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6-K 1 form6-k.htm 6-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

 

 

FORM 6-K

 

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of September, 2025

 

Commission File Number: 333-275240

 

 

 

Ten-League International Holdings Limited

(Exact name of registrant as specified in its charter)

 

 

 

c/o 7 Tuas Avenue 2, Singapore 639447

(Address of principal executive office)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F ☒ Form 40-F ☐

 

 

 

 

 

EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Interim Earnings Result for the Six Months Ended June 30, 2025
99.2  

Press Release – Ten-League International Holdings Limited Announces First Six Months of Fiscal Year 2025 Unaudited Financial Results

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Ten-League International Holdings Limited
     
Date: September 30, 2025 By: /s/ Jison Lim
  Name: Jison Lim
  Title: Director and Chairman

 

 

 

EX-99.1 2 ex99-1.htm EX-99.1

 

Exhibit 99.1

 

Ten-League International Holdings Limited Announces First Six Months of Fiscal Year 2025 Unaudited Financial Results

 

Ten-League International Holdings Limited

 

Interim Earnings Results for the six months ended

June 30, 2025

 

Financial highlights for the six months ended June 30, 2025

 

Revenue, net

 

    Six Months ended June 30,  
    2024     2025  
    S$’000     %     S$’000     US$’000     %  
Sales of heavy equipment and parts     24,662       79.6       30,725       24,157       81.5  
                                         
Engineering consultancy service income     1,232       4.0       1,116       877       3.0  
                                         
Rental income     5,088       16.4       5,846       4,596       15.5  
                                         
Total     30,982       100.0       37,687       29,630       100.0  

 

Total revenue increased by approximately S$6.7 million or 21.6% to approximately S$37.7 million (US$29.6 million) for the six months ended June 30, 2025 from approximately S$31.0 million for the six months ended June 30, 2024.

 

Sales of heavy equipment and parts increased by approximately S$6.0 million, or 24.6%, to approximately S$30.7 million (US$24.1 million) for the six months ended June 30, 2025 from approximately S$24.7 million for the six months ended June 30, 2024. The increase was primarily due to higher demand because of new projects started such as Changi airport terminal 5, Marina Bay Sands expansion and cross-island MRT line coupled with the downtown MRT line extension.

 

Engineering consultancy service income decreased by approximately S$0.1 million, or 9.4%, to approximately S$1.1 million (US$0.9 million) for the six months ended June 30, 2025 from approximately S$1.2 million for the six months ended June 30, 2024 mainly due to no more project income recognised in current period as it was completed in 3rd quarter of 2024.

 

Rental income increased by approximately S$0.8 million, or 14.9%, to approximately S$5.9 million (US$4.6 million) for the six months ended June 30, 2025 from approximately S$5.1 million for the six months ended June 30, 2024. This increase was primarily attributable to higher rental demands as explained earlier.

 

Cost of revenue

 

Cost of revenue increased by approximately S$3.1 million or 12.2%, to approximately S$28.8 million (US$22.7 million) for the six months ended June 30, 2025 from approximately S$25.7 million for the six months ended June 30, 2024.

 

Cost of revenue of sales of heavy equipment and parts increased by approximately S$3.6 million, or 15.8%, to approximately S$26.2 million (US$20.6 million) for the six months ended June 30, 2024 from approximately S$22.6 million for the six months ended June 30, 2024. Such increase was mainly due to higher sale and product mix.

 

Cost of revenue of engineering consultancy service income decreased by approximately S$0.3 million or 38.2%, to approximately S$0.3 million (US$0.3 million) for the six months ended June 30, 2025 from approximately S$0.6 million for the six months ended June 30, 2024. Such decrease was primarily attributable to the absence of project cost as it was completed in 3rd quarter of 2024.

 

 

 

Cost of revenue of rental of equipment decreased by approximately S$0.2 million, or 8.8%, to approximately S$2.3 million (US$1.8 million) for the six months ended June 30, 2025 from approximately S$2.5 million for the six months ended 30 June, 2024 due to a decrease in the leasing of equipment from third parties.

