7.22
-3.22%
Close of 6 Nov 2026, in SGD
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At a glance
Figures in SGD, from our data supplier.
Revenue
SGD 3.59bn
FY2016FY2025
Net income
SGD 629.7m
FY2016FY2025
Free cash flow
−SGD 2.36bn
FY2016FY2025
Shareholders' equity
SGD 9.59bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SGD 3.59bn | SGD 3.27bn | SGD 4.94bn | SGD 3.29bn | SGD 2.63bn | SGD 2.11bn | SGD 3.43bn | SGD 4.22bn | SGD 3.83bn | SGD 3.91bn |
| Operating income | SGD 293.5m | SGD 413.7m | SGD 660.3m | SGD 177.4m | SGD 240.0m | −SGD 851.6m | SGD 653.9m | SGD 904.6m | SGD 797.1m | SGD 923.1m |
| Net income | SGD 629.7m | SGD 201.3m | SGD 317.3m | SGD 1.29bn | SGD 97.7m | −SGD 1.92bn | SGD 564.6m | SGD 557.3m | SGD 522.2m | SGD 653.2m |
| Diluted earnings per share | 0.69 | 0.22 | 0.35 | 1.42 | 0.11 | -2.11 | 0.62 | 0.40 | 0.56 | 0.70 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SGD 27.05bn | SGD 25.61bn | SGD 24.23bn | SGD 22.98bn | SGD 23.89bn | SGD 23.68bn | SGD 23.20bn | SGD 20.89bn | SGD 19.36bn | SGD 19.80bn |
| Cash and short-term investments | — | — | — | — | — | SGD 3.15bn | SGD 3.07bn | SGD 1.95bn | SGD 3.40bn | — |
| Total liabilities | SGD 16.79bn | SGD 16.30bn | SGD 14.69bn | SGD 13.42bn | SGD 14.56bn | SGD 15.17bn | SGD 12.68bn | SGD 10.84bn | SGD 9.97bn | SGD 8.39bn |
| Debt | SGD 10.22bn | SGD 8.72bn | SGD 7.71bn | SGD 7.32bn | SGD 5.95bn | SGD 8.99bn | SGD 8.09bn | SGD 5.30bn | SGD 3.88bn | SGD 5.37bn |
| Shareholders' equity | SGD 9.59bn | SGD 9.09bn | SGD 9.18bn | SGD 9.22bn | SGD 8.41bn | SGD 8.50bn | SGD 10.52bn | SGD 10.04bn | SGD 9.39bn | SGD 9.29bn |
| Shares outstanding | 907m | 907m | 907m | 907m | 907m | 907m | 907m | 1,405m | 934m | 938m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −SGD 1.51bn | SGD 929.7m | SGD 950.4m | −SGD 125.5m | SGD 1.13bn | −SGD 356.1m | SGD 836.4m | −SGD 599.6m | SGD 1.09bn | SGD 1.18bn |
| Capital spending | −SGD 843.9m | −SGD 654.2m | −SGD 511.7m | −SGD 115.9m | −SGD 143.1m | −SGD 267.2m | −SGD 218.4m | −SGD 201.1m | −SGD 109.3m | −SGD 205.4m |
| Free cash flow | −SGD 2.36bn | SGD 275.4m | SGD 438.6m | −SGD 241.4m | SGD 991.1m | −SGD 623.4m | SGD 618.0m | −SGD 800.7m | SGD 978.2m | SGD 975.5m |
| Dividends paid | −SGD 139.4m | −SGD 126.3m | −SGD 206.2m | −SGD 104.5m | −SGD 110.5m | −SGD 135.8m | −SGD 85.5m | −SGD 85.6m | −SGD 85.6m | −SGD 237.4m |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Dec 2020 | Jun 2020 | Dec 2019 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SGD 1.90bn | SGD 1.69bn | SGD 1.71bn | SGD 1.56bn | SGD 2.24bn | SGD 1.04bn | SGD 1.07bn | SGD 946.9m |
| Operating income | SGD 709.6m | SGD 187.9m | SGD 388.3m | SGD 186.6m | SGD 409.9m | −SGD 913.4m | SGD 61.7m | SGD 102.5m |
| Net income | SGD 533.8m | SGD 86.5m | SGD 108.3m | SGD 82.6m | SGD 245.0m | −SGD 1.92bn | SGD 3.1m | SGD 87.7m |
