TLIH achieved a 30.23% year-over-year revenue surge while maintaining a 24.44% gross margin, reflecting its ability to monetize specialized engineering consultancy and equipment rental services.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Sales/Revenue | 76.18M | 58.5M | 72.78M | 74.47M | 57.17M |
| Revenue Growth % | 30.23% | -19.63% | -2.27% | 30.27% | - |
| Cost of Goods Sold | 57.56M | 47.84M | 57M | 59.75M | 46.5M |
| COGS % of Revenue | 75.56% | 81.78% | 78.32% | 80.23% | 81.33% |
| Gross Profit | 18.62M | 10.66M | 15.78M | 14.72M | 10.67M |
| Gross Margin % | 24.44% | 18.22% | 21.68% | 19.77% | 18.67% |
| Gross Profit Growth % | 74.67% | -32.47% | 7.21% | 37.94% | - |
| Operating Expenses | 10.87M | 7.86M | 7.58M | 8.45M | 8.14M |
| OpEx % of Revenue | 14.27% | 13.44% | 10.42% | 11.34% | 14.25% |
| Selling, General & Admin | 8.08M | 6.39M | 6.12M | 6.35M | 5.04M |
| SG&A % of Revenue | 10.61% | 10.93% | 8.4% | 8.53% | 8.82% |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 2.79M | 1.47M | 1.47M | 2.1M | 3.1M |
| Operating Income | 7.75M | 2.8M | 8.2M | 6.27M | 2.53M |
| Operating Margin % | 10.17% | 4.78% | 11.26% | 8.42% | 4.42% |
| Operating Income Growth % | 176.9% | -65.88% | 30.67% | 148.24% | - |
| EBITDA | 13.59M | 7.92M | 12.32M | 9.23M | 4.74M |
| EBITDA Margin % | 17.84% | 13.55% | 16.93% | 12.39% | 8.3% |
| EBITDA Growth % | 71.55% | -35.69% | 33.5% | 94.6% | - |
| D&A (Non-Cash Add-back) | 5.85M | 5.13M | 4.13M | 2.96M | 2.22M |
| EBIT | 8.04M | 3.56M | 8.95M | 6.76M | 3.07M |
| Net Interest Income | -614K | -682K | -1.15M | -822K | -600K |
| Interest Income | 266K | 616K | 34K | 132K | 282K |
| Interest Expense | 880K | 949K | 822K | 519K | 565K |
| Other Income/Expense | -582K | -182K | -71K | -36K | -25K |
| Pretax Income | 7.16M | 2.62M | 8.13M | 6.24M | 2.5M |
| Pretax Margin % | 9.4% | 4.47% | 11.16% | 8.37% | 4.38% |
| Income Tax | 1.58M | 731K | 1.05M | 1.24M | 712K |
| Effective Tax Rate % | 22.02% | 27.95% | 12.87% | 19.93% | 28.46% |
| Net Income | 5.59M | 1.88M | 7.08M | 4.99M | 1.79M |
| Net Margin % | 7.33% | 3.22% | 9.73% | 6.71% | 3.13% |
| Net Income Growth % | 196.5% | -73.39% | 41.77% | 178.99% | - |
| Net Income (Continuing) | 5.59M | 1.88M | 7.08M | 4.99M | 1.79M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.00 | 0.63 | 2.40 | 1.70 | 0.60 |
| EPS Growth % | -100% | -73.83% | 41.18% | 184.76% | - |
| EPS (Basic) | 0.00 | 0.63 | 2.40 | 1.70 | 0.60 |
| Diluted Shares Outstanding | 0 | 3M | 3M | 3M | 3M |
| Basic Shares Outstanding | 0 | 3M | 3M | 3M | 3M |
| Dividend Payout Ratio | - | - | - | 280.34% | - |
Concentration in Singapore infrastructure
As reported in recent financial disclosures, TLIH achieved a notable 30.23% year-over-year revenue growth, signaling a robust capture of market share within the Singaporean maritime and civil infrastructure sectors, likely bolstered by the ongoing development phases of the Tuas Port project and related industrial expansion initiatives.
The double-digit growth trajectory suggests that TLIH's integrated engineering and equipment rental model is gaining significant traction among port operators. Investors should monitor whether this expansion is sustainable or if it reflects a temporary spike in project-based revenue that may normalize in subsequent periods.
Based on the company's reported figures, TLIH maintains a gross margin of 24.44%, which appears to reflect the inherent cost of maintaining a specialized heavy equipment fleet while simultaneously delivering high-value engineering consultancy services to its core client base within the Singaporean industrial infrastructure market.
This margin profile suggests that the company possesses a degree of pricing power derived from its technical intimacy with clients. However, the 7.33% net margin indicates that the business remains sensitive to operational cost pressures, necessitating careful management of project execution costs to preserve bottom-line profitability.
According to available financial data, TLIH operates with a remarkably low debt-to-equity ratio of 1.86%, indicating a conservative capital structure that provides a significant competitive advantage in the current high-interest-rate environment compared to more heavily levered peers within the industrial rental and leasing services industry.
The company's ability to fund 30% revenue growth while maintaining such minimal leverage suggests a disciplined approach to capital allocation. This financial positioning may allow TLIH to bid more aggressively on new contracts, though it also raises questions regarding the potential for future debt-funded expansion.
While TLIH demonstrates strong growth, the company's heavy reliance on the Singaporean public sector and specific maritime infrastructure projects, as evidenced by its operational footprint, creates a concentrated risk profile that could lead to significant earnings volatility should local construction activity or port throughput growth decelerate.
The lack of geographic diversification warrants investigation, as the company is essentially a direct proxy for Singaporean infrastructure spending. Any regulatory shifts or delays in major port developments could disproportionately impact the company's revenue recognition and overall profitability, potentially challenging the current growth narrative.
Quick answers to the most common questions about buying TLIH stock.
For fiscal year 2025, Ten-League International Holdings Limited Ordinary Shares (TLIH) reported total revenue of $76.2M. This represents a 33.2% increase compared to $57.2M in 2021.
Ten-League International Holdings Limited Ordinary Shares (TLIH) is profitable, generating $5.6M in net income for the fiscal year ending 2025 with a net profit margin of 7.3%.
Ten-League International Holdings Limited Ordinary Shares (TLIH) reported an operating income of $7.7M, resulting in an operating profit margin of 10.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Ten-League International Holdings Limited Ordinary Shares (TLIH) generated $18.6M in gross profit for the year, representing a gross profit margin of 24.4%. This demonstrates the company's core pricing power and production efficiency.