7.88
-2.72%
Close of 6 Nov 2026, in SGD
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At a glance
Figures in SGD, from our data supplier.
Revenue
SGD 3.23bn
FY2016FY2025
Net income
SGD 481.7m
FY2016FY2025
Free cash flow
SGD 1.18bn
FY2016FY2025
Shareholders' equity
SGD 11.78bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SGD 3.23bn | SGD 2.79bn | SGD 2.68bn | SGD 3.20bn | SGD 2.61bn | SGD 1.98bn | SGD 2.28bn | SGD 2.40bn | SGD 2.11bn | SGD 1.44bn |
| Gross profit | SGD 1.28bn | SGD 1.11bn | SGD 1.06bn | SGD 1.07bn | SGD 807.6m | SGD 727.6m | SGD 1.05bn | SGD 1.03bn | SGD 708.6m | SGD 485.0m |
| Operating income | SGD 811.9m | SGD 690.5m | SGD 653.6m | SGD 711.5m | SGD 516.3m | SGD 108.7m | SGD 784.5m | SGD 686.7m | SGD 1.04bn | SGD 353.9m |
| Net income | SGD 481.7m | SGD 358.2m | SGD 707.7m | SGD 491.9m | SGD 307.4m | SGD 13.1m | SGD 478.8m | SGD 418.3m | SGD 880.2m | SGD 287.0m |
| Diluted earnings per share | 0.57 | 0.42 | 0.84 | 0.58 | 0.36 | 0.02 | 0.57 | 0.53 | 1.06 | 0.48 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SGD 22.48bn | SGD 22.84bn | SGD 22.20bn | SGD 21.94bn | SGD 21.27bn | SGD 20.37bn | SGD 20.65bn | SGD 20.62bn | SGD 19.61bn | SGD 11.59bn |
| Cash and short-term investments | — | — | — | — | — | SGD 976.9m | SGD 717.4m | SGD 677.2m | SGD 816.4m | SGD 301.5m |
| Total liabilities | SGD 5.81bn | SGD 6.44bn | SGD 6.40bn | SGD 6.65bn | SGD 6.66bn | SGD 10.59bn | SGD 10.61bn | SGD 11.00bn | SGD 10.17bn | SGD 3.46bn |
| Debt | SGD 3.62bn | SGD 4.72bn | SGD 4.37bn | SGD 4.40bn | SGD 3.70bn | SGD 3.46bn | SGD 3.26bn | SGD 4.71bn | SGD 3.85bn | SGD 2.41bn |
| Shareholders' equity | SGD 11.78bn | SGD 11.53bn | SGD 11.04bn | SGD 10.64bn | SGD 10.17bn | SGD 9.79bn | SGD 10.05bn | SGD 9.62bn | SGD 9.44bn | SGD 8.14bn |
| Shares outstanding | 844m | 844m | 844m | 844m | 844m | 844m | 843m | 787m | 833m | 600m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | SGD 1.29bn | SGD 811.3m | SGD 808.8m | SGD 141.7m | SGD 751.3m | SGD 579.6m | SGD 1.04bn | −SGD 477.2m | SGD 936.1m | SGD 538.5m |
| Capital spending | −SGD 107.3m | −SGD 148.0m | −SGD 210.0m | −SGD 244.6m | −SGD 229.6m | −SGD 205.6m | −SGD 330.1m | −SGD 310.1m | −SGD 123.9m | −SGD 66.3m |
| Free cash flow | SGD 1.18bn | SGD 663.3m | SGD 598.8m | −SGD 102.9m | SGD 521.7m | SGD 374.0m | SGD 713.9m | −SGD 787.3m | SGD 812.2m | SGD 472.2m |
| Dividends paid | −SGD 152.1m | −SGD 169.0m | −SGD 152.1m | −SGD 126.7m | −SGD 126.6m | −SGD 147.6m | −SGD 147.5m | −SGD 147.4m | −SGD 71.9m | −SGD 64.3m |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Dec 2020 | Jun 2020 | Dec 2019 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SGD 1.68bn | SGD 1.55bn | SGD 1.52bn | SGD 1.27bn | SGD 1.32bn | SGD 1.98bn | SGD 908.2m | SGD 553.2m |
| Gross profit | SGD 669.6m | SGD 606.6m | SGD 596.2m | SGD 518.4m | SGD 552.7m | SGD 727.6m | SGD 343.2m | SGD 243.9m |
| Operating income | SGD 421.1m | SGD 396.4m | SGD 362.1m | SGD 316.8m | SGD 336.3m | SGD 108.7m | −SGD 66.9m | SGD 193.7m |
