SUTL Enterprise Limited Full Year 2025 Financial Analysis
SUTL Enterprise Limited has released its financial results for the full year ended 31 December 2025. The company, which operates primarily in marina management and related businesses, reported a broadly stable performance with some shifts in revenue composition, cost structure, and strategic positioning. This analysis reviews key metrics, performance trends, and strategic developments disclosed in the latest report.
Key Financial Metrics: 2H 2025, FY2025, and Comparisons
| Metric |
2H 2025 |
2H 2024 |
FY2025 |
FY2024 |
YoY Change (FY) |
QoQ Change (2H) |
| Revenue (S\$’000) |
19,113 |
19,361 |
39,907 |
39,620 |
+1% |
-1% |
| Profit Before Tax (S\$’000) |
4,960 |
5,366 |
10,066 |
10,806 |
-7% |
-8% |
| Net Profit After Tax (S\$’000) |
4,042 |
3,975 |
8,258 |
8,403 |
-2% |
+2% |
| Basic EPS (cents) |
4.64 |
4.48 |
9.42 |
9.66 |
-2.5% |
+3.6% |
| Net Asset Value / Share (S\$ cents) |
|
83.14 |
79.00 |
+5.2% |
|
| Final Dividend (cents/share) |
|
5.0 (proposed) |
5.0 |
No Change |
|
Historical Performance and Trends
- Revenue Growth: Full-year revenue was marginally higher (+1% YoY), with 2H revenue essentially flat versus the previous year. Membership-related fees declined slightly (-4% YoY), offset by a modest increase in sales of goods and services (+2% YoY).
- Profitability: Profit before tax and net profit after tax both declined slightly on a YoY basis (-7% and -2% respectively), reflecting higher employee costs, depreciation, and other expenses, only partially offset by lower cost of sales and finance charges.
- Cash Flow and Balance Sheet: Operating cash flows increased by 29% YoY to S\$8.8m, while cash and cash equivalents rose significantly, mainly due to the maturity of financial assets and strong operating cash generation. The group remains in a net cash position with S\$34.1m in cash and S\$35.4m in financial assets as at year-end.
Dividends
- Proposed final dividend for FY2025: 5.0 cents per share (same as FY2024).
- The dividend is net of Singapore tax (17%). Payment and record dates will be announced separately.
Exceptional Items and Notable Events
- Other Income: Lower by S\$292k YoY due to the absence of one-off gains from asset sales in FY2024, partially offset by a fair value gain on investment securities in FY2025.
- Allowance for Expected Credit Losses: Improved sharply (-65% YoY) due to enhanced credit monitoring and prompt collections.
- Utilities & Finance Costs: Utilities expenses and interest/finance costs fell substantially, benefiting from lower energy rates and the waiver of interest on loans from non-controlling interests.
Directors’ Remuneration
- Total compensation for key management (12 months): S\$2.31m (up from S\$1.84m in FY2024).
- Directors’ fees: S\$308k (up from S\$279k in FY2024).
- Share-based payment expenses were S\$55k, down from S\$106k in FY2024.
Strategic and Corporate Developments
- Acquisitions: The Group entered into a S\$40m put and call option for the purchase of Marina at Keppel Bay, a significant expansion that is expected to double the number of berths post-acquisition.
- Project Pipeline: The Group is progressing with the acquisition and development of a marina in Phuket, Thailand (over 100 wet berths), with completion expected in 2H 2026.
- Other Growth Initiatives: The Group is preparing new sites for business operations and actively seeking further opportunities in the Asia Pacific region for marina development and management.
Forecasts and Outlook
The Group did not make a prior forecast, but the outlook remains positive with several growth projects in the pipeline. Management expects the completion of the Keppel Bay and Phuket marina projects to materially increase operating capacity and future earnings potential.
Conclusion and Investment Recommendation
Overall, SUTL Enterprise delivered a resilient set of results in FY2025 despite higher costs and the absence of one-off gains seen in the prior year. The balance sheet remains strong, with ample cash and financial assets, and the group is investing for future growth through strategic acquisitions and project development.
- For Existing Shareholders: Consider holding your position. The company’s stable dividend, strong cash flows, and expansion into new marinas position it well for mid-term earnings growth. Downside risks appear manageable given the robust balance sheet and recurring revenues from membership and marina operations.
- For Prospective Investors: Consider accumulating on pullbacks. While near-term earnings growth may be modest due to higher costs and the pending integration of new assets, the medium- to long-term outlook is positive. New projects and acquisitions are likely to enhance shareholder value as they come online.
Disclaimer: This analysis is based solely on information contained in the company’s published 2025 financial statements. It does not constitute investment advice. Investors should consider their own circumstances and consult with a qualified adviser before making any investment decisions.
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