A N N UA L REP OR T
S TAMFORD TYRES C ORPOR ATION LIMITED
01 Corporate Information 02 Letter to Shareholders 04 Board of Directors 06 Management Team 08 Business Unit Heads 09 Senior Personnel
11 Our Products
12 Our Presence
14 Financial and Operations Review
19 Financial Highlights
21 Corporate Governance
56 Directors' Statement
58
63
64
65
66
68
69
135
136
137
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144
Independent Auditor's Report
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Balance Sheets
Statements of Changes in Equity Consolidated Statement of Cash Flow Notes to the Financial Statements List of Major Properties
List of Substantial Shareholders Statistics of Shareholdings Notice of Annual General Meeting
Additional Information on Directors Seeking Re-Election
Proxy Form
CONTATBLEEOFNTSANNUAL REPORT 2025 1
CORPORATE INFORMATION
stablished in the 1930s with over 90 years of existence, Stamford Tyres has grown from a small tyre shop to a global distributor of tyres and wheels, spanning over 90 countries, with our own wheel factory. In the course of our progress, the Company weathered and overcame cyclical business fluctuations, the Asian Financial Crisis of the 90's and the Global Financial Crisis of the millennium.
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Our expertise lies in our international distribution competence, which we have expanded across the world. We also have regional retail operations as well as truck and Off-The-Road (OTR) tyre management services. We have further expanded our capabilities in the manufacturing of alloy wheels and proprietary tyre brands contract manufacturing.
The Group's international distribution network currently spans across 7 countries in Asia Pacific and Africa. Our main business activities are in the distribution of major international tyre brands - Falken, Dunlop, Continental and Kumho. We have also strengthened our product development capabilities and introduced innovative proprietary brands, Sumo Firenza tyres, Sumo Tire and SSW wheels, which are sold globally.
We operate the most extensive retail network in Singapore and Malaysia. Through our Mega Mart and Tyre Mart outlets, we offer a comprehensive range of products that include tyres, wheels, batteries and auto accessories. We also offer workshop and tyre services.
Stamford Tyres was listed on the Second Board of Singapore Stock Exchange (then known as SGX-Sesdaq) in 1991, and was upgraded to the Main Board of the Singapore Exchange Securities Trading Limited (SGX-ST) in April 2003. Today, Stamford Tyres is one of the largest tyres and wheels distributors in South East Asia.
BOARD OF DIRECTORS
REMUNERATION COMMITTEE
SHARE REGISTRAR
EXECUTIVE CHAIRMAN
Dawn Wee Wai Ying
EXECUTIVE DIRECTOR
Wee Li Ann
LEAD INDEPENDENT DIRECTOR
Caroline Wee
NON-EXECUTIVE AND
NON-INDEPENDENT DIRECTOR
Sam Chong Keen
NON-EXECUTIVE AND INDEPENDENT DIRECTORS
Christopher Tan Bian Thye Ho Fook Meng
AUDIT COMMITTEE
CHAIRMAN
Caroline Wee
MEMBERS
Sam Chong Keen Ho Fook Meng
CHAIRMAN
Caroline Wee
MEMBERS
Sam Chong Keen Ho Fook Meng
NOMINATING COMMITTEE
CHAIRMAN
Ho Fook Meng
MEMBERS
Wee Li Ann Caroline Wee
COMPANY SECRETARY
Lim Guek Hong
REGISTERED OFFICE
19 Lok Yang Way Singapore 628635
Telephone: (65) 6268 3111
Facsimile: (65) 6264 4708 / (65) 6264 0148
Email: stcl@stamfordtyres.com Website: https://www.stamfordtyres.com
Boardroom Corporate & Advisory Services Pte Ltd 1 Harbourfront Avenue #14-07 Keppel Bay Tower Singapore 098632
AUDITOR
Ernst & Young LLP One Raffles Quay North Tower, Level 18 Singapore 048583
Audit Partner: Hah Yanying (since the financial year ended
30 April 2025)
PRINCIPAL BANKER
United Overseas Bank Limited Malayan Banking Berhad
Bangkok Bank Public Company Limited The Hong Kong and Shanghai Banking
Corporation Limited
Kasikornbank Public Company Limited Standard Chartered Bank
2
LETTER TO SHAREHOLDERS
Dear Shareholders,
The past financial year has been a period of both significant milestones and evolving challenges.
My family, many in the company, and not least, myself, are still feeling the loss of our founder Mr Wee Kok Wah, who passed away in October 2024. He was a revered leader whose vision and unwavering dedication had a profound impact on the Group.
His enduring legacy continues to inspire all, and there is full commitment from all at Stamford Tyres to uphold the values he so passionately championed. I became Chairman on 1 November 2024 and, with an experienced senior management team who have been with the Group for decades, am committed to ensuring our continual success.
