Soon Hock SHE
Financials
Annual report
Explore the statements
6 tablesConsolidated Statement of Profit or Loss and Other Comprehensive Income
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Statement of profit or loss | |||
| RevenueS$’000 | 227,906 | 7,875 | PDF p. 80 |
| Cost of salesS$’000 | (153,526) | (4,091) | PDF p. 80 |
| Gross profitS$’000 | 74,380 | 3,784 | PDF p. 80 |
| Other incomeS$’000 | 1,204 | 163 | PDF p. 80 |
| Administrative expensesS$’000 | (3,976) | (917) | PDF p. 80 |
| Selling and marketing expensesS$’000 | (24,334) | (102) | PDF p. 80 |
| Finance costsS$’000 | (642) | (316) | PDF p. 80 |
| Other gains - netS$’000 | 2,064 | 753 | PDF p. 80 |
| Other expensesS$’000 | (2,258) | (72) | PDF p. 80 |
| Profit before income taxS$’000 | 46,438 | 3,293 | PDF p. 80 |
| Income tax expenseS$’000 | (8,527) | (35) | PDF p. 80 |
| Statement of profit or loss and other comprehensive income | |||
| Profit for the year, representing total comprehensive income for the yearS$’000 | 37,911 | 3,258 | PDF p. 80 |
| Earnings per share | |||
| Basic and diluted (cents)cents per share | 14.69 | 1.33 | PDF p. 80 |
Definitions & sources
Original report: PDF p. 80 ↗
The heading states “Consolidated Statement of Profit or Loss and Other Comprehensive Income”; the statement presents Group values only.
See accompanying notes to the financial statements.
Statements of Financial Position — Group
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Current assets | |||
| Cash and cash equivalentsS$’000 | 160,017 | 18,584 | PDF p. 81 |
| Trade and other receivablesS$’000 | 108,217 | 16,369 | PDF p. 81 |
| Contract assetsS$’000 | 32,673 | – | PDF p. 81 |
| Development propertiesS$’000 | 369,575 | 281,575 | PDF p. 81 |
| Contract costsS$’000 | 5,358 | – | PDF p. 81 |
| Non-current assets classified as held for saleS$’000 | 2,264 | – | PDF p. 81 |
| Total current assetsS$’000 | 678,104 | 316,528 | PDF p. 81 |
| Non-current assets | |||
| Plant and equipmentS$’000 | 785 | 778 | PDF p. 81 |
| Right-of-use assetS$’000 | – | 35 | PDF p. 81 |
| Investment propertiesS$’000 | 33,385 | 43,144 | PDF p. 81 |
| SubsidiariesS$’000 | – | – | PDF p. 81 |
| Joint ventureS$’000 | 3,523 | – | PDF p. 81 |
| Deferred tax assetsS$’000 | – | 524 | PDF p. 81 |
| Total non-current assetsS$’000 | 37,693 | 44,481 | PDF p. 81 |
| Assets | |||
| Total assetsS$’000 | 715,797 | 361,009 | PDF p. 81 |
| Current liabilities | |||
| BorrowingsS$’000 | 23,096 | 22,868 | PDF p. 81 |
| Trade and other payablesS$’000 | 219,061 | 107,473 | PDF p. 81 |
| Contract liabilitiesS$’000 | 116,777 | 65 | PDF p. 81 |
| Lease liabilityS$’000 | – | 36 | PDF p. 81 |
| Income tax payableS$’000 | 8,267 | 815 | PDF p. 81 |
| Total current liabilitiesS$’000 | 367,201 | 131,257 | PDF p. 81 |
| Non-current liabilities | |||
| BorrowingsS$’000 | 191,097 | 192,973 | PDF p. 81 |
| Other payablesS$’000 | 674 | – | PDF p. 81 |
| Total non-current liabilitiesS$’000 | 191,771 | 192,973 | PDF p. 81 |
| Equity | |||
| Share capitalS$’000 | 118,340 | 2,753 | PDF p. 81 |
| Merger reserveS$’000 | (33,452) | – | PDF p. 81 |
| Retained earnings (Accumulated losses)S$’000 | 71,937 | 34,026 | PDF p. 81 |
| Total equityS$’000 | 156,825 | 36,779 | PDF p. 81 |
| Liabilities and equity | |||
| Total liabilities and equityS$’000 | 715,797 | 361,009 | PDF p. 81 |
Definitions & sources
Original report: PDF p. 81 ↗
Company-only figures are presented in a separate table because the statement prints one Company year column and two Group year columns.
