Hor Kew Corporation Income Statement

Financials in millions SGD. Fiscal year is January - December.

Millions SGD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	69.89	82.87	104.79	76.46	56.81
Revenue Growth (YoY)	-15.66%	-20.91%	37.05%	34.58%	14.29%
Cost of Revenue	44.85	49.69	82.11	60.56	43.53
Gross Profit	25.04	33.18	22.68	15.9	13.28
Selling, General & Admin	15.51	11.57	12.1	11.95	9.58
Operating Expenses	14.29	19.85	16.56	15.56	12.45
Operating Income	10.75	13.34	6.12	0.34	0.83
Interest Expense	-2.14	-2.27	-2.79	-1.76	-1.01
Interest & Investment Income	0.6	0.71	0.67	0.25	0.15
Currency Exchange Gain (Loss)	-	0.39	-	-	-
Other Non Operating Income (Expenses)	4.01	3.01	2.99	2.6	2.51
EBT Excluding Unusual Items	13.22	15.17	6.99	1.44	2.48
Gain (Loss) on Sale of Assets	-	0.52	0.04	0.82	0.1
Asset Writedown	0.36	0.32	0.55	0.22	0.56
Other Unusual Items	-	-	-	0.33	0.82
Pretax Income	13.59	16	7.58	2.81	3.96
Income Tax Expense	4.38	2.28	0.17	1.09	-0.06
Net Income	9.21	13.72	7.41	1.72	4.02
Net Income to Common	9.21	13.72	7.41	1.72	4.02
Net Income Growth	-32.89%	85.13%	330.68%	-57.21%	1111.45%
Shares Outstanding (Basic)	52	52	52	52	52
Shares Outstanding (Diluted)	52	52	52	52	52
Shares Change (YoY)	-0.02%	-	-	-	-
EPS (Basic)	0.18	0.26	0.14	0.03	0.08
EPS (Diluted)	0.18	0.26	0.14	0.03	0.08
EPS Growth	-32.88%	85.13%	330.69%	-57.18%	1110.77%
Free Cash Flow	-42.9	19.2	12.85	2.18	6.15
Free Cash Flow Per Share	-0.82	0.37	0.25	0.04	0.12
Dividend Per Share	0.015	0.030	-	-	-
Dividend Growth	-50.00%	-	-	-	-
Gross Margin	35.83%	40.04%	21.64%	20.79%	23.37%
Operating Margin	15.38%	16.09%	5.84%	0.45%	1.47%
Profit Margin	13.18%	16.56%	7.07%	2.25%	7.08%
Free Cash Flow Margin	-61.39%	23.17%	12.27%	2.85%	10.82%
EBITDA	18.55	17.34	12.4	6.59	6.64
EBITDA Margin	26.54%	20.93%	11.83%	8.62%	11.69%
D&A For EBITDA	7.8	4.01	6.28	6.25	5.81
EBIT	10.75	13.34	6.12	0.34	0.83
EBIT Margin	15.38%	16.09%	5.84%	0.45%	1.47%
Effective Tax Rate	32.21%	14.23%	2.23%	38.84%	-

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.