Hock Lian Seng Holdings Limited Annual Report 2025
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated Income Statement | |||
| RevenueSGD thousand | 186,259 | 183,456 | PDF p. 39 |
| Cost of salesSGD thousand | (171,008) | (153,089) | PDF p. 39 |
| Gross profitSGD thousand | 15,251 | 30,367 | PDF p. 39 |
| Other incomeSGD thousand | 11,084 | 14,532 | PDF p. 39 |
| Distribution and selling costsSGD thousand | (785) | (1,057) | PDF p. 39 |
| Administrative costsSGD thousand | (5,203) | (5,251) | PDF p. 39 |
| Finance costsSGD thousand | (40) | (6) | PDF p. 39 |
| Other operating costsSGD thousand | (783) | (988) | PDF p. 39 |
| Share of results of joint venturesSGD thousand | 371 | 61 | PDF p. 39 |
| Profi t before taxationSGD thousand | 19,895 | 37,658 | PDF p. 39 |
| Income tax expenseSGD thousand | (2,632) | (5,590) | PDF p. 39 |
| Profi t for the yearSGD thousand | 17,263 | 32,068 | PDF p. 39 |
| Equity holders of the CompanySGD thousand | 17,010 | 31,987 | PDF p. 39 |
| Non-controlling interestsSGD thousand | 253 | 81 | PDF p. 39 |
| Total profit attributable to equity holders and non-controlling interestsSGD thousand | 17,263 | 32,068 | PDF p. 39 |
| BasicSGD cents per share | 3.32 | 6.25 | PDF p. 39 |
| DilutedSGD cents per share | 3.32 | 6.25 | PDF p. 39 |
Original report: PDF p. 39 ↗
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated Statement of Comprehensive Income | |||
| Profi t for the yearSGD thousand | 17,263 | 32,068 | PDF p. 40 |
| Gain on fair value changes of financial assets at fair value through other comprehensive incomeSGD thousand | 582 | 1,002 | PDF p. 40 |
| Other comprehensive income for the year, net of taxSGD thousand | 582 | 1,002 | PDF p. 40 |
| Total comprehensive income for the yearSGD thousand | 17,845 | 33,070 | PDF p. 40 |
| Equity holders of the CompanySGD thousand | 17,592 | 32,989 | PDF p. 40 |
| Non-controlling interestsSGD thousand | 253 | 81 | PDF p. 40 |
| Total comprehensive income attributable to equity holders and non-controlling interestsSGD thousand | 17,845 | 33,070 | PDF p. 40 |
Original report: PDF p. 40 ↗
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| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Balance Sheets | |||||
| Property, plant and equipmentSGD thousand | 21,012 | 19,514 | – | – | PDF p. 41 |
| Investment propertiesSGD thousand | 3,340 | 3,300 | – | – | PDF p. 41 |
| Investment in joint ventureSGD thousand | 2,098 | 3,752 | – | – | PDF p. 41 |
| Investments in subsidiariesSGD thousand | – | – | 39,294 | 38,294 | PDF p. 41 |
| Investment securitiesSGD thousand | 20,442 | 16,610 | – | – | PDF p. 41 |
| Deferred tax assetsSGD thousand | 918 | 1,310 | – | – | PDF p. 41 |
| TotalSGD thousand | 47,810 | 44,486 | 39,294 | 38,294 | PDF p. 41 |
| Contract assetsSGD thousand | 88,701 | 63,327 | – | – | PDF p. 41 |
| Development propertiesSGD thousand | 130,894 | 51,002 | – | – | PDF p. 41 |
| Trade receivablesSGD thousand | 10,564 | 9,401 | – | – | PDF p. 41 |
| Other receivablesSGD thousand | 8,859 | 1,543 | 59,107 | 25,808 | PDF p. 41 |
| Amount due from joint venture partnersSGD thousand | – | 57 | – | – | PDF p. 41 |
| Prepayments and depositsSGD thousand | 1,119 | 804 | 36 | 16 | PDF p. 41 |
| Investment securitiesSGD thousand | 23,349 | 22,613 | – | – | PDF p. 41 |
| Cash and short-term depositsSGD thousand | 88,013 | 159,304 | 16,327 | 54,886 | PDF p. 41 |
| TotalSGD thousand | 351,499 | 308,051 | 75,470 | 80,710 | PDF p. 41 |
| Trade and other payablesSGD thousand | 49,976 | 51,115 | 361 | 342 | PDF p. 41 |