 

Gross profit and gross profit margin

 

Gross profit increased by approximately S$3.6 million or 67.7%, to approximately S$8.9 million (US$7.0 million) for the six months ended June 30, 2025 from approximately S$5.3 million for the six months ended June 30, 2024.

 

Gross profit margin increased by 6.5 percentage points to 23.5% for the six months ended June 30, 2025 from 17% for the six months ended June 30, 2024.

 

Gross profit margin for sales of heavy equipment and parts increased by approximately 6.4 percentage points to 14.8% for the six months ended June 30, 2025 from 8.4% for the six months ended June 30 2024. 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 increased by approximately 14.3 percentage points to 69.3% for the six months ended June 30, 2025 from 55.0% for the six months ended June 30, 2024. The increase was mainly due to the absence of lower project margin in the current periods as it was completed in 3rd quarter of 2024.

 

Gross profit margin for rental income increased by 10.3 percentage points to 60.1% for the six months ended June 30, 2025 from 49.8% for the six months ended June 30, 2024. This increase was mainly due to a decrease in the leasing of equipment from third parties.

 

Selling and distribution

 

Our selling and distribution expenses primarily consists of advertising and marketing expenses, payroll, employees benefits and other headcount-related expenses. For the six months ended June 30, 2024 and 2025, our selling and distribution expenses remained stable at S$0.3 million (US$0.2 million).

 

General and administrative

 

The following table sets forth the breakdown of our general and administrative expenses for the periods indicated:

 

    Six Months ended June 30,  
    2024     2025  
    S$’000     %     S$’000     US$’000     %  
Audit fee     -       -       102       80       1.8  
Bank charges     171       4.3       452       355       8.0  
Depreciation     303       7.7       667       524       11.8  
Director’s fee     -       -       43       34       0.8  
Exchange losses     10       0.3       -       -       -  
Investor relations expense     -       -       142       112       2.5  
Legal and professional fess     136       3.4       -       -       -  
Management fees     895       22.6       611       480       10.8  
Provision for doubtful debts     236       6.0       935       735       16.5  
Rental of open space and equipment     185       4.7       6       5       0.1  
Referral fees     170       4.3       136       107       2.4  
Staff costs     1,304       32.0       1,905       1,498       33.7  
IPO expenses     -       -       198       156       3.5  
Others     548       13.8       464       362       8.1  
Total     3,958       100.0       5,661       4,448       100.0  

 

 

 

Bank charges mainly represent charges incurred on trade-related activities such as letter of credit (L/C) and bill payables. The increase was mainly due to more L/C being issued.

 

Depreciation expense is charged on our plant and equipment which included (i) machinery; (ii) office equipment; (iii) motor vehicles; and (iv) right-of-use assets. The increase was mainly due to higher depreciation incurred which relates to the new rental of open space classified as right-of-use assets.

 

Management fees represented expenses charged by the ultimate holding company comprises employment cost, rental of office, open space and warehouse, and expenses incurred for motor cars and trucks. Management fees decreased by approximately S$0.3 million to approximately S$0.6 million (US$0.5 million) for the six months ended June, 30 2025 from approximately S$0.9 million (US$0.7 million) for the six months ended June 30, 2024. The decrease was mainly due to the expiry of lease of open space and warehouse on December 31, 2024.

 

Provision for doubtful debts amounted to approximately S$0.9 million (US$0.7 million) for the six months ended June 30, 2025 due to additional provision made for customers that have financial difficulty paying.

 

Staff costs mainly represented the salaries, employee benefits and retirement benefit costs to our administrative employees and directors’ remuneration. Staff costs increased by approximately S$0.6 million to approximately S$1.9 million (US$1.5 million) for the six months ended June 30, 2025 from approximately S$1.3 million for the six months ended June 30, 2024. Such increase was mainly attributable to the increase of staff costs, bonus and CPF contribution, and an increase in rental expense of worker dormitory.