See accompanying notes to the financial statements.
Statements of Financial Position — Company
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | Source |
|---|---|---|
| Current assets | ||
| Cash and cash equivalentsS$’000 | 19,737 | PDF p. 81 |
| Trade and other receivablesS$’000 | 18,192 | PDF p. 81 |
| Contract assetsS$’000 | – | PDF p. 81 |
| Development propertiesS$’000 | – | PDF p. 81 |
| Contract costsS$’000 | – | PDF p. 81 |
| Non-current assets classified as held for saleS$’000 | – | PDF p. 81 |
| Total current assetsS$’000 | 37,929 | PDF p. 81 |
| Non-current assets | ||
| Plant and equipmentS$’000 | – | PDF p. 81 |
| Right-of-use assetS$’000 | – | PDF p. 81 |
| Investment propertiesS$’000 | – | PDF p. 81 |
| SubsidiariesS$’000 | 81,208 | PDF p. 81 |
| Joint ventureS$’000 | – | PDF p. 81 |
| Deferred tax assetsS$’000 | – | PDF p. 81 |
| Total non-current assetsS$’000 | 81,208 | PDF p. 81 |
| Assets | ||
| Total assetsS$’000 | 119,137 | PDF p. 81 |
| Current liabilities | ||
| BorrowingsS$’000 | – | PDF p. 81 |
| Trade and other payablesS$’000 | 2,753 | PDF p. 81 |
| Contract liabilitiesS$’000 | – | PDF p. 81 |
| Lease liabilityS$’000 | – | PDF p. 81 |
| Income tax payableS$’000 | – | PDF p. 81 |
| Total current liabilitiesS$’000 | 2,753 | PDF p. 81 |
| Non-current liabilities | ||
| BorrowingsS$’000 | – | PDF p. 81 |
| Other payablesS$’000 | – | PDF p. 81 |
| Total non-current liabilitiesS$’000 | – | PDF p. 81 |
| Equity | ||
| Share capitalS$’000 | 118,340 | PDF p. 81 |
| Merger reserveS$’000 | – | PDF p. 81 |
| Retained earnings (Accumulated losses)S$’000 | (1,956) | PDF p. 81 |
| Total equityS$’000 | 116,384 | PDF p. 81 |
| Liabilities and equity | ||
| Total liabilities and equityS$’000 | 119,137 | PDF p. 81 |
Definitions & sources
Original report: PDF p. 81 ↗
Company amounts are shown for 2025 only in the printed statement; no Company 2024 column is reported.
See accompanying notes to the financial statements.
