SMJ International (SMJF) posts H1 2025 profit despite lower margins

Rhea-AI Filing Summary

SMJ International Holdings Inc. reported semi-annual results for the six months ended September 30, 2025, with revenue rising 8.6% to S$9.1 million (US$7.0 million) driven mainly by stronger export demand in India and Japan.

Despite higher sales, gross margin fell from 36.4% to 31.5% as export business carries lower margins, and inventory write-downs and higher administrative costs led to a S$0.5 million operating loss. A S$0.8 million gain on the sale of an investment property supported net income of S$276,426, down 24.3% from the prior period. Cash increased to S$1.6 million after receiving about S$3.4 million from the property sale, funding S$1.7 million of new investments and early repayment of S$1.1 million in short-term borrowings.

Positive

• Revenue growth and stronger liquidity: Revenue rose 8.6% to S$9.05 million, and cash increased to S$1.56 million, supported by a S$3.5 million property sale and early repayment of S$1.1 million in short-term borrowings, which reduces near-term interest exposure.

Negative

• Margin compression and weaker underlying profit: Gross margin declined from 36.4% to 31.5%, leading to a S$0.48 million operating loss, while net profit fell 24.3% to S$276,426, indicating core profitability weakened despite higher sales.

Insights

Equity analyst

Revenue grew, but margins tightened and profits relied on a property sale.

SMJ International delivered 8.6% revenue growth to S$9.05 million, helped by new overseas projects. However, export-heavy sales and a S$0.2 million inventory write-down cut gross margin to 31.5%, turning prior-period operating profit into a S$0.48 million operating loss.

Bottom-line profitability was preserved mainly through a one-off gain of about S$0.8 million from selling an investment property for S$3.5 million. The company used proceeds to boost other investments by S$1.7 million and repay S$1.1 million of short-term debt, lifting cash to S$1.56 million. Future filings may clarify whether core margins can recover without relying on asset sales.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Form 6-K: How Foreign Companies Report to the SEC →

Accepted by SEC EDGAR 03/18/2026 - 04:10 PM Learn about SEC filing dates

FAQ

How did SMJF’s revenue perform for the six months ended September 30, 2025?

SMJ International Holdings grew revenue 8.6% to S$9.05 million for the six months ended September 30, 2025. Growth was mainly driven by stronger overseas demand, especially new flooring projects in India and Japan, compared with S$8.33 million in the prior-year period.

What happened to SMJF’s gross margin and operating profit in this period?

SMJ International’s gross margin fell to 31.5% from 36.4%, reflecting lower-margin export sales and inventory write-downs. As a result, operating performance swung from a profit of S$300,185 to an operating loss of about S$479,152 for the six-month period.

How much net income did SMJF report for the six months ended September 30, 2025?

SMJ International reported net income of S$276,426 for the six months ended September 30, 2025. This was down from S$365,230 a year earlier, with the bottom line heavily supported by a one-time property sale gain of approximately S$0.8 million.

What was the impact of the investment property sale on SMJF’s results and cash?

The company sold an investment property for S$3.5 million with a carrying value of S$2.7 million, generating about S$0.8 million in gain. Cash and cash equivalents increased to S$1.56 million, even after investing roughly S$1.7 million and repaying S$1.1 million of short-term debt.

How did SMJF’s expenses change, particularly general and administrative costs?

General and administrative expenses rose by S$0.6 million, or about 28.5%, versus the prior period. The increase was driven by a roughly S$0.3 million higher allowance for credit losses and about S$0.3 million in consulting and professional fees related to ongoing IPO preparation.

What does SMJF’s balance sheet show about leverage and deferred offering costs?

Total liabilities decreased to S$10.23 million from S$11.48 million, helped by early repayment of short-term borrowings. Deferred offering costs rose to about S$871,831, reflecting legal, consulting, filing, and printing expenses tied to the company’s still-incomplete equity offering process.

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 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of March 2026

Commission File Number 001-42989

SMJ INTERNATIONAL HOLDINGS INC.

(Translation of registrant’s name into English)

31 Jurong Port Road

#02-20 Jurong Logistics Hub, Singapore 619115

(Address of principal executive offices)

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

Form 20-F ☒ Form 40-F ☐

Information Contained in this Form 6-K Report

Semi-annual Report

SMJ International Holdings Inc. (the “Company”), a Cayman Islands company, is furnishing its unaudited condensed consolidated balance sheets and unaudited condensed consolidated statements of operations and comprehensive income for the six months ended September 30, 2025, which are furnished as Exhibit 99.1 to this Report on Form 6-K.

Revenue

Revenue increased by S$0.7 million, or 8.6%, to S$9.1 million (US$7.0 million) for the six months ended September 30, 2025, compared to S$8.3 million for the corresponding period in 2024.

