TSH KUH
Financials
Annual report
Explore the statements
10 tablesConsolidated Statement of Comprehensive Income (Group)
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$ | 12,617,807 | 11,752,152 | PDF p. 63 |
| Cost of sales$ | (3,333,007) | (3,008,112) | PDF p. 63 |
| Gross profit$ | 9,284,800 | 8,744,040 | PDF p. 63 |
| Other income$ | 244,376 | 445,467 | PDF p. 63 |
| General and administrative expenses$ | (6,312,886) | (6,015,585) | PDF p. 63 |
| Selling and distribution costs$ | (237,290) | (325,794) | PDF p. 63 |
| Other operating expenses$ | (1,557,943) | (1,787,034) | PDF p. 63 |
| Finance costs$ | (128,742) | (195,185) | PDF p. 63 |
| Profit before tax$ | 1,292,315 | 865,909 | PDF p. 63 |
| Income tax expense$ | (31,551) | (12,300) | PDF p. 63 |
| Profit$ | 1,260,764 | 853,609 | PDF p. 63 |
| Earnings per share | |||
| - Basic and diluted (cents per share)cents per share | 2.84 | 1.92 | PDF p. 63 |
Definitions & sources
Original report: PDF p. 63 ↗
The accompanying notes form an integral part of these financial statements.
No separate Company income statement or comprehensive income statement was printed; no other comprehensive income line is shown.
Statements of Financial Position - Group and Company
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Plant and equipment$ | 66,997 | 170,421 | – | – | PDF p. 64 |
| Right-of-use assets$ | 2,277,635 | 1,357,315 | – | – | PDF p. 64 |
| Intangible assets$ | 527 | 1,160 | – | – | PDF p. 64 |
| Investment in subsidiaries$ | – | – | 12,286,667 | 12,286,667 | PDF p. 64 |
| Other receivables$ | 222,422 | 208,006 | – | – | PDF p. 64 |
| Deferred tax assets$ | 15,800 | 11,600 | – | – | PDF p. 64 |
| Subtotal$ | 2,583,381 | 1,748,502 | 12,286,667 | 12,286,667 | PDF p. 64 |
| Current assets | |||||
| Inventories$ | 9,272,377 | 9,275,349 | – | – | PDF p. 64 |
| Trade and other receivables$ | 849,637 | 569,561 | 6,664,009 | 7,028,362 | PDF p. 64 |
| Cash and cash equivalents$ | 3,361,714 | 2,499,358 | 1,542,889 | 914,134 | PDF p. 64 |
| Subtotal$ | 13,483,728 | 12,344,268 | 8,206,898 | 7,942,496 | PDF p. 64 |
| Assets | |||||
| Total assets$ | 16,067,109 | 14,092,770 | 20,493,565 | 20,229,163 | PDF p. 64 |
| Current liabilities | |||||
| Income tax payable$ | 28,500 | 600 | – | – | PDF p. 64 |
| Provisions$ | 41,255 | 63,360 | – | – | PDF p. 64 |
| Bank borrowing$ | 54,304 | 645,042 | 54,304 | 645,042 | PDF p. 64 |
| Lease liabilities$ | 1,262,143 | 1,389,677 | – | – | PDF p. 64 |
| Contract liabilities$ | 327,653 | 221,448 | – | – | PDF p. 64 |
| Trade and other payables$ | 2,003,102 | 2,188,712 | 1,604,355 | 1,093,714 | PDF p. 64 |
| Subtotal$ | 3,716,957 | 4,508,839 | 1,658,659 | 1,738,756 | PDF p. 64 |
| Non-current liabilities | |||||
| Provisions$ | 45,760 | 39,575 | – | – | PDF p. 64 |
| Bank borrowing$ | – | 54,304 | – | 54,304 | PDF p. 64 |
| Lease liabilities$ | 1,815,292 | 898,739 | – | – | PDF p. 64 |
| Subtotal$ | 1,861,052 | 992,618 | – | 54,304 | PDF p. 64 |
| Liabilities | |||||
| Total liabilities$ | 5,578,009 | 5,501,457 | 1,658,659 | 1,793,060 | PDF p. 64 |
| Equity | |||||
| Share capital$ | 4,569,422 | 4,569,422 | 12,545,472 | 12,545,472 | PDF p. 64 |
| Retained earnings$ | 4,467,572 | 2,569,785 | 6,289,434 | 5,890,631 | PDF p. 64 |
| Capital reserve$ | 1,452,106 | 1,452,106 | – | – | PDF p. 64 |
| Subtotal$ | 10,489,100 | 8,591,313 | 18,834,906 | 18,436,103 | PDF p. 64 |
| Equity and liabilities | |||||
| Total equity and liabilities$ | 16,067,109 | 14,092,770 | 20,493,565 | 20,229,163 | PDF p. 64 |
Definitions & sources
Original report: PDF p. 64 ↗
The accompanying notes form an integral part of these financial statements.