Consolidated Statement of Profit or Loss and Other Comprehensive Income
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue and expenses | |||
| RevenueS$’000 | 227,906 | 7,875 | PDF p. 80 |
| Cost of salesS$’000 | (153,526) | (4,091) | PDF p. 80 |
| Gross profitS$’000 | 74,380 | 3,784 | PDF p. 80 |
| Other incomeS$’000 | 1,204 | 163 | PDF p. 80 |
| Administrative expensesS$’000 | (3,976) | (917) | PDF p. 80 |
| Selling and marketing expensesS$’000 | (24,334) | (102) | PDF p. 80 |
| Finance costsS$’000 | (642) | (316) | PDF p. 80 |
| Other gains - netS$’000 | 2,064 | 753 | PDF p. 80 |
| Other expensesS$’000 | (2,258) | (72) | PDF p. 80 |
| Profit | |||
| Profit before income taxS$’000 | 46,438 | 3,293 | PDF p. 80 |
| Income tax expenseS$’000 | (8,527) | (35) | PDF p. 80 |
| Profit and total comprehensive income | |||
| Profit for the year, representing total comprehensive income for the yearS$’000 | 37,911 | 3,258 | PDF p. 80 |
| Earnings per share | |||
| Basic and diluted (cents)cents | 14.69 | 1.33 | PDF p. 80 |
Definitions & sources
Original report: PDF p. 80 ↗
Report prints one combined profit/total comprehensive income line; it does not show a separate comprehensive income statement or separate other comprehensive income rows.
See accompanying notes to the financial statements. Physical-page header: “Consolidated Statement of Profit or Loss and Other Comprehensive Income For the financial year ended 31 December 2025 Group Note 2025 2024 S$’000 S$’000”.
Consolidated Statement of Cash Flows
42 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before income taxS$’000 | 46,438 | 3,293 | PDF p. 84 |
| Operating activities — Adjustments for | |||
| Depreciation of plant and equipmentS$’000 | 58 | 1 | PDF p. 84 |
| Depreciation of right-of-use assetS$’000 | 35 | 139 | PDF p. 84 |
| Depreciation of investment propertiesS$’000 | 1,882 | 816 | PDF p. 84 |
| Finance costsS$’000 | 642 | 316 | PDF p. 84 |
| Interest incomeS$’000 | (2) | (3) | PDF p. 84 |
| Grant incomeS$’000 | (1,000) | – | PDF p. 84 |
| Plant and equipment written-offS$’000 | 11 | – | PDF p. 84 |
| Gain on disposal of investment propertiesS$’000 | (2,075) | (753) | PDF p. 84 |
| Operating activities | |||
| Operating cash inflows before movement in working capitalS$’000 | 45,989 | 3,809 | PDF p. 84 |
| Operating activities — Movement in working capital | |||
| Development propertiesS$’000 | (81,825) | (121,016) | PDF p. 84 |
| Contract assetsS$’000 | (32,673) | 37,531 | PDF p. 84 |
| Trade and other receivablesS$’000 | (106,248) | 3,722 | PDF p. 84 |
| Contract costsS$’000 | (5,358) | – | PDF p. 84 |
| Trade and other payablesS$’000 | 167,739 | (5,197) | PDF p. 84 |
| Contract liabilitiesS$’000 | 116,712 | (4) | PDF p. 84 |
| Operating activities | |||
| Cash generated from (used in) operationsS$’000 | 104,336 | (81,155) | PDF p. 84 |
| Income tax paidS$’000 | (551) | (2,737) | PDF p. 84 |
| Net cash generated from (used in) operating activitiesS$’000 | 103,785 | (83,892) | PDF p. 84 |
| Investing activities | |||
| Purchase of plant and equipmentS$’000 | (76) | (777) | PDF p. 84 |
| Development costs incurred for investment propertiesS$’000 | (2,001) | (7,302) | PDF p. 84 |
| Investment in joint ventureS$’000 | (3,523) | – | PDF p. 84 |
| Proceeds from disposal of investment propertiesS$’000 | 9,756 | 3,000 | PDF p. 84 |
| Repayment of loans and advances due from related partiesS$’000 | 15,401 | 7,770 | PDF p. 84 |
| Loans and advances to related partiesS$’000 | – | (21) | PDF p. 84 |
