Vin’s Holdings posts S$1.7 million H2 net profit in turnaround

[SINGAPORE] Catalist-listed automotive dealer Vin’s Holdings reported on Friday (Feb 27) a net profit of S$1.7 million for the second half ended Dec 31, 2025. This marked a turnaround from a net loss of S$535,000 in the corresponding period the year before.

This came despite a 3.8 per cent decline in H2 revenue to S$53.1 million, down from S$55.2 million in the year-ago period. The return to profitability for the half-year was buoyed by stronger margins, as gross profit surged 34.3 per cent to S$8.7 million.

Earnings per share for the half-year stood at S$0.0127, compared to a loss per share of S$0.0055 previously.

For the full year, however, the group’s net profit plunged 76.2 per cent to S$484,000, from S$2.04 million in FY2024. Full-year revenue fell 6.2 per cent to S$102 million, from S$108.7 million.

The top-line decline was mainly due to lower sales across its car sales, financing, and rental segments, though this was partially offset by higher revenue in its automobile after-sales segment.

Car sales revenue, the group’s largest contributor, fell 7.4 per cent to S$80.9 million, driven by a sharp decline in dealer floor stock sales and a slight drop in pre-owned car sales.

The sharp drop in full-year earnings was heavily weighed down by a 29.1 per cent jump in administrative expenses to S$11.1 million. This was primarily driven by S$1.1 million in one-off listing expenses related to its SGX Catalist debut in April 2025, alongside higher staff costs due to an increased headcount.

Excluding the one-off listing expenses, the group said it would have recorded a profit before tax of approximately S$1.9 million for the year.

An increase in net allowance for expected credit losses also dragged on profitability, rising 36.7 per cent to S$1.1 million due to specific provisions made on certain loan exposures.

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No dividend was declared for FY2025, as the group intends to retain its earnings for capital expenditure and working capital requirements.

It expects the operating landscape to stay competitive, noting that heightened competition has increased pressure on vehicle pricing and margins. Nevertheless, management remains cautiously optimistic, citing industry tailwinds such as an anticipated increase in certificate of entitlement supply and rising consumer acceptance of electrified vehicles.

Its counter ended Friday unchanged at S$0.265 before the results were released.