QAF FY2025 profit jumps 16% to S$40.3m on S$8.7m JV impairment reversal; EBITDA up 17% and 5-cent total dividend maintained
Summary:
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FY2025 revenue was broadly flat at S$633.6 million (‑0.4% year on year), but EBITDA before exceptional items rose 17% to S$69.7 million and profit after tax increased 16% to S$40.3 million.
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Group PBT grew 7% to S$47.8 million, with PBT excluding exceptional items and GBKL impairment broadly stable at S$39.1 million, as higher staff, lease and distribution costs offset FX translation gains and operational improvements.
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The bakery JV Gardena Bakeries (KL) delivered stronger earnings and, following a revised shareholders’ agreement, QAF booked a non-cash net impairment reversal of S$8.7 million, lifting share of JV profit to S$15.4 million from S$4.7 million.
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Net cash from operations came in at S$53.2 million, total borrowings fell to S$4.8 million, and the Group ended FY2025 with S$214.1 million cash and net cash of S$190.9 million, keeping gross gearing low at 0.05x.
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NAV per share rose to 88.7 cents from 86.9 cents, and the board kept its capital-return stance unchanged with a 1-cent interim and proposed 4-cent final tax‑exempt dividend, matching last year’s 5 cents.