Ten-League International Holdings Limited Reports Unaudited Financial Results for the First Six Months of Fiscal Year 2025
SINGAPORE, Sept. 30, 2025 (GLOBE NEWSWIRE) -- Ten-League International Holdings Limited (NASDAQ: TLIH) (the “Company” or “Ten-League”), a Singapore-based provider of turnkey project solutions, today announced its unaudited financial results for the six months ended June 30, 2025.
First Six Months of Fiscal Year 2025 Financial Highlights
- Revenue was S$37.7 million (US$29.6 million) for the six months ended June 30, 2025, an increase of 21.6% from S$31.0 million for the same period last year.
- Gross profit was S$8.9 million (US$7.0 million) for the six months ended June 30, 2025, an increase of 67.7% from S$5.3 million for the same period last year.
- Gross profit margin was 23.5% for the six months ended June 30, 2025, an increase of 6.5 percentage points from 17.0% for the same period last year.
- Net income was S$2.4 million (US$1.9 million) for the six months ended June 30, 2025, an increase of 268.9% from S$0.6 million for the same period last year.
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Basic and diluted income per share was S$0.09 (US$0.07) for the six months ended June 30, 2025, compared to S$0.02 for the same period last year.
Mr. Jison Lim, Chief Executive Officer and Chairman of Ten-League, commented, “The first half of fiscal year 2025 reflects strong execution of our growth initiatives and resilience across our core businesses. Revenue rose 21.6% from last year to S$37.7 million (US$29.6 million), fueled primarily by rising demand for heavy equipment and parts linked to major national infrastructure projects including Changi Airport Terminal 5, the Marina Bay Sands expansion, and the Cross-Island and Downtown MRT lines. These projects not only expanded market demand but also supported a healthier product mix and improved margins. Rental income also grew 14.9%, driven by higher utilization and reduced reliance on third-party leasing. Gross profit increased 67.7% to S$8.9 million (US$7.0 million), while gross margin strengthened to 23.5% from 17.0% a year earlier, supported by efficiency gains and favorable product mix. Net income reached S$2.4 million (US$1.9 million), a fourfold increase over the prior year, underscoring our ability to translate top-line growth into profitability.”
Mr. Lim continued, “These achievements validate our multi-pronged strategy of aligning with large-scale infrastructure opportunities, optimizing rental operations, and managing costs with discipline. With our Nasdaq listing now complete, we are well positioned to deepen customer relationships, strengthen vendor partnerships, and enhance our visibility in global markets. We remain confident that these initiatives will provide a solid foundation for sustainable growth and long-term value creation for our shareholders.”
First Six Months of Fiscal Year 2025 Unaudited Financial Results
Revenues
Total revenues were S$37.7 million (US$29.6 million) for the six months ended June 30, 2025, an increase of 21.6% from S$31.0 million for the same period last year.
- Sales of heavy equipment and parts were S$30.7 million (US$24.1 million) for the six months ended June 30, 2025, an increase of 24.6% from S$24.7 million for the same period last year. The increase was primarily driven by higher demand from new projects such as Changi Airport Terminal 5, the Marina Bay Sands expansion, and the Cross-Island MRT Line together with the Downtown MRT Line extension.
- Engineering consultancy service income was S$1.1 million (US$0.9 million) for the six months ended June 30, 2025, a decrease of 9.4% from S$1.2 million for the same period last year. The decrease was mainly due to no project income being recognized in the current period, as it was completed in the third quarter of 2024.
- Rental income was S$5.9 million (US$4.6 million) for the six months ended June 30, 2025, an increase of 14.9% from S$5.1 million for the same period last year. The increase was primarily attributable to higher rental demands.
Cost of Revenue
Cost of revenue was S$28.8 million (US$22.7 million) for the six months ended June 30, 2025, an increase of 12.2% from S$25.7 million for the same period last year.
Gross Profit
Gross profit was S$8.9 million (US$7.0 million) for the six months ended June 30, 2025, an increase of 67.7% from S$5.3 million for the same period last year.
Gross margin was 23.5% for the six months ended June 30, 2025, an increase of 6.5 percentage points from 17.0% for the same period last year.
- Gross profit margin for sales of heavy equipment and parts was 14.8% for the six months ended June 30, 2025, an increase of 6.4 percentage points from 8.4% for the same period last year. The increase was mainly due to better product mix and margin as a result of higher demand.
