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Financial Performance

Financial Years Ended 31 December 2021, 2022, 2023 and the First Quarter of 2025 Ended 31 March 2025

Financial Performance
FY2021 FY2022 FY2023(2) FY2024(2) 1Q2025(2)
For the Year/Period (S$ Million)
Total net revenue(5) 113.91 118.24 161.66 248.38 67.72
Profit before tax 35.82 15.96(3) 36.58 83.16 23.34
Profit after tax 30.41 10.55(3) 27.01 65.96 19.00
Net profit attributable to owners of the Company 30.63 11.62(3) 28.27 66.63 19.04
Net Revenue(5)
Recurring net revenue 79.38 83.86 131.94 210.98 55.18
Non-recurring net revenue 34.53 34.38 29.72 37.40 12.54
Total net revenue(5) 113.91 118.24 161.66 248.38 67.72
Per Share
Earnings per share (cents) 11.10 3.97(3) 9.59 22.39 6.37
Dividend per share (cents) 4.80 4.80 4.80 5.90 1.60
Financial Ratios
Profit before tax margin (based on net revenue) 31.6% 13.5%(3) 22.6% 33.5% 34.5%
Return on equity (per annum)(1) 25.8% 5.0%(3)(4) 12.2% 23.4% 23.1%


Financial Position and Operating Cashflows
FY2021 FY2022 FY2023(2) FY2024(2) 1Q2025(2)
At Year/Period End (S$ Million)
Non-current assets 70.21 130.41 165.68 272.05 300.98
Net current assets 68.03 108.45 110.66 170.31 218.38
Non-current liabilities (10.61) (8.15) (18.97) (127.39)(6) (181.05)(6)
Net assets 127.63 230.71 257.37 314.98 338.31
Shareholders' equity 128.65 222.49 250.20 316.79 340.16
Net cash from operating activities 46.53 47.40 273.45 671.28 95.24

Notes:

(1) Return on equity is calculated based on the average of the month-end shareholders' equity for the respective year or period.
(2) Includes the new banking operation from end of March 2022.
(3) Excluding impairment loss of S$5.2 million related to India Business recognised in Jun 2022.
(4) The Group conducted a S$103 million share placement exercise in January 2022.
(5) Including net interest revenue.
(6) The Group issued S$100 million of 5-year fixed rate debt in June 2024.