Group Note 2025 2024 $’000 $’000 Revenue 31 3,587,092 3,271,197 Cost of sales (2,123,940) (1,809,260) Gross profit 1,463,152 1,461,937 Other income 32 700,346 272,015 Administrative expenses (613,848) (574,748) Other operating expenses (555,835) (473,537) Profit from operating activities 993,815 685,667 Finance income 94,546 186,637 Finance costs (498,136) (559,070) Net finance costs 32 (403,590) (372,433) Share of after-tax (loss)/profit of associates (35,519) 14,150 Share of after-tax profit of joint ventures 216,795 46,641 Profit before tax 771,501 374,025 Tax expense 33 (135,873) (162,061) Profit for the year 32 635,628 211,964 Profit attributable to owners of the Company: – Ordinary shareholders 620,276 190,849 – Preference shareholders 9,407 10,467 629,683 201,316 Non-controlling interests 5,945 10,648 Profit for the year 635,628 211,964 Earnings per share – Basic 34 69.4 cents 21.3 cents – Diluted 34 67.9 cents 21.3 cents The accompanying notes form an integral part of these financial statements. CONSOLIDATED STATEMENT OF PROFIT OR LOSS Year ended 31 December 2025 114 | CITY DEVELOPMENTS LIMITED
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