 

Miscellaneous expenses were comprised of company secretarial and tax fees, insurance expenses, office supplies, repair and maintenance, vehicle upkeep and other general expenses.

 

 

 

Total other gain/(loss), net

 

The following table sets forth the breakdown of total other gain/(loss), net, for the periods indicated:

 

    Six Months ended June 30,  
    2024     2025  
    S$’000     S$’000     US$’000  
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     (41 )     94       73  

 

Loss from disposal of plant and equipment

 

Loss from disposal of plant and equipment comprises mainly motor vehicles and office equipment.

 

Interest income

 

Interest income is earned from providing financing services to some specific customers buying equipment from us.

 

Interest expense

 

Interest expense decreased by approximately S$0.1 million to approximately S$0.4 million (US$0.3 million) for the six months ended June 30, 2025 from approximately S$0.5 million for the six months ended June 30, 2024 mainly due to lower interest incurred on hire purchase of equipment as interest rate for new taken up was lower.

 

Government grant

 

Government grant comprises mainly grants received for progressive wage credit scheme or PWCS.

 

Exchange gain

 

Exchange gain arose was mainly due to the strengthening of SGD against USD.

 

Other income

 

Other income primarily comprises rental of accessories and parts, service charge, supply of manpower and back charge or recover of expenses incurred.

 

Income tax expense

 

For the six months ended June 30, 2025 and 2024, income tax expense comprised current tax expense.

 

 

 

Cash flows

 

The following table summarizes our cash flows for the six months ended June 30, 2024 and 2025:

 

    Six Months ended June 30,  
    2024     2025  
    S$’000     S$’000     US$’000  
Cash and cash equivalent at beginning of the period     2,340       686       502  
Net cash provided by operating activities     5,546       10,025       7,882  
Net cash (used in)/provided by investing activities     (4,004 )     182       143  
Net cash used in financing activities     (1,588 )     (5,729 )     (4,504 )
Effect of exchange rate change on cash and cash equivalent     -       -       37  
Net change in cash and cash equivalent     (46 )     4,478       3,558  
Cash and cash equivalent as at end of the period     2,294       5,164       4,060  

 

Cash flows from operating activities

 

For the six months ended June 30, 2025, our net cash provided by operating activities was approximately S$10.0 million (US$7.9 million), primarily reflecting net income of approximately S$2.4 million (US$1.9 million), as adjusted by (a) positive changes of approximately S$2.9 million (US$2.3 million) in non-cash items primarily including depreciation of property and equipment and right-of-use assets, and loss on disposal of property and equipment; and (b) positive changes of approximately S$4.7 million (US$3.7 million) in working capital primarily reflecting (i) an increase of approximately S$1.6 million (US$1.2 million) in accounts receivable; (ii) a decrease of approximately S$0.4 million (US$0.3 million) in contract assets; (iii) an increase of approximately S$2.8 million (US$2.2 million) in inventories; (iv) an increase of approximately S$0.1 million (US$0.1 million) in related parties; (v) an increase of approximately S$0.1 million (US$0.1 million) in accounts and other payables and (vi) an increase of approximately S$0.5 million (US$0.4 million) in income tax payable.

 

For the six months ended June 30, 2024, our net cash provided by operating activities was approximately S$5.5 million (US$4.1 million), primarily reflecting net income of approximately S$0.6 million (US$0.5 million), as adjusted by (a) positive changes of approximately S$2.8 million (US$2.1 million) in non-cash items primarily including depreciation of property and equipment and right-of-use assets, and gain on disposal of property and equipment; and (b) positive changes of approximately S$2.1 million (US$1.5 million) in working capital primarily reflecting (i) an increase of approximately S$6.6 million (US$4.8 million) in accounts receivable; (ii) an increase of approximately S$0.3 million (US$0.2 million) in other receivables; (iii) a decrease of approximately S$2.1 million (US$1.6 million) in inventories; (iv) a decrease of approximately S$1.1 million (US$0.8 million) in related parties; (v) a decrease of approximately S$1.8 million (US$1.3 million) in accounts and other payables, partially offset by (vi) an increase of approximately S$0.2 million (US$0.2 million) in income and deferred tax payable.

