Financial Performance
Financial Years Ended 31 December 2021, 2022, 2023, 2024 and 2025
Financial Performance| FY2022 | FY2023 | FY2024 | FY2025 | 1Q2026 | |
|---|---|---|---|---|---|
| For the Year/Period (S$ Million) | |||||
| Total net revenue(4) | 118.24 | 161.66 | 248.38 | 339.65 | 104.92 |
| Profit before tax | 15.96(2) | 36.58 | 83.16 | 118.16 | 33.53 |
| Profit after tax | 10.55(2) | 27.01 | 65.96 | 99.88 | 28.03 |
| Net profit attributable to owners of the Company | 11.62(2) | 28.27 | 66.63 | 100.01 | 28.05 |
| Net Revenue(4) | |||||
| Recurring net revenue | 83.86 | 131.94 | 210.98 | 292.66 | 92.46 |
| Non-recurring net revenue | 34.38 | 29.72 | 37.40 | 46.99 | 12.46 |
| Total net revenue(4) | 118.24 | 161.66 | 248.38 | 339.65 | 104.92 |
| Per Share | |||||
| Earnings per share (cents) | 3.97(3) | 9.59 | 22.39 | 33.09 | 9.20 |
| Dividend per share (cents) | 4.80 | 4.80 | 5.90 | 8.40 | 2.50 |
| Financial Ratios | |||||
| Profit before tax margin (based on net revenue) | 13.5%(2) | 22.6% | 33.5% | 34.8% | 32.0% |
| Return on equity (per annum)(1) | 5.0%(2),(5) | 12.2% | 23.4% | 28.3% | 26.8% |
Financial Position and Operating Cashflows
| FY2022 | FY2023 | FY2024 | FY2025 | 1Q2026 | |
|---|---|---|---|---|---|
| At Year/Period End (S$ Million) | |||||
| Non-current assets | 130.41 | 165.68 | 272.05 | 472.11 | 640.07 |
| Net current assets | 108.45 | 110.66 | 170.31 | 131.67 | 177.50 |
| Non-current liabilities | (8.15) | (18.97) | (127.39)(5) | (205.93)(5) | (389.81)(5),(6) |
| Net assets | 230.71 | 257.37 | 314.98 | 397.86 | 427.76 |
| Shareholders' equity | 222.49 | 250.20 | 316.79 | 397.99 | 427.91 |
| Net cash from operating activities | 47.40 | 273.45 | 671.28 | 551.73 | (25.75) |
Notes:
(1) Return on equity is calculated based on the average of the month-end shareholders' equity for the respective year or period.
(2) Excluding impairment loss of S$5.2 million related to India Business recognised in Jun 2022.
(3) The Group conducted a S$103 million share placement exercise in January 2022.
(4) Including net interest revenue.
(5) The Group issued S$100 million of 5-year fixed rate debt in June 2024.
(6) The Group issued S$120 million of 5-year fixed rate debt in March 2026.