QAF Limited Income Statement

Financials in millions SGD. Fiscal year is January - December.

Millions SGD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	633.6	636.11	628.59	577.52	558.98
Revenue Growth (YoY)	-0.40%	1.20%	8.84%	3.32%	-0.50%
Cost of Revenue	369.26	368.84	371.94	347.3	324.4
Gross Profit	264.34	267.26	256.65	230.22	234.58
Selling, General & Admin	155.25	150	149.11	133.16	130.37
Other Operating Expenses	46.61	55.09	45.04	51.95	40.04
Operating Expenses	229.49	231.76	219.01	213.65	204.79
Operating Income	34.85	35.51	37.64	16.57	29.79
Interest Expense	-1.26	-2.01	-2.08	-1.68	-1.96
Earnings From Equity Investments	15.37	4.73	-8.37	2.72	4.22
Currency Exchange Gain (Loss)	0.74	-	-	-	-
EBT Excluding Unusual Items	49.69	38.23	27.2	17.62	32.05
Gain (Loss) on Sale of Assets	-1.28	-	-	-	-
Asset Writedown	-0.61	0.97	-	-	-
Other Unusual Items	-	-1.05	-	-	-3.31
Pretax Income	47.8	44.64	40.99	37.15	28.74
Income Tax Expense	7.52	9.96	13.41	11.15	6.34
Earnings From Continuing Operations	40.28	34.68	27.58	26	22.4
Earnings From Discontinued Operations	-	-	-	-6.34	29.86
Net Income to Company	40.28	34.68	27.58	19.67	52.26
Minority Interest in Earnings	-0.44	0.03	-0.09	-0.26	-0.18
Net Income	39.84	34.7	27.49	19.41	52.08
Net Income to Common	39.84	34.7	27.49	19.41	52.08
Net Income Growth	14.80%	26.27%	41.61%	-62.73%	87.78%
Shares Outstanding (Basic)	575	575	575	575	575
Shares Outstanding (Diluted)	575	575	575	575	575
EPS (Basic)	0.07	0.06	0.05	0.03	0.09
EPS (Diluted)	0.07	0.06	0.05	0.03	0.09
EPS Growth	14.80%	26.27%	41.61%	-62.73%	87.78%
Free Cash Flow	35.41	45.92	17.89	25.89	79.1
Free Cash Flow Per Share	0.06	0.08	0.03	0.04	0.14
Dividend Per Share	0.050	0.050	0.050	0.050	0.050
Gross Margin	41.72%	42.02%	40.83%	39.86%	41.97%
Operating Margin	5.50%	5.58%	5.99%	2.87%	5.33%
Profit Margin	6.29%	5.46%	4.37%	3.36%	9.32%
Free Cash Flow Margin	5.59%	7.22%	2.85%	4.48%	14.15%
EBITDA	62.45	58.21	58.78	41.52	60.51
EBITDA Margin	9.86%	9.15%	9.35%	7.19%	10.82%
D&A For EBITDA	27.61	22.7	21.14	24.95	30.72
EBIT	34.85	35.51	37.64	16.57	29.79
EBIT Margin	5.50%	5.58%	5.99%	2.87%	5.33%
Effective Tax Rate	15.72%	22.31%	32.72%	30.00%	22.07%
Advertising Expenses	7.94	9.64	10.55	7.53	5.52

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.