
QAF Ltd
SGX:Q01

Income Statement
Earnings Waterfall
QAF Ltd
Revenue
|
636.1m
SGD
|
Cost of Revenue
|
-334.1m
SGD
|
Gross Profit
|
302m
SGD
|
Operating Expenses
|
-266.5m
SGD
|
Operating Income
|
35.5m
SGD
|
Other Expenses
|
-802k
SGD
|
Net Income
|
34.7m
SGD
|
Income Statement
QAF Ltd
Jun-2012 | Sep-2012 | Dec-2012 | Mar-2013 | Jun-2013 | Sep-2013 | Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Jun-2020 | Dec-2020 | Jun-2021 | Dec-2021 | Jun-2022 | Dec-2022 | Jun-2023 | Dec-2023 | Jun-2024 | Dec-2024 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
992
N/A
|
985
-1%
|
984
0%
|
995
+1%
|
1 010
+2%
|
1 019
+1%
|
1 024
+1%
|
1 017
-1%
|
1 011
-1%
|
1 016
+1%
|
1 023
+1%
|
1 037
+1%
|
1 036
0%
|
1 023
-1%
|
998
-2%
|
993
-1%
|
949
-4%
|
918
-3%
|
890
-3%
|
847
-5%
|
841
-1%
|
835
-1%
|
826
-1%
|
815
-1%
|
811
0%
|
810
0%
|
815
+1%
|
823
+1%
|
840
+2%
|
853
+2%
|
497
-42%
|
1 000
+101%
|
562
-44%
|
830
+48%
|
559
-33%
|
561
+0%
|
578
+3%
|
609
+5%
|
629
+3%
|
636
+1%
|
636
0%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(536)
|
(531)
|
(517)
|
(527)
|
(541)
|
(547)
|
(559)
|
(552)
|
(547)
|
(544)
|
(547)
|
(555)
|
(551)
|
(542)
|
(521)
|
(513)
|
(486)
|
(467)
|
(453)
|
(431)
|
(427)
|
(425)
|
(427)
|
(426)
|
(433)
|
(440)
|
(443)
|
(453)
|
(463)
|
(469)
|
(261)
|
(519)
|
(278)
|
(417)
|
(293)
|
(305)
|
(317)
|
(332)
|
(337)
|
(336)
|
(334)
|
|
Gross Profit |
457
N/A
|
454
-1%
|
467
+3%
|
468
+0%
|
468
+0%
|
472
+1%
|
466
-1%
|
464
0%
|
464
0%
|
473
+2%
|
477
+1%
|
482
+1%
|
484
+0%
|
481
-1%
|
477
-1%
|
480
+0%
|
463
-4%
|
451
-3%
|
436
-3%
|
416
-5%
|
414
0%
|
410
-1%
|
399
-3%
|
388
-3%
|
378
-3%
|
370
-2%
|
372
+0%
|
370
-1%
|
377
+2%
|
384
+2%
|
236
-38%
|
481
+103%
|
284
-41%
|
414
+46%
|
266
-36%
|
256
-4%
|
261
+2%
|
276
+6%
|
291
+5%
|
300
+3%
|
302
+1%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(389)
|
(392)
|
(414)
|
(415)
|
(422)
|
(427)
|
(419)
|
(416)
|
(410)
|
(414)
|
(415)
|
(420)
|
(419)
|
(413)
|
(405)
|
(405)
|
(385)
|
(357)
|
(367)
|
(352)
|
(357)
|
(364)
|
(362)
|
(356)
|
(358)
|
(356)
|
(365)
|
(357)
|
(359)
|
(362)
|
(216)
|
(418)
|
(233)
|
(349)
|
(241)
|
(232)
|
(233)
|
(240)
|
(251)
|
(258)
|
(267)
|
|
Selling, General & Administrative |
(250)
|
(251)
|
(253)
|
(254)
|
(256)
|
(258)
|
(261)
|
(259)
|
(258)
|
(260)
|
(260)
|
(264)
|
(263)
|
(260)
|
(257)
|
(255)
|
(242)
|
(232)
|
(225)
|
(222)
|
(232)
|
(242)
|
(232)
|
(248)
|
(248)
|
(245)
|
(228)
|
(242)
|
(242)
|
(242)
|
(120)
|
(272)
|
(131)
|
(225)
|
(130)
|
(141)
|
(146)
|
(154)
|
(163)
|
(166)
|
(148)
|
|
Depreciation & Amortization |
(36)
|
(36)
|
(36)
|
(37)
|
(38)
|
(38)
|
(38)
|
(38)
|
(37)
|
(37)
|
(37)
|
(37)
|
(37)
|
(36)
|
(35)
|
(37)
|
(36)
|
(34)
|
(31)
|
(31)
|
(31)
|
(32)
|
(32)
|
(34)
|
(35)
|
(34)
|
(35)
|
(37)
|
(39)
|
(42)
|
(31)
|
(59)
|
(34)
|
(52)
|
(34)
|
(31)
|
(29)
|
(25)
|
(25)
|
(27)
|
(27)
|
|
Other Operating Expenses |
(103)
|
(105)
|
(125)
|
(124)
|
(128)
|
(131)
|
(120)
|
(119)
|
(114)
|
(117)
|
(118)
|
(119)
|
(120)
|
(117)
|
(113)
|
(113)
|
(107)
|
(91)
|
(111)
|
(100)
|
(94)
|
(90)
|
(97)
|
(74)
|
(76)
