ValueMax Group Income Statement

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

Millions SGD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	494.76	456.18	331.04	287.06	275.51	276.11
Revenue Growth (YoY)	20.97%	37.80%	15.32%	4.19%	-0.22%	17.02%
Cost of Revenue	347.35	326.37	230.81	204.9	200.43	219
Gross Profit	147.41	129.81	100.22	82.17	75.09	57.11
Selling, General & Admin	50.51	44.87	39.69	36.31	32.44	26.36
Other Operating Expenses	-7.41	-4.85	-3.77	-5.8	-4.37	-5.41
Operating Expenses	43.1	40.02	35.91	30.51	28.07	20.95
Operating Income	104.31	89.79	64.31	51.65	47.01	36.16
Interest Expense	-7.81	-8.94	-6.6	-3.13	-2.36	-4.05
Interest & Investment Income	0.2	0.34	0.61	0.72	0.58	0.81
Earnings From Equity Investments	7.18	6.27	5.34	4.26	3.91	5.54
Currency Exchange Gain (Loss)	-0.1	-	-0.24	-0.17	-	-
EBT Excluding Unusual Items	102.64	87.46	63.43	53.33	49.14	38.46
Gain (Loss) on Sale of Investments	10.14	10.14	-	-	-	-
Asset Writedown	-0.02	-0.02	-	-	-	-
Other Unusual Items	-0.11	-	-	-	0.46	1.99
Pretax Income	112.65	97.58	63.43	53.33	49.6	40.45
Income Tax Expense	16.05	13.81	9.9	8.3	7.51	5.84
Earnings From Continuing Operations	96.6	83.76	53.53	45.03	42.09	34.6
Minority Interest in Earnings	-1.17	-0.93	-0.68	-0.6	-0.58	-0.73
Net Income	95.43	82.83	52.85	44.43	41.51	33.87
Net Income to Common	95.43	82.83	52.85	44.43	41.51	33.87
Net Income Growth	50.96%	56.73%	18.97%	7.02%	22.55%	33.02%
Shares Outstanding (Basic)	879	847	753	715	651	565
Shares Outstanding (Diluted)	948	925	753	715	651	565
Shares Change (YoY)	13.10%	22.85%	5.24%	9.97%	15.24%	3.73%
EPS (Basic)	0.11	0.10	0.07	0.06	0.06	0.06
EPS (Diluted)	0.10	0.09	0.07	0.06	0.06	0.06
EPS Growth	33.57%	27.64%	13.04%	-2.68%	6.35%	28.24%
Free Cash Flow	-63.86	-67.71	-1.69	-164.55	-157.13	12.47
Free Cash Flow Per Share	-0.07	-0.07	-0.00	-0.23	-0.24	0.02
Dividend Per Share	0.027	0.027	0.022	0.020	0.019	0.018
Dividend Growth	21.82%	21.82%	10.00%	6.38%	4.44%	11.80%
Gross Margin	29.79%	28.46%	30.28%	28.62%	27.25%	20.69%
Operating Margin	21.08%	19.68%	19.43%	17.99%	17.06%	13.10%
Profit Margin	19.29%	18.16%	15.96%	15.48%	15.07%	12.27%
Free Cash Flow Margin	-12.91%	-14.84%	-0.51%	-57.32%	-57.03%	4.52%
EBITDA	106.23	91.38	65.89	53.21	48.6	37.9
EBITDA Margin	21.47%	20.03%	19.90%	18.54%	17.64%	13.73%
D&A For EBITDA	1.92	1.59	1.57	1.56	1.59	1.74
EBIT	104.31	89.79	64.31	51.65	47.01	36.16
EBIT Margin	21.08%	19.68%	19.43%	17.99%	17.06%	13.10%
Effective Tax Rate	14.25%	14.16%	15.61%	15.56%	15.14%	14.45%

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.