Annual Report 2025
Auditor’s opinion: a true and fair view. Read auditor’s report (PDF p. 55)
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended31December2025 | 2024Group / year ended31December2024 | Source |
|---|---|---|---|
| Group comprehensive income | |||
| RevenueSingapore dollars thousands | 245,912 | 148,973 | PDF p. 59 |
| Cost of salesSingapore dollars thousands | (216,728) | (142,823) | PDF p. 59 |
| Gross profitSingapore dollars thousands | 29,184 | 6,150 | PDF p. 59 |
| Other incomeSingapore dollars thousands | 1,060 | 1,102 | PDF p. 59 |
| Other (losses)/gains – netSingapore dollars thousands | (2,376) | 1,014 | PDF p. 59 |
| Expenses | |||
| – Selling and distribution – Write-back of/(allowance for) impairment of trade receivables and contract assetsSingapore dollars thousands | 152 | (877) | PDF p. 59 |
| – OthersSingapore dollars thousands | (712) | (81) | PDF p. 59 |
| – AdministrativeSingapore dollars thousands | (12,367) | (15,786) | PDF p. 59 |
| – FinanceSingapore dollars thousands | (1,742) | (2,800) | PDF p. 59 |
| Share of loss of associated companiesSingapore dollars thousands | (16) | (117) | PDF p. 59 |
| Profit/(loss) before income taxSingapore dollars thousands | 13,183 | (11,395) | PDF p. 59 |
| Income tax expenseSingapore dollars thousands | (3,282) | (2,900) | PDF p. 59 |
| Profit/(loss) after income taxSingapore dollars thousands | 9,901 | (14,295) | PDF p. 59 |
| Profit/(loss) attributable to: | |||
| Equity holders of the CompanySingapore dollars thousands | 6,786 | (17,051) | PDF p. 59 |
| Non-controlling interestsSingapore dollars thousands | 3,115 | 2,756 | PDF p. 59 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 9,901 | (14,295) | PDF p. 59 |
| of the Company: | |||
| – Basic earnings/(loss) per share (in cent)Singapore cents per share | 0.24 | (0.61) | PDF p. 59 |
| – Diluted earnings/(loss) per share (in cent)Singapore cents per share | 0.24 | (0.60) | PDF p. 59 |
| Profit/(loss) after income taxSingapore dollars thousands | 9,901 | (14,295) | PDF p. 59 |
| Items that may be reclassified subsequently to profit or loss: | |||
| Currency translation differences arising from consolidationSingapore dollars thousands | 611 | 652 | PDF p. 59 |
| Fair value gain on debt financial asset, at FVOCISingapore dollars thousands | 509 | – | PDF p. 59 |
| Items that will not be reclassified subsequently to profit or loss: | |||
| Currency translation differences arising from consolidationSingapore dollars thousands | 271 | 250 | PDF p. 59 |
| Other comprehensive income, net of taxSingapore dollars thousands | 1,391 | 902 | PDF p. 59 |
| Total comprehensive income/(loss)Singapore dollars thousands | 11,292 | (13,393) | PDF p. 59 |
| Total comprehensive income/(loss) attributable to: | |||
| Equity holders of the CompanySingapore dollars thousands | 7,906 | (16,399) | PDF p. 59 |
| Non-controlling interestsSingapore dollars thousands | 3,386 | 3,006 | PDF p. 59 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 11,292 | (13,393) | PDF p. 59 |
Original report: PDF p. 59 ↗
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / as at31December2025 | 2024Group / as at31December2024 | Source |
|---|---|---|---|
| Current assets | |||
| Cash and bank balancesSingapore dollars thousands | 71,777 | 58,605 | PDF p. 60 |
| Trade and other receivablesSingapore dollars thousands | 53,459 | 51,920 | PDF p. 60 |
| Contract assetsSingapore dollars thousands | 81,211 | 63,409 | PDF p. 60 |
| InventoriesSingapore dollars thousands | 217 | 283 | PDF p. 60 |
| Financial assets, at FVOCISingapore dollars thousands | – | 348 | PDF p. 60 |
| Other current assetsSingapore dollars thousands | 4,940 | 4,440 | PDF p. 60 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 211,604 | 179,005 | PDF p. 60 |
| Non-current assets | |||
| Trade and other receivablesSingapore dollars thousands | 1,843 | 5,900 | PDF p. 60 |
| Contract assetsSingapore dollars thousands | 62,641 | 38,331 | PDF p. 60 |
| Investments in associated companiesSingapore dollars thousands | – | 956 | PDF p. 60 |
| Investments in subsidiariesSingapore dollars thousands | – | – | PDF p. 60 |
| Property, plant and equipmentSingapore dollars thousands | 32,309 | 31,546 | PDF p. 60 |
| GoodwillSingapore dollars thousands | 6,857 | 6,857 | PDF p. 60 |
| Deferred tax assetsSingapore dollars thousands | 780 | 134 | PDF p. 60 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 104,430 | 83,724 | PDF p. 60 |
| Total assetsSingapore dollars thousands | 316,034 | 262,729 | PDF p. 60 |
| Current liabilities | |||
| Trade and other payablesSingapore dollars thousands | 87,082 | 53,489 | PDF p. 60 |
| Current income tax liabilitiesSingapore dollars thousands | 1,454 | 1,211 | PDF p. 60 |
| Contract liabilitiesSingapore dollars thousands | 34,400 | 23,141 | PDF p. 60 |
| Bank borrowings and lease liabilitiesSingapore dollars thousands | 49,895 | 55,134 | PDF p. 60 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 172,831 | 132,975 | PDF p. 60 |
| Non-current liabilities | |||
| Trade and other payablesSingapore dollars thousands | 9,681 | 7,374 | PDF p. 60 |
| Bank borrowings and lease liabilitiesSingapore dollars thousands | 2,821 | 1,470 | PDF p. 60 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 12,502 | 8,844 | PDF p. 60 |
| Total liabilitiesSingapore dollars thousands | 185,333 | 141,819 | PDF p. 60 |
| NET ASSETSSingapore dollars thousands | 130,701 | 120,910 | PDF p. 60 |
| Capital and reserves attributable to | |||
| Share capitalSingapore dollars thousands | 136,678 | 136,674 | PDF p. 60 |
| Currency translation reserveSingapore dollars thousands | (2,143) | (2,754) | PDF p. 60 |
| Other reservesSingapore dollars thousands | 11 | (946) | PDF p. 60 |
| (Accumulated losses)/retained profitsSingapore dollars thousands | (14,090) | (20,426) | PDF p. 60 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 120,456 | 112,548 | PDF p. 60 |
| Non-controlling interestsSingapore dollars thousands | 10,245 | 8,362 | PDF p. 60 |
| Total equitySingapore dollars thousands | 130,701 | 120,910 | PDF p. 60 |
Original report: PDF p. 60 ↗
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company / as at31December2025 | 2024Company / as at31December2024 | Source |
|---|---|---|---|
| Current assets | |||
| Cash and bank balancesSingapore dollars thousands | 37 | 120 | PDF p. 60 |
| Trade and other receivablesSingapore dollars thousands | 6,708 | 20,780 | PDF p. 60 |
| Contract assetsSingapore dollars thousands | – | – | PDF p. 60 |
| InventoriesSingapore dollars thousands | – | – | PDF p. 60 |