Unlabelled subtotals (total non-current assets, total current assets, total current liabilities, total non-current liabilities, total equity) are printed without a label.
Consolidated Statement of Comprehensive Income
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income | |||
| Revenue$ | 12,617,807 | 11,752,152 | PDF p. 63 |
| Cost of sales$ | (3,333,007) | (3,008,112) | PDF p. 63 |
| Gross profit$ | 9,284,800 | 8,744,040 | PDF p. 63 |
| Other income$ | 244,376 | 445,467 | PDF p. 63 |
| General and administrative expenses$ | (6,312,886) | (6,015,585) | PDF p. 63 |
| Selling and distribution costs$ | (237,290) | (325,794) | PDF p. 63 |
| Other operating expenses$ | (1,557,943) | (1,787,034) | PDF p. 63 |
| Finance costs$ | (128,742) | (195,185) | PDF p. 63 |
| Profit before tax$ | 1,292,315 | 865,909 | PDF p. 63 |
| Income tax expense$ | (31,551) | (12,300) | PDF p. 63 |
| Profit$ | 1,260,764 | 853,609 | PDF p. 63 |
| Earnings per share | |||
| - Basic and diluted (cents per share)cents per share | 2.84 | 1.92 | PDF p. 63 |
Definitions & sources
Original report: PDF p. 63 ↗
No separate other comprehensive income items are printed; statement is titled Statement of Comprehensive Income and ends at Profit. Equity statement describes it as 'Profit and total comprehensive income for the year'.
Consolidated Statement of Cash Flows
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before tax$ | 1,292,315 | 865,909 | PDF p. 66 |
| Amortisation of intangible assets$ | 633 | 633 | PDF p. 66 |
| Depreciation of plant and equipment$ | 95,088 | 113,417 | PDF p. 66 |
| Depreciation of right-of use assets$ | 1,214,684 | 1,296,392 | PDF p. 66 |
| Finance costs$ | 128,742 | 195,185 | PDF p. 66 |
| Impairment loss on plant and equipment$ | 25,720 | 34,000 | PDF p. 66 |
| Impairment loss on right-of-use assets$ | 207,056 | 330,000 | PDF p. 66 |
| Interest income$ | (5,833) | (22,123) | PDF p. 66 |
| Inventories written off$ | 10,319 | – | PDF p. 66 |
| Plant and equipment written off$ | – | 647 | PDF p. 66 |
| Reversal of provision for reinstatement costs$ | (9,300) | – | PDF p. 66 |
| Write-back of payables$ | (800) | (5,000) | PDF p. 66 |
| Operating cash flows before changes in working capital$ | 2,958,624 | 2,809,060 | PDF p. 66 |
| Inventories$ | (7,347) | (256,714) | PDF p. 66 |
| Trade and other receivables$ | (299,969) | 310,754 | PDF p. 66 |
| Trade and other payables, contract liabilities and provisions$ | 542,563 | 13,759 | PDF p. 66 |
| Net cash flows from operations$ | 3,193,871 | 2,876,859 | PDF p. 66 |
| Interest received$ | 2,672 | 3,155 | PDF p. 66 |
| Income taxes paid$ | (961) | – | PDF p. 66 |
| Net cash generated from operating activities$ | 3,195,582 | 2,880,014 | PDF p. 66 |
| Investing activity | |||
| Purchase of plant and equipment$ | (14,204) | (47,970) | PDF p. 66 |
| Net cash used in investing activity$ | (14,204) | (47,970) | PDF p. 66 |
| Financing activities | |||
| Bank borrowing paid$ | (645,042) | (630,629) | PDF p. 66 |
| Interest paid$ | (120,939) | (194,817) | PDF p. 66 |
| Lease liabilities – principal portion paid$ | (1,553,041) | (1,429,269) | PDF p. 66 |
| Net cash used in financing activities$ | (2,319,022) | (2,254,715) | PDF p. 66 |
| Closing cash | |||
| Net increase in cash and cash equivalents$ | 862,356 | 577,329 | PDF p. 66 |
| Cash and cash equivalents at beginning of the year$ | 2,499,358 | 1,922,029 | PDF p. 66 |
| Cash and cash equivalents at end of the year (Note 17)$ | 3,361,714 | 2,499,358 | PDF p. 66 |
Definitions & sources
Original report: PDF p. 66 ↗
Cash flow statement is consolidated only; no separate Company cash flow printed.
