V 
14.29
-2.99%
Close of 6 Nov 2026, in SGD
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At a glance
Figures in SGD, from our data supplier.
Revenue
SGD 2.53bn
FY2016FY2025
Net income
SGD 227.0m
FY2016FY2025
Free cash flow
SGD 223.5m
FY2016FY2025
Shareholders' equity
SGD 2.79bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SGD 2.53bn | SGD 2.73bn | SGD 3.03bn | SGD 3.86bn | SGD 3.11bn | SGD 3.01bn | SGD 3.63bn | SGD 3.48bn | SGD 4.00bn | SGD 2.87bn |
| Gross profit | SGD 699.4m | SGD 709.5m | SGD 768.7m | SGD 939.0m | SGD 808.8m | SGD 491.9m | SGD 575.2m | SGD 637.9m | SGD 621.0m | SGD 416.9m |
| Research and development | SGD 19.0m | SGD 20.7m | SGD 29.7m | SGD 16.7m | SGD 19.3m | SGD 36.0m | SGD 36.6m | SGD 83.0m | SGD 49.9m | SGD 36.9m |
| Operating income | SGD 243.3m | SGD 260.5m | SGD 299.4m | SGD 434.2m | SGD 347.1m | SGD 337.1m | SGD 409.5m | SGD 424.8m | SGD 443.7m | SGD 215.9m |
| Net income | SGD 227.0m | SGD 245.0m | SGD 270.0m | SGD 369.6m | SGD 312.1m | SGD 297.3m | SGD 363.1m | SGD 370.1m | SGD 372.8m | SGD 180.7m |
| Diluted earnings per share | 0.78 | 0.84 | 0.93 | 1.27 | 1.07 | 1.03 | 1.26 | 1.27 | 1.29 | 0.50 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SGD 3.60bn | SGD 3.70bn | SGD 3.55bn | SGD 3.75bn | SGD 3.64bn | SGD 3.24bn | SGD 3.27bn | SGD 3.20bn | SGD 3.14bn | SGD 2.76bn |
| Cash and short-term investments | — | — | — | — | — | SGD 928.7m | SGD 714.5m | SGD 712.8m | SGD 752.4m | SGD 474.7m |
| Total liabilities | SGD 804.4m | SGD 805.6m | SGD 716.9m | SGD 908.5m | SGD 915.8m | SGD 653.1m | SGD 778.0m | SGD 854.7m | SGD 978.5m | SGD 798.4m |
| Debt | — | — | — | — | — | SGD 10.8m | SGD 18.4m | SGD 1.8m | SGD 30.8m | SGD 92.6m |
| Shareholders' equity | SGD 2.79bn | SGD 2.89bn | SGD 2.83bn | SGD 2.84bn | SGD 2.72bn | SGD 2.59bn | SGD 2.50bn | SGD 2.35bn | SGD 2.17bn | SGD 1.96bn |
| Shares outstanding | 290m | 290m | 290m | 290m | 290m | 289m | 288m | 290m | 289m | 360m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | SGD 251.5m | SGD 482.5m | SGD 521.4m | SGD 269.1m | SGD 101.8m | SGD 453.1m | SGD 229.7m | SGD 254.2m | SGD 448.5m | SGD 231.3m |
| Capital spending | −SGD 28.1m | −SGD 16.8m | −SGD 47.9m | −SGD 32.7m | −SGD 10.8m | −SGD 27.8m | −SGD 35.1m | −SGD 58.5m | −SGD 37.0m | −SGD 33.5m |
| Free cash flow | SGD 223.5m | SGD 465.7m | SGD 473.5m | SGD 236.4m | SGD 91.0m | SGD 425.4m | SGD 194.6m | SGD 195.7m | SGD 411.6m | SGD 197.8m |
| Dividends paid | −SGD 230.2m | −SGD 217.5m | −SGD 218.2m | −SGD 218.1m | −SGD 217.8m | −SGD 216.9m | −SGD 201.7m | −SGD 230.0m | −SGD 140.7m | −SGD 138.4m |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Sept 2023 | Dec 2020 | Jun 2020 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SGD 1.27bn | SGD 1.26bn | SGD 1.35bn | SGD 1.38bn | SGD 1.44bn | SGD 706.3m | SGD 1.65bn | SGD 1.37bn |
| Gross profit | SGD 196.7m | SGD 189.2m | SGD 195.9m | SGD 201.7m | SGD 213.2m | SGD 1.89bn | SGD 274.2m | SGD 217.8m |
| Operating income | SGD 125.0m | SGD 120.6m | SGD 127.8m | SGD 134.4m | SGD 141.6m | SGD 79.0m | SGD 189.6m | SGD 147.5m |