| Contract liabilitiesSGD thousand | – | 1,590 | – | – | PDF p. 41 |
| Amount due to joint venture partnersSGD thousand | 1 | – | – | – | PDF p. 41 |
| ProvisionsSGD thousand | 7,449 | 9,131 | – | – | PDF p. 41 |
| Provision for taxationSGD thousand | 2,154 | 4,464 | 187 | 217 | PDF p. 41 |
| Lease liabilitiesSGD thousand | 368 | 118 | – | – | PDF p. 41 |
| TotalSGD thousand | 59,948 | 66,418 | 548 | 559 | PDF p. 41 |
| Net current assetsSGD thousand | 291,551 | 241,633 | 74,922 | 80,151 | PDF p. 41 |
| Deferred incomeSGD thousand | 34 | 62 | – | – | PDF p. 41 |
| Other payablesSGD thousand | 450 | 861 | – | – | PDF p. 41 |
| BorrowingsSGD thousand | 44,095 | – | – | – | PDF p. 41 |
| Lease liabilitiesSGD thousand | 992 | 293 | – | – | PDF p. 41 |
| Deferred tax liabilitiesSGD thousand | 884 | 440 | – | – | PDF p. 41 |
| TotalSGD thousand | 46,455 | 1,656 | – | – | PDF p. 41 |
| Net assetsSGD thousand | 292,906 | 284,463 | 114,216 | 118,445 | PDF p. 41 |
| Share capitalSGD thousand | 59,954 | 59,954 | 59,954 | 59,954 | PDF p. 41 |
| Treasury sharesSGD thousand | (193) | – | (193) | – | PDF p. 41 |
| Capital reserveSGD thousand | 1,000 | 1,000 | – | – | PDF p. 41 |
| Fair value adjustment reserveSGD thousand | 1,359 | 777 | – | – | PDF p. 41 |
| Accumulated profitsSGD thousand | 246,301 | 238,500 | 54,455 | 58,491 | PDF p. 41 |
| Merger deficitSGD thousand | (16,239) | (16,239) | – | – | PDF p. 41 |
| Equity attributable to equity holders of the parentSGD thousand | 292,182 | 283,992 | 114,216 | 118,445 | PDF p. 41 |
| Non-controlling interestSGD thousand | 724 | 471 | – | – | PDF p. 41 |
| Total equitySGD thousand | 292,906 | 284,463 | 114,216 | 118,445 | PDF p. 41 |
Original report: PDF p. 41 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Consolidated Cash Flow Statement | |||
| Profi t before taxationSGD thousand | 19,895 | 37,658 | PDF p. 44 |
| Depreciation of property, plant and equipmentSGD thousand | 2,545 | 2,289 | PDF p. 44 |
| Dividend income from investment securitiesSGD thousand | (155) | (151) | PDF p. 44 |
| Gain on fair value of investment propertySGD thousand | (40) | (100) | PDF p. 44 |
| Gain on disposal of property, plant and equipmentSGD thousand | (471) | (1,405) | PDF p. 44 |
| Gain on fair value of investment securitiesSGD thousand | (1,316) | (558) | PDF p. 44 |
| Interest incomeSGD thousand | (4,432) | (6,245) | PDF p. 44 |
| Interest expense on leaseSGD thousand | 40 | 6 | PDF p. 44 |
| Share of results of joint venturesSGD thousand | (371) | (61) | PDF p. 44 |
| Unrealised gain on foreign exchangeSGD thousand | 25 | (119) | PDF p. 44 |
| Operating cash flows before changes in working capitalSGD thousand | 15,720 | 31,314 | PDF p. 44 |
| Contract assetsSGD thousand | (25,374) | (13,569) | PDF p. 44 |
| Trade receivablesSGD thousand | (1,163) | 7,857 | PDF p. 44 |
| Development propertiesSGD thousand | (79,892) | 19,995 | PDF p. 44 |
| Other receivablesSGD thousand | (6,804) | 1,478 | PDF p. 44 |
| Prepayments and depositsSGD thousand | (315) | (93) | PDF p. 44 |
| Trade and other payables and provisionsSGD thousand | (3,231) | (17,324) | PDF p. 44 |
| Contract liabilitiesSGD thousand | (1,590) | 1,520 | PDF p. 44 |
| Deferred incomeSGD thousand | (28) | (27) | PDF p. 44 |
| Cash flows generated (used in)/from operationsSGD thousand | (102,677) | 31,151 | PDF p. 44 |
| Interest received – loans and receivablesSGD thousand | 2,659 | 4,241 | PDF p. 44 |
| Income tax paidSGD thousand | (4,105) | (2,930) | PDF p. 44 |