- Gross profit margin for engineering consultancy service income was 69.3% for the six months ended June 30, 2025, an increase of 14.3 percentage points from 55.0% for the same period last year. The increase was mainly due to the absence of lower project margin in the current periods as it was completed in the third quarter of 2024.
- Gross profit margin for rental income was 60.1% for the six months ended June 30, 2025, an increase of 10.3 percentage points from 49.8% for the same period last year. The increase was mainly due to a decrease in the leasing of equipment from third parties.
Selling and Distribution Expenses
Selling and distribution expenses remained stable at S$0.3 million (US$0.2 million) for the six months ended June 30, 2024 and 2025.
General and Administrative Expenses
General and administrative expenses were S$5.7 million (US$4.4 million) for the six months ended June 30, 2025, an increase from S$4.0 million for the same period last year.
Total Other Gain (Loss), Net
Total net other gain was S$0.1 million (US$0.07 million) for the six months ended June 30, 2025, compared to a total net other loss of S$0.04 million for the same period last year.
Net Income
Net income was S$2.4 million (US$1.9 million) for the six months ended June 30, 2025, an increase of 268.9% from S$0.6 million for the same period last year.
Basic and Diluted Income per Share
Basic and diluted income per share was S$0.09 (US$0.07) for the six months ended June 30, 2025, compared to S$0.02 for the same period last year.
Financial Condition
As of June 30, 2025, the Company had cash and cash equivalents of S$5.2 million (US$4.1 million), compared to S$0.7 million as of December 31, 2024 and S$2.3 million as of June 30, 2024, strengthening its financial position following its successful IPO.
Net cash provided by operating activities was S$10.0 million (US$7.9 million) for the six months ended June 30, 2025, compared to S$5.5 million for the same period last year.
Net cash provided by investing activities was S$0.2 million (US$0.1 million) for the six months ended June 30, 2025, compared to net cash used in investing activities of S$4.0 million for the same period last year.
Net cash used in financing activities was S$5.7 million (US$4.5 million) for the six months ended June 30, 2025, compared to S$1.6 million for the same period last year.
Exchange Rate Information
This announcement contains translations of certain Singapore dollar amounts into U.S. dollars for the convenience of the reader. Translations of amounts from Singapore dollars into U.S. dollars have been made at the exchange rate of S$1.2719 = US$1.00, which was the foreign exchange rate on June 30, 2025 as reported by the Board of Governors of the Federal Reserve System in its weekly release on July 7, 2025.
About Ten-League International Holdings Limited
Ten-League International Holdings Limited is a Singapore-based provider of turnkey project solutions. The Company’s business primarily consists of sales of heavy equipment and parts, heavy equipment rental and provision of engineering consultancy services to port, construction, civil engineering and underground foundation industries. The equipment is organized into four categories based on their functions and application scenarios: foundation equipment, hoist equipment, excavation equipment and port machinery. The Company also provides value-added engineering solutions under engineering consultancy services with the aim to address potential safety issues, enhance reliability and productivity and allow for customers to evaluate the performance of the equipment, the quality of the work completed and the progress of their projects. Ten-League’s mission is to provide high-quality equipment, value-added engineering solutions as well as maintenance and repair through continuous adaptation and application of new technologies.
For more information, please visit the Company’s website: https://ir.ten-league.com.sg/.
Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performances, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “could”, “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “plan”, “aim”, “intend”, “anticipate”, “believe” “estimate”, “predict”, “is/are likely to”, “potential”, “continue” or other comparable or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks, including, but not limited to, the following: the Company’s ability to achieve its goals and strategies, the Company’s future business development and plans for future business development, including its financial conditions and results of operations, product and service demand and acceptance, reputation and brand, the impact of competition and pricing, changes in technology, government regulations, import and export restrictions, fluctuations in general economic and business conditions, the Company’s ability to comply with Nasdaq continued listing standards and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the U.S. Securities and Exchange Commission (“SEC”). For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, as well as its current reports on Form 6-K and other filings, all of which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For investor and media inquiries, please contact:
Ten-League International Holdings Limited
Investor Relations Department
Email: ir@ten-league.com.sg
Ascent Investor Relations LLC
Tina Xiao
Phone: +1 646-932-7242
Email: investors@ascent-ir.com
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TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES UNAUDITED CONSOLIDATED BALANCE SHEETS (Amount in thousands, except for share and per share data, or otherwise noted) | ||||||||||||||
| As of Dec 31, | As of Jun 30, | As of Jun 30, | ||||||||||||
| Note | 2024 | 2025 | 2025 | |||||||||||
| S$’000 | S$’000 | US$’000 | ||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | 686 | 5,164 | 4,060 | |||||||||||
| Accounts receivable, net | 16,257 | 14,400 | 11,322 | |||||||||||
| Contract assets | - | 342 | 269 | |||||||||||
| Inventories | 18,620 | 9,775 | 7,685 | |||||||||||
| Deposits, prepayments and other receivables | 1,808 | 2,475 | 1,946 | |||||||||||
| Deferred IPO expenses | 1,901 | 2,824 | 2,220 | |||||||||||
| Total current assets | 39,272 | 34,980 | 27,502 | |||||||||||
| Non-current assets: | ||||||||||||||
| Property and equipment, net | 30,233 | 33,502 | 26,340 | |||||||||||
| Right-of-use assets | 1,199 | 608 | 478 | |||||||||||
| Other receivables | 343 | 284 | 223 | |||||||||||
| Total non-current assets | 31,775 | 34,394 | 27,041 | |||||||||||
| TOTAL ASSETS | 71,047 | 69,374 | 54,543 | |||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable and accrued liabilities | 12,136 | 12,255 | 9,636 | |||||||||||
| Amounts due to related parties | 12,930 | 13,091 | 10,292 | |||||||||||
| Bank borrowings | 23,333 | 16,464 | 12,944 | |||||||||||
| Lease liabilities | 7,421 | 7,251 | 5,701 | |||||||||||
| Income tax payable | 127 | 591 | 465 | |||||||||||
| Total current liabilities | 55,947 | 49,652 | 39,038 | |||||||||||
| Long-term liabilities: | ||||||||||||||
| Lease liabilities | 6,865 | 9,102 | 7,156 | |||||||||||
| Deferred tax liabilities | 2,017 | 2,019 | 1,587 | |||||||||||
| Total long-term liabilities | 8,882 | 11,121 | 8,743 | |||||||||||
| TOTAL LIABILITIES | 64,829 | 60,773 | 47,781 | |||||||||||
| Commitments and contingencies | - | - | - | |||||||||||
| Shareholders’ equity | ||||||||||||||
| Ordinary share, par value US$0.000025, 20,000,000,000 shares authorized, 27,796,502 ordinary shares issued and outstanding** | * | * | * | |||||||||||
| Additional paid-in capital | 883 | 883 | 694 | |||||||||||
| Retained earnings | 5,335 | 7,718 | 6,068 | |||||||||||
| Total shareholders’ equity | 6,218 | 8,601 | 6,762 | |||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 71,047 | 69,374 | 54,543 | |||||||||||
* – denotes amount less than $’000.
