Uol Group LimitedSGX: U14

Financial Results

· MarketScreener

Company Registration No. 196300438C

UOL GROUP LIMITED

(Incorporated in Singapore. Registration Number: 196300438C)

AND ITS SUBSIDIARIES

CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE SECOND HALF AND FINANCIAL YEAR ENDED 31 DECEMBER 2024

CONTENTS

Page

1

Consolidated Income Statement

2

2

Consolidated Statement of Comprehensive Income

3

3

Statements of Financial Position - Group and Company

4

4

Consolidated Statement of Changes in Equity

5

5

Statement of Changes in Equity - Company

6

6

Consolidated Statement of Cash Flows

7

7

Notes to the Condensed Interim Financial Statements

8

8

Other information required by Listing Rule Appendix 7.2

21

Page 1

UOL GROUP LIMITED AND ITS SUBSIDIARIES

CONSOLIDATED INCOME STATEMENT

For the second half and financial year ended 31 December 2024

The Group

Second half ended 31 December

Financial year ended 31 December

Note

2024

2023

+ / (-)

2024

2023

+ / (-)

$'000

$'000

%

$'000

$'000

%

Revenue

5

1,523,001

1,315,652

16

2,794,764

2,681,701

4

Cost of sales

(926,801)

(762,991)

(21)

(1,680,135)

(1,625,839)

(3)

Gross profit

596,200

552,661

8

1,114,629

1,055,862

6

Other income

- Finance income

5

28,207

21,652

30

53,933

37,271

45

-

Miscellaneous income

5

10,355

8,464

22

19,666

16,499

19

Expenses

-

Marketing and distribution

6

(70,186)

(59,799)

(17)

(126,339)

(115,125)

(10)

-

Administrative

6

(90,504)

(85,463)

(6)

(163,012)

(158,566)

(3)

-

Finance

6

(101,349)

(106,532)

5

(204,069)

(200,396)

(2)

-

Other operating

• Impairment loss on financial assets

6

(1,674)

(4,720)

65

(2,171)

(5,363)

60

• Others

6

(79,683)

(73,288)

(9)

(154,415)

(145,020)

(6)

Share of profit/(loss) of associated

companies

3,450

(4,477)

177

1,614

(10,942)

115

Share of (loss)/profit of joint venture

companies

(6,384)

(2,131)

(200)

(6,059)

898

(775)

Profit before fair value and other gains/

(losses) and income tax

288,432

246,367

17

533,777

475,118

12

Other gains

6

38,912

452,886

(91)

38,912

452,653

(91)

Fair value gains/(losses) on the Group's

investment properties

53,391

(24,408)

319

45,396

20,201

125

Profit before income tax

6

380,735

674,845

(44)

618,085

947,972

(35)

Income tax expense

7

(49,724)

(42,643)

(17)

(94,969)

(85,499)

(11)

Net profit

331,011

632,202

(48)

523,116

862,473

(39)

Attributable to:

Equity holders of the Company

227,799

572,663

(60)

358,185

707,708

(49)

Non-controlling interests

103,212

59,539

73

164,931

154,765

7

331,011

632,202

(48)

523,116

862,473

(39)

The above net profit attributable to equity holders of the Company can be analysed as follows:

Attributable profit before fair value and

other gains/(losses)

171,667

145,487

18

314,237

277,236

13

Attributable other gains

28,179

452,886

(94)

28,179

452,653

(94)

Attributable fair value gains/(losses) on

the Group's investment properties

27,953

(25,710)

209

15,769

(22,181)

(171)

Net attributable profit

227,799

572,663

(60)

358,185

707,708

(49)

Legend

  • / (-) : variances with + / (-) impact to profit n.m. : not meaningful

Page 2

UOL GROUP LIMITED AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the second half and financial year ended 31 December 2024

Note

Net profit

Other comprehensive (loss)/income:

Items that may be reclassified

subsequently to profit or loss:

Cash flow hedges

Share of other comprehensive income

of joint venture companies

Currency translation differences arising

from consolidation of foreign operations

9(a)

Items that will not be reclassified

subsequently to profit or loss:

Financial assets, at fair value through

other comprehensive income ("FVOCI")

- fair value gains/(losses)

9(b)

Actuarial gains on defined benefit plans,

net of tax

Currency translation differences arising from consolidation of foreign operations Other comprehensive income/(loss), net of tax

Total comprehensive income

Attributable to:

Equity holders of the Company

Non-controlling interests

The Group

Second half ended 31 December

Financial year ended 31 December

2024

2023

+ / (-)

2024

2023

+ / (-)

$'000

$'000

%

$'000

$'000

%

331,011

632,202

(48)

523,116

862,473

(39)

(29,423)

(57,603)

49

(18,378)

(44,471)

59

1,953

-

n.m.