| Net cash flows generated (used in)/from operating activitiesSGD thousand | (104,123) | 32,462 | PDF p. 44 |
| Dividend income from investment securitiesSGD thousand | 155 | 151 | PDF p. 44 |
| Dividend income received from joint ventureSGD thousand | 2,025 | 2,228 | PDF p. 44 |
| Repayment from joint venture, netSGD thousand | – | 8,143 | PDF p. 44 |
| Proceeds from disposal of property, plant and equipmentSGD thousand | 662 | 1,835 | PDF p. 44 |
| Proceeds from maturity/redemption of investment securitiesSGD thousand | 3,099 | 5,779 | PDF p. 44 |
| Purchases of property, plant and equipment (Note 9)SGD thousand | (2,872) | (3,306) | PDF p. 44 |
| Purchases of investment securitiesSGD thousand | (5,769) | (14,096) | PDF p. 44 |
| Interest received – investment securitiesSGD thousand | 1,317 | 1,247 | PDF p. 44 |
| Net cash flows generated (used in)/from investing activitiesSGD thousand | (1,383) | 1,981 | PDF p. 44 |
| Dividends paid on ordinary sharesSGD thousand | (9,209) | (7,682) | PDF p. 44 |
| Purchase of treasury sharesSGD thousand | (193) | – | PDF p. 44 |
| Repayment of lease liabilitiesSGD thousand | (453) | (40) | PDF p. 44 |
| Proceeds from bank loansSGD thousand | 44,095 | – | PDF p. 44 |
| Net cash flows from/(used in) financing activitiesSGD thousand | 34,240 | (7,722) | PDF p. 44 |
| Net (decrease)/increase in cash and cash equivalentsSGD thousand | (71,266) | 26,721 | PDF p. 44 |
| Effect of exchange rate changes on cash and cash equivalentsSGD thousand | (25) | 119 | PDF p. 44 |
| Cash and cash equivalents at the beginning of yearSGD thousand | 159,304 | 132,464 | PDF p. 44 |
| Cash and cash equivalents at the end of year (Note 21)SGD thousand | 88,013 | 159,304 | PDF p. 44 |
Original report: PDF p. 44 ↗
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| Metric / unit | 2025GroupShare capital | 2025GroupTreasury shares | 2025GroupCapital reserve | 2025GroupFair value adjustment reserve | 2025GroupAccumulated profits | 2025GroupMerger deficit | 2025GroupTotal reserves | 2025GroupNon-controlling interest | 2025GroupTotal equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Statements of Changes in Equity — Group FY2025 | ||||||||||
| At 1 January 2025SGD thousand | 59,954 | – | 1,000 | 777 | 238,500 | (16,239) | 224,038 | 471 | 284,463 | PDF p. 42 |
| Profi t for the yearSGD thousand | – | – | – | – | 17,010 | – | 17,010 | 253 | 17,263 | PDF p. 42 |
| Other comprehensive income Gain on fair value changes of financial assets at fair value through other comprehensive incomeSGD thousand | – | – | – | 582 | – | – | 582 | – | 582 | PDF p. 42 |
| Total other comprehensive incomeSGD thousand | – | – | – | 582 | – | – | 582 | – | 582 | PDF p. 42 |
| Total comprehensive income for the yearSGD thousand | – | – | – | 582 | 17,010 | – | 17,592 | 253 | 17,845 | PDF p. 42 |
| Contributions and distributions to owners Dividends on ordinary shares (Note 32)SGD thousand | – | – | – | – | (9,209) | – | (9,209) | – | (9,209) | PDF p. 42 |
| Purchase of treasury sharesSGD thousand | – | (193) | – | – | – | – | (193) | – | (193) | PDF p. 42 |
| Total transactions with owners in their capacity as ownersSGD thousand | – | (193) | – | – | (9,209) | – | (9,402) | – | (9,402) | PDF p. 42 |
| At 31 December 2025SGD thousand | 59,954 | (193) | 1,000 | 1,359 | 246,301 | (16,239) | 232,228 | 724 | 292,906 | PDF p. 42 |
Original report: PDF p. 42 ↗
