Global Investments Limited (GIL) FY2025 Financial Results: Analysis and Investor Outlook
Global Investments Limited (GIL), a Singapore-listed investment company, has released its condensed interim financial statements for the half year and full year ended 31 December 2025. This analysis summarizes the key developments, performance highlights, and strategic considerations for investors based on the latest disclosures.
Key Financial Metrics and Performance Overview
| Metric |
2H 2025
(S\$’000) |
1H 2025
(S\$’000) |
2H 2024
(S\$’000) |
YoY Change
(2H25 vs 2H24) |
QoQ Change
(2H25 vs 1H25) |
| Total Income |
18,766 |
2,294* |
14,557 |
+28.9% |
+717.7% |
| Net Profit After Tax |
16,543 |
2,241* |
12,393 |
+33.5% |
+638% |
| Full-Year Net Profit After Tax |
18,784 |
– |
25,535 |
-26.4% |
– |
| Earnings Per Share (Basic, cents) |
1.00 |
– |
0.76 |
+31.6% |
– |
| Net Asset Value per Share (S\$) |
0.1682 |
– |
0.1658 |
+1.5% |
– |
| Final Dividend per Share (cents) |
0.40 |
– |
0.40 |
0% |
– |
| Full-Year Dividend per Share (cents) |
0.80 |
– |
0.80 |
0% |
– |
*Company reports minimal 1H 2025 income, as the vast majority of FY2025 income was recognized in 2H 2025.
Historical Performance and Trends
- Income: FY2025 total income fell 22.2% YoY to S\$23.1 million (FY2024: S\$29.7 million), mainly due to lower fair value gains on financial assets (S\$10.7 million vs S\$15.9 million prior year), and lower dividend and interest income.
- Profitability: Net profit after tax declined 26.4% YoY to S\$18.8 million (FY2024: S\$25.5 million). Return on equity decreased to 6.8% (FY2024: 9.6%).
- Net Asset Value (NAV): NAV per share increased slightly to S\$0.1682 despite the profit drop, aided by share buybacks and capital management.
- Dividends: The company maintained its full-year dividend at 0.80 Singapore cents per share, despite the lower profits, reflecting continued capital discipline.
Dividends and Capital Management
- FY2025 Final Dividend: 0.40 Singapore cents per share, subject to shareholder approval, to be paid on or about 26 June 2026.
- FY2025 Interim Dividend: 0.40 Singapore cents per share, paid in October 2025.
- Dividends are exempt from tax (one-tier system) when received by shareholders.
- A significant proportion of dividends are paid via the Scrip Dividend Scheme, utilizing treasury shares for share-based distributions.
Share Buybacks and Treasury Shares
- The company continued active share buybacks, reducing treasury shares from 5.13% of outstanding shares (end-2024) to 2.86% (end-2025).
- This supported NAV per share and reflects management’s focus on shareholder value.
Exceptional Items and Related Party Transactions
- No exceptional earnings or expenses were reported.
- Related party transactions are limited to management and performance fees paid to the Singapore Consortium Investment Management Limited (SICIM), totaling S\$4.8 million for FY2025.
Macroeconomic Environment and Outlook
- Bond Markets: The company highlighted rate cuts by the US Federal Reserve in 2H 2025 and a cautious outlook for the Eurozone. AT1/Tier 2 bank bond issuance is expected to slow, while spreads have tightened.
- Equity Markets: The IMF projects global GDP growth of 3.3% for 2026, with inflation expected to moderate. Emerging markets outperformed developed markets in 2H 2025.
- Risks: The company notes ongoing volatility from central bank transitions, trade policy uncertainty, and fluctuating interest rates.
Chairman’s Statement
“On behalf of the Board of Directors of Global Investments Limited, we, the undersigned hereby confirm to the best of our knowledge that nothing has come to their attention which may render the financial statements for the half and full year ended 31 December 2025 to be false or misleading in any material respect.”
– Boon Swan Foo, Chairman
Commentary: The Chairman’s tone is neutral and factual, focusing on compliance and the integrity of the results rather than providing a forward-looking or motivational message.
Conclusion and Investment Recommendations
Overall assessment: GIL’s FY2025 performance reflects resilience in a challenging market. Despite lower YoY profit, the company maintained its dividend, improved NAV per share through buybacks, and kept costs under control. However, lower fair value gains and interest income signal headwinds in the current environment. The company’s diversified portfolio and disciplined capital management are positives, but forward returns could face continued pressure from macroeconomic uncertainty and lower investment gains.
Recommendation for Current Shareholders
- Hold: The company’s stable dividend, ongoing buybacks, and healthy balance sheet support a hold recommendation for existing investors seeking income and moderate capital appreciation. Review your position if investment income continues to decline or if macro risks escalate.
Recommendation for Prospective Investors
- Wait/Monitor: While dividend yields remain attractive, entry timing may be better aligned with clear signs of income recovery or improved market conditions. Monitor upcoming results for evidence of a rebound in investment gains and interest income before initiating a new position.
Disclaimer: The above views are based solely on the company’s published financial report for FY2025 and do not constitute investment advice. Please perform your own due diligence or consult an advisor before making investment decisions.
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