| Interest receivedS$’000 | 2 | 3 | PDF p. 84 |
| Net cash generated from investing activitiesS$’000 | 19,559 | 2,673 | PDF p. 84 |
| Financing activities | |||
| Listing expenses paidS$’000 | (1,308) | (70) | PDF p. 84 |
| Proceeds from borrowingsS$’000 | 146,297 | 94,339 | PDF p. 84 |
| Repayment of borrowingsS$’000 | (148,064) | (11,448) | PDF p. 84 |
| Repayment of lease liabilityS$’000 | (36) | (139) | PDF p. 84 |
| Interest paidS$’000 | (7,317) | (8,554) | PDF p. 84 |
| Proceeds on issuance of sharesS$’000 | 38,513 | 1 | PDF p. 84 |
| Proceeds on loans from directorS$’000 | – | 23,921 | PDF p. 84 |
| Repayment of loans due to directorS$’000 | (101) | (36,725) | PDF p. 84 |
| Proceeds on loans and advances from related partiesS$’000 | 1,130 | 19,000 | PDF p. 84 |
| Repayment of loans and advances due to related partiesS$’000 | (14,150) | – | PDF p. 84 |
| Proceeds on advances from third partiesS$’000 | 3,125 | 3,125 | PDF p. 84 |
| Net cash generated from financing activitiesS$’000 | 18,089 | 83,450 | PDF p. 84 |
| Cash reconciliation | |||
| Net increase in cash and cash equivalentsS$’000 | 141,433 | 2,231 | PDF p. 84 |
| Cash and cash equivalents at beginning of yearS$’000 | 18,584 | 16,353 | PDF p. 84 |
| Cash and cash equivalents at end of yearS$’000 | 160,017 | 18,584 | PDF p. 84 |
Definitions & sources
Original report: PDF p. 84 ↗
See accompanying notes to the financial statements. Physical-page header: “Consolidated Statement of Cash Flows For the financial year ended 31 December 2025 Group 2025 2024 S$’000 S$’000”.
Financial Highlights
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|
| Income Statement | ||||
| RevenueS$’000 | 264,746 | 7,875 | 227,906 | PDF p. 18 |
| Property Development (1)S$’000 | 263,411 | 6,508 | 224,684 | PDF p. 18 |
| Property Investment(2)S$’000 | 1,335 | 1,367 | 3,222 | PDF p. 18 |
| Gross profitS$’000 | 66,394 | 3,784 | 74,380 | PDF p. 18 |
| (Loss)/Profit before taxS$’000 | 35,402 | 3,293 | 46,438 | PDF p. 18 |
| Profit for the yearS$’000 | 29,380 | 3,258 | 37,911 | PDF p. 18 |
| Balance Sheet | ||||
| Total assetsS$’000 | 273,095 | 361,009 | 715,797 | PDF p. 18 |
| Cash and cash equivalentsS$’000 | 16,353 | 18,584 | 160,017 | PDF p. 18 |
| Development propertiesS$’000 | 153,484 | 281,575 | 369,575 | PDF p. 18 |
| Investment propertiesS$’000 | 37,862 | 43,144 | 33,385 | PDF p. 18 |
| Total liabilitiesS$’000 | 239,575 | 324,230 | 558,972 | PDF p. 18 |
| Contract liabilitiesS$’000 | 69 | 65 | 116,777 | PDF p. 18 |
| Equity attributable to owners of the companyS$’000 | 33,520 | 36,779 | 156,825 | PDF p. 18 |
| Financial Statistics | ||||
| Gross profit margin (%)% | 25.1 | 48.1 | 32.6 | PDF p. 18 |
| Earnings per share (cents)cents per share | 12.03 | 1.33 | 14.69 | PDF p. 18 |
| Dividend per share (cents)cents per share | – | – | 3.05 | PDF p. 18 |
Definitions & sources
Original report: PDF p. 18 ↗
(1) Revenue from sale of development properties is recognised at a point in time when the customer obtains control the asset which is after the temporary occupation permit (“TOP”) for the property is obtained and the notice of vacant possession (“NOVP”) has been received.
(2) Rental income arising from operating leases on investment properties are recognised on a straight-line basis over the lease terms. The aggregate costs of incentives provided to lessees are recognised as a reduction of rental income over the lease term on a straight-line basis.