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| Metric / unit | 2024GroupShare capital | 2024GroupCapital reserve | 2024GroupFair value adjustment reserve | 2024GroupAccumulated profits | 2024GroupMerger deficit | 2024GroupTotal reserves | 2024GroupNon-controlling interest | 2024GroupTotal equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Statements of Changes in Equity — Group FY2024 | |||||||||
| At 1 January 2024SGD thousand | 59,954 | 1,000 | (225) | 214,195 | (16,239) | 198,731 | 390 | 259,075 | PDF p. 42 |
| Profi t for the yearSGD thousand | – | – | – | 31,987 | – | 31,987 | 81 | 32,068 | PDF p. 42 |
| Other comprehensive income Gain on fair value changes of financial assets at fair value through other comprehensive incomeSGD thousand | – | – | 1,002 | – | – | 1,002 | – | 1,002 | PDF p. 42 |
| Total other comprehensive incomeSGD thousand | – | – | 1,002 | – | – | 1,002 | – | 1,002 | PDF p. 42 |
| Total comprehensive income for the yearSGD thousand | – | – | 1,002 | 31,987 | – | 32,989 | 81 | 33,070 | PDF p. 42 |
| Contributions and distributions to owners Dividends on ordinary shares (Note 32)SGD thousand | – | – | – | (7,682) | – | (7,682) | – | (7,682) | PDF p. 42 |
| Total transactions with owners in their capacity as ownersSGD thousand | – | – | – | (7,682) | – | (7,682) | – | (7,682) | PDF p. 42 |
| At 31 December 2024SGD thousand | 59,954 | 1,000 | 777 | 238,500 | (16,239) | 224,038 | 471 | 284,463 | PDF p. 42 |
Original report: PDF p. 42 ↗
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| Metric / unit | 2025CompanyShare capital | 2025CompanyTreasury shares | 2025CompanyAccumulated profits | 2025CompanyTotal equity | Source |
|---|---|---|---|---|---|
| Statements of Changes in Equity — Company FY2025 | |||||
| At 1 January 2025SGD thousand | 59,954 | – | 58,491 | 118,445 | PDF p. 43 |
| Profi t, representing total comprehensive income, for the yearSGD thousand | – | – | 5,173 | 5,173 | PDF p. 43 |
| Contributions by and distributions to owners Dividends on ordinary shares (Note 32)SGD thousand | – | – | (9,209) | (9,209) | PDF p. 43 |
| Purchase of treasury sharesSGD thousand | – | (193) | – | (193) | PDF p. 43 |
| Total transactions with owners in their capacity as ownersSGD thousand | – | (193) | (9,209) | (9,402) | PDF p. 43 |
| At 31 December 2025SGD thousand | 59,954 | (193) | 54,455 | 114,216 | PDF p. 43 |
Original report: PDF p. 43 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024CompanyShare capital | 2024CompanyAccumulated profits | 2024CompanyTotal equity | Source |
|---|---|---|---|---|
| Statements of Changes in Equity — Company FY2024 | ||||
| At 1 January 2024SGD thousand | 59,954 | 58,196 | 118,150 | PDF p. 43 |
| Profi t, representing total comprehensive income, for the yearSGD thousand | – | 7,977 | 7,977 | PDF p. 43 |
| Contributions by and distributions to owners Dividends on ordinary shares (Note 32)SGD thousand | – | (7,682) | (7,682) | PDF p. 43 |
| Total transactions with owners in their capacity as ownersSGD thousand | – | (7,682) | (7,682) | PDF p. 43 |
| At 31 December 2024SGD thousand | 59,954 | 58,491 | 118,445 | PDF p. 43 |
Original report: PDF p. 43 ↗
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| Metric / unit | 2016Group | 2017Group | 2018Group | 2019Group | 2020Group | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Ten-year financial highlights | |||||||||||
| RevenueSGD million | 118.1 | 142.4 | 197.8 | 193.5 | 60.2 | 168.6 | 142.7 | 202.0 | 183.5 | 186.3 | PDF p. 6 |
| Net profitSGD million | 35.9 | 17.5 | 14.0 | 12.6 | 4.3 | 25.0 | 16.4 | 26.6 | 32.1 | 17.3 | PDF p. 7 |
| Basic earnings per shareSGD cents | 7.0 | 3.4 | 2.7 | 2.5 | 0.8 | 4.9 | 3.2 | 5.2 | 6.3 | 3.3 | PDF p. 6 |