| Diluted earnings per share | 0.60 | 0.10 | 0.12 | 0.09 | 0.27 | -2.12 | 0.00 | 0.10 |
| Cash from operations | −SGD 956.0m | −SGD 555.0m | SGD 492.0m | SGD 436.0m | — | SGD 84.0m | −SGD 262.0m | SGD 273.0m |
| Capital spending | −SGD 153.0m | −SGD 354.0m | −SGD 99.0m | −SGD 87.0m | — | −SGD 110.0m | −SGD 23.0m | −SGD 218.0m |
| Free cash flow | −SGD 1.11bn | −SGD 909.0m | SGD 393.0m | SGD 349.0m | — | −SGD 26.0m | −SGD 285.0m | SGD 55.0m |
| Total assets | SGD 27.05bn | SGD 25.74bn | SGD 25.61bn | SGD 24.39bn | SGD 24.23bn | SGD 23.68bn | SGD 23.86bn | SGD 23.20bn |
| Cash and short-term investments | — | — | — | — | — | SGD 3.15bn | SGD 2.42bn | SGD 3.36bn |
| Debt | SGD 10.22bn | SGD 7.98bn | SGD 8.72bn | SGD 9.13bn | SGD 7.71bn | SGD 8.99bn | SGD 8.84bn | SGD 9.90bn |
| Shareholders' equity | SGD 9.59bn | SGD 9.03bn | SGD 9.09bn | SGD 9.05bn | SGD 9.18bn | SGD 8.50bn | SGD 10.57bn | SGD 10.52bn |
Financial ratios
Data as of 10 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 34.2% | 28.2% | 18.6% | 6.7% | 6.1% | -13.9% | — | — | — | — |
| Net margin | 17.6% | 6.2% | 6.4% | 39.0% | 3.7% | -90.9% | — | — | — | — |
| Return on equity | 6.6% | 2.2% | 3.5% | 13.9% | 1.2% | -22.6% | — | — | — | — |
| Return on assets | 2.3% | 0.8% | 1.3% | 5.6% | 0.4% | -8.1% | — | — | — | — |
| Free cash flow yield | — | — | — | — | 19.8% | -1.4% | 16.4% | -4.0% | 18.1% | 20.8% |
| Revenue growth | 9.7% | -33.8% | 50.0% | 25.4% | 24.5% | -38.5% | — | — | — | — |
| Earnings growth | 212.8% | -36.6% | -75.3% | 1216.2% | -105.1% | -439.6% | — | — | — | — |
| Current ratio | 2.23x | 1.58x | 1.77x | 2.15x | 1.36x | 2.14x | — | — | — | — |
| Debt to equity | 1.07x | 0.96x | 0.84x | 0.79x | 0.71x | 1.03x | — | — | — | — |
| Equity ratio | 35.5% | 35.5% | 37.9% | 40.1% | 35.2% | 35.9% | — | — | — | — |
| Interest coverage | 2.69x | 1.68x | 2.06x | 0.92x | 0.89x | -1.48x | — | — | — | — |
| Buybacks as a share of market value | — | — | — | — | 0.0% | 0.0% | 35.4% | -50.5% | 0.4% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.9% | 11.2% | 0.8% |
| Operating income | 18.3% | — | -11.1% |
| Net income | -21.2% | — | -2.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 10.3% | 10.2% | 4.7% | 13.4% |
| Net margin | 12.1% | 16.1% | 3.1% | 9.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 11.5 | 23.0 | 19.0 | 5.8 | 61.7 | -3.7 | 17.1 | 20.0 | 21.8 | 11.6 |
| Price to sales | 2.0 | 1.4 | 1.2 | 2.3 | 2.3 | 3.4 | 2.8 | 2.6 | 3.0 | 1.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 30 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.25 | 0.11 | 0.10 | 0.12 | 0.20 | 0.11 | 0.08 | 0.14 |
- 6-for-5 split · 18 Jun 1993
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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