| Financial assets, at FVOCISingapore dollars thousands | – | – | PDF p. 60 |
| Other current assetsSingapore dollars thousands | – | – | PDF p. 60 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 6,745 | 20,900 | PDF p. 60 |
| Non-current assets | |||
| Trade and other receivablesSingapore dollars thousands | 29,100 | 11,000 | PDF p. 60 |
| Contract assetsSingapore dollars thousands | – | – | PDF p. 60 |
| Investments in associated companiesSingapore dollars thousands | – | 640 | PDF p. 60 |
| Investments in subsidiariesSingapore dollars thousands | 109,535 | 109,535 | PDF p. 60 |
| Property, plant and equipmentSingapore dollars thousands | – | – | PDF p. 60 |
| GoodwillSingapore dollars thousands | – | – | PDF p. 60 |
| Deferred tax assetsSingapore dollars thousands | – | – | PDF p. 60 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 138,635 | 121,175 | PDF p. 60 |
| Total assetsSingapore dollars thousands | 145,380 | 142,075 | PDF p. 60 |
| Current liabilities | |||
| Trade and other payablesSingapore dollars thousands | 2,708 | 2,577 | PDF p. 60 |
| Current income tax liabilitiesSingapore dollars thousands | – | – | PDF p. 60 |
| Contract liabilitiesSingapore dollars thousands | – | – | PDF p. 60 |
| Bank borrowings and lease liabilitiesSingapore dollars thousands | – | – | PDF p. 60 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 2,708 | 2,577 | PDF p. 60 |
| Non-current liabilities | |||
| Trade and other payablesSingapore dollars thousands | – | – | PDF p. 60 |
| Bank borrowings and lease liabilitiesSingapore dollars thousands | – | – | PDF p. 60 |
| Subtotal (unlabelled in original)Singapore dollars thousands | – | – | PDF p. 60 |
| Total liabilitiesSingapore dollars thousands | 2,708 | 2,577 | PDF p. 60 |
| NET ASSETSSingapore dollars thousands | 142,672 | 139,498 | PDF p. 60 |
| Capital and reserves attributable to | |||
| Share capitalSingapore dollars thousands | 136,678 | 136,674 | PDF p. 60 |
| Currency translation reserveSingapore dollars thousands | – | – | PDF p. 60 |
| Other reservesSingapore dollars thousands | 11 | 13 | PDF p. 60 |
| (Accumulated losses)/retained profitsSingapore dollars thousands | 5,983 | 2,811 | PDF p. 60 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 142,672 | 139,498 | PDF p. 60 |
| Non-controlling interestsSingapore dollars thousands | – | – | PDF p. 60 |
| Total equitySingapore dollars thousands | 142,672 | 139,498 | PDF p. 60 |
Original report: PDF p. 60 ↗
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / Share capital | 2025Group / Currency translation reserve | 2025Group / Other reserves | 2025Group / (Accumulated losses)/retained profits | 2025Group / Attributable to equity holders of the Company | 2025Group / Non-controlling interests | 2025Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| Group changes in equity / 2025 | ||||||||
| Balance at 1 January 2025Singapore dollars thousands | 136,674 | (2,754) | (946) | (20,426) | 112,548 | 8,362 | 120,910 | PDF p. 61 |
| Profit for the financial yearSingapore dollars thousands | – | – | – | 6,786 | 6,786 | 3,115 | 9,901 | PDF p. 61 |
| Other comprehensive income for the financial yearSingapore dollars thousands | – | 611 | 509 | – | 1,120 | 271 | 1,391 | PDF p. 61 |
| Total comprehensive income for the financial yearSingapore dollars thousands | – | 611 | 509 | 6,786 | 7,906 | 3,386 | 11,292 | PDF p. 61 |
| Share based payment pursuant to Performance Share Plan 24(a)(ii)Singapore dollars thousands | 4 | – | (2) | – | 2 | – | 2 | PDF p. 61 |
| Dividends paidSingapore dollars thousands | – | – | – | – | – | (1,503) | (1,503) | PDF p. 61 |
| Total transactions with owners, recognised directly in equitySingapore dollars thousands | 4 | – | (2) | – | 2 | (1,503) | (1,501) | PDF p. 61 |
| Transfer of fair value loss on derecognised financial assets, at FVOCISingapore dollars thousands | – | – | 450 | (450) | – | – | – | PDF p. 61 |
| Balance at 31 December 2025Singapore dollars thousands | 136,678 | (2,143) | 11 | (14,090) | 120,456 | 10,245 | 130,701 | PDF p. 61 |
Original report: PDF p. 61 ↗
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / Share capital | 2024Group / Currency translation reserve | 2024Group / Other reserves | 2024Group / (Accumulated losses)/retained profits | 2024Group / Attributable to equity holders of the Company | 2024Group / Non-controlling interests | 2024Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| Group changes in equity / 2024 | ||||||||
| Balance at 1 January 2024Singapore dollars thousands | 136,671 | (3,406) | (943) | (3,375) | 128,947 | 6,495 | 135,442 | PDF p. 61 |
| (Loss)/profit for the financial yearSingapore dollars thousands | – | – | – | (17,051) | (17,051) | 2,756 | (14,295) | PDF p. 61 |
| Other comprehensive income for the financial yearSingapore dollars thousands | – | 652 | – | – | 652 | 250 | 902 | PDF p. 61 |
| Total comprehensive loss for the financial yearSingapore dollars thousands | – | 652 | – | (17,051) | (16,399) | 3,006 | (13,393) | PDF p. 61 |
| Share based payment pursuant to Performance Share Plan 24(a)(ii)Singapore dollars thousands | 3 | – | (3) | – | – | – | – | PDF p. 61 |
| Dividends paidSingapore dollars thousands | – | – | – | – | – | (1,139) | (1,139) | PDF p. 61 |
| Total transactions with owners, recognised directly in equitySingapore dollars thousands | 3 | – | (3) | – | – | (1,139) | (1,139) | PDF p. 61 |
| Balance at 31 December 2024Singapore dollars thousands | 136,674 | (2,754) | (946) | (20,426) | 112,548 | 8,362 | 120,910 | PDF p. 61 |
Original report: PDF p. 61 ↗
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended31December2025 | 2024Group / year ended31December2024 | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit/(loss) after income taxSingapore dollars thousands | 9,901 | (14,295) | PDF p. 62 |
| Adjustments for: | |||
| – Income tax expenseSingapore dollars thousands | 3,282 | 2,900 | PDF p. 62 |
| – Depreciation of property, plant and equipmentSingapore dollars thousands | 5,211 | 4,941 | PDF p. 62 |
| – Gain on disposal of property, plant and equipmentSingapore dollars thousands | (328) | (218) | PDF p. 62 |
| – Loss on disposal of associated companiesSingapore dollars thousands | 209 | – | PDF p. 62 |
| – Share of loss of associated companiesSingapore dollars thousands | 16 | 117 | PDF p. 62 |
| – Interest expenseSingapore dollars thousands | 1,742 | 2,800 | PDF p. 62 |
| – Interest incomeSingapore dollars thousands | (1,039) | (1,078) | PDF p. 62 |
| – Unrealised translation loss/(gain)Singapore dollars thousands | 605 | (504) | PDF p. 62 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 19,599 | (5,337) | PDF p. 62 |
