Soon Hock Enterprise FY2025 NPAT soars 10.6x to S$37.9m on Stellar@Tampines revenue; proposes 3.05‑cent maiden dividend
Summary:
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Revenue jumped 27.9 times to S$227.9 million in FY2025 from S$7.9 million, driven mainly by property development revenue of S$224.7 million from partial TOP and NOVP for levels 1–8 of Stellar@Tampines.
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Net profit after tax surged 10.6 times to S$37.9 million, lifting earnings per share to 14.69 cents versus 1.33 cents in FY2024, as strong topline more than offset higher commissions, listing expenses, staff costs and finance costs.
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Property investment revenue rose 1.4 times to S$3.2 million, supported by new lease income from the 300‑bed Jalan Papan dormitory complex and ongoing leases at Tuas and Kaki Bukit properties.
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Gross profit climbed 18.6 times to S$74.4 million, though gross margin eased to 32.6% from 48.1% due to the absence of a one‑off high‑margin heavy vehicle park sale booked in FY2024.
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Balance sheet strengthened with cash and cash equivalents of S$160.0 million (vs S$18.6 million) and net assets of S$156.8 million (vs S$36.8 million), giving the Group capacity to fund its pipeline and new opportunities.
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The Board proposes a final tax‑exempt dividend of 3.05 cents per share, equal to 25% of FY2025 profit after tax, consistent with its IPO commitment.
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Key pipeline drivers include Skye@Tuas (expected partial TOP in December 2026) and a planned worker dormitory at 20 Shaw Road targeted for completion around FY2028 to grow recurring rental income.