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Consolidated Statement of Cash Flows
$ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2023
SGD ($)
Dec. 31, 2022
SGD ($)
Dec. 31, 2021
SGD ($)
Operating activities        
Profit before income tax $ 111,068 $ 146,454 $ 141,987 $ 132,079
Adjustments for:        
Depreciation and amortization expense 33,069 43,605 39,731 39,853
Impairment loss on plant and equipment 275 362    
Gain on early termination of right-of-use assets       (29)
Allowance (Reversal of allowance) on trade and other receivables     104 (2)
Changes in fair value of financial assets measured at fair value through profit or loss (1,362) (1,796)    
Equity-settled share-based payment (net reversal) expense (6,907) (9,108) 19,465 5,204
Provision for reinstatement cost     387 (7)
Bank loan transaction cost 33 43 50 416
Interest income (8,867) (11,692) (3,348) (544)
Interest expense 1,651 2,177 1,936 8,414
Retirement benefit service cost 705 930 753 619
Loss on disposal and write-off of plant and equipment 50 66 18 211
Share of profit from an associate     (139) (101)
Fair value gain on previously held equity interest     (139)  
Operating cash flows before movements in working capital 129,715 171,041 200,805 186,113
Trade receivables (16,276) (21,462) 677 (57,003)
Contract assets 3,680 4,852 (12,601) (4,000)
Other receivables (195) (257) (6,611) (672)
Trade payables, accrued operating expenses and other payables 1,637 2,158 17,031 4,542
Cash generated from operations 118,561 156,332 199,301 128,980
Interest received 8,867 11,692 3,348 544
Income tax paid (23,514) (31,006) (38,140) (25,703)
Income tax refunded 121 159 42 4
Net cash from operating activities 104,035 137,177 164,551 103,825
Investing activities        
Purchase of plant and equipment [1] (8,950) (11,801) (24,466) (20,648)
Proceeds from disposal of plant and equipment 23 30 136 126
Payment for restoration of office (61) (81)   (428)
Placements in fixed deposits     (154) (1,255)
Withdrawal of fixed deposits 4,796 6,324 1,900  
Decrease in pledged deposits       1,888
Dividend income from associate     161 13
Acquisition of subsidiary, net of cash acquired     (4,214)  
Investment in financial assets measured at fair value through profit or loss (19,674) (25,942) (3,032) (23,835)
Net cash used in investing activities (23,866) (31,470) (29,669) (44,139)
Financing activities        
Dividends paid (30) (40) (39) (176)
Drawdown of bank loan     600 252,658
Distribution to founder       (252,032)
Repayment of lease liabilities (18,178) (23,970) (19,729) (19,632)
Interest paid     (215) (6,847)
Bank loan transaction cost paid       (361)
Repayment of bank loan     (17,449) (276,564)
Repurchase of American Depositary Shares (6,998) (9,228) (13,620)  
Proceeds from issuance of shares, net of issuance costs     1 502,406
Proceeds for capital call on non-fully paid-up share capital from non-controlling interests       192
Net cash (used in) from financing activities (25,206) (33,238) (50,451) 199,644
Net increase in cash and cash equivalents 54,963 72,469 84,431 259,330
Effect of foreign exchange rate changes on cash held in foreign currencies (7,378) (9,720) (8,478) (5,990)
Cash and cash equivalents at beginning of year 295,086 389,100 313,147 59,807
Cash and cash equivalents at end of year $ 342,671 $ 451,849 $ 389,100 $ 313,147
[1] During the year, the additions to plant and equipment totaling S$12.4 million (2022: S$25.2 million, 2021: S$23.3 million) comprises paid purchases totaling S$11.8 million (2022: S$24.4 million, 2021: S$20.6 million) and a provision of S$0.6 million (2022: S$0.8 million, 2021: S$2.7 million) for estimated future reinstatement cost relating to office improvements (Note 18).