0.91
-2.15%
Close of 6 Nov 2026, in SGD
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At a glance
Figures in SGD, from our data supplier.
Revenue
SGD 3.40bn
FY2016FY2025
Net income
SGD 243.1m
FY2016FY2025
Free cash flow
SGD 981.8m
FY2016FY2025
Shareholders' equity
SGD 9.79bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SGD 3.40bn | SGD 4.21bn | SGD 3.95bn | SGD 3.88bn | SGD 3.76bn | SGD 3.60bn | SGD 3.79bn | SGD 4.32bn | SGD 4.03bn | SGD 3.44bn |
| Gross profit | SGD 1.34bn | SGD 1.49bn | SGD 1.54bn | SGD 1.51bn | SGD 1.57bn | SGD 1.46bn | SGD 1.45bn | SGD 1.48bn | SGD 1.18bn | SGD 1.03bn |
| Operating income | SGD 919.3m | SGD 1.05bn | SGD 1.14bn | SGD 1.12bn | SGD 1.23bn | SGD 864.6m | SGD 890.0m | SGD 938.0m | SGD 888.8m | SGD 780.0m |
| Net income | SGD 243.1m | SGD 206.3m | SGD 173.1m | SGD 928.3m | SGD 833.1m | SGD 191.4m | SGD 563.7m | SGD 753.0m | SGD 689.1m | SGD 597.2m |
| Diluted earnings per share | 0.06 | 0.05 | 0.04 | 0.24 | 0.21 | 0.07 | 0.19 | 0.24 | 0.23 | 0.20 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SGD 39.75bn | SGD 39.64bn | SGD 39.78bn | SGD 40.17bn | SGD 40.26bn | SGD 38.75bn | SGD 37.63bn | SGD 32.56bn | SGD 27.01bn | SGD 24.20bn |
| Cash and short-term investments | — | — | — | — | — | SGD 3.32bn | SGD 3.58bn | SGD 2.60bn | SGD 2.41bn | SGD 2.17bn |
| Total liabilities | SGD 22.60bn | SGD 22.17bn | SGD 21.58bn | SGD 20.79bn | SGD 21.93bn | SGD 29.85bn | SGD 28.19bn | SGD 23.06bn | SGD 18.16bn | SGD 16.15bn |
| Debt | SGD 14.87bn | SGD 13.71bn | SGD 12.83bn | SGD 12.34bn | SGD 12.46bn | SGD 15.89bn | SGD 17.42bn | SGD 15.41bn | SGD 11.77bn | SGD 9.88bn |
| Shareholders' equity | SGD 9.79bn | SGD 9.93bn | SGD 10.79bn | SGD 11.59bn | SGD 10.79bn | SGD 8.90bn | SGD 9.44bn | SGD 9.51bn | SGD 8.85bn | SGD 8.05bn |
| Shares outstanding | 3,916m | 3,916m | 3,916m | 3,916m | 3,916m | 2,926m | 2,926m | 3,098m | 2,956m | 2,962m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | SGD 1.03bn | SGD 1.24bn | SGD 1.56bn | SGD 1.18bn | SGD 1.36bn | SGD 611,000 | SGD 1.37bn | SGD 514.1m | SGD 944.6m | SGD 1.10bn |
| Capital spending | −SGD 48.9m | −SGD 64.2m | −SGD 127.2m | −SGD 90.3m | −SGD 29.9m | −SGD 33.4m | −SGD 35.2m | −SGD 83.7m | −SGD 52.4m | −SGD 62.3m |
| Free cash flow | SGD 981.8m | SGD 1.18bn | SGD 1.43bn | SGD 1.09bn | SGD 1.33bn | −SGD 32.8m | SGD 1.34bn | SGD 430.4m | SGD 892.2m | SGD 1.03bn |
| Dividends paid | −SGD 176.7m | −SGD 176.7m | −SGD 117.8m | −SGD 78.5m | −SGD 44.0m | −SGD 105.3m | −SGD 251.1m | −SGD 250.4m | −SGD 249.9m | −SGD 249.4m |
Latest quarters
By quarter end
| Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Mar 2023 | Dec 2022 | Sept 2020 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SGD 1.59bn | SGD 2.67bn | SGD 1.55bn | SGD 2.00bn | SGD 1.00bn | SGD 1.95bn | SGD 973.1m | SGD 1.46bn |
| Gross profit | SGD 675.8m | SGD 857.2m | SGD 636.2m | SGD 740.2m | SGD 370.1m | SGD 803.7m | SGD 401.9m | SGD 470.8m |