 

Cash flows from investing activities

 

For the six months ended June 30, 2025, our net cash provided by investing activities was approximately S$0.2 million (US$0.1 million), primarily consisting of purchases of property and equipment, sale proceeds from the disposal of property and equipment and payment received from finance lease receivables.

 

For the six months ended June 30, 2024, our net cash used in investing activities was approximately S$4.0 million (US$2.9 million), primarily consisting of purchases of property and equipment, sale proceeds from the disposal of property and equipment and payment received from finance lease receivables.

 

 

 

Cash flows from financing activities

 

For the six months ended June 30, 2025, our net cash used in financing activities was approximately S$5.7 million (US$4.5 million) primarily consisting of proceeds from borrowings of approximately S$0.7 million (US$0.5 million), partially offset by (i) repayment for capital and interest portions of lease liabilities of approximately S$5.2 million (US$4.1 million), (ii) a decrease in bank borrowing of approximately S$0.3 million (US$0.2 million), and (iii) a decrease of approximately S$0.9 million (US$0.7 million) in deferred IPO expenses which would be capitalized on completion of the IPO exercise.

 

For the six months ended June 30, 2024, our net cash used in financing activities was approximately S$1.5 million (US$1.2 million) primarily consisting of proceeds from borrowings of approximately S$5.9 million (US$4.3 million), partially offset by (i) repayment for capital and interest portions of lease liabilities of approximately S$6.8 million (US$5.0 million), and S$0.2 million (US$0.2 million) respectively, and (ii) a decrease of approximately S$0.4 million (US$0.3 million) in deferred IPO expenses which would be capitalized on completion of the IPO exercise.

 

Capital Expenditures

 

We made capital expenditures of approximately S$4.8 million S$8.9 million (US$7.0 million) respectively, in the six months ended June 30, 2024 and 2025. Out of which, approximately S$4.6 million and S$8.7 million are equipment transferred from inventories for the six months ended June 30, 2024 and 2025 respectively.

 

Accounts receivable, net

 

The following table sets forth the ageing analysis of our accounts receivable, net, based on the invoiced date as of the dates mentioned below:

 

    As of December 31,     As of June 30,  
    2024     2025  
    S$’000     US$’000     S$’000     US$’000  
Within 30 days     6,345       4,644       4,955       3,896  
Between 31 and 60 days     3,290       2,408       2,314       1,819  
Between 61 and 90 days     1,413       1,034       2,778       2,184  
Between 91 and 120 days     1,089       797       210       165  
Between 121 and 150 days     1,045       765       1,530       1.203  
Between 151 and 180 days     433       317       278       219  
Between 181 and 360 days     863       632       69       54  
Over 360 days     1,779       1,302       2,266       1,782  
Total account receivables, net     16,257       11,899       14,400       11,322  

 

Movements in the provision for impairment of accounts receivable are as follows:

 

    As of December 31,     As of June, 30  
    2024     2025  
    S$’000     US$’000     S$’000     US$’000  
Opening balance     3,642       2,666       3,053       2,400  
Provision of loss allowance     19       14       935       735  
Write-off of loss allowance     (582 )     (427 )     (2,311 )     (1,817 )
Write-back of loss allowance     (26 )     (18 )     -       -  
Closing balance     3,053       2,235       1,677       1,318  

 

For the six months ended June 30, 2025, net amount owing for more than 120 days by invoice date was approximately S$4.1 million, of which the balance of approximately S$1.5 million (over 360 days) was attributable to a special arrangement requested by our Major Supplier, to extend the credit term to a local customer. The condition for such request would allow us to pay our Major Supplier only after we have collected the same from the said customer.