The report states that the proposed FY2025 final dividend is a tax-exempt (one-tier) dividend of 3.05 Singapore cents per ordinary share. The company says it has no fixed dividend policy; for the period from listing date to 31 December 2025 and for the year ended 31 December 2026, the Board intends to recommend and distribute dividends of at least 25% of the Company’s net profit after tax, subject to cash management, capital expenditure requirements, potential acquisitions, and debt considerations. This policy definition is stated on physical page 63; the stated dividend proposal is on physical page 134.
Where the money comes from
Segment information
By business
Segment results: revenue and net profit by reportable segment 4 lines
| Item / unit | 2025Group Revenue | 2024Group Revenue | 2025Group Net profit | 2024Group Net profit | Source |
|---|---|---|---|---|---|
| Segment results | |||||
| Property developmentS$'000 | 224,684 | 6,508 | 49,236 | 2,966 | PDF p. 91 |
| Property investmentS$'000 | 3,222 | 1,367 | 2,349 | 1,109 | PDF p. 91 |
| Total of segments (unlabelled subtotal)S$'000 | 227,906 | 7,875 | 51,585 | 4,075 | PDF p. 91 |
| Unallocated items | |||||
| Revenue and profit for the yearS$'000 | 227,906 | 7,875 | 37,911 | 3,258 | PDF p. 91 |
Notes
Revenue represents revenue from external customers. There were no intersegment sales in the current and prior year.
Segment profit represents the profit earned by each segment without allocation of the central administration costs and directors' salaries, finance income, and income tax expense.
Unallocated items amounts apply to the Net profit columns only.
Segment assets by reportable segment 16 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Property development | |||
| Development propertiesS$'000 | 369,575 | 281,575 | PDF p. 92 |
| Trade and other receivablesS$'000 | 100,626 | 75 | PDF p. 92 |
| Cash and cash equivalentsS$'000 | 139,213 | – | PDF p. 92 |
| Contract costsS$'000 | 5,358 | – | PDF p. 92 |
| Contract assetS$'000 | 32,634 | – | PDF p. 92 |
| Joint ventureS$'000 | 3,523 | – | PDF p. 92 |
| Total Segment AssetsS$'000 | 650,929 | 281,650 | PDF p. 92 |
| Property investment | |||
| Investment propertiesS$'000 | 33,385 | 43,144 | PDF p. 92 |
| Plant and equipmentS$'000 | 384 | 356 | PDF p. 92 |
| Trade and other receivablesS$'000 | 286 | 79 | PDF p. 92 |
| Contract assetS$'000 | 39 | – | PDF p. 92 |
| Non-current assets classified as held for saleS$'000 | 2,264 | – | PDF p. 92 |
| Cash and cash equivalentsS$'000 | 1,068 | – | PDF p. 92 |
| Total segment assetsS$'000 | 37,426 | 43,579 | PDF p. 92 |
| Reconciliation | |||
| Unallocated assetsS$'000 | 27,442 | 35,780 | PDF p. 92 |
| Consolidated total assetsS$'000 | 715,797 | 361,009 | PDF p. 92 |
Notes
All assets are allocated to reportable segments with the exception of GST receivables, other receivables from related parties, office premise under plant and equipment, right-of-use asset, deferred tax assets and deferred listing expenses.
Rows with the same label appear under both segments; the section field distinguishes them.
Major customers (revenue contributing more than 10% of Group revenue) 2 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Information about major customers | |||
| Customer AS$'000 | – | 1,036 | PDF p. 93 |
| Customer B (Note 7.1)S$'000 | – | 6,500 | PDF p. 93 |
Notes
* The corresponding revenue did not contribute over 10% of the total revenue of the Group for the reporting period.
