KSH Holdings Limited swung back to the black in the year ended 31 March 2026, posting net profit attributable to owners of S$6.8 million compared with a S$5.9 million loss a year earlier. Management attributed the turnaround mainly to improved gross margins in its core construction business, even as top-line contribution fell after several projects reached completion in the first half of the year.
The group’s revenue slipped 17.4% year-on-year (YoY) to S$149.9 million. Fully diluted earnings per share recovered to 1.20 Singapore cents from a loss per share of 1.04 cents in FY2025. KSH declared a final cash dividend of 1.00 Singapore cent per share, lifting total FY2026 payout to 1.50 cents; no payment date was disclosed.
Construction revenue eased in line with project completions, driving a 42.3 million Singapore-dollar reduction in construction costs to S$120.3 million. Nonetheless, tighter cost control helped lift gross profit margin. Finance costs declined by S$2.2 million to S$2.9 million on lower borrowing expenses. The order book stood at about S$965.0 million at end-March, providing visibility through FY2029. In property development, the group’s four Singapore joint-venture projects—The Arcady at Boon Keng, One Sophia/The Collective, Sora and Bagnall Haus—logged steady sales, while the share of unrecognised attributable revenue from sold units totalled roughly S$187.0 million. Cash and equivalents were S$145.2 million, and the gearing ratio was 0.34 times.
Losses from associates and joint ventures weighed on performance, reflecting timing mismatches: expenses related to several Singapore projects were booked immediately, whereas revenue recognition remains limited pending construction progress. A S$7.4 million fair-value loss on investment properties also pushed other operating expenses up to S$12.2 million.
Strategically, KSH is deepening its exposure to industrial development through three joint ventures—Gate+ at Tukang Innovative Drive (Plot A), Tukang Innovative Drive (Plot B) and Thomson Gem at Upper Thomson Road—while maintaining a selective stance on new construction tenders. The company continues to build its presence in China, where the Gaobeidian projects Zhong Xin Yue Lang and Zhong Xin Yue Shang have achieved sales rates of 86% and 98% respectively for completed phases. Management also plans to enhance returns from its investment property portfolio.
Executive chairman and managing director Choo Chee Onn said the return to profitability was sustained by disciplined execution and a “strong” order book. He noted that the group is focused on prudent capital management and cost control to mitigate risks from elevated construction costs and geopolitical uncertainties. Choo added that the pipeline of domestic public-sector works and resilient private-housing demand should underpin medium-term growth, while industrial development offers an additional earnings stream.
Looking ahead, the company expects Singapore’s construction demand to hold steady at S$47 billion to S$53 billion in 2026, supported by public infrastructure and housing projects. Although the Monetary Authority of Singapore has flagged slower GDP growth and lingering inflationary pressures, KSH said it remains “cautiously optimistic” and will prioritise timely project delivery and balance-sheet strength to support sustainable shareholder returns.