| Changes in working capital: | |||
| – Trade and other receivablesSingapore dollars thousands | 2,487 | (17,488) | PDF p. 62 |
| – InventoriesSingapore dollars thousands | 66 | (119) | PDF p. 62 |
| – Contract assets and liabilitiesSingapore dollars thousands | (30,853) | 18,474 | PDF p. 62 |
| – Other current assetsSingapore dollars thousands | (500) | 7 | PDF p. 62 |
| – Trade and other payablesSingapore dollars thousands | 35,903 | (7,090) | PDF p. 62 |
| Cash generated from/(used in) operationsSingapore dollars thousands | 26,702 | (11,553) | PDF p. 62 |
| Income tax paidSingapore dollars thousands | (3,718) | (2,179) | PDF p. 62 |
| Net cash provided by/(used in) operating activitiesSingapore dollars thousands | 22,984 | (13,732) | PDF p. 62 |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipmentSingapore dollars thousands | (1,485) | (529) | PDF p. 62 |
| Proceeds from disposal of property, plant and equipmentSingapore dollars thousands | 328 | 244 | PDF p. 62 |
| Proceeds from redemption of financial assets, at FVOCISingapore dollars thousands | 857 | 9 | PDF p. 62 |
| Proceed from disposal of an associated companySingapore dollars thousands | 331 | – | PDF p. 62 |
| Dividend received from associated companySingapore dollars thousands | 400 | – | PDF p. 62 |
| Interest receivedSingapore dollars thousands | 1,039 | 1,078 | PDF p. 62 |
| Net cash provided by investing activitiesSingapore dollars thousands | 1,470 | 802 | PDF p. 62 |
| Cash flows from financing activities | |||
| Proceeds from bank borrowingsSingapore dollars thousands | 50,150 | 29,000 | PDF p. 62 |
| Repayment of bank borrowingsSingapore dollars thousands | (55,767) | (27,767) | PDF p. 62 |
| Principal repayment of lease liabilitiesSingapore dollars thousands | (2,717) | (3,157) | PDF p. 62 |
| Dividends paid to non-controlling interestsSingapore dollars thousands | (1,503) | (1,139) | PDF p. 62 |
| Interest paidSingapore dollars thousands | (1,742) | (3,049) | PDF p. 62 |
| Net cash used in financing activitiesSingapore dollars thousands | (11,579) | (6,112) | PDF p. 62 |
| Net increase/(decrease) in cash and cash equivalentSingapore dollars thousands | 12,875 | (19,042) | PDF p. 62 |
| Cash and cash equivalent Beginning of financial yearSingapore dollars thousands | 58,605 | 76,273 | PDF p. 62 |
| Effect of currency translation on cash and cash equivalentSingapore dollars thousands | 297 | 1,374 | PDF p. 62 |
| End of financial yearSingapore dollars thousands | 71,777 | 58,605 | PDF p. 62 |
Original report: PDF p. 62 ↗
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended31December2023 | Source |
|---|---|---|
| Original comprehensive income | ||
| RevenueSingapore dollars thousands | 177,018 | PDF p. 52 |
| Cost of salesSingapore dollars thousands | (176,351) | PDF p. 52 |
| Gross profitSingapore dollars thousands | 667 | PDF p. 52 |
| Other incomeSingapore dollars thousands | 635 | PDF p. 52 |
| Other gains – netSingapore dollars thousands | 894 | PDF p. 52 |
| Expenses | ||
| – Selling and distribution – Reversal of/(allowance for) impairment of trade receivablesSingapore dollars thousands | 67 | PDF p. 52 |
| – OthersSingapore dollars thousands | (444) | PDF p. 52 |
| – AdministrativeSingapore dollars thousands | (10,725) | PDF p. 52 |
| – FinanceSingapore dollars thousands | (2,858) | PDF p. 52 |
| Share of profit/(loss) of associated companiesSingapore dollars thousands | 187 | PDF p. 52 |
| (Loss)/profit before income taxSingapore dollars thousands | (11,577) | PDF p. 52 |
| Income tax expenseSingapore dollars thousands | (1,804) | PDF p. 52 |
| (Loss)/profit after income taxSingapore dollars thousands | (13,381) | PDF p. 52 |
| (Loss)/profit attributable to: | ||
| Equity holders of the CompanySingapore dollars thousands | (15,173) | PDF p. 52 |
| Non-controlling interestsSingapore dollars thousands | 1,792 | PDF p. 52 |
| Subtotal (unlabelled in original)Singapore dollars thousands | (13,381) | PDF p. 52 |
| equity holders of the Company: | ||
| – Basic (loss)/earnings per share (in cent)Singapore cents per share | (0.54) | PDF p. 52 |
| – Diluted (loss)/earnings per share (in cent)Singapore cents per share | (0.54) | PDF p. 52 |
| (Loss)/profit after income taxSingapore dollars thousands | (13,381) | PDF p. 52 |
| Items that may be reclassified subsequently to profit or loss: | ||
| Currency translation differences arising from consolidationSingapore dollars thousands | (934) | PDF p. 52 |
| Fair value loss on debt financial assets, at FVOCISingapore dollars thousands | – | PDF p. 52 |
| Other comprehensive loss, net of taxSingapore dollars thousands | (934) | PDF p. 52 |
| Total comprehensive (loss)/incomeSingapore dollars thousands | (14,315) | PDF p. 52 |
| Total comprehensive (loss)/income attributable to: | ||
| Equity holders of the CompanySingapore dollars thousands | (15,873) | PDF p. 52 |
| Non-controlling interestsSingapore dollars thousands | 1,558 | PDF p. 52 |
| Subtotal (unlabelled in original)Singapore dollars thousands | (14,315) | PDF p. 52 |
Original report: PDF p. 52 ↗
Original source presentation retained separately; no invented reconciliation or financial restatement.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / year ended31December2021 | Source |
|---|---|---|
| Cash flows from operating activities | ||
| Profit/(loss) after income taxSingapore dollars thousands | 2,666 | PDF p. 49 |
| Adjustments for: | ||
| - Income tax expenseSingapore dollars thousands | 1,063 | PDF p. 49 |
| - Depreciation of property, plant and equipmentSingapore dollars thousands | 11,604 | PDF p. 49 |
| - Property, plant and equipment written offSingapore dollars thousands | – | PDF p. 49 |
| - Gain on disposal of property, plant and equipmentSingapore dollars thousands | (653) | PDF p. 49 |
| - Share of (profit)/loss of associated companiesSingapore dollars thousands | (159) | PDF p. 49 |
| - Interest expenseSingapore dollars thousands | 1,564 | PDF p. 49 |
| - Interest incomeSingapore dollars thousands | (36) | PDF p. 49 |
| - Unrealised translation (gain)/lossSingapore dollars thousands | (450) | PDF p. 49 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 15,599 | PDF p. 49 |
| Changes in working capital: | ||
| - Trade and other receivablesSingapore dollars thousands | (6,749) | PDF p. 49 |
| - InventoriesSingapore dollars thousands | 65 | PDF p. 49 |
| - Contract assets and liabilitiesSingapore dollars thousands | (5,677) | PDF p. 49 |
| - Other assetsSingapore dollars thousands | 1,141 | PDF p. 49 |