 

 

 

For the six months ended June 30, 2024, net amount owing for more than 120 days by invoice date was approximately S$4.1 million, of which the balance of approximately S$1.8 million (over 360 days) was attributable to a special arrangement requested by our Major Supplier, to extend the credit term to a local customer. The condition for such request would allow us to pay our Major Supplier only after we have collected the same from the said customer. As such, the balance under over 360 days bucket would be nil.

 

We determine, on a continuing basis, the probable losses and an allowance for doubtful accounts, based on several factors including internal risk ratings, customer credit quality, payment history, historical bad debt/write-off experience and forecasted economic and market conditions. Accounts receivable are written off after exhaustive collection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored on an ongoing basis and its exposure to bad debts is not significant.

 

During the six months ended June 30, 2025, approximately S$0.9 million (US$0.7 million) was provided as loss allowance. The provision was raised mainly due to customers having financial difficulty paying made up.

 

During the six months ended June 30, 2024, an additional of approximately S$0.2 million (US$0.2 million) was provided as loss allowance. The provision was mainly made up of aggregate of customers owing with small value.

 

Accounts payable

 

The general credit terms from our major suppliers are payment within 30-180 days. Our accounts payable increased by approximately S$0.1 million to approximately S$12.2 million (US$9.6 million) as of June 30, 2025 from approximately S$12.1 million as of December 31, 2024.

 

We did not have any material default in payment of accounts payable during the six months ended June 30, 2024 and 2025.

 

Material Cash Requirements

 

Our cash requirements consist primarily of day-to-day operating expenses, capital expenditures and contractual obligations with respect to facility leases and other operating leases. We lease all our office facilities. We expect to make future payments on existing leases from cash generated from operations. We have limited credit available from our major vendors, which further constrains our cash liquidity.

 

We had the following contractual obligations and lease commitments as of June 30, 2025:

 

Contractual Obligations   Total     Less than 1
year
    2-5 years     More
than 5
years
 
    S$’000     S$’000     S$’000     S$’000  
Operating lease commitment     16,353       7,251       9,092       10  
Bank borrowings     16,464       16,464       -       -  
Total obligations     32,817       23,715       9,092       10  

 

We had the following contractual obligations and lease commitments as of December 31, 2024:

 

Contractual Obligations   Total    

Less than 1

year

    2-5 years    

More

than 5years

 
    S$’000     S$’000     S$’000     S$’000  
Operating lease commitment     14,286       7,421       6,840       25  
Bank borrowings     23,333       23,333       -       -  
Total obligations     37,619       30,754       6,840       25  

 

 

 

We believe that we have sufficient working capital for our requirements for at least the next 12 months from the date of this prospectus, absent unforeseen circumstances, taking into account the financial resources presently available to us, including cash and cash equivalents on hand, cash flows from our operations and the estimated net proceeds from the initial public offering.

 

Bank indebtedness

 

Bank

Borrowings

 

Terms of

repayments

   

Annual

interest

rate

   

As of

December 31, 2024

   

As of

June 30, 2025

 
                S$’000     US$’000     S$’000     US$’000  
Term loan     within 5 years       3.0 %     175       128       44       35  
Bills payable     -       -       23,158       16,951       16,420       12,909  
Total                     23,333       17,079       16,464       12,944  

 

As of December 31, 2024 and June 30, 2025, bank borrowings were obtained from several financial institutions in Singapore, which bear annual interest at a fixed rate of 3.0% and are repayable within 5 years. The bank borrowing is expected to be fully repaid latest by August 2025.

 

Our bank borrowings currently are guaranteed by personal guarantees from Mr. Jison Lim and corporate guarantee provided by Ten-League Corporations Pte Ltd, the controlling shareholder.

 

Capital commitments

 

As of June 30, 2024 and 2025, we did not have any capital commitments.

 

Off-Balance Sheet Transactions

 

As of December 31, 2024 and June 30, 2025, we have not entered into any material off-balance sheet transactions or arrangements.