1,953

-

n.m.

(19,968)

(21,246)

6

(3,128)

(24,770)

87

(47,438)

(78,849)

40

(19,553)

(69,241)

72

205,511

17,599

1,068

318,273

(90,321)

452

8

-

n.m.

8

-

n.m.

(3,676)

14

n.m.

3,272

(11,898)

128

154,405

(61,236)

352

302,000

(171,460)

276

485,416

570,966

(15)

825,116

691,013

19

391,387

517,082

(24)

662,004

551,861

20

94,029

53,884

75

163,112

139,152

17

485,416

570,966

(15)

825,116

691,013

19

Page 3

UOL GROUP LIMITED AND ITS SUBSIDIARIES

STATEMENTS OF FINANCIAL POSITION - GROUP AND COMPANY

As at 31 December 2024

The Group

The Company

Note

31.12.24

31.12.23

31.12.24

31.12.23

$'000

$'000

$'000

$'000

ASSETS

Current assets

Cash and bank balances

1,509,897

1,390,146

7,055

3,250

Trade and other receivables

10

668,636

523,919

2,111

5,784

Derivative financial instrument

132

-

-

-

Developed properties held for sale

254,289

295,600

-

-

Development properties

11

2,388,293

2,782,882

-

-

Inventories

3,568

3,609

-

-

Other assets

12

127,845

52,092

983

3,585

Current income tax assets

969

353

-

-

4,953,629

5,048,601

10,149

12,619

Non-current assets

Trade and other receivables

13

597,929

345,454

704,180

797,110

Other assets

14

25,010

107,696

-

-

Derivative financial instrument

43,719

54,794

-

-

Financial assets, at FVOCI

15

1,548,851

1,230,578

1,168,841

928,916

Investments in associated companies

237,028

236,251

-

-

Investments in joint venture companies

29,575

31,081

-

-

Investments in subsidiaries

-

-

1,856,541

1,860,991

Investment properties

16

12,316,381

12,123,179

681,682

639,416

Property, plant and equipment

2,998,174

2,937,618

7,636

1,762

Intangibles

33,699

35,818

181

33

Deferred income tax assets

52,196

47,905

-

-

17,882,562

17,150,374

4,419,061

4,228,228

Total assets

22,836,191

22,198,975

4,429,210

4,240,847

LIABILITIES

Current liabilities

Trade and other payables

608,566

675,678

482,324

494,677

Current income tax liabilities

131,281

105,453

2,197

1,172

Bank loans

17(a)

381,819

491,179

-

-

3.00% unsecured fixed rate notes due 2024

-

199,933

-

-

Lease liabilities and trade financing

14,507

13,966

-

-

Derivative financial instrument

9,454

156

-

-

Loans from non-controlling shareholders of subsidiaries

68,780

44,985

-

-

1,214,407

1,531,350

484,521

495,849

Non-current liabilities

Trade and other payables

206,841

203,759

6,493

5,594

Lease liabilities and trade financing

28,164

22,519

-

-

Bank loans

17(a)

4,283,049

3,922,589

56,609

60,133

2.33% unsecured fixed rate notes due 2028

399,068

398,808

-

-

Derivative financial instrument

7,467

8,629

-

-

Loans from non-controlling shareholders of subsidiaries

36,138

37,156

-

-

Provision for retirement benefits

2,838

2,914

-

-

Deferred income tax liabilities

258,437

271,527

294

275

5,222,002

4,867,901

63,396

66,002

Total liabilities

6,436,409

6,399,251

547,917

561,851

NET ASSETS

16,399,782

15,799,724

3,881,293

3,678,996

Capital & reserves attributable to equity holders of

the Company

Share capital

18

1,570,595

1,570,595

1,570,595

1,570,595

Reserves

19

1,212,747

908,922

998,723

758,798

Retained earnings

8,751,501

8,562,303

1,311,975

1,349,603

11,534,843

11,041,820

3,881,293

3,678,996

Non-controlling interests

4,864,939

4,757,904

-

-

TOTAL EQUITY

16,399,782

15,799,724

3,881,293

3,678,996

Page 4

UOL GROUP LIMITED AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the financial year ended 31 December 2024

