A 
1.40
-1.41%
Close of 6 Nov 2026, in SGD
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At a glance
Figures in SGD, from our data supplier.
Revenue
SGD 190.7m
FY2017FY2026
Net income
SGD 131.2m
FY2017FY2026
Free cash flow
SGD 109.1m
FY2017FY2026
Shareholders' equity
SGD 1.67bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SGD 190.7m | SGD 186.6m | SGD 177.3m | SGD 167.4m | SGD 142.4m | SGD 122.6m | SGD 118.9m | SGD 118.1m | SGD 116.9m | SGD 120.1m |
| Gross profit | SGD 124.9m | SGD 117.2m | SGD 115.9m | SGD 122.5m | SGD 103.2m | SGD 87.5m | SGD 81.4m | SGD 71.1m | SGD 69.0m | SGD 72.0m |
| Operating income | SGD 122.7m | SGD 115.3m | SGD 114.2m | SGD 100.3m | SGD 84.0m | SGD 75.5m | SGD 93.1m | SGD 52.8m | SGD 62.6m | SGD 15.0m |
| Net income | SGD 131.2m | SGD 53.5m | SGD 62.9m | SGD 113.9m | SGD 104.1m | SGD 52.0m | SGD 85.5m | SGD 50.0m | SGD 61.2m | SGD 13.5m |
| Diluted earnings per share | 0.19 | 0.08 | 0.09 | 0.16 | 0.15 | 0.07 | 0.12 | 0.07 | 0.09 | 0.02 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SGD 2.46bn | SGD 2.29bn | SGD 2.32bn | SGD 2.34bn | SGD 2.40bn | SGD 1.85bn | SGD 1.65bn | SGD 1.48bn | SGD 1.48bn | SGD 1.47bn |
| Cash and short-term investments | — | — | — | — | — | — | SGD 20.4m | SGD 18.1m | SGD 17.6m | SGD 11.7m |
| Total liabilities | SGD 796.6m | SGD 787.3m | SGD 882.3m | SGD 969.0m | SGD 1.03bn | SGD 759.2m | SGD 694.0m | SGD 556.3m | SGD 538.7m | SGD 577.0m |
| Debt | SGD 452.9m | SGD 578.7m | SGD 587.5m | SGD 791.0m | SGD 817.8m | SGD 510.7m | SGD 467.1m | SGD 497.4m | SGD 493.2m | SGD 527.5m |
| Shareholders' equity | SGD 1.67bn | SGD 1.50bn | SGD 1.43bn | SGD 1.37bn | SGD 1.37bn | SGD 1.09bn | SGD 955.0m | SGD 928.5m | SGD 939.0m | SGD 888.4m |
| Shares outstanding | 707m | 707m | 707m | 707m | 707m | 707m | 707m | 702m | 686m | 655m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | SGD 123.5m | SGD 126.5m | SGD 117.3m | SGD 109.7m | SGD 97.0m | SGD 77.9m | SGD 82.4m | SGD 72.4m | SGD 73.3m | SGD 78.1m |
| Capital spending | −SGD 14.3m | −SGD 25.4m | −SGD 4.3m | −SGD 3.0m | −SGD 7.4m | −SGD 3.2m | −SGD 28.6m | −SGD 14.3m | −SGD 33.2m | −SGD 48.0m |
| Free cash flow | SGD 109.1m | SGD 101.1m | SGD 113.0m | SGD 106.6m | SGD 89.6m | SGD 74.7m | SGD 53.8m | SGD 58.1m | SGD 40.2m | SGD 30.1m |
| Dividends paid | −SGD 79.9m | −SGD 76.7m | −SGD 74.3m | −SGD 69.3m | −SGD 71.0m | −SGD 60.6m | −SGD 53.2m | −SGD 63.8m | −SGD 68.0m | −SGD 71.5m |
Latest quarters
By quarter end
| Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Sept 2021 | Jun 2021 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SGD 93.7m | SGD 93.1m | SGD 93.5m | SGD 90.4m | SGD 86.8m | SGD 43.4m | SGD 33.4m | SGD 31.8m |
| Gross profit | SGD 62.9m | SGD 58.5m | SGD 62.0m | SGD 61.1m | SGD 58.6m | SGD 29.3m | SGD 23.9m | SGD 23.1m |
| Operating income | SGD 59.9m | SGD 55.7m | SGD 59.0m | SGD 58.0m | SGD 55.4m | SGD 19.2m | SGD 21.7m | SGD 20.1m |
