9.26
-5.51%
Close of 6 Nov 2026, in SGD
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At a glance
Figures in SGD, from our data supplier.
Revenue
SGD 12.35bn
FY2016FY2025
Net income
SGD 462.8m
FY2016FY2025
Free cash flow
SGD 1.13bn
FY2016FY2025
Shareholders' equity
SGD 2.57bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SGD 12.35bn | SGD 11.28bn | SGD 10.10bn | SGD 9.04bn | SGD 7.69bn | SGD 7.16bn | SGD 7.87bn | SGD 6.70bn | SGD 6.52bn | SGD 6.68bn |
| Gross profit | SGD 2.69bn | SGD 2.71bn | SGD 2.51bn | SGD 1.70bn | SGD 1.54bn | SGD 1.91bn | SGD 1.64bn | SGD 1.41bn | SGD 1.31bn | SGD 1.31bn |
| Operating income | SGD 417.5m | SGD 977.5m | SGD 840.1m | SGD 607.9m | SGD 610.5m | SGD 560.9m | SGD 648.8m | SGD 562.6m | SGD 541.1m | SGD 483.3m |
| Net income | SGD 462.8m | SGD 702.3m | SGD 586.5m | SGD 535.0m | SGD 570.5m | SGD 521.8m | SGD 577.9m | SGD 494.2m | SGD 502.6m | SGD 484.5m |
| Diluted earnings per share | 0.15 | 0.23 | 0.19 | 0.17 | 0.18 | 0.17 | 0.19 | 0.16 | 0.15 | 0.16 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SGD 16.03bn | SGD 16.22bn | SGD 15.38bn | SGD 14.96bn | SGD 10.52bn | SGD 9.56bn | SGD 9.52bn | SGD 7.57bn | SGD 8.02bn | SGD 8.37bn |
| Cash and short-term investments | — | — | — | — | — | SGD 730.6m | SGD 452.7m | SGD 414.8m | SGD 998.0m | SGD 1.09bn |
| Total liabilities | SGD 13.11bn | SGD 13.27bn | SGD 12.63bn | SGD 12.31bn | SGD 7.85bn | SGD 7.27bn | SGD 7.30bn | SGD 5.33bn | SGD 5.81bn | SGD 6.18bn |
| Debt | SGD 2.60bn | SGD 2.40bn | SGD 3.03bn | SGD 2.39bn | SGD 1.07bn | SGD 1.55bn | SGD 839.9m | SGD 495.3m | SGD 1.12bn | SGD 1.08bn |
| Shareholders' equity | SGD 2.57bn | SGD 2.67bn | SGD 2.46bn | SGD 2.40bn | SGD 2.41bn | SGD 2.29bn | SGD 2.22bn | SGD 2.25bn | SGD 2.22bn | SGD 2.18bn |
| Shares outstanding | 3,119m | 3,119m | 3,119m | 3,119m | 3,119m | 3,116m | 3,116m | 3,135m | 3,370m | 3,110m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | SGD 1.71bn | SGD 1.72bn | SGD 1.18bn | SGD 673.1m | SGD 1.11bn | SGD 1.53bn | SGD 590.0m | SGD 639.5m | SGD 763.7m | SGD 758.8m |
| Capital spending | −SGD 580.5m | −SGD 545.0m | −SGD 615.9m | −SGD 762.9m | −SGD 312.0m | −SGD 200.3m | −SGD 290.1m | −SGD 336.1m | −SGD 272.6m | −SGD 327.7m |
| Free cash flow | SGD 1.13bn | SGD 1.17bn | SGD 562.6m | −SGD 89.8m | SGD 802.2m | SGD 1.33bn | SGD 299.8m | SGD 303.4m | SGD 491.1m | SGD 431.1m |
| Dividends paid | −SGD 530.4m | −SGD 498.9m | −SGD 498.7m | −SGD 685.6m | −SGD 467.9m | −SGD 468.0m | −SGD 468.2m | −SGD 468.0m | −SGD 467.6m | −SGD 465.9m |
Latest quarters
By quarter end
| Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Dec 2020 | Jun 2020 | Dec 2019 | Sept 2019 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SGD 5.92bn | SGD 5.76bn | SGD 5.52bn | SGD 5.24bn | SGD 7.16bn | SGD 3.57bn | SGD 2.29bn | SGD 2.07bn |
| Gross profit | SGD 1.13bn | SGD 1.12bn | SGD 1.05bn | SGD 992.3m | SGD 1.53bn | SGD 736.9m | SGD 472.1m | SGD 433.2m |