| Net tangible assets per shareSGD cents | 48.0 | 39.5 | 40.0 | 39.5 | 39.8 | 44.5 | 46.3 | 50.6 | 55.6 | 57.1 | PDF p. 6 |
| Dividend per share — FY2025 proposed, subject to AGM approvalSGD cents | 12.5 | 1.8 | 1.2 | 1.8 | 0.25 | 1.25 | 1.0 | 1.5 | 1.8 | 1.125 | PDF p. 6 |
Original report: PDF p. 6 ↗ PDF p. 7 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2016Group | 2017Group | 2018Group | 2019Group | 2020Group | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Ten-year financial position | |||||||||||
| Current assetsSGD million | 305.1 | 272.7 | 258.0 | 235.0 | 211.8 | 251.6 | 253.3 | 290.0 | 308.1 | 351.5 | PDF p. 7 |
| Non-current assetsSGD million | 64.6 | 63.7 | 84.7 | 89.0 | 80.8 | 91.0 | 91.7 | 51.0 | 44.5 | 47.8 | PDF p. 7 |
| Current liabilitiesSGD million | 110.9 | 123.9 | 140.4 | 115.4 | 87.9 | 113.8 | 106.4 | 81.3 | 66.4 | 60.0 | PDF p. 7 |
| Non-current liabilitiesSGD million | 15.5 | 15.1 | 0.1 | 2.9 | 1.0 | 1.1 | 1.5 | 0.6 | 1.7 | 46.5 | PDF p. 7 |
| Non-controlling interestsSGD million | - | - | - | - | 0.1 | - | -0.2 | 0.4 | 0.5 | 0.7 | PDF p. 7 |
| Equity attributable to shareholdersSGD million | 243.3 | 197.4 | 202.2 | 205.7 | 203.6 | 227.7 | 237.3 | 258.7 | 284.0 | 292.2 | PDF p. 7 |
Original report: PDF p. 7 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2016Group | 2017Group | 2018Group | 2019Group | 2020Group | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Ten-year cash flow highlights | |||||||||||
| Net cash from / used in operating activitiesSGD million | 5.6 | -0.9 | 16.7 | 7.4 | -17.3 | 6.7 | 51.0 | -6.2 | 32.4 | -104.1 | PDF p. 7 |
| Net cash from / used in investing activitiesSGD million | 56.3 | -8.6 | -41.9 | -3.3 | 5.8 | 2.0 | -3.4 | 34.3 | 2.0 | -1.4 | PDF p. 7 |
| Net cash from / used in financing activitiesSGD million | -12.8 | -64.2 | -12.8 | -20.7 | -6.2 | -1.2 | -6.4 | -4.7 | -7.7 | 34.3 | PDF p. 7 |
| Net change in cash and cash equivalentsSGD million | 49.1 | -73.9 | -38.0 | -16.6 | -17.7 | 7.5 | 41.2 | 23.4 | 26.7 | -71.3 | PDF p. 7 |
| Foreign exchange changesSGD million | - | -0.2 | 0.3 | 0.3 | -0.2 | 0.3 | 0.1 | 0.2 | 0.1 | 0.0 | PDF p. 7 |
| Opening cash and cash equivalentsSGD million | 156.9 | 206.0 | 132.1 | 94.4 | 77.6 | 59.7 | 67.5 | 108.8 | 132.5 | 159.3 | PDF p. 7 |
| Closing cash and cash equivalentsSGD million | 206.0 | 132.1 | 94.4 | 77.6 | 59.7 | 67.5 | 108.8 | 132.5 | 159.3 | 88.0 | PDF p. 7 |
Original report: PDF p. 7 ↗
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per share — underlying profit and weighted shares | |||
| Profit attributable to equity holders used for basic and diluted EPSSGD thousand | 17,010 | 31,987 | PDF p. 64 |
| Weighted average ordinary shares used for basic and diluted EPSThousand shares | 511,731 | 512,104 | PDF p. 64 |
Original report: PDF p. 64 ↗
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| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Cash and short-term deposits | |||||
| Cash at banks and on handSGD thousand | 27,257 | 32,098 | 2,619 | 1,843 | PDF p. 75 |
| Short-term depositsSGD thousand | 60,756 | 127,206 | 13,708 | 53,043 | PDF p. 75 |
| Cash and cash equivalentsSGD thousand | 88,013 | 159,304 | 16,327 | 54,886 | PDF p. 75 |
Original report: PDF p. 75 ↗
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| Metric / unit | 2025Group and Company | 2024Group and Company | Source |
|---|---|---|---|
| Dividends — paid and proposed amounts | |||
| Final dividends declared and paid during financial yearSGD thousand | 9,209 | 7,682 | PDF p. 80 |
