KSH Holdings’ $315 mil order book to contribute from FY2026 to FY2027: CGSI

In the FY2025 ended March, KSH’s net loss narrowed to $5.9 million from $31.0 million in the FY2024.

Tng writes in his Oct 1 non-rated report: “KSH derives its revenue mainly from the construction sector. As its property development and property investment businesses are held mainly via joint-ventures (JV), their financial performance is recognised via share of associates/JVs profit.”

In the FY2025, losses from KSH’s property development and business amounted to $13.0 million. The increased losses from FY2024’s $5.0 million loss were mainly attributable to the property development projects undertaken by associates and JVs.

“Significant pre-launch, financing, marketing, and operating expenses were fully recognised during the year, while revenue recognition was limited under the percentage-of-completion method, as construction had either not commenced or remained at an early stage as at end-FY2025,” adds Tng.

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Meanwhile, according to the group’s FY2025 annual report, its construction business turned around in the FY2025 with a net profit of $7.8 million versus a net loss of $22.3 million in the FY2024.

Looking forward, KSH remains positive on its outlook for the construction industry in Singapore. The group on Aug 22 announced that its construction order book had increased to $315 million, with it actively working on several tenders to further increase its order book. The group’s management also guided that this order book is expected to contribute to the group’s financial results over FY2026 to FY2027.

On Aug 21, KSH announced that it had successfully completed the sale of 28.9 million treasury shares at 30.5 cents per share to institutional and individual investors.

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Tng writes: “KSH has earmarked the net proceeds of $8.7 million for working capital usage. With the placement of the treasury shares, the four major shareholders of KSH hold a combined 58.7% stake in KSH as at Aug 22.”

Prior to the mid-day break, shares in KSH Holdings were trading flat at 37 cents.