Hong Leong Asia Ltd.

Name: Hong Leong Asia Ltd. financial statements and ratios
Creator: Annalist

H22 · SGX · Industrials, engines and building materials · Singapore · IFRS · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 25 March 2026. Snapshot FY2025_60e263fe.

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Overview

Revenue, fiscal year

+22.0% year on year

Profit before tax, fiscal year

+49.1% year on year

Net income, fiscal year

+28.5% year on year

Diluted EPS, fiscal year

+29.0% year on year

Pre-tax margin, fiscal year

+1.0pp year on year

Return on equity, fiscal year

+1.7pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was S$5.2 billion, 22.0% higher than in the previous fiscal year.
Strengthenedin FY2025 · stated since FY202322.0% from 4.1% in FY2024
Rule: Revenue against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedRevenue for the fiscal year ended 31 December 2025 was S$5.2 billion, 22.0% higher than in the previous fiscal year.Recorded from FY2025_60e263fe · data update
2. FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was S$4.2 billion, 4.1% higher than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was S$4.1 billion, 5.2% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was S$113 million, 28.5% higher than in the previous fiscal year.
Weakenedin FY2025 · stated since FY202328.5% from 35.3% in FY2024
Rule: Net income against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedNet income attributable to the company for fiscal 2025 was S$113 million, 28.5% higher than in the previous fiscal year.Recorded from FY2025_60e263fe · data update
2. FY2024 StrengthenedNet income attributable to the company for fiscal 2024 was S$88 million, 35.3% higher than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewNet income attributable to the company for fiscal 2023 was S$65 million, 19.0% higher than in the previous fiscal year.Reconstructed · initial
Return on equity for fiscal 2025 was 10.7%, against 9.1% a year earlier.
Confirmedin FY2025 · stated since FY2024
Rule: Return on equity against a year earlier · Sources Annual report 2025-12, Annual report 2024-12
History of this finding, 4 records
1. FY2025 ConfirmedReturn on equity for fiscal 2025 was 10.7%, against 9.1% a year earlier.Recorded from FY2025_60e263fe · data update
2. FY2024 NewReturn on equity for fiscal 2024 was 9.1%, against 7.1% a year earlier.Reconstructed · data update
3. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2023 NewReturn on equity for fiscal 2023 was 7.1%.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents3 documents, latest Annual report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_60e263fe

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, Singapore dollars

Profit Before Tax

By fiscal year, Singapore dollars

Profit Attributable to Owners of the Parent

By fiscal year, Singapore dollars

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

Annual report for the year to 31 December 2025. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

By Fiscal Year

Ratio	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / finance costs, which include the interest on lease liabilities

Reconciliation of the Credit Figures

Item	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
EBIT	S$155m	S$206m	S$229m	S$313m
Depreciation and amortisation, with the impairment reported with them	S$153m	S$151m	S$159m	S$159m
Share-based payments	S$0	S$0	S$0	S$0
Adjusted EBITDA	S$308m	S$358m	S$387m	S$471m
Cash interest	−S$32.3m	−S$41.3m	−S$36.3m	−S$24.1m
Cash taxes	−S$9.9m	−S$31.8m	−S$38.2m	−S$55.2m
Funds from operations	S$266m	S$284m	S$313m	S$392m

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

These ratios have no value for the figures of this company.

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −7.7% · FY2025

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 7.7% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Strengthenedin FY2025 · stated since FY2023−7.7% from −3.6% in FY2024
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 7.7% of average total assets.Recorded from FY2025_60e263fe · data update
2. FY2024 WeakenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 3.6% of average total assets.Reconstructed · data update
3. FY2023 NewOperating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 5.5% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresPublished distress and misstatement models, with their original coefficients and thresholds.

Published distress and misstatement models, with their original coefficients and thresholds.

These ratios have no value for the figures of this company.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which its board approved the statements.

Document	Date	Id	SHA-256
Annual report for the year to 31 December 2025	25 Mar 2026, the date on which the board approved the statements	AR:hong-leong-asia-2025-12-31	1a4c70c27fbc
Annual report for the year to 31 December 2024	26 Mar 2025, the date on which the board approved the statements	AR:hong-leong-asia-2024-12-31	f7b7b1128dca
Annual report for the year to 31 December 2023	26 Mar 2024, the date on which the board approved the statements	AR:hong-leong-asia-2023-12-31	50a8ea93d2d7

Checks

221221 checks, all passed

Statement arithmetic138 passedIn every annual report used, the lines of each statement add up to the totals printed under them, profit before tax less income tax gives the profit, the balance sheet balances, and the cash at the end of each year is the cash at its start with its change. A report that fails one is not used. Checked at error level.

Fiscal calendar7 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity4 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Gross profit4 passedRevenue less cost of sales equals the gross profit that the company presents. A gross profit that differs is withheld, and so is a cost of sales that the company gives without gross profit. Checked at warning level.

Earnings per share4 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Agreement between annual reports62 passedA value of a year that the annual report of the year and that of the next year give in the same amount. A value that the later report gives differently is listed as a restatement, and the later value is used. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	128
Confirmed by other figures	59.4%, 76 values
Confirmed by a second document	48.4%, 62 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	2
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Hong Leong Asia Ltd., snapshot hong-leong-asia/FY2025_60e263fe (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_60e263fe · dataset SHA-256 60e263febda4353961cb1fabf11187f2c3fc5ec270b2924924917988de4ff61d · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json