Debt
Borrowings
Liquidity risk – contractual maturity of Group borrowings and lease liability, 31 December 2024
| Item / unit | 2024At 31 December 2024, Weighted average effective interest rate % | 2024At 31 December 2024, Within 1 year, S$'000 | 2024At 31 December 2024, Within 2 to 5 years, S$'000 | 2024At 31 December 2024, After 5 years, S$'000 | 2024At 31 December 2024, Adjustments, S$'000 | 2024At 31 December 2024, Total, S$'000 | Source |
|---|---|---|---|---|---|---|---|
| At 31 December 2024 | |||||||
| Lease liabilityS$'000 (rate in %) | 7.74 | 36 | – | – | – | 36 | PDF p. 118 |
Notes
Printed rate range is split across lines: '3.44% to' above and '5.26%' on the Borrowings line.
No lease liability row is printed for 31 December 2025 in this table; the financing-activities table shows lease liability of nil at 31 December 2025.
Borrowing notes 2 tables
Borrowings
| Item / unit | 2025S$'000 | 2024S$'000 | Source |
|---|---|---|---|
| Secured borrowings at amortised cost | |||
| Land and construction loansS$'000 | 193,393 | 195,041 | PDF p. 120 |
| Specific advance facility loanS$'000 | 20,800 | 20,800 | PDF p. 120 |
| Total | |||
| Total borrowingsS$'000 | 214,193 | 215,841 | PDF p. 120 |
| Analysed as | |||
| CurrentS$'000 | 23,096 | 22,868 | PDF p. 120 |
| Non-currentS$'000 | 191,097 | 192,973 | PDF p. 120 |
Notes
All borrowings are secured, at amortised cost; no unsecured borrowings disclosed.
Land and construction loans: term facilities repayable by instalments over a 12-year tenor and bullet facilities repayable no later than 31 December 2027 to 30 November 2029 or within 3 to 9 months from the issuance of the TOP, whichever is earlier.
The specific advance facility loan is repayable on demand.
Carrying amount approximates fair value as borrowings are subject to market floating interest rates.
Weighted average effective interest rates on borrowings
| Item / unit | 2025weighted average effective interest rate at end of reporting period | 2024weighted average effective interest rate at end of reporting period | Source |
|---|---|---|---|
| Secured borrowings at amortised cost | |||
| Land and construction loans (floating rate)% | 2.92 | 4.67 | PDF p. 121 |
| Specific advance facility loan (floating rate)% | 3.26 | 4.80 | PDF p. 121 |
Notes
The interest rates for the long-term bank loans are reset for periods ranging from 1 month to 3 months based on changes to the bank’s cost of funds.
Prepayment fees apply at fixed flat rates from 0.5% to 1.5% on the amount prepaid (page 120).
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | The Company does not have a fixed dividend policy. However, as stated in the Prospectus, for the period from the Listing Date to 31 December 2025 and for the year ended 31 December 2026, the Board intends to recommend and distribute dividends of at least 25% of the Company’s net profit after tax, subject to the Company’s cash management and capital expenditure requirements, and potential acquisitions and debt considerations, as the Board considers appropriate. | Company | PDF p. 63 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| To declare a final tax exempt (one-tier) dividend of 3.05 Singapore cents per ordinary | 3.05 Singapore cents per ordinary share | Final dividend proposed for FY2025, tax exempt (one-tier), subject to shareholder approval at AGM | PDF p. 134 |
| Dividend per share (cents) | 3.05 cents | FY2025 total for the year | PDF p. 18 |
| Dividend per share (cents) | – cents | FY2024 comparative | PDF p. 18 |
| NOTICE OF RECORD DATE AND DIVIDEND PAYMENT DATE | Wednesday, 8 July 2026 | Proposed final dividend FY2025 · As at 2026-07-08 | PDF p. 137 |
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 | Deloitte & Touche LLP | Group | PDF p. 79 |
| Engagement partner | Tay Hwee Ling | Group | PDF p. 79 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 | Group and Company | PDF p. 75 |
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.