Non-

Share

Retained

controlling

Total

Note

capital

Reserves

earnings

interests

equity

$'000

$'000

$'000

$'000

$'000

The Group

2024

Balance at 1 January 2024

1,570,595

908,922

8,562,303

4,757,904

15,799,724

Profit for the year

-

-

358,185

164,931

523,116

Other comprehensive income/(loss) for the year

-

303,819

-

(1,819)

302,000

Total comprehensive income for the year

-

303,819

358,185

163,112

825,116

Employee share option scheme

- value of employee services

-

6

-

6

12

Dividends

20

-

-

(168,987)

(56,085)

(225,072)

Issue of shares to non-controlling shareholders

-

-

-

2

2

Total transactions with owners, recognised directly

in equity

-

6

(168,987)

(56,077)

(225,058)

Balance at 31 December 2024

1,570,595

1,212,747

8,751,501

4,864,939

16,399,782

2023

Balance at 1 January 2023

1,569,193

1,062,525

8,006,668

4,654,227

15,292,613

Profit for the year

-

-

707,708

154,765

862,473

Other comprehensive loss for the year

-

(155,847)

-

(15,613)

(171,460)

Total comprehensive (loss)/income for the year

-

(155,847)

707,708

139,152

691,013

Employee share option scheme

- value of employee services

-

2,244

-

13

2,257

- proceeds from shares issued

1,402

-

-

-

1,402

Dividends

20

-

-

(152,073)

(35,488)

(187,561)

Total transactions with owners, recognised directly

in equity

1,402

2,244

(152,073)

(35,475)

(183,902)

Balance at 31 December 2023

1,570,595

908,922

8,562,303

4,757,904

15,799,724

Page 5

UOL GROUP LIMITED AND ITS SUBSIDIARIES

STATEMENT OF CHANGES IN EQUITY - COMPANY

For the financial year ended 31 December 2024

Share

Retained

Total

Note

capital

Reserves

earnings

equity

$'000

$'000

$'000

$'000

The Company

2024

Balance at 1 January 2024

1,570,595

758,798

1,349,603

3,678,996

Profit for the year

-

-

131,359

131,359

Other comprehensive income for the year

-

239,925

-

239,925

Total comprehensive income for the year

-

239,925

131,359

371,284

Dividends

20

-

-

(168,987)

(168,987)

Total transactions with owners, recognised directly in equity

-

-

(168,987)

(168,987)

Balance at 31 December 2024

1,570,595

998,723

1,311,975

3,881,293

2023

Balance at 1 January 2023

1,569,193

823,548

1,331,301

3,724,042

Profit for the year

-

-

170,375

170,375

Other comprehensive loss for the year

-

(66,981)

-

(66,981)

Total comprehensive (loss)/income for the year

-

(66,981)

170,375

103,394

Employee share option scheme

- value of employee services

-

2,231

-

2,231

- proceeds from shares issued

1,402

-

-

1,402

Dividends

20

-

-

(152,073)

(152,073)

Total transactions with owners, recognised directly in equity

1,402

2,231

(152,073)

(148,440)

Balance at 31 December 2023

1,570,595

758,798

1,349,603

3,678,996

Page 6

UOL GROUP LIMITED AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

For the financial year ended 31 December 2024

The Group

December

Note

2024

2023

$'000

$'000

Cash flows from operating activities

Net profit

523,116

862,473

Adjustments for:

Income tax expense

94,969

85,499

Non-cash items

22(a)

137,270

91,246

Dividend income

(73,091)

(67,785)

Interest income

(53,815)

(37,271)

Interest expense

204,069

196,915

Fair value gains on the Group's investment properties

(45,396)

(20,201)

Gain on disposals of subsidiaries

(21,623)

(442,286)

Write-back of impairment charge on property, plant and equipment

(17,289)

(12,404)

Write-off of intangible asset

-

2,054

Fair value gain on financial assets, at FVPL

-

(17)

748,210

658,223

Change in working capital

Receivables

22(b)

