TSH Corporation Limited FY2025 Results: Solid Performance and Positive Outlook
TSH Corporation Limited, a Singapore-listed premium lifestyle group focused on alcohol beverage experiences, has released its condensed interim financial statements for the six months and full year ended 31 December 2025. The report reveals robust revenue growth, improved profitability, and a notable proposed dividend. Below, we analyze the key highlights and trends that investors should know.
Key Financial Metrics
| Metric |
2H 2025 |
1H 2025 |
2H 2024 |
YoY Change |
QoQ Change |
| Revenue (\$’000) |
7,062 |
5,556 |
6,657 |
+6.1% |
+27.2% |
| Gross Profit (\$’000) |
5,160 |
4,125 |
4,903 |
+5.2% |
+25.1% |
| Profit Before Tax (\$’000) |
855 |
437 |
592 |
+44.4% |
+95.7% |
| EPS (cents/share) |
1.86 |
0.98 |
1.31 |
+42.0% |
+89.8% |
| Proposed Dividend (cents/share) |
0.50 (Final) |
– |
– |
N/A (first dividend) |
N/A |
Historical Performance Trends
TSH Corporation Limited has demonstrated consistent growth over the past year:
- FY2025 revenue increased by 7.4% to \$12.62 million from \$11.75 million in FY2024, attributed to higher outlet and pre-order sales.
- Gross profit rose by 6.2%, but margin slightly decreased to 73.6% from 74.4% due to higher cost of sales.
- Profit before tax surged 49.4% YoY to \$1.29 million, driven by increased gross profit and reductions in operating, selling, and finance expenses.
- Net profit for FY2025 jumped 47.8% to \$1.26 million from \$0.85 million in FY2024.
- Basic and diluted EPS for FY2025 improved significantly to 2.84 cents from 1.92 cents in FY2024.
Dividends
The Board has proposed a first and final cash dividend of 0.50 Singapore cent per share for FY2025, subject to shareholder approval at the upcoming AGM. This marks the company’s first dividend payout, reflecting management’s confidence in the improved performance and cash flow. No dividend was declared in the previous year.
Exceptional Earnings, Expenses, and Related-Party Transactions
- Debt Forgiveness: The revenue reserve increased by \$0.64 million due to debt forgiveness by Mr. Teo Kok Woon, a Non-Executive Non-Independent Director, who forgave an interest-free advance extended in 2018. This is a one-off, non-cash gain directly recorded in equity.
- Impairments: Management recognized \$0.03 million in impairment losses for plant and equipment and \$0.21 million for right-of-use assets, reflecting prudent asset management amid outlet closures.
- Related-Party Transactions: All sales and purchases with directors and their related companies were less than \$100,000 in FY2025.
Balance Sheet Highlights
- Net asset value per share for the Group rose to 23.65 cents (FY2024: 19.37 cents).
- Cash and bank balances increased by \$0.86 million, ending the year at \$3.36 million, supported by strong operating cash flow.
- Bank borrowing was reduced by \$0.65 million, leaving a minimal outstanding balance of \$0.05 million.
- Lease liabilities increased due to renewal of certain leases, but overall liabilities were managed well, with current liabilities decreasing 17.6% YoY.
Trends, Industry Commentary, and Outlook
The Group operates in the premium lifestyle and alcohol beverage sector, which remains cautious due to challenges in nightlife and F&B. Management is positive, focusing on strengthening organic revenue, pursuing acquisitions and partnerships, and exploring new markets. Cost discipline and sustainable performance are emphasized.
Chairman’s Statement
“The Group will explore ways to strengthen its revenue organically, through acquisitions, partnerships, collaborations and alliances, as well as exploring new markets with long-term potential for growth, while maintaining disciplined costs management to safeguard resilience and ensure sustainable performance.”
The tone is positive and forward-looking, signaling confidence in future growth and operational resilience.
Conclusion & Investor Recommendations
Overall, TSH Corporation Limited has delivered strong financial results for FY2025, with revenue and profit both rising sharply, a healthy balance sheet, and the Board’s confidence expressed through the first proposed dividend. The company’s strategic focus on growth, prudent expense management, and positive cash flows bode well for future performance.
- If you are currently holding TSH Corporation shares: The positive earnings momentum, improved cash flow, and proposed dividend suggest it is worth holding your position. The outlook appears robust unless there are sector-wide disruptions.
- If you are not holding TSH Corporation shares: Investors may consider initiating a position, given the company’s turnaround, first-ever dividend, and strong fundamentals. However, due diligence on future sector risks and management execution is advised.
Disclaimer: This analysis is based strictly on the published financial statements and does not constitute investment advice. Investors should consider their own financial situation and consult their advisers before making any investment decisions.
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