
Definitions & sources
Original report: PDF p. 151 ↗
Continuation of Note 33; same geographic split (Singapore, China, Total). Single business segment.
Segment information — Note 33(a) Reconciliation – Segment profits
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, S$'000 | 2024Group, S$'000 | Source |
|---|---|---|---|
| Reconciliation – Segment profits | |||
| Segment results for reportable segmentsS$'000 | 92,151 | 113,434 | PDF p. 151 |
| Unallocated | |||
| – Allowances for credit and other lossesS$'000 | (290,941) | 15,464 | PDF p. 151 |
| – Share of profits of associated companies and join venturesS$'000 | 19,019 | 2,888 | PDF p. 151 |
| – Other (losses)/gainsS$'000 | (8,498) | 43,543 | PDF p. 151 |
| Reconciliation – Segment profits | |||
| Profit before taxS$'000 | (188,269) | 173,329 | PDF p. 151 |
Definitions & sources
Original report: PDF p. 151 ↗
A reconciliation of segment results to profit before tax. No information about major customers is presented as there is no single customer which individually contributed more than 10% of the total revenue for the years ended 31 December 2024 and 2025.
Borrowings — Note 27 Borrowings
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current | |||||
| Bank borrowings (unsecured)S$'000 | – | 23,563 | – | – | PDF p. 134 |
| Lease liabilitiesS$'000 | – | 358 | – | 358 | PDF p. 134 |
| Total | |||||
| Total borrowingsS$'000 | – | 23,921 | – | 358 | PDF p. 134 |
Definitions & sources
Original report: PDF p. 134 ↗
All the above borrowings are measured at amortised cost. Information about the Group’s and Company’s exposure to interest rate and liquidity risks is included in Note 31.
No non-current borrowings are presented.
Borrowings — Note 31(c) Liquidity risk - Group contractual undiscounted maturity (borrowings and lease items)
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Less than 1 year | 2024Group, Between 1 and 2 years | 2024Group, Between 2 and 5 years | 2024Group, Over 5 years | Source |
|---|---|---|---|---|---|
| The Group - As at 31 December 2024 | |||||
| Bank borrowingsS$'000 | 23,563 | – | – | – | PDF p. 146 |
| Lease liabilitiesS$'000 | 358 | – | – | – | PDF p. 146 |
Definitions & sources
Original report: PDF p. 146 ↗
Contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.
The Group's 2025 table lists only Trade and other payables (38,789); no borrowings or lease liabilities shown for 2025.
Company 2024 lease liabilities: 358 less than 1 year, nil thereafter.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy (Provision 11.6) | The Company has adopted a dividend policy of paying out at least 40% of the Group’s net profit after tax, excluding non-recurring, one-off and exceptional items, as dividends. | Group | PDF p. 80 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Board does not recommend any dividend for the year | the Board does not recommend any dividend for the year | FY2025 declared/proposed: none | PDF p. 81 |
| Final exempt dividend paid in respect of the previous financial year of S$0.0345 (2024: S$0.022) per share | 3.45 Singapore cents per share | Group; final exempt (one-tier) dividend for FY2024, paid 2025; comparative (paid 2024, for FY2023) S$0.022 per share | PDF p. 136 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Final exempt dividend paid in respect of the previous financial year of | 120,076 S$'000 | Group, 2025 | PDF p. 136 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Engagement partner | Lim Kheng Wah | Group | PDF p. 92 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
FY2024 comparative income statement, related notes and cash-flow figures have been reclassified for the maritime business presented as discontinued operations (note36, physical page154).
Physical page5 highlights show FY2025 attributable net loss of(S$5.0m), whereas the Financial and Operations Review on physical page14 states S$5.2m and the audited statement on physical page93 prints(S$5,219 thousand). Each distinct source value is retained; the chart value is not silently replaced.
Country AUM chart dates are contextual to the FY2025 highlights; no independent as-of date is printed on the donut charts.
Seven-year highlights coverFY2019–FY2025 as printed. This does not represent completed backfill of the full historical annual reports.
The report presents the consolidated Group statements and a Company balance sheet, but no separate Company income statement, cash-flow statement, or statement of changes in equity (auditor report and contents pages checked).
Interim/final/special dividend chart components are not separately numerically labeled; only the printed annual dividend facts are retained.
Selected financial-review narrative values and change rates on physical page 14 are included in separate review tables; forward-looking portfolio allocation targets are retained as source notes, not historical actuals.
Independent review supplements previously omitted page 5 narrative highlights and page 14 forward-looking/summary figures; the forward-looking target rows are distinctly scoped and are not historical actuals.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.