Dear Shareholders,
FY 2024/2025 continued to be a dynamic and challenging year for the Group. The slowing trade and geopolitical tensions amid economic headwinds have impacted businesses around the world. The media and advertising industry in particular, faced challenges due to subdued market sentiments and swift changes in consumer preferences.
FINANCIAL HIGHLIGHTS: SIGNS OF STEADY PROGRESS
The Group recorded a 7.2% increase in turnover to US$157.5 million for the year ended 31 March 2025, compared with US$147.0 million in FY
2023/2024. This improvement was primarily driven by a 38.3% organic growth achieved by our travel segment.
Meanwhile, muted economic growth and a rapidly evolving competitive landscape weighed on the performance of the Group’s publishing business which recorded a 4.4% decline in revenue, primarily because of a 6.0% decrease in advertising revenue. The growing popularity of social media and other online platforms as well as advertisers tightened budgets amid a weak economy, continued to pose challenges to the media industry during the current financial year.
The Group reported a loss before income tax of US$7.5 million for FY 2024/2025, a 45.1% reduction from last year’s loss of US$13.6 million. It was mainly attributable to increased profit contribution from the travel segment and the absence of provision for impairment of property, plant and equipment and intangible assets for the publishing business (FY 2023/2024: US$8.1 million).
Loss per share for the year was US0.46 cents (FY 2023/2024: US0.76 cents). As at 31 March 2025, the Group’s net asset per share stood at US7.66 cents and it has a net cash of US$71.0 million (31 March 2024: US$68.5 million), a clear indicator of our strong financial position.
MORE THAN A BUSINESS: A PARTNER TO THE COMMUNITY
Celebrating the 95th anniversary of Sin Chew Daily in 2024 was a moment of great pride for everyone associated with the organisation.
For almost a century, the newspaper strives to embody the values of a trusted voice, a vibrant cultural link, and a steadfast partner to the Chinese communities we served throughout the country.
From supporting local schools to championing civic causes, our charitable and educational initiatives demonstrate a lasting commitment to truth, service and unity. Being a leading media organisation, we continue to uphold integrity, creating more engagements and new growth pathways to connect with people in the society.
LOOKING AHEAD: NAVIGATING CHANGE WITH PURPOSE
We are living in a time of profound transformation marked by rapid technological advancement, evolving consumer behaviours, and disruptive media models. These shifts are further compounded by ongoing business challenges and uncertainties arising from the current geopolitical environment. In our pursuit of delivering products and services that remain relevant and responsive to the changing needs of consumers, we are focused on embracing change with agility, clarity of purpose, and caution but with a firm commitment to innovation.
As the media landscape continues to face structural challenges, the Group is committed to continuously exploring, testing, and expanding new revenue streams across the new media ecosystem — including digital platforms, influencer marketing, and other integrated media opportunities. Leveraging these growth areas will be key to sustaining relevance and value for all our stakeholders.
In parallel, we are expanding our current assets and core strengths to explore new business growth engines — particularly in the media, tour business, asset optimisation, and other adjacent sectors. Importantly, we see artificial intelligence not only as an enabler but as a future driver of business innovation — with applications spanning content creation, audience engagement, data analytics, and operational efficiencies. We are actively identifying AI-driven opportunities to create differentiated value propositions across both our media and non-media businesses.
We continue to invest in delivering high-quality content, modernising our platforms, upskilling our talent, and adopting cross-platform strategies
to better serve our readers, advertisers, and the next generation of audiences.
SUSTAINABILITY AND GOOD GOVERNANCE
Climate change continues to reshape industries and lives around the world. As a responsible corporate citizen, our Board is committed to identifying and addressing the risks it poses. We are actively working to strengthen our sustainability practices, with a focus on long-term resilience.
Good governance remains a cornerstone of how we operate. Please find more details on our risk management, internal controls, and sustainability efforts in the relevant sections of this Annual Report.
DIVIDEND
I am pleased to announce that the Board has declared an interim dividend of US0.10 cents per ordinary share, payable on 8 July 2025, for the financial year 2024/2025. This represents a dividend yield of 4.0% based on our closing share price as of 31 March 2025.
APPRECIATION
On behalf of the Board, I would like to take this opportunity to extend our appreciation to our management and employees for their unwavering dedication and hardwork.
I would also like to thank my fellow Board members for their dedication, support and insight. We wish to express our sincere gratitude to Datuk Chong Kee Yuon and Mr. Khoo Kar Khoon, who have completed their tenure as independent directors of the Company on 31 March 2025 and 31 May 2025 respectively.
At the same time, we welcome two new members, Ms. Lim Seang Lee and Mr. Yong Voon Kar who joined the Board as independent directors effective from 1 April 2025 and 1 June 2025 respectively. We look forward to their contributions to the Group’s development and growth.
Tiong Choon
Non-Executive Chairman
28 May 2025