| Proposed final dividends — subject to shareholder approval, not recognised as liabilitySGD thousand | 5,750 | 9,218 | PDF p. 80 |
Original report: PDF p. 80 ↗
Where the money comes from
| Item / unit | 2025Civil engineering | 2025Properties development | 2025Properties investment | 2025Adjustments | 2025Per consolidated financial statements | Source |
|---|---|---|---|---|---|---|
| Revenue | ||||||
| External customers, representing total revenueS$'000 | 163,785 | 22,281 | 193 | – | 186,259 | PDF p. 96 |
| Results | ||||||
| DepreciationS$'000 | 2,545 | – | – | – | 2,545 | PDF p. 96 |
| Dividend income from investment securitiesS$'000 | – | – | – | 155 | 155 | PDF p. 96 |
| Gain on disposal of property, plant and equipmentS$'000 | 471 | – | – | – | 471 | PDF p. 96 |
| Gain on fair value of investment propertyS$'000 | – | – | – | 40 | 40 | PDF p. 96 |
| Gain on fair value of investment securities - netS$'000 | – | – | – | 1,316 | 1,316 | PDF p. 96 |
| Interest incomeS$'000 | – | – | – | 4,432 | 4,432 | PDF p. 96 |
| Unrealised loss on foreign exchangeS$'000 | – | – | – | 25 | 25 | PDF p. 96 |
| Share of results of joint ventureS$'000 | – | 371 | – | – | 371 | PDF p. 96 |
| Segment profitS$'000 | 5,819 | 12,440 | 61 | 1,575 | 19,895 | PDF p. 96 |
| Assets | ||||||
| Investment in joint ventureS$'000 | – | 2,098 | – | – | 2,098 | PDF p. 96 |
| Additions to non-current assetsS$'000 | 4,234 | – | – | – | 4,234 | PDF p. 96 |
| Segment assetsS$'000 | 208,105 | 142,994 | 3,501 | 44,709 | 399,309 | PDF p. 96 |
| Liabilities | ||||||
| Segment liabilitiesS$'000 | 57,454 | 47,929 | 52 | 968 | 106,403 | PDF p. 96 |
Notes column letters A, B, C, D refer to adjustment notes on page 98 (A: added to/(deducted from) segment profit to arrive at Profit before taxation; B: additions to non-current assets consist of additions to property, plant and equipment; C: items added to segment assets; D: items added to segment liabilities).
Corporate overheads, taxes and investment securities are managed on a group basis and are not allocated to operating segments.
| Item / unit | 2024Civil engineering | 2024Properties development | 2024Properties investment | 2024Adjustments | 2024Per consolidated financial statements | Source |
|---|---|---|---|---|---|---|
| Revenue | ||||||
| External customers, representing total revenueS$'000 | 150,164 | 33,110 | 182 | – | 183,456 | PDF p. 97 |
| Results | ||||||
| DepreciationS$'000 | 2,289 | – | – | – | 2,289 | PDF p. 97 |
| Dividend income from investment securitiesS$'000 | – | – | – | 151 | 151 | PDF p. 97 |
| Gain on disposal of property, plant and equipmentS$'000 | 1,405 | – | – | – | 1,405 | PDF p. 97 |
| Gain on fair value of investment propertyS$'000 | – | – | – | 100 | 100 | PDF p. 97 |
| Gain on fair value of investment securities - netS$'000 | – | – | – | 558 | 558 | PDF p. 97 |
| Interest incomeS$'000 | – | 13 | – | 6,232 | 6,245 | PDF p. 97 |
| Share of results of joint ventureS$'000 | – | 61 | – | – | 61 | PDF p. 97 |
| Unrealised gain on foreign exchangeS$'000 | – | – | – | 119 | 119 | PDF p. 97 |
| Segment profitS$'000 | 17,096 | 16,449 | 61 | 4,052 | 37,658 | PDF p. 97 |
| Assets | ||||||
| Investment in joint ventureS$'000 | – | 3,752 | – | – | 3,752 | PDF p. 97 |
| Additions to non-current assetsS$'000 | 3,666 | – | – | – | 3,666 | PDF p. 97 |
| Segment assetsS$'000 | 249,944 | 56,988 | 3,722 | 41,883 | 352,537 | PDF p. 97 |
| Liabilities | ||||||
| Segment liabilitiesS$'000 | 62,265 | 5,424 | 58 | 327 | 68,074 | PDF p. 97 |
Notes column letters A, B, C, D refer to adjustment notes on page 98.