| - Trade and other payablesSingapore dollars thousands | (20,674) | PDF p. 49 |
| Cash (used in)/provided by operationsSingapore dollars thousands | (16,295) | PDF p. 49 |
| Income tax (paid)/refundedSingapore dollars thousands | (1,150) | PDF p. 49 |
| Net cash (used in)/provided by operating activitiesSingapore dollars thousands | (17,445) | PDF p. 49 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipmentSingapore dollars thousands | (1,401) | PDF p. 49 |
| Proceeds from disposal of property, plant and equipmentSingapore dollars thousands | 2,980 | PDF p. 49 |
| Proceeds from redemption of financial assets, at FVOCISingapore dollars thousands | – | PDF p. 49 |
| Interest receivedSingapore dollars thousands | 36 | PDF p. 49 |
| Net cash provided by investing activitiesSingapore dollars thousands | 1,615 | PDF p. 49 |
| Cash flows from financing activities | ||
| Issuance of new shares, net of expensesSingapore dollars thousands | 36,834 | PDF p. 49 |
| Proceeds from exercise of warrants, net of expensesSingapore dollars thousands | 440 | PDF p. 49 |
| Repayment of bank borrowings, netSingapore dollars thousands | (4,486) | PDF p. 49 |
| Principal repayment of lease liabilitiesSingapore dollars thousands | (6,621) | PDF p. 49 |
| Dividends paid to equity holders of the CompanySingapore dollars thousands | – | PDF p. 49 |
| Dividends paid to non-controlling interestsSingapore dollars thousands | (319) | PDF p. 49 |
| Interest paidSingapore dollars thousands | (1,523) | PDF p. 49 |
| Net cash provided by financing activitiesSingapore dollars thousands | 24,325 | PDF p. 49 |
| Net increase in cash and bank balancesSingapore dollars thousands | 8,495 | PDF p. 49 |
| Beginning of financial yearSingapore dollars thousands | 56,215 | PDF p. 49 |
| Effect of currency translation on cash and bank balancesSingapore dollars thousands | 115 | PDF p. 49 |
| End of financial yearSingapore dollars thousands | 64,825 | PDF p. 49 |
Original report: PDF p. 49 ↗
Original source presentation retained separately; no invented reconciliation or financial restatement.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / Share capital | 2021Group / Warrants reserve | 2021Group / Currency translation reserve | 2021Group / Other reserves | 2021Group / Retained profits | 2021Group / Attributable to equity holders of the Company | 2021Group / Non-controlling interests | 2021Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Original equity | |||||||||
| Balance at 1 January 2021Singapore dollars thousands | 96,564 | 2,812 | (2,539) | (853) | 7,780 | 103,764 | 2,247 | 106,011 | PDF p. 48 |
| Profit for the financial yearSingapore dollars thousands | – | – | – | – | 2,038 | 2,038 | 628 | 2,666 | PDF p. 48 |
| Other comprehensive (loss)/ income for the financial yearSingapore dollars thousands | – | – | (133) | 2 | – | (131) | (319) | (450) | PDF p. 48 |
| Total comprehensive (loss)/ income for the financial yearSingapore dollars thousands | – | – | (133) | 2 | 2,038 | 1,907 | 309 | 2,216 | PDF p. 48 |
| Issuance of new shares, net of expensesSingapore dollars thousands | 36,834 | – | – | – | – | 36,834 | – | 36,834 | PDF p. 48 |
| Issuance of new shares pursuant to Performance Share PlanSingapore dollars thousands | 7 | – | – | – | – | 7 | – | 7 | PDF p. 48 |
| Exercise of warrantsSingapore dollars thousands | 475 | (35) | – | – | – | 440 | – | 440 | PDF p. 48 |
| Share based payment pursuant to Performance Share PlanSingapore dollars thousands | – | – | – | 8 | – | 8 | – | 8 | PDF p. 48 |
| Expiry of warrantsSingapore dollars thousands | 2,481 | (2,481) | – | – | – | – | – | – | PDF p. 48 |
| Dividend paidSingapore dollars thousands | – | – | – | – | – | – | (319) | (319) | PDF p. 48 |
| Total transactions with owners, recognised directly in equitySingapore dollars thousands | 39,797 | (2,516) | – | 8 | – | 37,289 | (319) | 36,970 | PDF p. 48 |
| Balance at 31 December 2021Singapore dollars thousands | 136,361 | 296 | (2,672) | (843) | 9,818 | 142,960 | 2,237 | 145,197 | PDF p. 48 |
Original report: PDF p. 48 ↗
Original source presentation retained separately; no invented reconciliation or financial restatement.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / Opening balance | 2025Group / Net cash flows | 2025Group / Interest expense | 2025Group / Noncash PPE additions | 2025Group / Closing balance | Source |
|---|---|---|---|---|---|---|
| Borrowing lease and interest rollforward | ||||||
| Bank borrowings [Note 23]Singapore dollars thousands | 53,077 | (5,617) | – | – | 47,460 | PDF p. 63 |
| Lease liabilities [Note 23]Singapore dollars thousands | 3,527 | (2,860) | 143 | 4,446 | 5,256 | PDF p. 63 |
| Accrued interest expense within trade and other payablesSingapore dollars thousands | – | (1,599) | 1,599 | – | – | PDF p. 63 |
Original report: PDF p. 63 ↗
Original source presentation retained separately; no invented reconciliation or financial restatement.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / Opening balance | 2024Group / Net cash flows | 2024Group / Interest expense | 2024Group / Noncash PPE additions | 2024Group / Closing balance | Source |
|---|---|---|---|---|---|---|
| Borrowing lease and interest rollforward | ||||||
| Bank borrowings [Note 23]Singapore dollars thousands | 51,844 | 1,233 | – | – | 53,077 | PDF p. 63 |
| Lease liabilities [Note 23]Singapore dollars thousands | 6,077 | (3,302) | 145 | 607 | 3,527 | PDF p. 63 |
| Accrued interest expense within trade and other payablesSingapore dollars thousands | 249 | (2,904) | 2,655 | – | – | PDF p. 63 |
Original report: PDF p. 63 ↗
Original source presentation retained separately; no invented reconciliation or financial restatement.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended31December2025 | 2024Group / year ended31December2024 | Source |
|---|---|---|---|
| Original basic and diluted EPS calculation | |||
| Basic profit numeratorSingapore dollars thousands | 6,786 | (17,051) | PDF p. 84 |
| Basic weighted average ordinary sharesThousand ordinary shares | 2,818,156 | 2,818,089 | PDF p. 84 |
| Basic earnings per shareSingapore cents per share | 0.24 | (0.61) | PDF p. 84 |
| Diluted profit numeratorSingapore dollars thousands | 6,786 | (17,051) | PDF p. 84 |
| Diluted weighted average ordinary sharesThousand ordinary shares | 2,818,650 | 2,818,585 | PDF p. 84 |
| Diluted earnings per shareSingapore cents per share | 0.24 | (0.60) | PDF p. 84 |
Original report: PDF p. 84 ↗
Original source presentation retained separately; no invented reconciliation or financial restatement.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / as at31December2025 | 2024Group / as at31December2024 | Source |
