O 
0.87
-1.70%
Close of 6 Nov 2026, in SGD
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At a glance
Figures in SGD, from our data supplier.
Revenue
SGD 29.60bn
FY2018FY2025
Net income
SGD 444.1m
FY2018FY2025
Free cash flow
SGD 334.9m
FY2018FY2025
Shareholders' equity
SGD 7.00bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SGD 29.60bn | SGD 22.99bn | SGD 48.27bn | SGD 54.90bn | SGD 47.00bn | SGD 35.82bn | SGD 32.99bn | SGD 30.48bn |
| Operating income | SGD 1.55bn | SGD 1.49bn | SGD 2.16bn | SGD 3.73bn | SGD 3.35bn | SGD 2.54bn | SGD 616.5m | SGD 747.5m |
| Net income | SGD 444.1m | SGD 86.4m | SGD 278.7m | SGD 629.1m | SGD 686.4m | SGD 245.7m | SGD 564.2m | SGD 323.2m |
| Diluted earnings per share | 0.12 | 0.02 | 0.07 | 0.16 | 0.19 | 0.07 | 0.17 | 0.09 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | SGD 38.94bn | SGD 45.23bn | SGD 33.35bn | SGD 31.95bn | SGD 32.06bn | SGD 26.70bn | SGD 25.67bn | SGD 23.45bn |
| Cash and short-term investments | — | — | — | — | — | — | — | SGD 2.48bn |
| Total liabilities | SGD 31.78bn | SGD 37.91bn | SGD 25.68bn | SGD 23.87bn | SGD 25.28bn | SGD 20.67bn | SGD 19.13bn | SGD 17.12bn |
| Debt | SGD 6.56bn | SGD 12.17bn | SGD 8.89bn | SGD 10.07bn | SGD 8.79bn | SGD 6.78bn | SGD 5.40bn | SGD 11.27bn |
| Shareholders' equity | SGD 7.00bn | SGD 7.01bn | SGD 7.33bn | SGD 7.66bn | SGD 6.77bn | SGD 5.96bn | SGD 6.43bn | SGD 6.33bn |
| Shares outstanding | 3,771m | 3,793m | 3,817m | 3,838m | 3,691m | 3,304m | 3,294m | 3,330m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | SGD 1.07bn | −SGD 5.32bn | −SGD 334.6m | SGD 964.6m | SGD 690.5m | −SGD 78.5m | SGD 697.6m | SGD 1.48bn |
| Capital spending | −SGD 731.4m | −SGD 692.9m | −SGD 696.7m | −SGD 783.8m | −SGD 665.0m | −SGD 595.6m | −SGD 601.3m | −SGD 821.1m |
| Free cash flow | SGD 334.9m | −SGD 6.01bn | −SGD 1.03bn | SGD 180.8m | SGD 25.5m | −SGD 674.1m | SGD 96.2m | SGD 662.1m |
| Dividends paid | −SGD 189.1m | −SGD 265.8m | −SGD 287.7m | −SGD 375.0m | −SGD 335.7m | −SGD 310.3m | −SGD 294.2m | −SGD 237.7m |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2022 | Dec 2021 | Jun 2021 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SGD 14.33bn | SGD 15.27bn | SGD 12.80bn | SGD 10.19bn | SGD 23.59bn | SGD 28.45bn | SGD 24.17bn | SGD 22.83bn |
| Operating income | SGD 304.7m | SGD 485.2m | SGD 303.0m | SGD 432.1m | SGD 882.3m | SGD 791.6m | SGD 684.7m | SGD 569.1m |
| Net income | SGD 49.8m | SGD 231.1m | −SGD 61.0m | −SGD 43.2m | SGD 198.3m | SGD 429.1m | SGD 220.1m | SGD 421.5m |
| Diluted earnings per share | -0.01 | 0.04 | -0.01 | -0.03 | 0.06 | 0.11 | 0.07 | 0.13 |
| Cash from operations | SGD 1.73bn | −SGD 665.0m | −SGD 209.0m | −SGD 5.11bn | — | SGD 544.0m | −SGD 304.0m | SGD 995.0m |
| Capital spending | −SGD 422.0m | −SGD 308.0m | −SGD 415.0m | −SGD 277.0m | — | −SGD 369.0m | −SGD 357.0m | −SGD 335.0m |
| Free cash flow | SGD 1.31bn | −SGD 973.0m | −SGD 624.0m | −SGD 5.39bn | — | SGD 175.0m | −SGD 661.0m | SGD 660.0m |
| Total assets | SGD 38.94bn | SGD 38.61bn | SGD 45.23bn | SGD 43.48bn | SGD 33.35bn | SGD 37.37bn | SGD 32.06bn | SGD 31.03bn |
| Cash and short-term investments | — | — | — | — | — | — | — | SGD 3.54bn |
| Debt | SGD 6.56bn | SGD 8.19bn | SGD 12.17bn | SGD 12.50bn | SGD 8.89bn | SGD 8.13bn | SGD 8.79bn | SGD 8.45bn |
| Shareholders' equity | SGD 7.00bn | SGD 6.93bn | SGD 7.01bn | SGD 7.21bn | SGD 7.33bn | SGD 7.25bn | SGD 6.77bn | SGD 6.74bn |
Financial ratios
Data as of 23 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 4.3% | 3.6% | 3.5% | 2.7% | 2.8% | 3.0% |
| Net margin | 1.5% | 0.4% | 0.6% | 1.1% | 1.5% | 0.7% |
| Return on equity | 6.3% | 1.2% | 3.8% | 8.2% | 10.1% | 4.1% |
| Return on assets | 1.1% | 0.2% | 0.8% | 2.0% | 2.1% | 0.9% |
| Revenue growth | 28.8% | -52.4% | -12.1% | 16.8% | 31.2% | 8.6% |
| Earnings growth | 413.9% | -69.0% | -55.7% | -8.4% | 179.4% | -56.4% |
| Current ratio | 1.26x | 1.41x | 1.47x | 1.73x | 1.43x | 1.38x |
| Debt to equity | 0.94x | 1.74x | 1.21x | 1.31x | 1.30x | 1.14x |
| Equity ratio | 18.0% | 15.5% | 22.0% | 24.0% | 21.1% | 22.3% |
| Interest coverage | 1.10x | 0.70x | 1.32x | 1.76x | 2.49x | 2.09x |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -18.6% | -3.7% | — |
| Operating income | -25.3% | -9.3% | — |
| Net income | -11.0% | 12.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 5.8% | 5.7% | 6.2% | — |
| Net margin | 1.0% | 0.9% | 1.0% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | 8.1 | 53.5 | 14.2 | 8.9 | 9.4 | 19.6 | 10.2 | 16.4 |
| Price to sales | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 21 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Paid in the year | 0.07 | 0.05 | 0.09 | 0.075 | 0.04 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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