(129,267)

(41,875)

Development properties

22(c)

215,480

325,366

Inventories

41

(1,525)

Payables

61,236

(54,370)

147,490

227,596

Cash generated from operations

895,700

885,819

Income tax paid

(84,259)

(76,811)

Retirement benefits paid

(179)

(207)

Net cash from operating activities

811,262

808,801

Cash flows from investing activities

Disposals of subsidiaries, net of cash disposed of

22(d)

123,103

510,942

Payments for intangibles

(264)

(118)

Payments for interests in joint venture and associated companies

(2,600)

(32,000)

Loans to joint venture and associated companies

22(e)

(247,674)

(292,634)

Repayment of loans by a joint venture company

-

500

Net proceeds from disposal of property, plant and equipment

484

146

Payments for investment properties

22(f)

(204,153)

(313,696)

Payments for property, plant and equipment

22(f)

(147,728)

(209,886)

Net proceeds from disposal of financial assets, at FVPL

-

543

Interest received

53,815

37,271

Dividends received

73,724

87,285

Net cash used in investing activities

(351,293)

(211,647)

Cash flows from financing activities

Proceeds from shares issued

-

1,402

Net proceeds from issue of shares to non-controlling shareholders of subsidiaries

2

-

Loans from non-controlling shareholders of subsidiaries

44,258

4,040

Repayment of loan from non-controlling shareholder of a subsidiary

(21,481)

(132,000)

Repayment of 3.00% unsecured fixed rate notes due 2024

(200,000)

-

Proceeds from borrowings

22(g)

986,911

2,191,361

Repayment of borrowings

22(g)

(736,533)

(2,370,720)

Expenditure relating to bank borrowings

(3,305)

(4,810)

Interest paid

(197,218)

(195,015)

Proceeds from trade financing

21,871

12,120

Repayment of trade financing

(13,918)

(21,842)

Repayment of lease liabilities

(2,873)

(2,914)

Bank deposits pledged as security

-

(2,500)

Dividends paid to equity holders of the Company

(168,987)

(152,073)

Dividends paid to non-controlling interests

(56,085)

(35,488)

Net cash used in financing activities

(347,358)

(708,439)

Net increase/(decrease) in cash and cash equivalents

112,611

(111,285)

Cash and cash equivalents at the beginning of the financial year

1,383,146

1,463,398

Effects of currency translation on cash and cash equivalents

7,140

31,033

Cash and cash equivalents at the end of the financial year

22(h)

1,502,897

1,383,146

Page 7

UOL GROUP LIMITED AND ITS SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

For the second half and financial year ended 31 December 2024

  • Basis of Preparation
    The condensed interim financial statements for the second half ("2H 2024") and financial year ended 31 December 2024 ("FY2024") have been prepared in accordance with SFRS(I) 1-34 Interim Financial Reporting issued by the Accounting Standards Council Singapore. The condensed interim financial statements do not include all the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance of the Group since the last annual financial statements for the financial year ended 31 December 2023 ("FY2023").
    The accounting policies adopted are consistent with those of the previous financial year which were prepared in accordance with SFRS(I)s, except for the adoption of new and amended standards as set out in Note 2.
    The condensed interim financial statements are presented in Singapore dollar which is the Company's functional currency.
  • New or amended Standards and Interpretations adopted by the Group
    The Group adopted new or amended Standards and Interpretations to existing standards that are mandatory for application for the financial year beginning 1 January 2024 or from their effective date, if later. The following are the amended Standards that are relevant to the Group:
    • Amendments to SFRS(I) 1-1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current; Non- current Liabilities with Covenants
    • Amendments to SFRS(I) 1-7 Statement of Cash Flows and SFRS(I)7 Financial Statements Disclosures: Supplier finance arrangements
    • Amendments to SFRS(I) 16 Leases: Lease liability in a Sale and Leaseback

The adoption of the above amended Standards did not result in substantial changes to the Group's accounting policies.