|---|---|---|---|
| Borrowing and lease split | |||
| Short-term bank loans (unsecured)Singapore dollars thousands | 47,460 | 52,000 | PDF p. 92 |
| Term loan payable (unsecured)Singapore dollars thousands | – | 1,077 | PDF p. 92 |
| Lease liabilitiesSingapore dollars thousands | 2,435 | 2,057 | PDF p. 92 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 49,895 | 55,134 | PDF p. 92 |
| Non-current Lease liabilitiesSingapore dollars thousands | 2,821 | 1,470 | PDF p. 92 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 2,821 | 1,470 | PDF p. 92 |
| Total bank borrowings and lease liabilitiesSingapore dollars thousands | 52,716 | 56,604 | PDF p. 92 |
Original report: PDF p. 92 ↗
Original source presentation retained separately; no invented reconciliation or financial restatement.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group and Company / Issued ordinary shares thousand | 2024Group and Company / Issued ordinary shares thousand | Source |
|---|---|---|---|
| Issued shares and monetary capital | |||
| Group and Company Balance at 1 JanuaryThousand ordinary shares | 2,818,156 | 2,818,089 | PDF p. 92 |
| Issuance of new shares pursuant to Performance Share Plan [Note 24(a)(ii)]Thousand ordinary shares | 65 | 67 | PDF p. 92 |
| Balance at 31 DecemberThousand ordinary shares | 2,818,221 | 2,818,156 | PDF p. 92 |
Original report: PDF p. 92 ↗
Original source presentation retained separately; no invented reconciliation or financial restatement.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group and Company / Monetary share capital SGDthousands | 2024Group and Company / Monetary share capital SGDthousands | Source |
|---|---|---|---|
| Issued shares and monetary capital | |||
| Group and Company Balance at 1 JanuarySingapore dollars thousands | 136,674 | 136,671 | PDF p. 92 |
| Issuance of new shares pursuant to Performance Share Plan [Note 24(a)(ii)]Singapore dollars thousands | 4 | 3 | PDF p. 92 |
| Balance at 31 DecemberSingapore dollars thousands | 136,678 | 136,674 | PDF p. 92 |
Original report: PDF p. 92 ↗
Original source presentation retained separately; no invented reconciliation or financial restatement.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended31December2023 | Source |
|---|---|---|
| Group comprehensive income | ||
| RevenueSingapore dollars thousands | 177,018 | PDF p. 58 |
| Cost of salesSingapore dollars thousands | (176,351) | PDF p. 58 |
| Gross profitSingapore dollars thousands | 667 | PDF p. 58 |
| Other incomeSingapore dollars thousands | 635 | PDF p. 58 |
| Other gains – netSingapore dollars thousands | 894 | PDF p. 58 |
| Expenses | ||
| – Selling and distribution – (Allowance for)/write-back of impairment of trade receivables and contract assetsSingapore dollars thousands | 67 | PDF p. 58 |
| – OthersSingapore dollars thousands | (444) | PDF p. 58 |
| – AdministrativeSingapore dollars thousands | (10,725) | PDF p. 58 |
| – FinanceSingapore dollars thousands | (2,858) | PDF p. 58 |
| Share of (loss)/profit of associated companiesSingapore dollars thousands | 187 | PDF p. 58 |
| Loss before income taxSingapore dollars thousands | (11,577) | PDF p. 58 |
| Income tax expenseSingapore dollars thousands | (1,804) | PDF p. 58 |
| Loss after income taxSingapore dollars thousands | (13,381) | PDF p. 58 |
| (Loss)/profit attributable to: | ||
| Equity holders of the CompanySingapore dollars thousands | (15,173) | PDF p. 58 |
| Non-controlling interestsSingapore dollars thousands | 1,792 | PDF p. 58 |
| Subtotal (unlabelled in original)Singapore dollars thousands | (13,381) | PDF p. 58 |
| of the Company: | ||
| – Basic loss per share (in cent)Singapore cents per share | (0.54) | PDF p. 58 |
| – Diluted loss per share (in cent)Singapore cents per share | (0.54) | PDF p. 58 |
| Loss after income taxSingapore dollars thousands | (13,381) | PDF p. 58 |
| Items that may be reclassified subsequently to profit or loss: | ||
| Currency translation differences arising from consolidationSingapore dollars thousands | (700) | PDF p. 58 |
| Items that will not be reclassified subsequently to profit or loss: | ||
| Currency translation differences arising from consolidationSingapore dollars thousands | (234) | PDF p. 58 |
| Other comprehensive income/(loss), net of taxSingapore dollars thousands | (934) | PDF p. 58 |
| Total comprehensive lossSingapore dollars thousands | (14,315) | PDF p. 58 |
| Total comprehensive (loss)/income attributable to: | ||
| Equity holders of the CompanySingapore dollars thousands | (15,873) | PDF p. 58 |
| Non-controlling interestsSingapore dollars thousands | 1,558 | PDF p. 58 |
| Subtotal (unlabelled in original)Singapore dollars thousands | (14,315) | PDF p. 58 |
Original report: PDF p. 58 ↗
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / as at31December2023 | Source |
|---|---|---|
| Current assets | ||
| Cash and bank balancesSingapore dollars thousands | 76,273 | PDF p. 59 |
| Trade and other receivablesSingapore dollars thousands | 34,420 | PDF p. 59 |
| Contract assetsSingapore dollars thousands | 83,238 | PDF p. 59 |
| InventoriesSingapore dollars thousands | 164 | PDF p. 59 |
| Financial assets, at FVOCISingapore dollars thousands | 357 | PDF p. 59 |
| Other current assetsSingapore dollars thousands | 4,447 | PDF p. 59 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 198,899 | PDF p. 59 |
| Non-current assets | ||
| Trade and other receivablesSingapore dollars thousands | 5,900 | PDF p. 59 |
| Contract assetsSingapore dollars thousands | 37,243 | PDF p. 59 |
| Investments in associated companiesSingapore dollars thousands | 1,073 | PDF p. 59 |
| Investments in subsidiariesSingapore dollars thousands | – | PDF p. 59 |
| Property, plant and equipmentSingapore dollars thousands | 35,324 | PDF p. 59 |
| GoodwillSingapore dollars thousands | 6,857 | PDF p. 59 |
| Deferred tax assetsSingapore dollars thousands | 151 | PDF p. 59 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 86,548 | PDF p. 59 |
| Total assetsSingapore dollars thousands | 285,447 | PDF p. 59 |
| Current liabilities | ||
| Trade and other payablesSingapore dollars thousands | 57,459 | PDF p. 59 |
| Current income tax liabilitiesSingapore dollars thousands | 458 | PDF p. 59 |
| Contract liabilitiesSingapore dollars thousands | 23,408 | PDF p. 59 |
| Bank borrowings and lease liabilitiesSingapore dollars thousands | 53,697 | PDF p. 59 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 135,022 | PDF p. 59 |