| Net income | SGD 34.8m | −SGD 52,000 | SGD 32.8m | SGD 11.4m | SGD 31.0m | SGD 20.6m | SGD 52.5m | SGD 18.1m |
| Diluted earnings per share | 0.04 | -0.00 | 0.04 | 0.01 | 0.04 | 0.02 | 0.07 | 0.03 |
| Cash from operations | — | — | — | — | — | — | SGD 19.0m | SGD 20.0m |
| Capital spending | — | — | — | — | — | — | — | −SGD 3.0m |
| Free cash flow | — | — | — | — | — | — | — | SGD 17.0m |
| Total assets | SGD 2.29bn | SGD 2.29bn | SGD 2.33bn | SGD 2.32bn | SGD 2.35bn | SGD 2.35bn | SGD 1.99bn | SGD 1.85bn |
| Cash and short-term investments | SGD 14.7m | — | — | — | — | SGD 18.5m | — | — |
| Debt | SGD 822.4m | SGD 578.7m | SGD 602.3m | SGD 587.5m | SGD 665.4m | SGD 764.4m | SGD 358.9m | SGD 463.2m |
| Shareholders' equity | SGD 1.37bn | SGD 1.50bn | SGD 1.43bn | SGD 1.43bn | SGD 1.46bn | SGD 1.46bn | SGD 1.36bn | SGD 1.08bn |
Financial ratios
Data as of 4 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 65.5% | 62.8% | 65.4% | 73.2% | 72.5% | 71.4% | — | — | — | — |
| Operating margin | 86.0% | 44.5% | 50.2% | 85.1% | 59.0% | 61.7% | — | — | — | — |
| Net margin | 68.8% | 28.6% | 35.5% | 68.0% | 73.1% | 42.4% | — | — | — | — |
| Return on equity | 7.9% | 3.6% | 4.4% | 8.3% | 7.6% | 4.8% | — | — | — | — |
| Return on assets | 5.3% | 2.3% | 2.7% | 4.9% | 4.3% | 2.8% | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | 8.2% | 11.3% | 8.9% | 11.2% | 13.8% |
| Revenue growth | 2.2% | 5.3% | 5.9% | 17.6% | 16.1% | 3.2% | — | — | — | — |
| Earnings growth | 145.4% | -15.0% | -44.8% | 9.4% | 100.1% | -39.2% | — | — | — | — |
| Current ratio | 0.46x | 0.93x | 0.17x | 0.79x | 0.37x | 0.15x | — | — | — | — |
| Debt to equity | 0.27x | 0.38x | 0.41x | 0.58x | 0.60x | 0.47x | — | — | — | — |
| Equity ratio | 67.7% | 65.6% | 61.9% | 58.5% | 57.2% | 58.9% | — | — | — | — |
| Interest coverage | 5.30x | 2.45x | 2.73x | 4.70x | 4.10x | 3.74x | — | — | — | — |
| Buybacks as a share of market value | — | — | — | — | — | -0.1% | -0.7% | -2.4% | -4.6% | -2.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.4% | 9.2% | 4.4% |
| Operating income | 7.0% | 10.2% | 10.4% |
| Net income | 4.8% | 20.3% | 12.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 64.2% | 66.6% | 68.0% | 65.6% |
| Operating margin | 63.1% | 62.7% | 62.0% | 55.6% |
| Net margin | 48.9% | 50.1% | 52.4% | 48.5% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 7.7 | 19.9 | 14.1 | 8.1 | 8.4 | 19.7 | 10.3 | 20.1 | 14.9 | 66.1 |
| Price to sales | 5.3 | 5.7 | 5.0 | 5.5 | 6.2 | 8.4 | 7.4 | 8.5 | 7.8 | 7.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 19 years. Last went ex-dividend on 7 Aug 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.049 | 0.098 | 0.124 | 0.096 | 0.08 | 0.072 | 0.024 | 0.003 |
- 5-to-1 reverse split · 29 Sept 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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