  • Key accounting estimates, assumptions and judgements
    In preparing the condensed interim financial statements, management has made estimates, assumptions and judgements that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
    Estimates, assumptions and judgements are continually evaluated on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods/years affected.
    The estimates, assumptions and judgements applicable for the current financial period/year were largely the same as those applied to the consolidated financial statements for the financial year ended 31 December 2023, as follows:
    • Fair values of investment properties
    • Classification of the Group's serviced suites as investment property or property, plant and equipment
    • Revenue and cost of sales recognition from sales of development properties
    • Carrying value of development properties
    • Level of impairment of value of hotel properties
    • Fair values of unquoted financial assets, at FVOCI

Information about assumptions and estimation uncertainties that have the most significant risk of resulting in a material adjustment within the next interim period is as follows:

Fair values of investment properties

The Group carries its investment properties at fair value with corresponding changes being recognised in the income statement. In determining fair values, valuation techniques which involve certain estimates are used by professional valuers. The key assumptions to determine the fair value of investment properties include the adopted value per square feet, market-corroborated capitalisation rate, growth rate, discount rate, gross development value per square foot and construction cost per square foot.

Management has assessed that the valuation methods and estimates are reflective of current market conditions.

  • Seasonal operations
    The Group's businesses are generally not affected significantly by seasonal or cyclical factors during the financial period/year. The Group's results may however vary from period to period depending on the conditions of the hospitality and property markets in the countries in which the Group operates.

Page 8

UOL GROUP LIMITED AND ITS SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

For the second half and financial year ended 31 December 2024

5 Revenue, Finance income and Miscellaneous income

The Group

Second half ended 31 December

Financial year ended 31 December

2024

2023

+ / (-)

2024

2023

+ / (-)

$'000

$'000

%

$'000

$'000

%

Revenue from contracts with customers

under SFRS(I) 15

Revenue from property development

- recognised at a point in time

20,909

37,065

(44)

55,826

101,192

(45)

- recognised over time

653,117

496,987

31

1,139,966

1,109,126

3

674,026

534,052

26

1,195,792

1,210,318

(1)

Revenue from hotel ownership and operations

- recognised at a point in time

153,892

149,803

3

290,521

276,290

5

- recognised over time

286,975

271,479

6

527,919

486,526

9

440,867

421,282

5

818,440

762,816

7

Revenue from technology operations

- recognised at a point in time

66,834

44,470

50

111,271

94,305

18

- recognised over time

9,609

8,600

12

19,582

15,778

24

76,443

53,070

44

130,853

110,083

19

Revenue from management services

- recognised over time

10,783

9,114

18

21,077

18,192

16

1,202,119

1,017,518

18

2,166,162

2,101,409

3

Other revenue

Revenue from property investments

284,195

262,351

8

555,511

512,507

8

Dividend income from financial assets, at FVOCI

36,687

35,783

3

73,091

67,785

8

1,523,001

1,315,652

16

2,794,764

2,681,701

4

Finance income

Interest income

28,135

21,652

30

53,815

37,271

44

Currency exchange gains (net)

72

-

n.m.

118

-

n.m.

28,207

21,652

30

53,933

37,271

45

Miscellaneous income

Government grants and assistance

1,122

3,353

(67)

5,633

5,319

6

Others

9,233

5,111

81

14,033

11,180

26

10,355

8,464

22

19,666

16,499

19

6 Expenses and Profit before Income Tax

The Group

Second half ended 31 December

Financial year ended 31 December

2024

2023

+ / (-)

2024

2023

+ / (-)

$'000

$'000

%

$'000

$'000

%

Marketing and distribution expenses

Advertising and promotion

20,799

19,356

(7)

36,825

33,243

(11)

Marketing and distribution payroll and

related expenses

18,470

18,560

0

36,337

35,445

(3)

Sales commissions

22,008

16,234

(36)

38,727

36,691

(6)

Showflat expenses

6,204

3,185

(95)

9,514

5,358

(78)

Others

2,705

2,464

(10)

4,936

4,388

(12)

70,186

59,799

(17)

126,339

115,125

(10)

Administrative expenses

Administrative payroll and related expenses

51,068

51,948

2

95,078

94,299

(1)

Corporate expenses

15,374

15,290

(1)

25,127

28,110

11

Credit card commissions

7,482

6,360

(18)

13,737

11,714

(17)

Information technology related expenses

8,892

8,380

(6)

15,254

13,735

(11)

Bank loan fees and other bank charges

454

571

20

784

993

21

Others

7,234

2,914

(148)

13,032

9,715

(34)

90,504

85,463

(6)

163,012

158,566

(3)

