Tat Seng Packaging Group 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	231.41	253.94	258.87	336.26	367.51
Revenue Growth (YoY)	-8.87%	-1.90%	-23.02%	-8.50%	21.26%
Cost of Revenue	183.01	197.46	201.76	277.33	298.34
Gross Profit	48.4	56.48	57.11	58.94	69.17
Selling, General & Admin	31.3	33.37	33.27	36.51	38.51
Other Operating Expenses	-1.36	0.96	-1.39	-1.42	-1.85
Operating Expenses	29.87	34.13	31.95	35.3	36.78
Operating Income	18.52	22.35	25.16	23.63	32.39
Interest Expense	-1.12	-1.21	-1.07	-1.46	-1.43
Interest & Investment Income	3.65	3.26	2.4	0.92	0.61
Currency Exchange Gain (Loss)	-0.11	0.23	0.22	0.87	-0.16
Other Non Operating Income (Expenses)	-	-0.12	-0.13	-0.15	-0.22
EBT Excluding Unusual Items	20.94	24.52	26.58	23.81	31.19
Gain (Loss) on Sale of Investments	-	-0.19	-	-	-
Gain (Loss) on Sale of Assets	-	0.07	-0.41	-0.14	-0.13
Asset Writedown	-	-0.12	-0.2	0.12	-0.01
Pretax Income	20.94	24.28	25.98	23.8	31.05
Income Tax Expense	2.99	4.34	6	2.62	5.75
Earnings From Continuing Operations	17.95	19.94	19.97	21.18	25.3
Minority Interest in Earnings	-1.06	-1.12	-1.13	-0.51	-1.98
Net Income	16.89	18.83	18.84	20.67	23.31
Net Income to Common	16.89	18.83	18.84	20.67	23.31
Net Income Growth	-10.29%	-0.10%	-8.82%	-11.35%	0.78%
Shares Outstanding (Basic)	157	157	157	157	157
Shares Outstanding (Diluted)	157	157	157	157	157
Shares Change (YoY)	0.02%	-	-	-	-
EPS (Basic)	0.11	0.12	0.12	0.13	0.15
EPS (Diluted)	0.11	0.12	0.12	0.13	0.15
EPS Growth	-10.31%	-0.10%	-8.82%	-11.35%	0.78%
Free Cash Flow	17.8	25.78	32.43	23.6	9.29
Free Cash Flow Per Share	0.11	0.16	0.21	0.15	0.06
Dividend Per Share	0.060	0.060	0.045	0.040	0.040
Dividend Growth	-	33.33%	12.50%	-	100.00%
Gross Margin	20.91%	22.24%	22.06%	17.53%	18.82%
Operating Margin	8.00%	8.80%	9.72%	7.03%	8.81%
Profit Margin	7.30%	7.41%	7.28%	6.15%	6.34%
Free Cash Flow Margin	7.69%	10.15%	12.53%	7.02%	2.53%
EBITDA	28.15	32.15	35.07	34.07	42.41
EBITDA Margin	12.16%	12.66%	13.55%	10.13%	11.54%
D&A For EBITDA	9.63	9.8	9.91	10.44	10.02
EBIT	18.52	22.35	25.16	23.63	32.39
EBIT Margin	8.00%	8.80%	9.72%	7.03%	8.81%
Effective Tax Rate	14.29%	17.86%	23.11%	11.02%	18.52%

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