| Non-current liabilities | ||
| Trade and other payablesSingapore dollars thousands | 10,746 | PDF p. 59 |
| Bank borrowings and lease liabilitiesSingapore dollars thousands | 4,224 | PDF p. 59 |
| Deferred tax liabilitiesSingapore dollars thousands | 13 | PDF p. 59 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 14,983 | PDF p. 59 |
| Total liabilitiesSingapore dollars thousands | 150,005 | PDF p. 59 |
| NET ASSETSSingapore dollars thousands | 135,442 | PDF p. 59 |
| Capital and reserves attributable to | ||
| Share capitalSingapore dollars thousands | 136,671 | PDF p. 59 |
| Warrants reserveSingapore dollars thousands | – | PDF p. 59 |
| Currency translation reserveSingapore dollars thousands | (3,406) | PDF p. 59 |
| Other reservesSingapore dollars thousands | (943) | PDF p. 59 |
| (Accumulated losses)/retained profitsSingapore dollars thousands | (3,375) | PDF p. 59 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 128,947 | PDF p. 59 |
| Non-controlling interestsSingapore dollars thousands | 6,495 | PDF p. 59 |
| Total equitySingapore dollars thousands | 135,442 | PDF p. 59 |
Original report: PDF p. 59 ↗
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Company / as at31December2023 | Source |
|---|---|---|
| Current assets | ||
| Cash and bank balancesSingapore dollars thousands | 48 | PDF p. 59 |
| Trade and other receivablesSingapore dollars thousands | 18,614 | PDF p. 59 |
| Contract assetsSingapore dollars thousands | – | PDF p. 59 |
| InventoriesSingapore dollars thousands | – | PDF p. 59 |
| Financial assets, at FVOCISingapore dollars thousands | – | PDF p. 59 |
| Other current assetsSingapore dollars thousands | – | PDF p. 59 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 18,662 | PDF p. 59 |
| Non-current assets | ||
| Trade and other receivablesSingapore dollars thousands | 41,000 | PDF p. 59 |
| Contract assetsSingapore dollars thousands | – | PDF p. 59 |
| Investments in associated companiesSingapore dollars thousands | 640 | PDF p. 59 |
| Investments in subsidiariesSingapore dollars thousands | 87,535 | PDF p. 59 |
| Property, plant and equipmentSingapore dollars thousands | – | PDF p. 59 |
| GoodwillSingapore dollars thousands | – | PDF p. 59 |
| Deferred tax assetsSingapore dollars thousands | – | PDF p. 59 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 129,175 | PDF p. 59 |
| Total assetsSingapore dollars thousands | 147,837 | PDF p. 59 |
| Current liabilities | ||
| Trade and other payablesSingapore dollars thousands | 2,890 | PDF p. 59 |
| Current income tax liabilitiesSingapore dollars thousands | – | PDF p. 59 |
| Contract liabilitiesSingapore dollars thousands | – | PDF p. 59 |
| Bank borrowings and lease liabilitiesSingapore dollars thousands | – | PDF p. 59 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 2,890 | PDF p. 59 |
| Non-current liabilities | ||
| Trade and other payablesSingapore dollars thousands | – | PDF p. 59 |
| Bank borrowings and lease liabilitiesSingapore dollars thousands | – | PDF p. 59 |
| Deferred tax liabilitiesSingapore dollars thousands | – | PDF p. 59 |
| Subtotal (unlabelled in original)Singapore dollars thousands | – | PDF p. 59 |
| Total liabilitiesSingapore dollars thousands | 2,890 | PDF p. 59 |
| NET ASSETSSingapore dollars thousands | 144,947 | PDF p. 59 |
| Capital and reserves attributable to | ||
| Share capitalSingapore dollars thousands | 136,671 | PDF p. 59 |
| Warrants reserveSingapore dollars thousands | – | PDF p. 59 |
| Currency translation reserveSingapore dollars thousands | – | PDF p. 59 |
| Other reservesSingapore dollars thousands | 16 | PDF p. 59 |
| (Accumulated losses)/retained profitsSingapore dollars thousands | 8,260 | PDF p. 59 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 144,947 | PDF p. 59 |
| Non-controlling interestsSingapore dollars thousands | – | PDF p. 59 |
| Total equitySingapore dollars thousands | 144,947 | PDF p. 59 |
Original report: PDF p. 59 ↗
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / Share capital | 2023Group / Warrants reserve | 2023Group / Currency translation reserve | 2023Group / Other reserves | 2023Group / (Accumulated losses)/retained profits | 2023Group / Attributable to equity holders of the Company | 2023Group / Non-controlling interests | 2023Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity / 2023 | |||||||||
| Balance at 1 January 2023Singapore dollars thousands | 136,366 | 296 | (2,706) | (942) | 12,502 | 145,516 | 5,484 | 151,000 | PDF p. 60 |
| (Loss)/profit for the financial yearSingapore dollars thousands | – | – | – | – | (15,173) | (15,173) | 1,792 | (13,381) | PDF p. 60 |
| Other comprehensive loss for the financial yearSingapore dollars thousands | – | – | (700) | – | – | (700) | (234) | (934) | PDF p. 60 |
| Total comprehensive loss for the financial yearSingapore dollars thousands | – | – | (700) | – | (15,173) | (15,873) | 1,558 | (14,315) | PDF p. 60 |
| Exercise of warrantsSingapore dollars thousands | 3 | * | – | – | – | 3 | – | 3 | PDF p. 60 |
| Expiry of warrantsSingapore dollars thousands | 296 | (296) | – | – | – | – | – | – | PDF p. 60 |
| Issuance of new shares pursuant to Performance Share PlanSingapore dollars thousands | 6 | – | – | (6) | – | – | – | – | PDF p. 60 |
| Share based payment pursuant to Performance Share PlanSingapore dollars thousands | – | – | – | 5 | – | 5 | – | 5 | PDF p. 60 |
| Dividends paidSingapore dollars thousands | – | – | – | – | (704) | (704) | (547) | (1,251) | PDF p. 60 |
| Total transactions with owners, recognised directly in equitySingapore dollars thousands | 305 | (296) | – | (1) | (704) | (696) | (547) | (1,243) | PDF p. 60 |
| Balance at 31 December 2023Singapore dollars thousands | 136,671 | – | (3,406) | (943) | (3,375) | 128,947 | 6,495 | 135,442 | PDF p. 60 |
Original report: PDF p. 60 ↗
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended31December2023 | Source |
|---|---|---|
| Cash flows from operating activities | ||
| Loss after income taxSingapore dollars thousands | (13,381) | PDF p. 61 |
| Adjustments for: | ||
| – Income tax expenseSingapore dollars thousands | 1,804 | PDF p. 61 |
| – Depreciation of property, plant and equipmentSingapore dollars thousands | 7,056 | PDF p. 61 |
| – Gain on disposal of property, plant and equipmentSingapore dollars thousands | (354) | PDF p. 61 |
| – Share of loss/(profit) of associated companiesSingapore dollars thousands | (187) | PDF p. 61 |
| – Interest expenseSingapore dollars thousands | 2,858 | PDF p. 61 |
| – Interest incomeSingapore dollars thousands | (629) | PDF p. 61 |