Corporate overheads, taxes and investment securities are managed on a group basis and are not allocated to operating segments.
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Adjustment A | |||
| Other incomeS$'000 | 6,803 | 9,303 | PDF p. 98 |
| Corporate overheadsS$'000 | (5,204) | (5,251) | PDF p. 98 |
| Other operating costsS$'000 | (24) | – | PDF p. 98 |
Total of adjustment A: 1,575 (2025), 4,052 (2024), printed without a label.
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Adjustment C | |||
| Investment in joint ventureS$'000 | – | 1,350 | PDF p. 98 |
| Investment securitiesS$'000 | 43,791 | 39,223 | PDF p. 98 |
| Deferred tax assetsS$'000 | 918 | 1,310 | PDF p. 98 |
Total of adjustment C: 44,709 (2025), 41,883 (2024), printed without a label.
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Adjustment D | |||
| Provision for taxationS$'000 | 96 | – | PDF p. 98 |
| Other payablesS$'000 | 872 | 327 | PDF p. 98 |
Total of adjustment D: 968 (2025), 327 (2024), printed without a label.
Geographical information: The Group derives all of its revenues from external customers based in Singapore and its non-current assets are solely located in Singapore for the years ended 31 December 2025 and 2024. No geographic table is printed.
Major customer: revenue from a major customer from the construction segment amounted to S$124,711,000 (2024: S$126,008,000).
Debt
| Item / unit | 2025One year or less, S$'000 | 2025One to five years, S$'000 | 2025Over five years, S$'000 | 2025Total, S$'000 | 2024One year or less, S$'000 | 2024One to five years, S$'000 | 2024Over five years, S$'000 | 2024Total, S$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| Financial liabilities | |||||||||
| BorrowingsS$'000 | (934) | (47,220) | – | (48,154) | PDF p. 86 | ||||
| Lease liabilitiesS$'000 | (368) | (2,416) | – | (2,784) | (136) | (315) | – | (451) | PDF p. 86PDF p. 87 |
Based on contractual undiscounted repayment obligations.
No borrowings line printed for 2024.
| Item / unit | 2025S$'000 | 2024S$'000 | Source |
|---|---|---|---|
| Non-current | |||
| Secured loan, denominated in SGDS$'000 | 44,095 | – | PDF p. 77 |
Nominal interest rate: SORA + Margin; maturity 2030.
The bank loan bears interest at 1-month Singapore Overnight Rate Average (“SORA”) plus a margin, with effective interest rates ranging from 1.85% to 2.57% per annum.
The bank loan is secured by: (i) a first legal mortgage over a subsidiary’s leasehold land (Note 16); and (ii) corporate guarantee by the Company (Note 34).
Covenants: security margin ratio of not more than 70% of the project’s security value and meeting specified project milestones; Group complied.
| Item / unit | 2024Opening balance, S$'000 | 2025Cash flows, S$'000 | 2025Non-cash additions, S$'000 | 2025Non-cash accretion of interest, S$'000 | 2025Closing balance, S$'000 | Source |
|---|---|---|---|---|---|---|
| Lease liabilities | ||||||
| Lease liabilities - CurrentS$'000 | 118 | (453) | 663 | 40 | 368 | PDF p. 76 |
| Lease liabilities - Non-currentS$'000 | 293 | – | 699 | – | 992 | PDF p. 76 |
| Financing liabilities | ||||||
| Borrowings (Note 24)S$'000 | – | 44,095 | – | – | 44,095 | PDF p. 76 |
| TotalS$'000 | 411 | 43,642 | 1,362 | 40 | 45,455 | PDF p. 76 |
Columns printed as 2024, Cash flows, Additions, Accretion of interest, 2025.
