Soon Hock announced FY25 net profit of S$37.9m, ahead of MIBG expectations, driven by strong topline growth in its property development segment.
We expect this upwards trajectory to continue in FY26E with its upcoming Skye@Tuas development slated for partial temporary occupation permit (TOP) in Dec 2026, enabling revenue recognition.
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Development property segment remains key.
Property development segment continues to be the key growth driver, contributing 98.6% of revenue in FY25, rising significantly from S$6.5m in FY24 to S$224.7m in FY25. This rise in segmental revenue is largely due to revenue recognition from its current property development, Stellar@Tampines. The property received partial TOP in Dec 2025.
Pipeline continues to be well underway.
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Additionally, management also announced its plan to develop a worker’s dormitory at its 20 Shaw Road freehold property alongside a ramp-up strata food factory, with a completion target of FY28E. Upon completion, the group expects the dormitory to contribute to its recurring rental income, strengthening its investment property segment.
Pending updates following analyst briefing.
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