| – Unrealised translation (gain)/lossSingapore dollars thousands | 57 | PDF p. 61 |
| Subtotal (unlabelled in original)Singapore dollars thousands | (2,776) | PDF p. 61 |
| Changes in working capital: | ||
| – Trade and other receivablesSingapore dollars thousands | (12,538) | PDF p. 61 |
| – InventoriesSingapore dollars thousands | 21 | PDF p. 61 |
| – Contract assets and liabilitiesSingapore dollars thousands | 47,038 | PDF p. 61 |
| – Other current assetsSingapore dollars thousands | 346 | PDF p. 61 |
| – Trade and other payablesSingapore dollars thousands | (2,080) | PDF p. 61 |
| Cash (used in)/generated from operationsSingapore dollars thousands | 30,011 | PDF p. 61 |
| Income tax paidSingapore dollars thousands | (1,902) | PDF p. 61 |
| Net cash (used in)/provided by operating activitiesSingapore dollars thousands | 28,109 | PDF p. 61 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipmentSingapore dollars thousands | (967) | PDF p. 61 |
| Proceeds from disposal of property, plant and equipmentSingapore dollars thousands | 375 | PDF p. 61 |
| Proceeds from redemption of financial assets, at FVOCISingapore dollars thousands | 10 | PDF p. 61 |
| Interest receivedSingapore dollars thousands | 629 | PDF p. 61 |
| Net cash provided by investing activitiesSingapore dollars thousands | 47 | PDF p. 61 |
| Cash flows from financing activities | ||
| Proceeds from exercise of warrants, net of expensesSingapore dollars thousands | 3 | PDF p. 61 |
| Proceeds from bank borrowingsSingapore dollars thousands | 29,100 | PDF p. 61 |
| Repayment of bank borrowingsSingapore dollars thousands | (25,341) | PDF p. 61 |
| Principal repayment of lease liabilitiesSingapore dollars thousands | (5,995) | PDF p. 61 |
| Dividends paid to equity holders of the CompanySingapore dollars thousands | (704) | PDF p. 61 |
| Dividends paid to non-controlling interestsSingapore dollars thousands | (547) | PDF p. 61 |
| Interest paidSingapore dollars thousands | (2,609) | PDF p. 61 |
| Net cash used in financing activitiesSingapore dollars thousands | (6,093) | PDF p. 61 |
| Net change in cash and bank balancesSingapore dollars thousands | 22,063 | PDF p. 61 |
| Beginning of financial yearSingapore dollars thousands | 55,173 | PDF p. 61 |
| Effect of currency translation on cash and bank balancesSingapore dollars thousands | (963) | PDF p. 61 |
| End of financial yearSingapore dollars thousands | 76,273 | PDF p. 61 |
Original report: PDF p. 61 ↗
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended31December2022 | Source |
|---|---|---|
| Group comprehensive income | ||
| RevenueSingapore dollars thousands | 211,742 | PDF p. 52 |
| Cost of salesSingapore dollars thousands | (197,257) | PDF p. 52 |
| Gross profitSingapore dollars thousands | 14,485 | PDF p. 52 |
| Other incomeSingapore dollars thousands | 658 | PDF p. 52 |
| Other gains – netSingapore dollars thousands | 1,521 | PDF p. 52 |
| Expenses | ||
| – Selling and distribution – Reversal of/(allowance for) impairment of trade receivablesSingapore dollars thousands | (41) | PDF p. 52 |
| – OthersSingapore dollars thousands | (445) | PDF p. 52 |
| – AdministrativeSingapore dollars thousands | (9,695) | PDF p. 52 |
| – FinanceSingapore dollars thousands | (1,686) | PDF p. 52 |
| Share of profit/(loss) of associated companiesSingapore dollars thousands | (342) | PDF p. 52 |
| (Loss)/profit before income taxSingapore dollars thousands | 4,455 | PDF p. 52 |
| Income tax expenseSingapore dollars thousands | (1,087) | PDF p. 52 |
| (Loss)/profit after income taxSingapore dollars thousands | 3,368 | PDF p. 52 |
| (Loss)/profit attributable to: | ||
| Equity holders of the CompanySingapore dollars thousands | 2,181 | PDF p. 52 |
| Non-controlling interestsSingapore dollars thousands | 1,187 | PDF p. 52 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 3,368 | PDF p. 52 |
| equity holders of the Company: | ||
| – Basic (loss)/earnings per share (in cent)Singapore cents per share | 0.08 | PDF p. 52 |
| – Diluted (loss)/earnings per share (in cent)Singapore cents per share | 0.08 | PDF p. 52 |
| (Loss)/profit after income taxSingapore dollars thousands | 3,368 | PDF p. 52 |
| Items that may be reclassified subsequently to profit or loss: | ||
| Currency translation differences arising from consolidationSingapore dollars thousands | (718) | PDF p. 52 |
| Fair value loss on debt financial assets, at FVOCISingapore dollars thousands | (99) | PDF p. 52 |
| Other comprehensive loss, net of taxSingapore dollars thousands | (817) | PDF p. 52 |
| Total comprehensive (loss)/incomeSingapore dollars thousands | 2,551 | PDF p. 52 |
| Total comprehensive (loss)/income attributable to: | ||
| Equity holders of the CompanySingapore dollars thousands | 1,646 | PDF p. 52 |
| Non-controlling interestsSingapore dollars thousands | 905 | PDF p. 52 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 2,551 | PDF p. 52 |
Original report: PDF p. 52 ↗
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / as at31December2022 | Source |
|---|---|---|
| Current assets | ||
| Cash and bank balancesSingapore dollars thousands | 55,173 | PDF p. 53 |
| Trade and other receivablesSingapore dollars thousands | 27,767 | PDF p. 53 |
| Contract assetsSingapore dollars thousands | 116,708 | PDF p. 53 |
| InventoriesSingapore dollars thousands | 185 | PDF p. 53 |
| Financial assets, at FVOCISingapore dollars thousands | 367 | PDF p. 53 |
| Other current assetsSingapore dollars thousands | 4,793 | PDF p. 53 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 204,993 | PDF p. 53 |
| Non-current assets | ||
| Trade and other receivablesSingapore dollars thousands | – | PDF p. 53 |
| Contract assetsSingapore dollars thousands | 37,767 | PDF p. 53 |
| Investments in associated companiesSingapore dollars thousands | 886 | PDF p. 53 |
| Investments in subsidiariesSingapore dollars thousands | – | PDF p. 53 |
| Property, plant and equipmentSingapore dollars thousands | 40,364 | PDF p. 53 |
| GoodwillSingapore dollars thousands | 6,857 | PDF p. 53 |
| Deferred tax assetsSingapore dollars thousands | 104 | PDF p. 53 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 85,978 | PDF p. 53 |
| Total assetsSingapore dollars thousands | 290,971 | PDF p. 53 |
| Current liabilities | ||
| Trade and other payablesSingapore dollars thousands | 60,561 | PDF p. 53 |
| Current income tax liabilitiesSingapore dollars thousands | 534 | PDF p. 53 |
| Contract liabilitiesSingapore dollars thousands | 10,364 | PDF p. 53 |
| Bank borrowings and lease liabilitiesSingapore dollars thousands | 52,048 | PDF p. 53 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 123,507 | PDF p. 53 |