** - Retrospectively presented for the effect of pro rata share allotment, 1-for-40 forward split and share surrender in preparation of the Company’s initial public offering
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TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Amount in thousands, except for share and per share data, or otherwise noted) | ||||||||||||||
| Six Months ended June 30, | ||||||||||||||
| Note | 2024 | 2025 | 2025 | |||||||||||
| S$’000 | S$’000 | US$’000 | ||||||||||||
| Revenues, net | 30,982 | 37,687 | 29,630 | |||||||||||
| Cost of revenue | (25,708 | ) | (28,840 | ) | (22,675 | ) | ||||||||
| Gross profit | 5,274 | 8,847 | 6,955 | |||||||||||
| Operating cost and expenses: | ||||||||||||||
| Selling and distribution | (320 | ) | (306 | ) | (241 | ) | ||||||||
| General and administrative | (3,958 | ) | (5,661 | ) | (4,448 | ) | ||||||||
| Total operating cost and expenses | (4,278 | ) | (5,967 | ) | (4,689 | ) | ||||||||
| Profit from operations | 996 | 2,880 | 2,266 | |||||||||||
| Other income (expense): | ||||||||||||||
| Loss from disposal of plant and equipment | (63 | ) | (30 | ) | (24 | ) | ||||||||
| Interest income | 332 | 94 | 74 | |||||||||||
| Interest expense | (502 | ) | (430 | ) | (338 | ) | ||||||||
| Government grant | 51 | 5 | 4 | |||||||||||
| Exchange gain | - | 251 | 197 | |||||||||||
| Other income | 141 | 204 | 160 | |||||||||||
| Total other gain/(loss), net | (41 | ) | 94 | 73 | ||||||||||
| Income before income taxes | 955 | 2,974 | 2,339 | |||||||||||
| Income tax expense | (309 | ) | (591 | ) | (465 | ) | ||||||||
| NET INCOME | 646 | 2,383 | 1,874 | |||||||||||
| COMPREHENSIVE INCOME | 646 | 2,383 | 1,874 | |||||||||||
| Net income per share | ||||||||||||||
| Basic and diluted | 0.02 | 0.09 | 0.07 | |||||||||||
| Weighted average number of ordinary shares outstanding | ||||||||||||||
| Basic and diluted** | 27,796,502 | 27,796,502 | 27,796,502 | |||||||||||
** - Retrospectively presented for the effect of pro rata share allotment, 1-for-40 forward split and share surrender in preparation of the Company’s initial public offering.
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TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amount in thousands, except for share and per share data, or otherwise noted) | |||||||||||
| Six Months ended June 30, | |||||||||||
| 2024 | 2025 | 2025 | |||||||||
| S$’000 | S$’000 | US$’000 | |||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | 646 | 2,383 | 1,874 | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
| Depreciation of property and equipment | 2,022 | 2,241 | 1,762 | ||||||||
| Depreciation of right-of-use assets | 234 | 594 | 467 | ||||||||
| Loss on disposal of property and equipment | 574 | 30 | 24 | ||||||||
| Change in working capital: | |||||||||||
| Accounts receivable | 6,554 | 1,582 | 1,244 | ||||||||
| Contract assets | 268 | (342 | ) | (269 | ) | ||||||
| Inventories | (2,112 | ) | 2,791 | 2,194 | |||||||
| Related parties | (1,084 | ) | 161 | 126 | |||||||
| Accounts payable and accrued liabilities | (1,771 | ) | 122 | 96 | |||||||
| Income tax payable | 122 | 463 | 364 | ||||||||
| Deferred tax liabilities | 93 | - | - | ||||||||
| Net cash provided by operating activities | 5,546 | 10,025 | 7,882 | ||||||||
| Cash flows from investing activities: | |||||||||||
| Proceeds from disposal of property and equipment | 534 | 47 | 37 | ||||||||
| Repayment from finance lease receivables | 2,21 | 371 | 292 | ||||||||
| Purchase of property and equipment | (4,759 | ) | (236 | ) | (186 | ) | |||||
| Net cash (used in)/provided by investing activities | (4,004 | ) | 182 | 143 | |||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds of bank borrowings | 5,855 | 679 | 534 | ||||||||
| Deferred IPO expenses | (433 | ) | (923 | ) | (726 | ) | |||||
| Repayment of bank borrowings | - | (266 | ) | (209 | ) | ||||||
| Principal repayment of lease liabilities | (6,784 | ) | (4,622 | ) | (3,634 | ) | |||||
| Payment of deferred financing costs | (226 | ) | (597 | ) | (469 | ) | |||||
| Net cash used in financing activities | (1,588 | ) | (5,729 | ) | (4,504 | ) | |||||
| Effect on exchange rate change on cash and cash equivalents | - | - | 37 | ||||||||
| Net change in cash and cash equivalent | (46 | ) | 4,478 | 3,558 | |||||||
| BEGINNING OF PERIOD | 2,340 | 686 | 502 | ||||||||
| END OF PERIOD | 2,294 | 5,164 | 4,060 | ||||||||
| SUPPLEMENTAL CASH FLOW INFORMATION: | |||||||||||
| Cash (refund) paid for income taxes | 95 | 127 | 100 | ||||||||
| Cash paid for interest | 501 | 430 | 338 | ||||||||
| Cash received from finance lease receivable interest | (332 | ) | (94 | ) | (74 | ) | |||||
| Operating lease asset obtained in exchange for operating lease obligations | 1,633 | - | - | ||||||||
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