Company Update: 24 November 2025
Amass War Chest To Expand Regional Footprint
- Dual listing on SGX Catalist. Infinity Development Holdings launched an all-placement IPO of 35.1mn shares at S$0.39, raising S$13.7mn to list its existing and new shares on the Singapore Exchange Catalist Board, enabling dual trading on HKEX and SGX-ST. Trading on SGX-ST will commence on 3 December 2025.
Financial Highlights and Analysis
For FY24 ended 30 September, Infinity reported revenue of S$126.4 million, up 9% YoY, with a gross margin of 37.7% and net margin of 13.6%. For 1H25, revenue reached S$71.2 million, maintaining a strong gross margin of 37.5% and net margin of 13.8%. Net profit rose to S$17.2 million in FY24 from S$11.6 million in FY23, reflecting improved cost control and operational efficiency. EBIT margin expanded to 16.9% from 12.5% over the same period.
The Group maintained a current ratio of 2.9 and gearing of 7.4%, demonstrating strong liquidity and low leverage. Infinity has declared annual dividends for twelve consecutive years since 2012, reflecting stable cash generation and shareholder commitment. Adhesives remain the largest revenue contributor making up 67% of FY24 sales, followed by 11% from primers, 13% from hardeners, and 8.7% from others.
Outlook
Global footwear export and production trends support industry expansion. The global footwear industry demonstrated steady recovery and expansion in 2024, supported by renewed export growth and rising production volumes. According to the World Footwear Yearbook, worldwide footwear production rose 6.9% YoY to reach 23.9 billion pairs, with Asia accounting for 88% of total output. China remained the world’s largest producer with 13 billion pairs, 54% of global production, followed by 12.5% from India and 6.5% from Vietnam, highlighting Asia’s continued dominance in the global supply chain.
Exports also strengthened, with total footwear export volumes rising 4.6% in 2024 versus 2023, signalling a gradual trade recovery. The top ten exporters accounted for 88.1% of total shipments, led by China, Vietnam and Indonesia. In aggregate, Asia’s share of global exports reached 85.1%, underscoring the region’s structural importance. Despite a slight decline in average export prices to US$11.47 per pair, the first drop in a decade, the shift towards higher-value and sustainable products continues.
The company’s geographic alignment with these production hubs allows it to directly benefit from rising output and growing sustainability standards in global footwear supply chains.
Growth Strategy
- Regional Manufacturing Expansion. Continued growth through facility investments in Indonesia and India to enhance production efficiency and customer proximity.
- Customer Integration. Reinforcing long-term partnerships with existing prestige customers, some spanning over 30 years.
- R&D Innovation. Collaborations with global chemical leaders to develop next-generation water-based and low-VOC adhesives.
- ESG Leadership. Focus on sustainable product lines that align with global footwear brands’ environmental requirements.
- OEM Diversification. Expansion of custom formulation and contract manufacturing services to broaden revenue base.
Key Risks
- Customer concentration risk with top five customers contributing about 44% of revenue
- Raw material cost fluctuations and currency risks
- Project execution delays in Indonesia or India
- Regulatory and ESG compliance costs.
