5.68
-3.57%
Close of 6 Nov 2026, in SGD
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At a glance
Figures in SGD, from our data supplier.
Revenue
SGD 5.80bn
FY2016FY2025
Net income
SGD 984.0m
FY2016FY2025
Free cash flow
SGD 208.0m
FY2016FY2025
Shareholders' equity
SGD 5.54bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SGD 5.80bn | SGD 6.42bn | SGD 7.04bn | SGD 7.83bn | SGD 7.79bn | SGD 5.45bn | SGD 9.62bn | SGD 11.69bn | SGD 9.03bn | SGD 7.91bn |
| Gross profit | SGD 1.30bn | SGD 1.51bn | SGD 1.57bn | SGD 1.23bn | SGD 1.10bn | SGD 863.0m | SGD 892.0m | SGD 920.0m | SGD 1.24bn | SGD 1.11bn |
| Operating income | SGD 863.0m | SGD 1.04bn | SGD 1.15bn | SGD 897.0m | SGD 810.0m | SGD 437.0m | SGD 559.0m | SGD 662.0m | SGD 918.0m | SGD 537.4m |
| Net income | SGD 984.0m | SGD 1.02bn | SGD 942.0m | SGD 848.0m | SGD 279.0m | −SGD 997.0m | SGD 247.0m | SGD 347.0m | SGD 383.0m | SGD 394.9m |
| Diluted earnings per share | 0.55 | 0.57 | 0.53 | 0.47 | 0.16 | -0.56 | 0.14 | 0.18 | 0.17 | 0.20 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SGD 18.43bn | SGD 18.18bn | SGD 15.50bn | SGD 16.02bn | SGD 14.39bn | SGD 13.56bn | SGD 23.25bn | SGD 23.32bn | SGD 23.75bn | SGD 22.29bn |
| Cash and short-term investments | — | — | — | — | — | SGD 1.19bn | SGD 1.77bn | SGD 1.92bn | SGD 2.74bn | SGD 1.90bn |
| Total liabilities | SGD 12.56bn | SGD 12.52bn | SGD 10.63bn | SGD 11.80bn | SGD 10.48bn | SGD 10.22bn | SGD 16.38bn | SGD 16.53bn | SGD 16.80bn | SGD 15.59bn |
| Debt | SGD 7.90bn | SGD 8.00bn | SGD 5.97bn | SGD 5.97bn | SGD 6.64bn | SGD 7.35bn | SGD 8.63bn | SGD 8.87bn | SGD 9.85bn | SGD 7.11bn |
| Shareholders' equity | SGD 5.54bn | SGD 5.36bn | SGD 4.59bn | SGD 3.98bn | SGD 3.77bn | SGD 3.34bn | SGD 6.87bn | SGD 6.79bn | SGD 6.94bn | SGD 6.70bn |
| Shares outstanding | 1,787m | 1,787m | 1,787m | 1,787m | 1,787m | 1,781m | 1,786m | 1,965m | 2,278m | 1,933m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | SGD 1.17bn | SGD 1.41bn | SGD 1.48bn | SGD 1.65bn | SGD 1.22bn | SGD 491.0m | SGD 977.0m | SGD 739.0m | SGD 651.0m | SGD 872.1m |
| Capital spending | −SGD 962.0m | −SGD 1.61bn | −SGD 836.0m | −SGD 608.0m | −SGD 282.0m | −SGD 318.0m | −SGD 925.0m | −SGD 1.11bn | −SGD 736.0m | −SGD 836.0m |
| Free cash flow | SGD 208.0m | −SGD 196.0m | SGD 645.0m | SGD 1.04bn | SGD 937.0m | SGD 173.0m | SGD 52.0m | −SGD 368.0m | −SGD 85.0m | SGD 36.1m |
| Dividends paid | −SGD 462.0m | −SGD 250.0m | −SGD 231.0m | −SGD 125.0m | −SGD 107.0m | −SGD 872.0m | −SGD 107.0m | −SGD 316.0m | −SGD 167.0m | −SGD 178.7m |
Latest quarters
By quarter end
| Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Dec 2020 | Jun 2020 | Dec 2019 | Sept 2019 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SGD 2.94bn | SGD 3.21bn | SGD 3.21bn | SGD 3.38bn | SGD 2.83bn | SGD 3.52bn | SGD 2.32bn | SGD 2.45bn |
| Gross profit | SGD 701.0m | SGD 778.0m | SGD 727.0m | SGD 741.0m | SGD 507.0m | SGD 162.0m | SGD 123.0m | SGD 245.0m |
| Operating income | SGD 514.0m | SGD 572.0m | SGD 532.0m | SGD 540.0m | SGD 347.0m | −SGD 77.0m | SGD 48.0m | SGD 157.0m |
