Link: https://links.sgx.com/1.0.0/corporate-announcements/AMJYKH699O9OYHFX/caa1c68f359e43b80eef95ba1222ec722eb0465f76523859d18a171d35db00c9

Summary:

• Revenue rose 6.9% to S$339.1m, driven by stronger commission and trading income; interest income declined on lower rates.

• Profit before tax fell 16.4% to S$110.3m; profit after tax decreased 13.0% to S$99.2m; EPS at 10.60 cents (vs 12.64 cents).

• No interim dividend declared for 1H25.

• Commission and trading income increased 24.5% to S$206.7m; interest income down 7.6% to S$114.4m; other operating income dropped to S$18.0m.

• Expenses: commission expense up 32.1% to S$51.5m; other operating expenses down 3.9% to S$41.4m; net FX swung to a S$16.4m loss from a S$17.1m gain.

• Financial position (30 Jun 2025): total assets S$5.68b; liabilities S$3.56b; equity S$2.12b; NAV per share 216.18 cents.

• Cash and cash equivalents increased to S$1.44b (from S$918m at end-2024); current borrowings S$1.28b; debts issued S$206.2m.

• Cash flow 1H25: operating outflow S$83.7m; investing outflow S$3.4m; financing inflow S$640.7m (net short-term loan drawdown); dividends paid S$50.4m.

• Revenue by market: Singapore S$188.0m; Hong Kong S$108.4m; Malaysia S$31.9m; Thailand S$16.1m; Others S$4.0m. PBT strongest in Singapore (S$55.5m) and Hong Kong (S$43.3m).

• Capital: shares increased to 984.19m via scrip; treasury shares 10.0m; share capital S$409.3m; no 1H25 dividend recommendation.

• Outlook: cautiously optimistic on sustained activity with focus on risk management amid elevated valuations; statements are unaudited.