| Net income | SGD 276.2m | SGD 205.5m | SGD 227.8m | SGD 130.4m | SGD 572.7m | SGD 13.1m | −SGD 82.1m | SGD 131.0m |
| Diluted earnings per share | 0.33 | 0.24 | 0.27 | 0.15 | 0.68 | 0.02 | -0.10 | 0.16 |
| Cash from operations | SGD 936.0m | SGD 355.0m | SGD 804.0m | SGD 6.0m | — | SGD 341.0m | −SGD 52.0m | SGD 228.0m |
| Capital spending | −SGD 68.0m | −SGD 38.0m | SGD 47.0m | −SGD 195.0m | — | −SGD 72.0m | −SGD 30.0m | −SGD 330.0m |
| Free cash flow | SGD 868.0m | SGD 317.0m | SGD 851.0m | −SGD 189.0m | — | SGD 269.0m | −SGD 82.0m | −SGD 102.0m |
| Total assets | SGD 22.48bn | SGD 22.82bn | SGD 22.84bn | SGD 22.96bn | SGD 22.20bn | SGD 20.37bn | SGD 20.45bn | SGD 20.65bn |
| Cash and short-term investments | — | — | — | — | — | SGD 976.9m | SGD 805.7m | SGD 717.4m |
| Debt | SGD 3.64bn | SGD 4.90bn | SGD 4.73bn | SGD 4.99bn | SGD 4.37bn | SGD 3.46bn | SGD 3.55bn | SGD 3.26bn |
| Shareholders' equity | SGD 11.78bn | SGD 11.48bn | SGD 11.53bn | SGD 11.14bn | SGD 11.04bn | SGD 9.79bn | SGD 9.56bn | SGD 10.05bn |
Financial ratios
Data as of 8 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 39.5% | 39.9% | 39.4% | 33.5% | 31.0% | 36.8% | — | — | — | — |
| Operating margin | 28.1% | 30.7% | 43.8% | 21.3% | 17.7% | 21.9% | — | — | — | — |
| Net margin | 14.9% | 12.8% | 26.4% | 15.4% | 11.8% | 0.7% | — | — | — | — |
| Return on equity | 4.1% | 3.1% | 6.4% | 4.6% | 3.0% | 0.1% | — | — | — | — |
| Return on assets | 2.1% | 1.6% | 3.2% | 2.2% | 1.4% | 0.1% | — | — | — | — |
| Free cash flow yield | — | — | — | — | 14.4% | 11.6% | 20.3% | -2.6% | 15.8% | 12.5% |
| Revenue growth | 15.7% | 4.2% | -16.2% | 22.8% | 31.8% | -13.4% | — | — | — | — |
| Earnings growth | 34.5% | -49.4% | 43.9% | 60.0% | 2239.3% | -97.3% | — | — | — | — |
| Current ratio | 2.37x | 4.08x | 3.30x | 3.03x | 2.02x | 1.93x | — | — | — | — |
| Debt to equity | 0.31x | 0.41x | 0.40x | 0.41x | 0.36x | 0.35x | — | — | — | — |
| Equity ratio | 52.4% | 50.5% | 49.7% | 48.5% | 47.8% | 48.0% | — | — | — | — |
| Interest coverage | 5.24x | 3.59x | 5.17x | 5.23x | 7.90x | 6.07x | — | — | — | — |
| Buybacks as a share of market value | — | — | — | — | -0.0% | -0.1% | -7.2% | 5.5% | -38.7% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 0.3% | 10.3% | 9.7% |
| Operating income | 4.5% | 49.5% | 5.8% |
| Net income | -0.7% | 105.5% | 2.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 39.7% | 37.9% | 36.7% | 37.8% |
| Operating margin | 24.9% | 24.1% | 21.2% | 26.2% |
| Net margin | 13.9% | 17.1% | 14.3% | 18.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 15.3 | 12.2 | 7.5 | 11.5 | 19.5 | — | 14.7 | 11.6 | 8.4 | 12.5 |
| Price to sales | 2.3 | 1.6 | 2.0 | 1.8 | 2.3 | 3.3 | 3.1 | 2.0 | 3.5 | 2.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 5 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.18 | 0.18 | 0.05 | 0.03 | 0.15 | 0.15 | 0.175 | 0.175 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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