| Item / unit | 2023Opening balance, S$'000 | 2024Cash flows, S$'000 | 2024Non-cash additions, S$'000 | 2024Non-cash accretion of interest, S$'000 | 2024Closing balance, S$'000 | Source |
|---|---|---|---|---|---|---|
| Lease liabilities | ||||||
| Lease liabilities - CurrentS$'000 | 20 | (40) | 132 | 6 | 118 | PDF p. 76 |
| Lease liabilities - Non-currentS$'000 | 65 | – | 228 | – | 293 | PDF p. 76 |
| TotalS$'000 | 85 | (40) | 360 | 6 | 411 | PDF p. 76 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | The dividend that the Board may recommend in respect of each financial year is subject to various factors such as the level of available cash, financial performance and projected capital expenditures and investment plans. Over the past five years, annual dividends paid out by the Group (excluding special dividends) was about 30% of the Group’s net profit after tax. Subject to the shareholders’ approval, the Company pays the final dividend(s) to all its shareholders within 30 days after the AGM. | Group | PDF p. 29 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Final tax-exempt (one-tier) dividends for 2025 | 1.125 Singapore cents per share | Proposed for FY2025, subject to shareholders' approval at AGM; Group and Company | PDF p. 100 |
| Final tax-exempt (one-tier) dividends for 2025: S$0.01125 (2024: S$0.018) | S$0.01125 | Proposed but not recognised as a liability at 31 December 2025, Group and Company; FY2025 vs comparative 2024 S$0.018 · As at 2025-12-31 | PDF p. 80 |
| Final tax-exempt (one-tier) dividend for 2025:S$0.018 (2024: S$0.015) | S$0.018 | Declared and paid during FY2025 (in respect of FY2024), Group and Company; comparative paid in 2024 S$0.015 | PDF p. 80 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend per share (Cents) | 1.125 cents per share | FY2025; comparative FY2024 1.8 | PDF p. 6 |
| annual dividends paid out by the Group (excluding special dividends) | about 30% of the Group’s net profit after tax | Group, past five years average (excluding special dividends) | PDF p. 29 |
Extracted from Hock Lian Seng Holdings Limited Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | Ernst & Young LLP | Group | PDF p. 38 |
| Engagement partner | Ang Chuen Beng | Group | PDF p. 38 |
| Opinion | In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and the statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the Act) and Singapore Financial Reporting Standards (International) (SFRS(I)) so as to give a true and fair view | Group and Company | PDF p. 34 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Revenue recognition from civil engineering construction projects | Accordingly, revenue recognition from civil engineering construction projects is identified as a key audit matter. | Group | PDF p. 34 |
| Provision for maintenance and warranties for civil engineering construction projects | Given its magnitude and the significant judgement and estimate involved in management’s assessment, the provision for maintenance and warranties is identified as a key audit matter in our audit. | Group | PDF p. 35 |
| Carrying value of development properties | Accordingly, we have identified this to be a key audit matter. | Group | PDF p. 36 |
Extracted from Hock Lian Seng Holdings Limited Annual Report 2025 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Hock Lian Seng Holdings Limited Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Statements are in SGD thousand; historical highlights are in SGD million and per-share figures in SGD cents. Group equity reserves exclude share capital. The 2024 equity tables do not disclose a separate treasury-share column.
The report provides FY2016–FY2025 comparisons. FY2016 dividend of 12.5 cents includes a 10-cent special dividend. FY2025 proposed dividend of 1.125 cents is subject to AGM approval on 23 April 2026. Paid dividends differ from proposed dividends, which are not recognised as a liability. The cash flow highlights report FY2024 operating cash flow of 32.4 million and FY2025 financing cash flow of 34.3 million; the statements report 32,462 thousand and 34,240 thousand respectively. Both original presentations are retained.
Note 8 discloses no potential dilutive ordinary shares. The SGD 44,095 thousand secured bank loan matures in 2030 and bears one-month SORA plus a margin, with an effective rate of 1.85%–2.57%. It is secured by subsidiary leasehold land and a Company guarantee. Subsidiaries, the equity-method joint venture and joint operations follow the classifications in Notes 11–13.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.