Statements of Changes in Equity – Group, year 2025
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group Share capital | 2025Group Retained earnings | 2025Group Capital reserve | 2025Group Total equity | Source |
|---|---|---|---|---|---|
| Group 2025 | |||||
| At 1 January 2025$ | 4,569,422 | 2,569,785 | 1,452,106 | 8,591,313 | PDF p. 65 |
| Profit and total comprehensive income for the year$ | – | 1,260,764 | – | 1,260,764 | PDF p. 65 |
| Amount due to a shareholder irrevocably forgiven$ | – | 637,023 | – | 637,023 | PDF p. 65 |
| At 31 December 2025$ | 4,569,422 | 4,467,572 | 1,452,106 | 10,489,100 | PDF p. 65 |
Definitions & sources
Original report: PDF p. 65 ↗
Row labels for profit and forgiven amounts wrap across two lines; quotes are the value-bearing lines.
Statements of Changes in Equity – Group, year 2024
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group Share capital | 2024Group Retained earnings | 2024Group Capital reserve | 2024Group Total equity | Source |
|---|---|---|---|---|---|
| Group 2024 | |||||
| At 1 January 2024$ | 4,569,422 | 1,716,176 | 1,452,106 | 7,737,704 | PDF p. 65 |
| Profit and total comprehensive income for the year$ | – | 853,609 | – | 853,609 | PDF p. 65 |
| At 31 December 2024$ | 4,569,422 | 2,569,785 | 1,452,106 | 8,591,313 | PDF p. 65 |
Definitions & sources
Original report: PDF p. 65 ↗
Statements of Changes in Equity – Company, years 2025 and 2024
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company Share capital | 2025Company Retained earnings | 2025Company Total equity | Source |
|---|---|---|---|---|
| Company 2025 | ||||
| At 1 January 2025$ | 12,545,472 | 5,890,631 | 18,436,103 | PDF p. 65 |
| Profit and total comprehensive income for the year$ | – | 398,803 | 398,803 | PDF p. 65 |
| At 31 December 2025$ | 12,545,472 | 6,289,434 | 18,834,906 | PDF p. 65 |
| Company 2024 | ||||
| At 1 January 2024$ | 12,545,472 | 4,994,683 | 17,540,155 | PDF p. 65 |
| Profit and total comprehensive income for the year$ | – | 895,948 | 895,948 | PDF p. 65 |
| At 31 December 2024$ | 12,545,472 | 5,890,631 | 18,436,103 | PDF p. 65 |
Definitions & sources
Original report: PDF p. 65 ↗
Company 2025 block and 2024 block share the same columns; rows for 2024 are labelled by section. Company 2025 and 2024 columns are year blocks, not side-by-side columns; the column year of 2024 rows is 2024.
