Extracted from the Annual Report 2025

STAYING RELEVANT, STRENGTHENING OUR APPEAL

The Group’s principal business remains the operation of premier, iconic tourist attractions located at key tourism destinations. Our flagship assets – Shanghai Ocean Aquarium and the Singapore Flyer – continue to benefit from their central locations, strong brand recognition, and accessibility, enabling us to deliver memorable and high-quality visitor experiences.

Over the years, our attractions have enjoyed broad appeal among both domestic and international visitors. The Group’s continued focus on staying relevant, refreshing our offerings, and adapting to evolving consumer preferences remains central to sustaining this appeal.

While the Group delivered a solid performance in FY2025, led by the improved contribution from Shanghai Ocean Aquarium, overall performance has yet to fully return to pre-COVID levels. During the year, we continued to invest in our assets, including the refurbishment of exhibit zones and the launch of the reimagined Time Capsule at the Singapore Flyer. Total capital expenditure for these enhancement initiatives amounted to approximately S$7.5 million.

Against a backdrop of cautious consumer spending, the recovery momentum at Shanghai Ocean Aquarium has been encouraging. The Singapore Flyer, however, experienced a decline in the second half of the year compared with the corresponding period, mainly due to a reduction in visitor arrivals from China.

Although global geopolitical uncertainties and cost pressures continue to weigh on consumer sentiment, we remain cautiously optimistic about the medium-term outlook. The tourism sector in both Singapore and China shows signs of a sustained recovery, supported by the gradual normalisation of travel patterns and improving regional mobility.

For the financial year ended 31 December 2025, the Group recorded a net profit of S$17.96 million, compared with the prior year which included a one-off settlement fee of S$3.0 million received. Excluding such exceptional items, our underlying performance remained resilient.

Our financial position continues to be robust. As at year-end, the Group held net cash of S$183.12 million and remains free of external borrowings. This strong balance sheet provides us with flexibility to continue regular asset enhancement programmes and positions us to pursue selective collaboration or acquisition opportunities where they create long-term value.

In view of the tourism recovery in our operating markets and our healthy financial position, the Board proposes a first and final dividend of 1.50 cents per share, representing a payout ratio of approximately 71%. This reflects our commitment to rewarding shareholders while maintaining prudent capital management.

OUTLOOK FOR THE YEAR AHEAD

China has indicated a GDP growth target of around 5% for 2026. As the country continues its transition toward a more consumption-driven economy, supported by fiscal initiatives and structural reforms, this is expected to benefit the tourism and leisure sectors and gradually improve consumer confidence.

In Singapore, international visitor arrivals are projected to continue rising. As a family-friendly, iconic attraction, the Singapore Flyer remains well positioned to benefit from visitor flows from key markets such as Mainland China, India and ASEAN countries.

While near-term uncertainties remain, the Group is confident that the structural recovery in tourism and leisure demand provides a stable foundation for gradual growth. We will continue to focus on product refreshment, operational efficiency, and disciplined capital allocation to enhance long-term shareholder value.

APPRECIATION

On behalf of the Board, I extend my sincere appreciation to all who have supported the Group over the past year:

• Our staff and management teams across the Group, whose dedication and professionalism continue to create positive and memorable experiences for visitors.


• Our business partners, consultants, and stakeholders, whose collaboration has contributed to our operational resilience.


• My fellow Directors, for their guidance and stewardship. I also record our appreciation to Board members who stepped down during the year as part of the Board renewal exercise.


• Our shareholders, for their continued trust and support.

The COVID-19 pandemic was a defining period for the tourism industry. While it was a sobering experience, the Group emerged with strengthened financial discipline and a sharper focus on our core assets. We are now better prepared to capture future opportunities, enhance our offerings, and build sustainable growth.

Wu Hsioh Kwang
Executive Chairman