Skylink Holdings is a commercial vehicle mobility solutions provider that provides SMEs with access to a broad range of over 1,300 commercial vehicles, one of the largest fleets in Singapore. Commercial Vehicle Leasing was the largest contributor with 74% of Group revenue.
They also provide hire-purchase financing and refinancing solutions through their Credit arm, plus a full suite of workshop services, including maintenance, repair and overhaul (MRO), and body customisation via their Engineering arm.
Established in 2017, Skylink made its SGX Catalist debut on 17 September 2025.
#1 How Does Skylink Differentiate Itself In The Commercial Vehicle Leasing Space?
Our differentiation comes from the breadth and integration of our commercial vehicle platform, which combines commercial vehicle leasing, hire-purchase financing, and in-house engineering under one ecosystem.
Leasing creates recurring customer relationships and an income-producing asset base. Credit supports customers that prefer to purchase or refinance vehicles, while Engineering supports maintenance, vehicle uptime, customisation and lifecycle management. This combination also creates cross-selling opportunities and supports customer retention.
#2 Skylink has delivered strong revenue growth in recent years. What Were The Key Drivers Of This Growth?
FY2026 revenue increased 34.1% year-on-year to $35.36 million, while gross profit rose 45.9% to S$9.91 million. The main growth drivers were Commercial Vehicle Leasing and Engineering.
Commercial Vehicle Leasing revenue increased 37.8% to $26.05 million, supported by a larger income-producing fleet, higher utilisation and more long-term leasing contracts. Engineering revenue increased 54.3% to $5.71 million, driven by higher MRO and body customisation activity, expanded capabilities and new customers.
As one of Singapore’s largest commercial vehicle leasing companies, our scale and established market position provide a strong platform to pursue attractive consolidation opportunities and higher-value specialised fleets. In August 2026, we invested more than $3.0 million in a new cold-chain logistics fleet and secured our first 3-year leasing contract, worth more than $2.2 million. We also continue to evaluate opportunities across Credit and Engineering to broaden our capabilities and earnings base.
We believe the Group has several avenues for further growth, including selective fleet expansion, specialised commercial vehicles, third-party Engineering customers, and suitable acquisitions via market consolidation.
#3 What Impact Would A Change In Interest Rates Have On The Group’s Businesses, And How Is It Managing This Risk?
Interest rates are an inherent part of our integrated business model. We use financing such as hire-purchase borrowings to support our commercial vehicle fleet, and block discounting facilities to fund hire-purchase loans extended to customers. Changes in rates can therefore affect funding costs and the economics of new fleet investments and financing transactions.
Our approach is to manage the spread between the returns generated from our assets and the cost of funding at the inception stage. We also diversify our funding sources across equity capital, term loans, hire-purchase financing and block discounting facilities, and seek competitive financing terms when deploying capital.
Interest-rate and liquidity exposures are also monitored through the Group’s financial-risk framework, including exposure limits, ongoing monitoring and hedging strategies where appropriate. Our objective is to maintain funding flexibility and price leasing and financing activities appropriately, so that we can continue generating sustainable risk-adjusted returns across different interest-rate environments.
Our loan book has grown significantly from $24.16 million in FY2023 to $66.24 million in FY2026. Key drivers include demand for vehicle financing from our customer base, access to asset-backed funding and block discounting facilities, and our ability to originate new loans through the broader Skylink ecosystem. We remain focused on growing the loan book selectively, particularly where risk-adjusted yields are attractive.
Credit discipline remains critical. Hire purchase loans are secured by the underlying motor vehicles, while financing quantum is assessed based on factors including the customer’s credit profile, percentage of purchase price financed, loan tenure and repayment terms. We also benchmark financing terms against comparable market transactions to maintain prudent underwriting standards.
In FY2026, the non-performing loan ratio was below 0.5%, and the delinquency ratio was below 2%. Early settlements can reduce interest income, and the funds received from such early settlements can be redeployed into new loans. Therefore, we focus on selective loan origination and higher-yielding loans while maintaining disciplined underwriting standards.
#4 What Is Skylink’s Value Proposition For Shareholders And Potential Investors? What Do You Think Investors Have Overlooked?
We believe Skylink’s value proposition rests on three key areas: recurring earnings, an integrated growth platform, and disciplined execution.
In FY2026, Commercial Vehicle Leasing contributed about 74% of Group revenue, while around 91.1% of active leasing contracts carried minimum commitments of one year or longer. The Group generated $12.89 million of net operating cash flow, while adjusted net profit attributable to shareholders increased 61.1% to $4.42 million, excluding the one-off reverse takeover (RTO) listing expenses and non-cash RTO accounting effects. The balance sheet was also strengthened following the RTO and placement, with total assets of S$129.81 million and equity of $16.98 million as at 31 March 2026.
We believe investors may not fully recognise that Skylink is building more than a vehicle fleet. It is developing an integrated platform that can generate income at several points in a commercial vehicle’s working life.
As Commercial Vehicle Leasing, Credit and Engineering scale together, the same customer relationships and asset base can support multiple revenue streams, strengthen customer retention and create greater operating leverage. This self-reinforcing mobility ecosystem provides Skylink with multiple avenues for sustainable growth and longer-term shareholder value creation.
#5 What Is The Group’s Biggest Risk Or Challenge That Shareholders Should Be Most Concerned About?
As we continue to scale, one of our key challenges will be maintaining disciplined growth while managing funding, fleet, and credit risks. Returns may be affected by factors such as fleet utilisation, vehicle residual values, COE prices, financing conditions, customer demand and evolving regulatory requirements.
The Board and Audit and Risk Committee actively monitor these risks. As at 31 March 2026, approximately 91.1% of active leasing contracts carried minimum commitments of at least one year, while our Credit business maintained a non-performing loan ratio of below 0.5% and a delinquency ratio of below 2%. We also actively manage fleet residual-value risk through regular maintenance, monitoring of COE and used-vehicle market conditions, periodic fleet replacement, and timely vehicle disposals where appropriate.
Our focus over the next few years is therefore not simply to grow the fleet or loan book as quickly as possible, but to ensure that growth is supported by customer demand, appropriate funding, disciplined underwriting and acceptable risk-adjusted returns, while maintaining financial flexibility and asset quality.
Editor’s Note: Some answers for this article were extracted from the SGX 10 in 10 series published on 29 September 2026 and republished with permission. You can read more about Skylink Holdings (SGX:XZB) on the SGX website.
You can also read other featured companies from SGX’s 10 in 10 series on the DollarsAndSense website.
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