The growth was primarily driven by stronger demand for our products in overseas markets, particularly in India and Japan. This was mainly attributable to new projects secured from end-users such as “Symmetrics” and “non-life insurance” projects within these countries.

Cost of Revenues

Our cost of revenue primarily consists of purchasing costs of our flooring products and other direct costs associated with the sales of our flooring products, such as installation, freight and handling charges.

For the six months ended September 30, 2025, cost of revenues increased by approximately S$0.9 million, or 17.0%, to S$6.2 million (US$4.8 million), compared to S$5.3 million for the corresponding period in 2024.

The increase was mainly attributable to higher sales volume, particularly from export sales, as well as an inventory write-down of approximately S$0.2 million for slow-moving stock.

Gross Profit and Gross Profit Margin

As a result of the foregoing, gross profit for the six months ended September 30, 2025 was S$2.8 million (US$2.2 million), compared to S$3.0 million for the corresponding period in 2024. Gross profit margin decreased to 31.5% for the six months ended September 30, 2025 from 36.4% for the same period in 2024.

While revenue increased during the period, the overall gross profit margin declined primarily due to a higher proportion of export sales, which generally carry lower gross profit margins compared to local sales in Singapore. Consequently, despite higher sales volume, margin compression resulted in a moderation of overall profitability for the period.

Selling and distribution expenses

Selling and distribution expenses remained relatively consistent for the six months ended September 30, 2025, compared to the corresponding period in 2024.

General and administrative expenses

For the six months ended September 30, 2025, general and administrative expenses increased by S$0.6 million, or approximately 28.5%, compared to the corresponding period in 2024.

The increase was primarily attributable to a higher allowance for credit loss of approximately S$0.3 million, mainly due to an increase in the aging of certain accounts receivable from larger projects. Consulting and professional fees of approximately S$0.3 million incurred in connection with the Company’s ongoing IPO preparation and related advisory services.

Depreciation expenses

Depreciation expenses decreased by S$15,327 or 23.4% for the six months ended September 30, 2025, primarily due to the disposal of our investment property.

Operating lease expenses

Operating lease expenses remained relatively consistent for the six months ended September 30, 2025, compared to the corresponding period in 2024.

Loss from operations

As a result of the foregoing, income from operations decreased by S$0.8 million for the six months ended September 30, 2025, resulting in a loss from operations of S$0.5 million.

The operating loss was primarily attributable to the higher general and administrative expenses, including an additional allowance for credit loss of approximately S$0.3 million, as well as an increase in cost of revenue due to an inventory write-down of approximately S$0.2 million.

1

Other income

Other income increased by S$0.8 million for the six months ended September 30, 2025, primarily due to a gain on disposal of fixed assets of approximately S$0.8 million arising from the successful sale of our investment property to a third-party purchaser at a selling price of S$3.5 million with a carrying value of S$2.7 million.

Other loss

Other losses decreased by S$18,861 to S$10,648 for the six months ended September 30, 2025, compared to the corresponding period in 2024.

The decrease was primarily attributable to the strengthening of the Singapore dollar against the U.S. dollar during the period, which resulted in foreign exchange gains rather than losses and consequently reduced other losses.

Income tax expenses

Our income tax expenses increased by S$86,605 to S$132,385 for the six months ended September 30, 2025, primarily due to reversal of deductible temporary differences associated with the disposal of our investment property, partially offset by additional deductible temporary differences arising from the increase in allowance for credit loss.

Net profit after tax attributable to shareholder of the Company

As a result of the foregoing, net profit after tax decreased by S$88,804 or 24.3%, for the six months ended September 30, 2025, compared to the corresponding period in 2024.

Cash and Cash Equivalents

Cash and cash equivalents increased by S$0.8 million to S$1.6 million for the six months ended September 30, 2025, compared to March 31, 2025. The increase was mainly attributable to cash proceeds of approximately S$3.4 million received from the sale of an investment property during the period. However, part of the proceeds was utilized for additional investments of approximately S$1.7 million in long-term investment portfolios, as well as the early repayment of S$1.1 million short-term borrowings.

Deferred offering costs

As of September 30, 2025, the Company had not completed its Offering and deferred offering costs has increased by S$0.5 million to S$0.8 million compared to March 31, 2025. These costs primarily consist of legal fees related to registration statement drafting and counsel services, consulting fees associated with registration preparation, as well as SEC filing and printing-related expenses.

Other Investment

Other investments increased by S$1.6 million for the six months ended September 30, 2025, compared to March 31, 2025, mainly due to additional investment portfolios.

Short-term borrowings

The Company made an early repayment of approximately S$1.1 million of its short-term borrowings for the six months ended September 30, 2025 to reduce its exposure to interest rate fluctuation risks.

