Soon Hock Enterprise Holding Limited reported net profit after tax of S$37.9 million for the year ended 31 December 2025 (FY2025), a 10.6-fold year-on-year jump, lifted chiefly by revenue recognition from its industrial project, Stellar@Tampines, following the partial Temporary Occupation Permit granted in December.
Revenue surged 27.9 times to S$227.9 million, driving earnings per share to 14.69 Singapore cents from 1.33 cents a year earlier. The board proposed a final tax-exempt dividend of 3.05 Singapore cents a share—its first since listing—equivalent to 25 per cent of FY2025 profit, subject to shareholder approval at the April 2026 annual general meeting.
Property development income, mainly from Stellar@Tampines units on levels 1 to 8, soared to S$224.7 million versus S$6.5 million in FY2024. The property investment arm contributed S$3.2 million, up 1.4 times, buoyed by fresh rental inflows from the 2F Jalan Papan workers’ dormitory and steady leases at remaining assets. Group gross profit climbed 18.6 times to S$74.4 million, though gross margin narrowed to 32.6 per cent (FY2024: 48.1 per cent) due to the absence of a one-off high-margin asset sale booked in the prior year.
Higher selling commissions, listing-related expenses, additional staff costs and increased finance charges tempered profitability, yet were offset by the sharp topline expansion. Year-end cash and cash equivalents rose to S$160.0 million from S$18.6 million, lifting net assets to S$156.8 million.
The group plans to concentrate on Singapore’s multi-strata industrial and mixed-use developments. Key projects include Skye@Tuas—scheduled for partial TOP in December 2026—and a proposed workers’ dormitory on its freehold 20 Shaw Road site, targeted for completion in FY2028 to bolster recurring rental income. Management also intends to tap the Industrial Government Land Sales programme, collective sales and secondary-market acquisitions to replenish its landbank, while maintaining a disciplined approach to project execution and cost control amid sustained construction cost pressures and interest-rate volatility.
Executive director and chief executive officer Walter Tan Min Loon attributed the record performance to the successful launch of Stellar@Tampines and said the development would continue to underpin revenue in FY2026. He noted that the company’s enlarged cash reserves and IPO proceeds position it to pursue new industrial opportunities even as competition intensifies, and reiterated a commitment to distribute at least 25 per cent of earnings as dividends for the period through FY2025.