Finance expenses

Bank facility fees

2,941

3,194

8

5,977

5,926

(1)

Interest expense

100,393

104,321

4

203,237

204,091

0

Less: borrowing costs capitalised

[See Note (a) on Page 10]

(1,985)

(4,464)

(56)

(5,145)

(13,102)

(61)

Currency exchange losses (net)

-

3,481

100

-

3,481

100

101,349

106,532

5

204,069

200,396

(2)

Page 9

UOL GROUP LIMITED AND ITS SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

For the second half and financial year ended 31 December 2024

6 Expenses and Profit before Income Tax (continued)

The Group

Second half ended 31 December

Financial year ended 31 December

2024

2023

+ / (-)

2024

2023

+ / (-)

Other operating expenses

Property taxes

29,976

26,709

(12)

59,209

52,929

(12)

Other taxes

1,886

1,737

(9)

3,690

3,995

8

Repairs, maintenance and security

15,793

14,020

(13)

27,852

25,407

(10)

Heat, light and power

18,412

17,981

(2)

36,297

36,535

1

Other payroll and related expenses

6,322

7,464

15

13,745

15,307

10

Impairment loss on financial assets

1,674

4,720

65

2,171

5,363

60

Others

7,294

5,377

(36)

13,622

10,847

(26)

81,357

78,008

(4)

156,586

150,383

(4)

Other gains/(losses)

Gains on disposal of subsidiaries

[See Note (b) below]

21,623

442,286

(95)

21,623

442,286

(95)

Write-back of impairment charge on

property, plant and equipment - net

[See Note (c) below]

17,289

12,404

39

17,289

12,404

39

Write-off of intangible asset

-

(1,804)

100

-

(2,054)

100

Fair value gain on financial assets, at fair value

through profit and loss

-

-

-

-

17

(100)

38,912

452,886

(91)

38,912

452,653

(91)

Profit before income tax

Profit before income tax is stated after charging:

Depreciation and amortisation

69,677

67,976

(3)

131,908

127,492

(3)

Property, plant and equipment written off and

net loss on disposals

2,145

163

(1,216)

2,613

1,234

(112)

  1. Borrowing costs capitalised relate mainly to borrowings for the development/asset enhancement of Faber House, Odeon, Clifford Centre and Singapore Land Tower (2023: Pan Pacific Orchard, Faber House, Odeon, Clifford Centre and Singapore Land Tower).
  2. The gains on disposal of subsidiaries for 2024 relates to the sale of UIC Land Pte Ltd, which holds Stamford Court whilst that for 2023 relates to the sale of Parkroyal Kitchener Hotel Pte. Ltd., which holds PARKROYAL on Kitchener Road.
  3. The write-back of impairment charge on property, plant and equipment relates to Pan Pacific London/Devonshire Row and Pan Pacific Tianjin, offset partially by impairment charge recorded for Pan Pacific Jakarta (2023: write-back of impairment charge for Pan Pacific London/Devonshire Row and Pan Pacific Tianjin). The write-back of impairment charges and impairment charge were due to the fair values of the properties exceeding or being lower than their carrying amounts respectively.

7 Income tax expense

The Group

Second half ended 31 December

Financial year ended 31 December

2024

2023

+ / (-)

2024

2023

+ / (-)

$'000

$'000

%

$'000

$'000

%

Tax expense attributable to profit is made up of:

  • Profit for the financial period/year: Current income tax

-

Singapore

65,339

49,936

(31)

110,167

92,174

(20)

-

Foreign

11,083

10,258

(8)

13,287

11,906

(12)

-

Withholding tax paid

1,447

499

(190)

1,947

679

(187)

Deferred income tax

-

fair value gains/(losses) of investment

properties

820

(276)

(397)

(33)

(2,143)

(98)

-

others [See Note (a) on Page 11]

(24,932)

(18,227)

(37)

(26,366)

(17,570)

(50)

53,757

42,190

(27)

99,002

85,046

(16)

  • (Over)/under provision in prior financial period/year
    Current income tax

-

Singapore

(5,882)

(1,238)

375

(5,882)

(1,238)

375

-

Foreign

(532)

78

782

(532)

78

782

Deferred income tax

2,381

1,613

(48)

2,381

1,613

(48)

49,724

42,643

(17)

94,969

85,499

(11)

Page 10

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