KSH Holdings Limited swung to a net profit attributable to shareholders of S$5.3 million for the half-year ended Sept 30, 2025, reversing a loss of S$6.5 million a year earlier, as higher work progress on ongoing projects lifted construction revenue and margins.
Earnings per share came in at 0.92 Singapore cent, compared with a loss per share of 1.17 cents in the prior-year period. The board declared an interim tax-exempt dividend of 0.50 Singapore cent a share, unchanged from the preceding year; the payment date and books-closure details will be announced later.
Group revenue rose 19.7 per cent year-on-year (YoY) to S$63.1 million. Construction revenue increased 22.1 per cent to S$61.1 million, offsetting a 24.3 per cent decline in rental income from investment properties to S$2.1 million, which was dampened by a weaker Chinese yuan.
By segment, pre-tax earnings turned around sharply in construction, climbing to S$8.2 million from S$0.7 million a year earlier. Property investment contributed S$1.1 million, up from S$0.9 million, while the property development division narrowed its loss to S$2.7 million from S$7.8 million. Corporate and other activities recorded a pre-tax profit of S$1.0 million versus a loss of S$0.3 million.
Cost of construction increased 5.6 per cent to S$47.7 million, broadly in line with the uptick in project activity, while finance costs fell 42.3 per cent to S$1.5 million on lower gearing and reduced borrowing costs. Share of losses from associates and joint ventures shrank to S$1.8 million from S$8.1 million, as initial expenditures on Singapore residential projects moderated.
The group closed the period with S$114.5 million in cash, fixed and structured deposits, versus S$123.1 million at end-March, after extending shareholder loans to associates and joint ventures and repaying bank borrowings. Gearing improved to 0.20 times from 0.22 times. Its construction order book exceeded S$500 million as at Nov 13, 2025.
Looking ahead, management noted in its outlook statement that Singapore’s construction sector remains supported by public- and private-sector demand, while the group’s four residential joint ventures—The Arcady at Boon Keng, The Collective at One Sophia, Sora at Yuan Ching Road and Bagnall Haus—have achieved “satisfactory” sales and commenced construction. Based on options signed to date, KSH’s equity share of unrecognised attributable revenue from these projects totals about S$168 million, to be booked progressively under the percentage-of-completion method.
The company added that occupancy and rental rates at its investment properties and hotels remain stable, though it will stay prudent amid macroeconomic uncertainties and a challenging Chinese property market. Cash resources and low leverage, it said, position the group to seize new opportunities over the next 12 months.