| Operating income | SGD 486.6m | SGD 624.2m | SGD 433.2m | SGD 548.9m | SGD 122.4m | SGD 617.8m | SGD 180.7m | SGD 130.2m |
| Net income | SGD 135.6m | SGD 127.4m | SGD 35.8m | −SGD 74.0m | −SGD 62.5m | SGD 197.2m | SGD 209.9m | −SGD 44.1m |
| Diluted earnings per share | 0.03 | 0.03 | 0.01 | -0.02 | -0.01 | 0.05 | 0.05 | -0.02 |
| Cash from operations | — | — | — | — | — | — | — | SGD 119.0m |
| Capital spending | — | — | — | — | — | — | — | −SGD 9.0m |
| Free cash flow | — | — | — | — | — | — | — | SGD 110.0m |
| Total assets | SGD 38.91bn | SGD 39.64bn | SGD 40.13bn | SGD 39.78bn | SGD 39.78bn | SGD 40.13bn | SGD 40.13bn | SGD 38.75bn |
| Cash and short-term investments | — | — | — | — | SGD 2.66bn | — | SGD 2.93bn | SGD 3.32bn |
| Debt | SGD 14.20bn | SGD 13.71bn | SGD 12.56bn | SGD 12.83bn | SGD 13.39bn | SGD 13.08bn | SGD 13.98bn | SGD 15.89bn |
| Shareholders' equity | SGD 9.64bn | SGD 9.93bn | SGD 10.48bn | SGD 10.79bn | SGD 18.20bn | SGD 10.97bn | SGD 18.69bn | SGD 8.90bn |
Financial ratios
Data as of 19 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 39.5% | 35.4% | 39.1% | 38.8% | 41.6% | 40.5% | — | — | — | — |
| Operating margin | 36.5% | 30.4% | 23.5% | 28.6% | 31.3% | 26.8% | — | — | — | — |
| Net margin | 7.1% | 4.9% | 4.4% | 23.9% | 22.1% | 5.3% | — | — | — | — |
| Return on equity | 2.5% | 2.1% | 1.6% | 8.0% | 7.7% | 2.2% | — | — | — | — |
| Return on assets | 0.6% | 0.5% | 0.4% | 2.3% | 2.1% | 0.5% | — | — | — | — |
| Free cash flow yield | — | — | — | — | 39.3% | 1.3% | 53.4% | 21.4% | 37.5% | 43.5% |
| Revenue growth | -19.2% | 6.8% | 1.8% | 3.0% | 4.6% | -5.1% | — | — | — | — |
| Earnings growth | 17.8% | 19.2% | -81.3% | 11.4% | 335.2% | -66.0% | — | — | — | — |
| Current ratio | 1.23x | 1.18x | 1.16x | 1.38x | 1.21x | 1.74x | — | — | — | — |
| Debt to equity | 1.52x | 1.38x | 1.19x | 1.06x | 1.16x | 1.69x | — | — | — | — |
| Equity ratio | 24.6% | 25.1% | 27.1% | 28.9% | 26.8% | 23.0% | — | — | — | — |
| Interest coverage | 1.88x | 2.04x | 1.76x | 2.81x | 2.70x | 1.88x | — | — | — | — |
| Buybacks as a share of market value | — | — | — | — | -33.9% | 0.0% | 5.6% | -4.8% | 0.2% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.2% | -1.1% | -0.5% |
| Operating income | -6.5% | 1.2% | 1.1% |
| Net income | -36.0% | 4.9% | -10.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 37.2% | 38.1% | 39.1% | 36.1% |
| Operating margin | 25.8% | 27.4% | 27.8% | 25.4% |
| Net margin | 5.9% | 10.0% | 11.3% | 14.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 18.2 | 17.6 | 20.0 | 3.9 | 5.4 | 18.8 | 8.8 | 6.8 | 8.9 | 7.8 |
| Price to sales | 1.3 | 0.9 | 0.9 | 0.9 | 1.2 | 1.0 | 1.3 | 1.2 | 1.5 | 1.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 12 years. Last went ex-dividend on 30 Jan 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.045 | 0.075 | 0.045 | 0.03 | 0.02 | 0.015 | 0.036 | 0.086 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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