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Financials

Condensed Interim Financial Statements and Dividend Announcement for the six months and full year ended 31 December 2024

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Condensed Interim Financial Statements and Dividend Announcement for the six months and full year ended 31 December 2024

Condensed interim consolidated statement of profit or loss and other comprehensive income

Condensed interim statements of financial position

Group Financial Performance

The Group’s income is primarily derived from the realisation and/or revaluation of its investments and fee income.

During the financial year ended 31 December 2024, the Group reported total comprehensive income of S$17.72 million mainly attributed to:

(i) Net income tax reversal of S$15.43 million;
(ii) Fair value gain on equity investments at FVTPL of S$11.65 million; and
(iii) Other operating income of S$5.77 million.

The gains were offset partially by:

(iv) Operating expenses of S$8.86 million; and
(v) Fair value loss on debt investment at FVTPL of S$6.98 million.

Net Asset Value (“NAV”)

The Group’s NAV as at 31 December 2024 was S$136.5 million (representing a NAV of S$0.56 per share), an increase of S$15.3 million from the NAV of S$121.2 million (S$0.50 per share) as at 31 December 2023.

The increase in the Group’s NAV of S$15.3 million was primarily due to net income tax reversal of S$15.43 million and a fair value gain of S$11.65 million on equity investments at FVTPL. The increase was partially offset by a fair value loss of S$6.98 million on debt investment at FVTPL and a dividend payment of S$2.42 million for the financial year ended 31 December 2023.

Commentary

The Asia-Pacific private equity market faced significant headwinds in 2024, though there were areas of resilience and opportunity. An evolving macroeconomic and geopolitical landscape has fueled investment diversification to India, Japan, South Korea, and Southeast Asia as China sees muted activity.

Supported by Southeast Asia’s growing economies, private equity activity in the region saw a recovery in 2024, which is expected to continue into 2025. Investor interest in the region continues to grow, supported by medium to long-term growth trends such as digitalisation, consumption upgrades, energy transition and urbanization. The region’s increasingly affluent middle class is also expected to drive greater demand for private healthcare and highquality education. The market recovery has fueled optimism, with previously withheld funds expected to be deployed in a more favourable interest rate environment.

However, geopolitical uncertainties, including tariffs and export controls, economic slowdowns and political turmoil affecting key trading partners, could impact deal-making activity.

Amid market uncertainties, the Company remains steadfast in identifying and capitalising on investment opportunities as they arise. By leveraging its expertise and strong network of partnerships in Southeast Asia and Greater China, the Company is well-positioned to access cross-border private equity deals and remains committed to deliver sustainable value and steady returns to its shareholders.

The Group’s Investment Business segment is backed by an extensive track record of successful corporate transactions, including restructuring, mergers & acquisitions, joint ventures and turnaround opportunities.

The Group’s Fund Management segment, TIH Investment Management Pte. Ltd. (“TIHIM”) has been steadily growing over the years and providing a recurring stream of fee income. With a Capital Markets Services License from the Monetary Authority of Singapore, TIHIM has also established a strong track record of managing third party investment funds.