Item 9.01 Financial Statements and Exhibits.

EXHIBIT INDEX

Exhibit No.		Description of Exhibit
99.1		Unaudited condensed consolidated balance sheets and unaudited condensed consolidated statements of operations and comprehensive income for the six months ended September 30, 2025

2

SIGNATURES

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.

Date: March 18, 2026	SMJ International Holdings Inc.
	By:	/s/ Ho Pei Yuen Rena
		Ho Pei Yuen Rena
		Chief Executive Officer and Executive Director

3

Exhibit 99.1

SMJ INTERNATIONAL HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

		As of
		March 31, 2025				September 30, 2025				September 30, 2025
		S$				S$				US$
ASSETS
Current assets
Cash and cash equivalents			778,563				1,563,014				1,211,336
Accounts receivable, net			1,123,801				1,128,940				874,929
Inventories, net			4,654,715				3,966,772				3,074,248
Contract asset			341,146				224,329				173,855
Deferred offering costs			364,166				871,831				675,669
Other current assets			274,167				263,735				204,395
Total current assets			7,536,558				8,018,621				6,214,432
Non-current assets
Property and equipment, net			2,859,910				150,504				116,641
Right-of-use assets, net			4,543,769				4,124,521				3,196,504
Deferred tax assets			248,620				192,535				149,215
Other investments			3,962,185				5,689,625				4,409,459
Total non-current assets			11,614,484				10,157,185				7,871,819
TOTAL ASSETS			19,151,042				18,175,806				14,086,251
LIABILITIES
Current liabilities
Accounts payable			211,143				160,078				124,060
Accruals and other payables			123,376				265,914				206,083
Contract liabilities			288,203				490,897				380,445
Operating lease liabilities			866,559				904,442				700,943
Income taxes payable			36,097				38,236				29,633
Short-term borrowings			2,258,282				1,129,562				875,411
Total current liabilities			3,783,660				2,989,129				2,316,575
Non-current liabilities
Amount due to shareholders			3,700,000				3,700,000				2,867,500
Provision			317,487				317,487				246,052
Operating lease liabilities			3,677,210				3,220,079				2,495,561
Total non-current liabilities			7,694,697				7,237,566				5,609,113
TOTAL LIABILITIES			11,478,357				10,226,695				7,925,688
SHAREHOLDERS’ EQUITY
Ordinary shares, Class A, US$0.0002 par value, 225,000,000 shares authorized, 12,232,500 shares issued and outstanding as of March 31, 2024 and 2025**			3,279				3,279				2,446
Ordinary shares, Class B, US$0.0002 par value, 25,000,000 shares authorized, 12,767,500 shares issued and outstanding as of March 31, 2024 and 2025**			3,424				3,424				2,554
Additional paid in capital			3,493,297				3,493,297				2,707,500
Retained earnings			4,172,685				4,449,111				3,448,063
Total equity			7,672,685				7,949,111				6,160,563
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			19,151,042				18,175,806				14,086,251

** Retroactively presented for the reorganization for the Company’s initial public offering.

SMJ INTERNATIONAL HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

		For the period ended,
		September 30, 2024				September 30, 2025				September 30, 2025
		S$				S$				US$
Revenue			8,330,212				9,050,098				7,013,826
Cost of revenue			(5,299,326	)			(6,201,236	)			(4,805,958	)
Gross profit			3,030,886				2,848,862				2,207,868
Operating expenses:
Selling and distribution expenses			(118,671	)			(110,755	)			(85,835	)
General and administrative expenses			(2,068,462	)			(2,658,492	)			(2,060,331	)
Depreciation expenses			(65,485	)			(50,158	)			(38,872	)
Operating lease expense			(478,083	)			(508,609	)			(394,172	)
Total operating expenses			(2,730,701	)			(3,328,014	)			(2,579,210	)
Income (loss) from operations			300,185				(479,152	)			(371,342	)
Other income (expenses), net:
Other income			228,729				996,655				772,408
Other loss			(29,509	)			(10,648	)			(8,252	)
Finance expense			(88,395	)			(98,044	)			(75,984	)
Total other income net			110,825				887,963				688,172
Income before taxes			441,010				408,811				316,830
Income tax expenses			(45,780	)			(132,385	)			(102,598	)
Net income			365,230				276,426				214,232
Net income per share attributable to ordinary shareholder
Basic and diluted			0.01				0.01				0.01
Weighted average number of ordinary shares used in computing net income per share
Basic and diluted			25,000,000	*			25,000,000	*			25,000,000	*

* Retroactively presented for the reorganization for the Company’s initial public offering.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AND UNAUDITED CONDENSED CONSOLID 59.1 KB