QAF posted FY 2025 revenue of SGD 633.6 million (down 0%) and profit after tax of SGD 40.3 million (up 16%), with profit attributable to owners of the parent at SGD 39.8 million (up 15%). Profit before tax was SGD 47.8 million (up 7%), while EBITDA before exceptional items was SGD 69.7 million (up 17%). Basic and diluted EPS was 6.9 cents, and net asset value per share was 88.7 cents as at 31 Dec 2025. Cash and cash equivalents were SGD 214.1 million as at 31 Dec 2025, and net cash was SGD 190.9 million; total short-term and long-term borrowings fell 59% to SGD 4.8 million. For 2H 2025, revenue was SGD 327.5 million (up 0%) and profit after tax was SGD 36.1 million (up 62%), with profit before tax at SGD 41.3 million (up 49%). QAF reported a net non-cash reversal of impairment of SGD 8.7 million on its investment in joint venture Gardena Bakeries (KL), contributing to share of profits of joint venture of SGD 15.4 million for FY 2025 (up 225%) and SGD 16.4 million for 2H 2025 (up 193%). Management said staff costs rose 4% in FY 2025, while utilities expense declined 9% and advertising and promotion fell 18%; finance costs decreased 37% to SGD 1.3 million. The shareholders’ agreement for the joint venture was revised in December 2025 to clarify that the business is not required to be wound up solely if a listing is not achieved by 31 March 2028. QAF proposed a final dividend of 4 cents per share for FY 2025, with the payment date and book closure date to be announced.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. QAF Limited published the original content used to generate this news brief via Singapore Exchange Limited (SGX) (Ref. ID: 465UHQ3C0S3NVB8Y) on February 24, 2026, and is solely responsible for the information contained therein.