The group reported a revenue of $214.1 million for the FY2024, a 28.2% y-o-y decrease, attributable to a decrease in revenue from its construction business.
Rental income from investment properties decreased mainly due to the translation of contributions from the PRC at a weaker foreign exchange translation rate.
The increase in other income to $12.8 million in FY2024 from $11.7 million in FY2023 was attributed to an increase in interest income from fixed deposits and additional loans to associates, which were utilised to finance new projects.
The group’s decline in cost of construction from $278.1 million in FY2023 to $230.6 million in FY2024 was due to reduced construction works. Cost of construction for projects awarded just before or during the Covid-19 pandemic was exacerbated by the prolonged construction periods, labour shortages, and higher materials costs, overheads, utilities, logistics expenses, workers’ dormitory expenses, equipment rentals, and subcontractor costs.
See also: Creative guides for ‘similar level of operating loss’ for 2HFY2025
The group’s cash and bank balances came in at $134.6 million, and loans and bank borrowings decreased to $133.6 million for the full year.
KSH has declared a final cash dividend of 0.5 cents per ordinary share, bringing the total dividend declared for FY2024 to 1 cents per share.
Shares in KSH Holdings closed 1 cent higher or 4.348% up at 24 cents on May 30.
