Group Figures

• Profit Statement (FY2024 - FY2025)

  Profit Statement Year ended 30 Sep ($'000)	FY2025	FY2024
  REVENUE	2,322,821	2,162,092
  Cost of sales	(1,595,364)	(1,473,337)
  Gross profit	727,457	688,755
  TRADING PROFIT	217,258	195,078
  Share of results of joint ventures	8,785	5,386
  Share of results of associates	81,816	95,448
  Gross income from other investments	217	1,054
  PROFIT BEFORE INTEREST AND TAXATION ("PBIT")	308,076	296,966
  Net finance cost	(32,593)	(30,581)
  PROFIT BEFORE FAIR VALUE ADJUSTMENT, TAXATION AND EXCEPTIONAL ITEMS	275,483	266,385
  Fair value adjustment of investment properties	(828)	(719)
  PROFIT BEFORE TAXATION AND EXCEPTIONAL ITEMS	274,655	265,666
  Exceptional items	(9,649)	1,492
  PROFIT BEFORE TAXATION	265,006	267,158
  Taxation	(54,587)	(48,071)
  PROFIT AFTER TAXATION	210,419	219,087
  ATTRIBUTABLE PROFIT TO:
  Shareholders of the Company
  - Before fair value adjustment and exceptional items	150,370	150,223
  - Fair value adjustment of investment properties	(828)	(719)
  - Exceptional items	(8,259)	1,401
  	141,283	150,905
  Non-controlling interests	69,136	68,182
  	210,419	219,087

   

• Balance Sheet (FY2024 - FY2025)

  Balance Sheet Year ended 30 Sep ($'000)	FY2025	FY2024
  SHARE CAPITAL AND RESERVES
  Share capital	865,722	865,722
  Treasury shares	(1,382)	(935)
  Reserves	1,907,115	2,000,115
  	2,771,855	2,864,902
  NON-CONTROLLING INTERESTS	548,585	515,773
  	3,320,440	3,380,675
  Represented by:
  NON-CURRENT ASSETS
  Property, plant and equipment	1,153,959	1,009,257
  Investment properties	57,411	39,914
  Properties held for development	16,226	16,446
  Investments in joint ventures	133,432	168,536
  Investments in associates	2,228,381	2,351,078
  Other non-current assets	291,460	281,175
  Total non-current assets	3,880,869	3,866,406
  CURRENT ASSETS
  Inventories	315,616	332,304
  Trade receivables	321,368	315,288
  Cash and bank deposits	363,496	529,638
  Other current assets	152,700	158,781
  Total current assets	1,153,180	1,336,011
  Deduct: CURRENT LIABILITIES
  Trade payables	213,658	227,236
  Borrowings	351,574	233,095
  Other current liabilities	297,867	335,772
  Total current liabilities	863,099	796,103
  NET CURRENT ASSETS	290,081	539,908
  Deduct: NON-CURRENT LIABILITIES
  Borrowings	736,889	931,994
  Other non-current liabilities	113,621	93,645
  Total non-current liabilities	850,510	1,025,639
  	3,320,440	3,380,675

   

• Cash Flow Statement (FY2024 - FY2025)

  Cash Flow Statement Year ended 30 Sep ($'000)	FY2025	FY2024
  CASH FLOWS FROM OPERATING ACTIVITIES
  Profit before taxation and exceptional items	274,655	265,666
  Adjustments for:
  Non-cash items	38,297	21,768
  Changes in working capital	14,173	7,170
  Cash generated from operations	327,125	294,604
  Interest income received	10,863	12,416
  Interest expenses paid	(44,062)	(41,750)
  Income taxes paid	(61,333)	(47,686)
  Payment of employee benefits	(1,364)	(1,185)
  Net cash from operating activities	231,229	216,399
  CASH FLOWS FROM INVESTING ACTIVITIES
  Dividends from associates	54,249	87,217
  Gross income from other investments	217	1,054
  Proceeds from refund of other investments	1,262	-
  Proceeds from disposal of property, plant and equipment	23	5,655
  Investment in a joint venture	(398)	-
  Purchase of property, plant and equipment	(223,898)	(106,203)
  Payment for intangible assets	(15,935)	(7,757)
  Net cash outflow on acquisition of subsidiaries	(6,631)	-
  Net cash used in investing activities	(191,111)	(20,034)
  CASH FLOWS FROM FINANCING ACTIVITIES
  Proceeds from bank borrowings	164,646	344,552
  Repayment bank borrowings	(238,958)	(327,367)
  Repayment of lease liabilities	(9,210)	(9,271)
  Purchase of shares by a subsidiary	(3,761)	(5,223)
  Purchase of treasury shares	(2,448)	(935)
  Payment of dividends	(111,726)	(120,872)
  Net cash (used in)/from financing activities	(201,457)	119,116
  Net increase in cash and cash equivalents	(161,339)	77,249
  Cash and cash equivalents at beginning of year	529,638	431,829
  Effects of exchange rate changes on cash and cash equivalents	(4,803)	20,560
  Cash and cash equivalents at end of year	363,496	529,638

