Soon Hock Enterprise (SHE) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 27.9 times to S$227.9m and profit for the year increased 10.6 times to S$37.9m, mainly driven by Stellar @ Tampines sales recognition after partial TOP in December 2025.

• Operating cash flow reached S$106.1m and year-end cash rose to S$160.0m; development projects provide revenue visibility through 2029.

Financial highlights

• Revenue was S$227.9m versus S$7.9m in FY2024; gross profit rose to S$74.4m from S$3.8m.

• Profit for the year was S$37.9m, up 10.6 times; EPS was 14.69 Singapore cents versus 1.33 cents.

• FY2025 operating cash flow was S$106.1m versus cash use of S$83.9m in FY2024; ending cash increased to S$160.0m from S$18.6m.

• Higher revenue more than offset increased sales commissions, listing expenses, staff costs and finance costs; a S$1.0m equity-market grant partly offset listing expenses.

Outlook and guidance

• Development projects on hand provide revenue visibility through 2029; growth plans include local land opportunities, redevelopment assets and partnerships/JVs.

• Skye @ Tuas sales launch is targeted for 2Q 2026; partial TOP is targeted for 4Q 2026/1Q 2027 and full TOP for 1H 2027, subject to approvals.

• 56/58/60/62 Senang Crescent targets final TOP by end-2027; 20 Shaw Road targets partial TOP by end-2028 and final TOP in 1Q 2029, subject to approvals.

• Stellar @ Tampines is expected to contribute to FY2026 topline; strategy focuses on Singapore industrial and mixed-use development, recurring rental income and disciplined project execution.