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Income tax expense (Tables)

12 Months Ended

Dec. 31, 2025

Income tax expense

Schedule of income tax expense

​

​	​	​	​	​	​	​
​	​ ​ ​	2025	​ ​ ​	2024	​ ​ ​	2023
​	​	US$’000	​	US$’000	​	US$’000
Tax expense attributable to profit is made up of:		​		​		​
–    current income tax		17,868		25,294		10,711
–    deferred income tax		(3,669)		4,801		254
​		14,199		30,095		10,965

Schedule of movement in current income tax liabilities

​

​	​	​	​	​	​	​
​	​ ​ ​	2025	​ ​ ​	2024	​ ​ ​	2023
​	​	US$’000	​	US$’000	​	US$’000
At beginning of the financial year		14,470		8,121		2,489
Income tax expense		17,868		25,294		10,711
Income tax paid		(30,176)		(19,639)		(5,367)
Currency effects		(642)		694		288
At end of the financial year		1,520		14,470		8,121

Schedule of movement tin deferred tax assets

​

​	​	​	​	​	​	​
​	​ ​ ​	2025	​ ​ ​	2024	​ ​ ​	2023
​	​	US$’000	​	US$’000	​	US$’000
At beginning of the financial year		1,644		6,855		6,720
Tax credited/(charged) to profit for the financial year		3,669		(4,801)		(254)
Currency effects		8		(410)		389
At end of the financial year		5,321		1,644		6,855

Schedule of income tax expense reconciliation

​

​	​	​	​	​	​	​
​	​ ​ ​	2025	​ ​ ​	2024	​ ​ ​	2023
​	​	US$’000	​	US$’000	​	US$’000
Profit before tax		303,910		424,963		503,964
Tax calculated at a tax rate of 17% (2024: 17%; 2023: 0%1)		51,665		72,244		—
Effects of different tax rates in other countries		(19,232)		(2,051)		10,711
Effects of concessionary tax rates (Global Trader Programme)	​	1,344	​	(2,233)	​	—
Tax exemption	​	(30,278)	​	(37,535)	​	—
Utilisation of tax losses		—		—		254
Previously unrecognised tax benefits	​	—	​	(4,000)	​	—
Foreign withholding tax		10,700		3,670		—
Income tax expense		14,199		30,095		10,965

¹The Company redomiciled to Singapore on 1 July 2024. Prior to the redomiciliation, there was no income, withholding, capital gains or capital transfer taxes as the Company was domiciled in Bermuda.

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- Definition

Tabular disclosure of the components of income tax expense.

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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- Definition

The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets]

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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