Group Financial Highlights (five-year summary)
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| RevenueS$'000 | 12,618 | 11,752 | 10,944 | 8,911 | 5,168 | PDF p. 16 |
| Gross profitS$'000 | 9,285 | 8,744 | 8,150 | 6,741 | 3,717 | PDF p. 16 |
| Profit/(Loss) before taxS$'000 | 1,292 | 866 | 398 | 912 | (295) | PDF p. 16 |
| Profit/(Loss) for the yearS$'000 | 1,261 | 854 | 391 | 852 | (316) | PDF p. 16 |
| Balance Sheet | ||||||
| Plant and equipmentS$'000 | 67 | 170 | 267 | 84 | 90 | PDF p. 16 |
| Right-of-use assetsS$'000 | 2,278 | 1,357 | 2,821 | 2,505 | 418 | PDF p. 16 |
| InventoriesS$'000 | 9,272 | 9,275 | 9,019 | 7,381 | 5,460 | PDF p. 16 |
| Cash and cash equivalentsS$'000 | 3,362 | 2,499 | 1,922 | 3,668 | 4,692 | PDF p. 16 |
| Other assetsS$'000 | 1,088 | 792 | 1,095 | 887 | 839 | PDF p. 16 |
| Total assetsS$'000 | 16,067 | 14,093 | 15,124 | 14,525 | 11,499 | PDF p. 16 |
| EquityS$'000 | 10,489 | 8,591 | 7,738 | 7,346 | 6,494 | PDF p. 16 |
| BorrowingsS$'000 | 54 | 699 | 1,330 | 1,947 | 2,500 | PDF p. 16 |
| Other liabilitiesS$'000 | 5,524 | 4,803 | 6,056 | 5,232 | 2,505 | PDF p. 16 |
| Total equity and liabilitiesS$'000 | 16,067 | 14,093 | 15,124 | 14,525 | 11,499 | PDF p. 16 |
| Financing Ratios | ||||||
| Earnings/(Loss) per share - basic (cents)cents | 2.84 | 1.92 | 0.88 | 1.92 | (0.71) | PDF p. 16 |
| Net assets value per share (cents)cents | 23.65 | 19.37 | 17.44 | 16.56 | 14.64 | PDF p. 16 |
| Cash per share (cents)cents | 7.58 | 5.63 | 4.33 | 8.27 | 10.58 | PDF p. 16 |
| Gearing ratio (times)times | 0.17 | 0.26 | 0.41 | 0.32 | 0.05 | PDF p. 16 |
| Return on equity (%)% | 12.0 | 9.9 | 5.1 | 11.6 | (4.9) | PDF p. 16 |
| Return on total assets (%)% | 7.8 | 6.1 | 2.6 | 5.9 | (2.7) | PDF p. 16 |
Definitions & sources
Original report: PDF p. 16 ↗
No definitions of gearing ratio, return on equity or return on total assets are printed on this page.
Note 11 Earnings per share (basic and diluted)
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per share | |||
| A. Numerator: Earnings attributable to equity holders$ | 1,260,764 | 853,609 | PDF p. 78 |
| Weighted average number of equity shares | |||
| Basic and dilutednumber of shares | 44,355,491 | 44,355,491 | PDF p. 78 |
Definitions & sources
Original report: PDF p. 78 ↗
There is no dilution of earnings per share as there are presently no dilutive shares outstanding as at the end of the year. The weighted average number of ordinary shares refers to shares in issue outstanding during the year. Header unit '$' applies to the numerator; denominator is a share count.
Note 26 Proposed dividend per share
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group/Company proposed final dividend, subsequent to year end | 2024Prior year comparative | Source |
|---|---|---|---|
| Events after the end of reporting year | |||
| final dividend (tax exempt one-tier) of 0.50 Singapore cent per ordinary share (2024: Nil Singapore cent)Singapore cent per ordinary share | 0.50 | Nil | PDF p. 91 |
| approximately $222,000 (2024: $Nil)$ | 222,000 | Nil | PDF p. 91 |
Definitions & sources
Original report: PDF p. 91 ↗
Subject to approval by shareholders at the forthcoming AGM; not included as a liability. Payable on all ordinary shares in issue at end of year and any new qualifying shares issued up to the date payable. No income tax consequences. Message to Shareholders (p.14): Board recommends a final dividend (tax exempt one-tier) of 0.5 cent per share.
Debt
Borrowings
Maturity analysis, undiscounted – Group
| Item / unit | 2025Group: Less than one year | 2025Group: More than one year to less than five years | 2025Group: Total | 2024Group: Less than one year | 2024Group: More than one year to less than five years | 2024Group: Total | Source |
|---|---|---|---|---|---|---|---|
| Group | |||||||
| Bank borrowing$ | 54,408 | – | 54,408 | 654,144 | 54,408 | 708,552 | PDF p. 88 |
| Lease liabilities$ | 1,369,590 | 1,917,426 | 3,287,016 | 1,477,509 | 931,420 | 2,408,929 | PDF p. 88 |
Notes
Contractual and undiscounted cash flows. No 'after five years' column is printed. The undiscounted amounts on the borrowings are determined by reference to the conditions existing at the year end.