   

• 5-Year Group Statistics - Profit Statement (FY2021 - FY2025)

  Notes  1	Profit Statement Year ended 30 Sep	FY2025	FY2024	FY2023	FY2022	FY2021
  	REVENUE	$2,323m	$2,162m	$2,099m	$2,003m	$1,879m
  	Profit before taxation
  	before interest	$308m	$297m	$249m	$233m	$262m
  	before fair value adjustment and exceptional items	$275m	$266m	$217m	$210m	$239m
  	after fair value adjustment and exceptional items	$265m	$267m	$224m	$210m	$230m
  	Attributable Profit
  2	before fair value adjustment and exceptional items	$150m	$150m	$133m	$129m	$145m
  	after fair value adjustment and exceptional items	$150m	$151m	$133m	$125m	$140m

• 5-Year Group Statistics - Balance Sheet (FY2021 - FY2025)

  Notes 1	Balance Sheet Year ended 30 Sep	FY2025	FY2024	FY2023	FY2022	FY2021
  3	Net asset value	$2,772m	$2,865m	$2,947m	$3,070m	$3,019m
  	Total assets employed	$5,034m	$5,202m	$5,122m	$4,981m	$4,921m
  	Long-term borrowings	$737m	$932m	$794m	$838m	$499m
  	SHARE PRICE
  	At close of business on the first trading day after preliminary announcement of results ($)	$1.47	$1.36	$1.07	$1.25	$1.45
  	Market Capitalisation	$2,142m	$1,981m	$1,557m	$1,817m	$2,120m
  	FINANCIAL RATIO
  	Return on average shareholders' equity
  	profit before fair value adjustment, taxation and exceptional items	9.8%	9.2%	7.2%	6.9%	8.0%
  2	attributable profit before fair value adjustment and exceptional items	5.3%	5.2%	4.4%	4.3%	4.9%
  4	Gearing ratio
  	without non-controlling interest	26.2%	22.2%	22.2%	20.0%	18.6%
  	with non-controlling interest	21.8%	18.8%	17.6%	13.2%	16.3%
  1	PER SHARE
  	Profit before fair value adjustment, taxation and exceptional items (cents)	18.9	18.3	14.4	16.5	16.9
  	Attributable profit (basic)
  	before fair value adjustment and exceptional items (cents)	10.3	10.3	8.9	10.0	10.4
  	after fair value and exceptional items (cents)	9.7	10.4	8.6	9.7	10.3
  3	Net asset value ($)	$1.90	$1.97	$2.03	$2.11	$2.08
  	Dividend
  	net (cents)	5.5	5.5	5.5	5.0	5.0
  5	cover (times)	1.9x	1.9x	1.7x	1.8x	2.0x
  	payout ration (%)	53%	53%	60%	56%	50%

  
  

  Notes:
  1	FY2021 – FY2024: As previously reported.
  2	Attributable profit before fair value adjustment and exceptional items: Profit after taxation and non-controlling interests, but before fair value adjustment and exceptional items.
  3	Net asset value: Share capital and reserves.
  4	Gearing ratio: Sum of bank borrowings and term loans, less fixed deposits and cash and bank balances, expressed as a percentage of equity.
  5	Dividend cover: Attributable profit before fair value adjustment and exceptional items per share, divided by net dividend per share.