This 2025, the Group celebrates our 50th anniversary of Falken partnership with Sumitomo Rubber Industries (SRI), a testament to our enduring long-term collaboration and shared success in the global tyre industry. This milestone underscores our long-standing commitment to quality, service and innovation, which has been a cornerstone of our partnership. In February, SRI's President Mr S Yamamoto and his senior team, generously hosted me, Executive Director Dr Wee Li Ann, CEO Mr Conson Sia and COO Ms Clare Law to several special events in Japan to commemorate and celebrate our 50 years of partnership. One of the highlights of these celebrations was being hosted on 18 February by SRI President Mr S Yamamoto, for a traditional Japanese banquet dinner at the exquisite Yuho-En, the 19th Century Kyoto heritage estate that was owned and occupied by many generations of the family that originally founded Japan's Sumitomo Group.
The financial year just ended was marked by several challenges, with increasing competition from the Chinese tyre makers in the forefront. Despite that, the Group demonstrated strong resilience and adaptability by leveraging on its financial and sourcing advantages to generate full-year revenue of S$187.7 million in FY2025 compared to S$184.8 million last year. Gross profit margin was lower at 24.4% in FY2025 compared to 26.3% in FY2024, trimming net profit after tax in FY2025 to S$0.9 million compared to S$6.0 million in FY2024.
The Group is pleased to report progress in our ongoing efforts to enhance operational capabilities and strategically expand our market footprint. The Kapar Construction Project is proceeding as planned and will become a cornerstone of our expanded distribution and logistics network once completed. This strategic investment will not only bolster our warehousing capacity but also significantly improve our supply chain efficiency in Malaysia. This enhanced infrastructure is crucial for supporting our current operational demands and accommodating future growth projections.
I AM TRULY GRATEFUL FOR THE COLLECTIVE EFFORTS THAT DRIVE OUR ACHIEVEMENTS. A BIG THANK YOU TO OUR
"EMPLOYEES FOR THEIR HARD WORK AND PASSION, AND
TO OUR MANAGEMENT
"
AND BOARD OF DIRECTORS FOR THEIR LEADERSHIP AND GUIDANCE.
Additionally, our Makassar retread plant will be commissioned by this financial year. Once completed, it will bolster our retread capabilities in Indonesia. These investments are critical for our long-term growth and competitiveness.
Moving forward, a key strategic focus will be to strengthen and expand our proprietary brands, Sumo Firenza and SSW Wheels. These brands are integral to our heritage and offer distinct value propositions to our diverse customer base. The Group is investing in enhanced marketing, product development, and distribution channels to elevate their market presence and capture greater market share. By leveraging their established reputation for quality and performance, we aim to maximize their potential and drive higher margins.
Despite the challenging operating environment, the balance sheet of the Group remained strong. As at 30 April 2025, the cash and cash equivalents of the Group were S$27.7 million and the Group's gearing ratio was 0.65.
Despite these achievements, the global landscape presents its share of complexities. The ongoing global conflicts have introduced volatility in supply chains, commodity prices, and overall market sentiment. The Group is closely monitoring these geopolitical developments and have implemented robust strategies to mitigate potential impacts, including diversifying our sourcing and optimising inventory management. Our team has demonstrated resilience in navigating these headwinds, ensuring business continuity and stability.
Looking ahead, the Group remains committed to innovation, sustainability, and customer centricity. We are optimistic about the opportunities that lie ahead and are confident in our ability to deliver sustainable long-term value to you, our shareholders.
We have taken firm steps to rejuvenate our senior management, and elevated several long-serving Vice-Presidents to Senior Management, as part of our corporate leadership succession planning. Mr Erwin Chua, who specializes in Off-The-Road (OTR) Tyres for Mining Fleets and Total Tyre Management for Mining Operators in Indonesia, was elevated to Senior Management in July 2024. In addition, in July 2025, the Executive Committee elevated two more highly-experienced and long-serving colleagues to Senior Management: Mr Larry Lee to spearhead the Group's international distribution of Proprietary Brands and Mr Kasem Burejittinun to expand the distribution business in Thailand and to drive and expand our operations in Vietnam.
The Board of Directors has proposed a dividend of 1.0 cent per share (FY2024: 1.5 cent per share and a special dividend of 0.5 cent per share), subject to shareholders' approval at the upcoming Annual General Meeting.
I am truly grateful for the collective efforts that drive our achievements. A big thank you to our employees for their hard work and passion, and to our management and Board of Directors for their leadership and guidance. I also deeply appreciate our customers for their trust, our suppliers for their strong partnership, and our bankers and dealers for their unwavering support. A special thank you to Ms Michelle Heng, our long-time corporate secretary, who recently retired in June 2025.
Last but not the least, I would like to thank our shareholders for their constant support throughout this challenging period.
DAWN WEE WAI YING
Executive Chairman
ANNUAL REPORT 2025 3
LETTER TO SHAREHOLDERS