|
(76)
|
(102)
|
(78)
|
(78)
|
(78)
|
(65)
|
(87)
|
(68)
|
(72)
|
(77)
|
(60)
|
(59)
|
(61)
|
(63)
|
(65)
|
(92)
|
|
Operating Income |
68
N/A
|
62
-9%
|
53
-13%
|
53
-2%
|
46
-12%
|
45
-2%
|
46
+2%
|
48
+4%
|
54
+12%
|
59
+8%
|
61
+4%
|
62
+1%
|
65
+5%
|
68
+4%
|
73
+8%
|
75
+3%
|
78
+4%
|
94
+20%
|
69
-26%
|
63
-9%
|
57
-9%
|
46
-20%
|
37
-20%
|
33
-11%
|
20
-39%
|
15
-27%
|
7
-52%
|
13
+90%
|
18
+33%
|
22
+23%
|
21
-5%
|
63
+206%
|
51
-18%
|
65
+27%
|
25
-62%
|
24
-3%
|
27
+13%
|
36
+31%
|
40
+12%
|
42
+4%
|
36
-15%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
(6)
|
(6)
|
(5)
|
(5)
|
(5)
|
(5)
|
(4)
|
(4)
|
(4)
|
(4)
|
(3)
|
(3)
|
(3)
|
(3)
|
(4)
|
(3)
|
(1)
|
1
|
2
|
7
|
4
|
5
|
5
|
1
|
3
|
1
|
6
|
3
|
(1)
|
(2)
|
2
|
3
|
3
|
7
|
2
|
0
|
(10)
|
(23)
|
(13)
|
(2)
|
3
|
|
Non-Reccuring Items |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
10
|
0
|
59
|
59
|
48
|
47
|
(1)
|
(7)
|
(7)
|
(7)
|
0
|
(4)
|
(5)
|
(4)
|
0
|
(7)
|
0
|
(7)
|
2
|
11
|
19
|
17
|
14
|
6
|
6
|
|
Pre-Tax Income |
62
N/A
|
56
-9%
|
48
-14%
|
48
-1%
|
42
-13%
|
41
-2%
|
42
+4%
|
44
+5%
|
51
+14%
|
55
+9%
|
58
+5%
|
59
+1%
|
62
+5%
|
65
+5%
|
69
+6%
|
72
+5%
|
87
+20%
|
95
+10%
|
131
+37%
|
129
-2%
|
110
-15%
|
98
-11%
|
41
-58%
|
26
-35%
|
16
-39%
|
8
-48%
|
13
+58%
|
11
-14%
|
12
+5%
|
15
+28%
|
23
+48%
|
58
+155%
|
54
-6%
|
65
+20%
|
29
-56%
|
36
+25%
|
37
+3%
|
30
-19%
|
41
+36%
|
47
+14%
|
45
-4%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
(14)
|
(13)
|
(10)
|
(8)
|
(9)
|
(9)
|
(10)
|
(11)
|
(11)
|
(11)
|
(11)
|
(12)
|
(12)
|
(12)
|
(14)
|
(14)
|
(13)
|
(13)
|
(14)
|
(15)
|
(17)
|
(16)
|
(10)
|
(7)
|
(4)
|
(4)
|
(5)
|
(4)
|
(5)
|
(6)
|
(4)
|
(15)
|
(12)
|
(15)
|
(6)
|
(7)
|
(11)
|
(14)
|
(13)
|
(12)
|
(10)
|
|
Income from Continuing Operations |
48
|
43
|
39
|
39
|
33
|
32
|
32
|
33
|
40
|
44
|
47
|
47
|
50
|
53
|
55
|
58
|
74
|
82
|
116
|
113
|
93
|
82
|
30
|
19
|
12
|
5
|
9
|
7
|
7
|
10
|
18
|
43
|
42
|
50
|
22
|
29
|
26
|
16
|
28
|
35
|
35
|
|
Income to Minority Interest |
(5)
|
(5)
|
(4)
|
(3)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(1)
|
(1)
|
4
|
5
|
5
|
4
|
2
|
2
|
2
|
1
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
0
|
|
Net Income (Common) |
43
N/A
|
38
-11%
|
35
-10%
|
36
+4%
|
31
-15%
|
30
-2%
|
30
+0%
|
31
+4%
|
38
+20%
|
42
+11%
|
45
+8%
|
45
+1%
|
48
+6%
|
51
+5%
|
53
+4%
|
56
+6%
|
72
+30%
|
81
+12%
|
120
+48%
|
118
-2%
|
98
-17%
|
86
-12%
|
32
-62%
|
21
-35%
|
14
-33%
|
6
-56%
|
8
+31%
|
7
-17%
|
6
-10%
|
9
+51%
|
28
+200%
|
59
+113%
|
28
-53%
|
55
+99%
|
52
-6%
|
33
-37%
|
19
-41%
|
16
-17%
|
27
+70%
|
35
+28%
|
35
-1%
|
|
EPS (Diluted) |
0.09
N/A
|
0.08
-11%
|
0.07
-13%
|
0.07
N/A
|
0.06
-14%
|
0.06
N/A
|
0.06
N/A
|
0.06
N/A
|
0.07
+17%
|
0.07
N/A
|
0.08
+14%
|
0.08
N/A
|
0.08
N/A
|
0.09
+13%
|
0.09
N/A
|
0.1
+11%
|
0.13
+30%
|
0.14
+8%
|
0.21
+50%
|
0.21
N/A
|
0.17
-19%
|
0.15
-12%
|
0.06
-60%
|
0.03
-50%
|
0.02
-33%
|
0.01
-50%
|
0.01
N/A
|
0.01
N/A
|
0.01
N/A
|
0.02
+100%
|
0.03
+50%
|
0.1
+233%
|
0.04
-60%
|
0.09
+125%
|
0.09
N/A
|
0.05
-44%
|
0.04
-20%
|
0.03
-25%
|
0.05
+67%
|
0.06
+20%
|
0.06
N/A
|