| Operating income | SGD 562.9m | SGD 521.0m | SGD 484.6m | SGD 419.3m | SGD 560.9m | SGD 299.2m | SGD 191.1m | SGD 163.1m |
| Net income | SGD 402.8m | SGD 365.7m | SGD 336.5m | SGD 305.9m | SGD 521.8m | SGD 257.4m | SGD 169.5m | SGD 139.1m |
| Diluted earnings per share | 0.13 | 0.12 | 0.11 | 0.10 | 0.17 | 0.08 | 0.05 | 0.04 |
| Cash from operations | — | — | — | — | SGD 257.0m | SGD 508.0m | SGD 172.0m | −SGD 5.0m |
| Capital spending | — | — | — | — | −SGD 51.0m | −SGD 48.0m | −SGD 394.0m | −SGD 260.0m |
| Free cash flow | — | — | — | — | SGD 206.0m | SGD 460.0m | −SGD 222.0m | −SGD 265.0m |
| Total assets | SGD 15.91bn | SGD 16.22bn | SGD 15.88bn | SGD 15.38bn | SGD 9.56bn | SGD 9.44bn | SGD 9.52bn | SGD 9.51bn |
| Cash and short-term investments | — | — | — | — | SGD 730.6m | SGD 343.8m | SGD 453.8m | SGD 760.9m |
| Debt | — | SGD 2.40bn | — | SGD 3.03bn | SGD 1.55bn | SGD 1.52bn | SGD 839.9m | SGD 2.44bn |
| Shareholders' equity | SGD 2.71bn | SGD 2.67bn | SGD 2.57bn | SGD 2.46bn | SGD 2.29bn | SGD 2.23bn | SGD 2.22bn | SGD 2.11bn |
Financial ratios
Data as of 22 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 21.8% | 24.1% | 24.9% | 24.5% | 20.0% | 26.6% | — | — | — | — |
| Operating margin | 7.2% | 8.7% | 8.3% | 6.7% | 8.3% | 7.8% | — | — | — | — |
| Net margin | 3.7% | 6.2% | 5.8% | 5.9% | 7.4% | 7.3% | — | — | — | — |
| Return on equity | 18.0% | 26.3% | 23.8% | 22.3% | 23.6% | 22.8% | — | — | — | — |
| Return on assets | 2.9% | 4.3% | 3.8% | 3.6% | 5.4% | 5.5% | — | — | — | — |
| Free cash flow yield | — | — | — | — | 4.3% | 5.2% | 2.6% | 2.9% | 2.9% | 3.3% |
| Revenue growth | 9.5% | 11.6% | 11.8% | 17.4% | 7.5% | -9.0% | — | — | — | — |
| Earnings growth | -34.1% | 19.7% | 9.6% | -6.2% | 9.3% | -9.7% | — | — | — | — |
| Current ratio | 1.08x | 0.89x | 0.91x | 0.77x | 1.14x | 1.16x | — | — | — | — |
| Debt to equity | 1.01x | 0.90x | 1.23x | 1.00x | 0.45x | 0.68x | — | — | — | — |
| Equity ratio | 16.1% | 16.5% | 16.0% | 16.0% | 22.9% | 24.0% | — | — | — | — |
| Interest coverage | 4.47x | 4.35x | 3.56x | 4.43x | 14.24x | 11.31x | — | — | — | — |
| Buybacks as a share of market value | — | — | — | — | -0.1% | 0.0% | 0.6% | 7.0% | -8.4% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 11.0% | 11.5% | 6.9% |
| Operating income | -11.8% | -5.7% | -2.2% |
| Net income | -4.7% | -2.4% | -1.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 22.9% | 22.5% | 22.7% | 21.8% |
| Operating margin | 5.9% | 6.6% | 7.0% | 7.4% |
| Net margin | 4.9% | 5.3% | 5.9% | 6.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 56.8 | 20.7 | 20.7 | 19.5 | 20.6 | 23.1 | 21.2 | 22.1 | 21.9 | 20.7 |
| Price to sales | 2.1 | 1.3 | 1.2 | 1.2 | 1.5 | 1.7 | 1.6 | 1.6 | 1.7 | 1.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 28 years. Last went ex-dividend on 21 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.20 | 0.17 | 0.28 | 0.16 | 0.22 | 0.15 | 0.15 | 0.15 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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