Contractual and undiscounted cash flows.
Maturity analysis, undiscounted – Company
| Item / unit | 2025Company: Less than one year | 2025Company: More than one year to less than five years | 2025Company: Total | 2024Company: Less than one year | 2024Company: More than one year to less than five years | 2024Company: Total | Source |
|---|---|---|---|---|---|---|---|
| Company | |||||||
| Bank borrowing$ | 54,408 | – | 54,408 | 654,144 | 54,408 | 708,552 | PDF p. 88 |
Notes
Contractual and undiscounted cash flows.
Borrowing notes 4 tables
Statements of financial position – borrowings and lease liabilities
| Item / unit | 2025Group ($) | 2024Group ($) | 2025Company ($) | 2024Company ($) | Source |
|---|---|---|---|---|---|
| Current liabilities | |||||
| Bank borrowing$ | 54,304 | 645,042 | 54,304 | 645,042 | PDF p. 64 |
| Lease liabilities$ | 1,262,143 | 1,389,677 | – | – | PDF p. 64 |
| Non-current liabilities | |||||
| Bank borrowing$ | – | 54,304 | – | 54,304 | PDF p. 64 |
| Lease liabilities$ | 1,815,292 | 898,739 | – | – | PDF p. 64 |
Notes
Bank borrowing is Note 19; lease liabilities Note 20.
Bank borrowing
| Item / unit | 2025Group and Company ($) | 2024Group and Company ($) | Source |
|---|---|---|---|
| Bank borrowing | |||
| Non-current$ | – | 54,304 | PDF p. 83 |
| Current$ | 54,304 | 645,042 | PDF p. 83 |
| Total bank borrowing$ | 54,304 | 699,346 | PDF p. 83 |
Notes
The bank borrowing is interest bearing at the weighted average effective interest rate of 2.25% (2024: 2.25%) per annum and is repayable in equal instalments until January 2026. Certain subsidiaries have provided corporate guarantees for the bank borrowing.
The loan has been fully repaid as at 31 January 2026.
The third row has no printed label (total line).
Lease liabilities
| Item / unit | 2025Group ($) | 2024Group ($) | Source |
|---|---|---|---|
| Lease liabilities | |||
| Non-current$ | 1,815,292 | 898,739 | PDF p. 83 |
| Current$ | 1,262,143 | 1,389,677 | PDF p. 83 |
| Total lease liabilities$ | 3,077,435 | 2,288,416 | PDF p. 83 |
Notes
Third row has no printed label (total line). At year end, there are no commitments on leases which have not yet commenced.
Lease terms and rates
| Item / unit | 2025Group premises | 2024Group premises | Source |
|---|---|---|---|
| Leasing activities | |||
| Remaining term – average (years)years | 1.7 | 1.2 | PDF p. 84 |
| Weighted average incremental borrowing rate applied to lease liabilities% | 4.8 | 5.7 | PDF p. 84 |
Notes
The lease contracts are for fixed periods of two to five years. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Provision 11.6 – Dividend policy | The form, frequency and amount of dividends declared each year will take into consideration the Group’s profit, cash position, positive cash flow generated from operations, projected capital requirements for business growth and other factors as the Board may deem appropriate. | Group | PDF p. 44 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| final dividend (tax exempt one-tier) | 0.50 Singapore cent per ordinary share | FY2025 final dividend, proposed, subject to shareholder approval at AGM | PDF p. 91 |
| final dividend (tax exempt one-tier) | Nil | FY2024 comparative final dividend | PDF p. 91 |
| final dividend (tax exempt one-tier) | approximately $222,000 | FY2025 proposed final dividend total | PDF p. 91 |
Extracted from Annual report and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | RSM SG Assurance LLP | Group | PDF p. 62 |
| Engagement partner | Pang Hui Ting | Group | PDF p. 62 |
| Opinion | 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. 57 |
Emphasis of matter
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Other matters | The financial statements of the reporting entity for the reporting year ended 31 December 2024 were audited by another independent auditor who expressed an unqualified opinion on those financial statements on 28 March 2025. | Group · As at 2025-03-28 | PDF p. 60 |
Extracted from Annual report and checked against the cited pages; see the original report for full context.
How to read these figures
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 Annual report, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.