| Net income | SGD 114.0m | SGD 113.0m | SGD 121.4m | SGD 123.7m | SGD 130.0m | SGD 63.0m | SGD 166.8m | SGD 130.5m |
| Diluted earnings per share | 0.40 | 0.39 | 0.42 | 0.43 | 0.45 | 0.22 | 0.58 | 0.45 |
| Cash from operations | SGD 101.0m | SGD 149.0m | SGD 212.0m | SGD 270.0m | — | — | SGD 453.0m | SGD 252.0m |
| Capital spending | −SGD 15.0m | −SGD 12.0m | −SGD 6.0m | −SGD 10.0m | — | — | −SGD 28.0m | −SGD 5.0m |
| Free cash flow | SGD 86.0m | SGD 137.0m | SGD 206.0m | SGD 260.0m | — | — | SGD 425.0m | SGD 247.0m |
| Total assets | SGD 3.60bn | SGD 3.53bn | SGD 3.70bn | SGD 3.63bn | SGD 3.55bn | — | SGD 3.24bn | SGD 3.22bn |
| Cash and short-term investments | — | — | — | — | — | — | SGD 928.7m | SGD 834.1m |
| Debt | — | — | — | — | — | — | SGD 10.8m | SGD 13.9m |
| Shareholders' equity | SGD 2.79bn | SGD 2.74bn | SGD 2.89bn | SGD 2.85bn | SGD 2.83bn | — | SGD 2.59bn | SGD 2.53bn |
Financial ratios
Data as of 17 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 27.6% | 25.9% | 25.4% | 24.3% | 26.0% | 16.3% | — | — | — | — | — | — |
| Operating margin | 11.3% | 11.3% | 11.0% | 11.2% | 11.2% | 11.0% | — | — | — | — | — | — |
| Net margin | 9.0% | 9.0% | 8.9% | 9.6% | 10.0% | 9.9% | — | — | — | — | — | — |
| Return on equity | 8.1% | 8.5% | 9.5% | 13.0% | 11.5% | 11.5% | — | — | — | — | — | — |
| Return on assets | 6.3% | 6.6% | 7.6% | 9.9% | 8.6% | 9.2% | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | 2.4% | 10.5% | 5.8% | 6.8% | 10.6% | 4.6% | — | — |
| Revenue growth | -7.4% | -9.6% | -21.7% | 24.3% | 3.1% | -17.1% | — | — | — | — | — | — |
| Earnings growth | -7.4% | -9.3% | -26.9% | 18.4% | 5.0% | -18.1% | — | — | — | — | — | — |
| Current ratio | 3.34x | 3.47x | 3.74x | 3.17x | 3.02x | 3.65x | — | — | — | — | — | — |
| Debt to equity | — | — | — | — | — | — | 0.00x | 0.00x | 0.01x | 0.05x | 0.07x | 0.06x |
| Equity ratio | 77.5% | 78.1% | 79.7% | 75.7% | 74.7% | 79.8% | — | — | — | — | — | — |
| Interest coverage | 290.33x | 270.65x | 457.85x | 840.12x | 818.96x | 706.17x | — | — | — | — | — | — |
| R&D as a share of sales | 0.8% | 0.8% | 1.0% | 0.4% | 0.6% | 1.2% | — | — | — | — | — | — |
| Buybacks as a share of market value | — | — | — | — | -0.4% | -0.3% | 0.6% | -0.5% | 19.8% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -13.1% | -3.4% | -0.5% |
| Operating income | -17.6% | -6.3% | 3.0% |
| Net income | -15.0% | -5.3% | 4.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 26.8% | 25.6% | 24.2% | 20.1% |
| Operating margin | 9.6% | 10.2% | 10.5% | 10.3% |
| Net margin | 9.0% | 9.1% | 9.4% | 9.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 19.4 | 15.6 | 14.6 | 13.4 | 17.0 | 18.9 | 12.9 | 10.9 | 15.9 | 19.7 |
| Price to sales | 1.7 | 1.4 | 1.3 | 1.3 | 1.7 | 1.9 | 1.3 | 1.2 | 1.5 | 1.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 33 years. Last went ex-dividend on 5 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.50 | 0.55 | 0.75 | 1.00 | 0.75 | 0.75 | 0.75 | 0.70 |
- 2.197-for-1 split · 24 Jun 1996
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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