| Net income | SGD 536.0m | SGD 471.0m | SGD 540.0m | SGD 412.0m | −SGD 866.0m | −SGD 131.0m | −SGD 15.0m | SGD 71.0m |
| Diluted earnings per share | 0.30 | 0.26 | 0.30 | 0.23 | -0.49 | -0.07 | -0.01 | 0.04 |
| Cash from operations | — | — | — | — | SGD 240.0m | SGD 103.0m | SGD 132.0m | −SGD 36.0m |
| Capital spending | — | — | — | — | −SGD 73.0m | −SGD 70.0m | −SGD 934.0m | −SGD 701.0m |
| Free cash flow | — | — | — | — | SGD 167.0m | SGD 33.0m | −SGD 802.0m | −SGD 737.0m |
| Total assets | SGD 17.51bn | SGD 18.28bn | SGD 17.62bn | SGD 15.50bn | SGD 13.56bn | SGD 23.20bn | SGD 23.25bn | SGD 24.17bn |
| Cash and short-term investments | — | — | — | — | SGD 1.19bn | SGD 2.30bn | SGD 2.00bn | SGD 1.91bn |
| Debt | SGD 7.70bn | SGD 8.00bn | SGD 7.70bn | SGD 5.97bn | SGD 7.35bn | SGD 9.42bn | SGD 11.27bn | SGD 11.22bn |
| Shareholders' equity | SGD 5.21bn | SGD 5.44bn | SGD 5.03bn | SGD 4.59bn | SGD 3.34bn | SGD 5.70bn | SGD 6.87bn | SGD 6.80bn |
Financial ratios
Data as of 4 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 22.4% | 23.5% | 22.3% | 15.7% | 14.1% | 26.5% | — | — | — | — |
| Operating margin | 14.9% | 25.2% | 22.6% | 11.5% | 10.4% | 8.0% | — | — | — | — |
| Net margin | 17.0% | 15.8% | 13.4% | 10.8% | 3.6% | -18.3% | — | — | — | — |
| Return on equity | 17.8% | 19.0% | 20.5% | 21.3% | 7.4% | -29.9% | — | — | — | — |
| Return on assets | 5.3% | 5.6% | 6.1% | 5.3% | 1.9% | -7.4% | — | — | — | — |
| Free cash flow yield | — | — | — | — | 14.4% | 7.8% | 18.2% | 16.1% | 10.4% | 15.1% |
| Revenue growth | -9.6% | -8.9% | -10.0% | 0.4% | 43.1% | -43.4% | — | — | — | — |
| Earnings growth | -3.1% | 7.9% | 11.1% | 203.9% | -128.0% | -503.6% | — | — | — | — |
| Current ratio | 1.05x | 1.15x | 0.78x | 1.35x | 1.35x | 1.41x | — | — | — | — |
| Debt to equity | 1.43x | 1.49x | 1.30x | 1.50x | 1.76x | 2.14x | — | — | — | — |
| Equity ratio | 30.1% | 29.5% | 29.6% | 24.8% | 26.2% | 24.6% | — | — | — | — |
| Interest coverage | 2.24x | 4.44x | 4.01x | 3.07x | 2.11x | 0.94x | — | — | — | — |
| Buybacks as a share of market value | — | — | — | — | -0.3% | 0.2% | 9.1% | 13.7% | -17.9% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -9.5% | 1.3% | -4.9% |
| Operating income | -1.3% | 14.6% | 7.3% |
| Net income | 5.1% | — | 6.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 23.0% | 20.7% | 18.8% | 14.1% |
| Operating margin | 15.5% | 14.6% | 12.9% | 9.4% |
| Net margin | 16.4% | 14.0% | 7.6% | 5.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.9 | 9.7 | 10.1 | 7.1 | 12.9 | -3.1 | 8.3 | 7.3 | 9.1 | 7.0 |
| Price to sales | 1.9 | 1.5 | 1.4 | 0.8 | 0.5 | 0.6 | 0.2 | 0.2 | 0.4 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 27 years. Last went ex-dividend on 6 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.16 | 0.26 | 0.25 | 0.09 | 0.07 | 0.06 | 0.03 | 0.04 |
- 1.064-to-1 reverse split · 25 May 2005
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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