 

We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties. In addition, we have not entered into any derivative contracts that are indexed to our own shares and classified as shareholders’ equity, or that are not reflected in our consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. Moreover, we do not have any variable interest in an unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or research and development services with us.

 

Subsequent event

 

The company announced the closing of its initial public offering (the “Offering”) of 2,240,000 ordinary shares, 1,607,840 of which were offered by the Company and 632,160 by selling shareholders, at a public offering price of US$4.00 per ordinary share. The ordinary shares began trading on the Nasdaq Capital Market on July 08, 2025 under the ticker symbol “TLIH.”

 

The Company received aggregate gross proceeds of US$6,431,360 from the Offering, before deducting underwriting discounts and other related expenses.

 

 

 

Taxation

 

Cayman Islands

 

We are an exempted company incorporated in the Cayman Islands. The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of estate duty or inheritance tax. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or after execution brought within the jurisdiction of the Cayman Islands. The Cayman Islands is not party to any double tax treaties that are applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions in the Cayman Islands. In addition, the Cayman Islands does not impose withholding tax on dividend payments.

 

Singapore

 

Ten-League (E&T) and Ten-League (PES) are operating in Singapore and are subject to the Singapore tax law at the corporate tax rate at 17% on the assessable income arising in Singapore during its tax year.

 

Translations of the consolidated balance sheets, consolidated statements of operations and comprehensive income and consolidated statements of cash flows from S$ into US$ as of and for the six months ended June 30, 2025 are solely for the convenience of the reader and were calculated at the rate of US$0.7862 = S$1.00, as set forth in the statistical release of the Federal Reserve System on July 7, 2025. No representation is made that the S$ amounts could have been, or could be, converted, realized or settled into US$ at that rate on June 30, 2025, or at any other rate.

 

RELATED PARTY TRANSACTIONS

 

In the ordinary course of business, during the six months ended June 30, 2024 and 2025, the Company was involved in certain transactions, either at cost or current market prices, and on normal commercial terms with related parties.

 

The following table provides the transactions with these parties for the six months as presented:

 

    Six Months ended June 30,  
Nature of transactions   2024     2025  
    S$’000     S$’000  
Ten-League Corporations Pte. Ltd.(1)                
- Management fee charged     895       611  
- Purchase of plant and equipment     -       21  
- Purchase of spare parts     370       1,043  
-Expenses paid on behalf     -       1,878  
- Lease payments in respect of:                

Factory premises

    428       617  
                 
Sale of equipment     185       1,261  

 

Note:

 

(1) - Controlling shareholder

 

Apart from the transactions and balances detailed elsewhere in these accompanying consolidated financial statements, the Company has no other significant or material related party transactions during the years presented.

 

 

 

TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES

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

 

 

 

TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES

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.

 

 

 

TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Amount in thousands, except for share and per share data, or otherwise noted)

 

    Ordinary Shares     Additional           Total  
    No. of           paid-in     Retained     Shareholders’  
    shares**     Amount     capital     earnings     Equity  
          S$’000     S$’000     S$’000     S$’000  
                                         
Balance as of January 1, 2024     27,796,502       *       883       3,451       4,334  
Net income for the period     -       -       -       1,884       1,884  
Balance as of December 31, 2024     27,796,502       *       883       5,335       6,218  
                                         
Balance as of January 1, 2025     27,796,502       *       883       5,335       6,218  
Net income for the period     -       -       -       2,383       2,383  
Balance as of June 30, 2025     27,796,502       *       883       7,718       8,601  

 

* – 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.

 

 

 

TEN-LEAGUE INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES

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       -       -  

 

 

 

EX-99.2 3 ex99-2.htm EX-99.2

 

Exhibit 99.2

 

Ten-League International Holdings Limited Reports Unaudited Financial Results for the First Six Months of Fiscal Year 2025

 

SINGAPORE, Sept. 30, 2025 /PRNewswire/ — 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.

 

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

 

 

 

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

 

 

 

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.

 

 

 

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       -       -