| Non-current liabilities | ||
| Trade and other payablesSingapore dollars thousands | 9,480 | PDF p. 53 |
| Bank borrowings and lease liabilitiesSingapore dollars thousands | 6,975 | PDF p. 53 |
| Deferred tax liabilitiesSingapore dollars thousands | 9 | PDF p. 53 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 16,464 | PDF p. 53 |
| Total liabilitiesSingapore dollars thousands | 139,971 | PDF p. 53 |
| NET ASSETSSingapore dollars thousands | 151,000 | PDF p. 53 |
| Capital and reserves attributable to | ||
| Share capitalSingapore dollars thousands | 136,366 | PDF p. 53 |
| Warrants reserveSingapore dollars thousands | 296 | PDF p. 53 |
| Currency translation reserveSingapore dollars thousands | (2,706) | PDF p. 53 |
| Other reservesSingapore dollars thousands | (942) | PDF p. 53 |
| (Accumulated losses)/ retained profitsSingapore dollars thousands | 12,502 | PDF p. 53 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 145,516 | PDF p. 53 |
| Non-controlling interestsSingapore dollars thousands | 5,484 | PDF p. 53 |
| Total equitySingapore dollars thousands | 151,000 | PDF p. 53 |
Original report: PDF p. 53 ↗
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Company / as at31December2022 | Source |
|---|---|---|
| Current assets | ||
| Cash and bank balancesSingapore dollars thousands | 208 | PDF p. 53 |
| Trade and other receivablesSingapore dollars thousands | 18,715 | PDF p. 53 |
| Contract assetsSingapore dollars thousands | – | PDF p. 53 |
| InventoriesSingapore dollars thousands | – | PDF p. 53 |
| Financial assets, at FVOCISingapore dollars thousands | – | PDF p. 53 |
| Other current assetsSingapore dollars thousands | – | PDF p. 53 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 18,923 | PDF p. 53 |
| Non-current assets | ||
| Trade and other receivablesSingapore dollars thousands | 41,000 | PDF p. 53 |
| Contract assetsSingapore dollars thousands | – | PDF p. 53 |
| Investments in associated companiesSingapore dollars thousands | 640 | PDF p. 53 |
| Investments in subsidiariesSingapore dollars thousands | 87,535 | PDF p. 53 |
| Property, plant and equipmentSingapore dollars thousands | – | PDF p. 53 |
| GoodwillSingapore dollars thousands | – | PDF p. 53 |
| Deferred tax assetsSingapore dollars thousands | – | PDF p. 53 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 129,175 | PDF p. 53 |
| Total assetsSingapore dollars thousands | 148,098 | PDF p. 53 |
| Current liabilities | ||
| Trade and other payablesSingapore dollars thousands | 3,752 | PDF p. 53 |
| Current income tax liabilitiesSingapore dollars thousands | – | PDF p. 53 |
| Contract liabilitiesSingapore dollars thousands | – | PDF p. 53 |
| Bank borrowings and lease liabilitiesSingapore dollars thousands | – | PDF p. 53 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 3,752 | PDF p. 53 |
| Non-current liabilities | ||
| Trade and other payablesSingapore dollars thousands | – | PDF p. 53 |
| Bank borrowings and lease liabilitiesSingapore dollars thousands | – | PDF p. 53 |
| Deferred tax liabilitiesSingapore dollars thousands | – | PDF p. 53 |
| Subtotal (unlabelled in original)Singapore dollars thousands | – | PDF p. 53 |
| Total liabilitiesSingapore dollars thousands | 3,752 | PDF p. 53 |
| NET ASSETSSingapore dollars thousands | 144,346 | PDF p. 53 |
| Capital and reserves attributable to | ||
| Share capitalSingapore dollars thousands | 136,366 | PDF p. 53 |
| Warrants reserveSingapore dollars thousands | 296 | PDF p. 53 |
| Currency translation reserveSingapore dollars thousands | – | PDF p. 53 |
| Other reservesSingapore dollars thousands | 17 | PDF p. 53 |
| (Accumulated losses)/ retained profitsSingapore dollars thousands | 7,667 | PDF p. 53 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 144,346 | PDF p. 53 |
| Non-controlling interestsSingapore dollars thousands | – | PDF p. 53 |
| Total equitySingapore dollars thousands | 144,346 | PDF p. 53 |
Original report: PDF p. 53 ↗
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / Share capital | 2022Group / Warrants reserve | 2022Group / Currency translation reserve | 2022Group / Other reserves | 2022Group / (Accumulated losses)/retained profits | 2022Group / Attributable to equity holders of the Company | 2022Group / Non-controlling interests | 2022Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity / 2022 | |||||||||
| Balance at 1 January 2022Singapore dollars thousands | 136,361 | 296 | (2,672) | (843) | 9,818 | 142,960 | 2,237 | 145,197 | PDF p. 54 |
| Profit for the financial yearSingapore dollars thousands | – | – | – | – | 2,181 | 2,181 | 1,187 | 3,368 | PDF p. 54 |
| Other comprehensive loss for the financial yearSingapore dollars thousands | – | – | (436) | (99) | – | (535) | (282) | (817) | PDF p. 54 |
| Total comprehensive (loss)/ income for the financial yearSingapore dollars thousands | – | – | (436) | (99) | 2,181 | 1,646 | 905 | 2,551 | PDF p. 54 |
| Issuance of new shares pursuant to the listing of a subsidiary, net of expensesSingapore dollars thousands | – | – | – | – | (294) | (294) | 5,034 | 4,740 | PDF p. 54 |
| Change of ownership interest in a subsidiarySingapore dollars thousands | – | – | 402 | – | 1,501 | 1,903 | (2,133) | (230) | PDF p. 54 |
| Issuance of new shares pursuant to Performance Share PlanSingapore dollars thousands | 5 | – | – | (5) | – | – | – | – | PDF p. 54 |
| Share based payment pursuant to Performance Share PlanSingapore dollars thousands | – | – | – | 5 | – | 5 | – | 5 | PDF p. 54 |
| Dividends paidSingapore dollars thousands | – | – | – | – | (704) | (704) | (559) | (1,263) | PDF p. 54 |
| Total transactions with owners, recognised directly in equitySingapore dollars thousands | 5 | – | 402 | – | 503 | 910 | 2,342 | 3,252 | PDF p. 54 |
| Balance at 31 December 2022Singapore dollars thousands | 136,366 | 296 | (2,706) | (942) | 12,502 | 145,516 | 5,484 | 151,000 | PDF p. 54 |
Original report: PDF p. 54 ↗
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended31December2022 | Source |
|---|---|---|
| Cash flows from operating activities | ||
| (Loss)/profit after income taxSingapore dollars thousands | 3,368 | PDF p. 55 |
| Adjustments for: | ||
| – Income tax expenseSingapore dollars thousands | 1,087 | PDF p. 55 |
| – Depreciation of property, plant and equipmentSingapore dollars thousands | 5,919 | PDF p. 55 |
| – Gain on disposal of property, plant and equipmentSingapore dollars thousands | (893) | PDF p. 55 |
| – Share of (profit)/loss of associated companiesSingapore dollars thousands | 342 | PDF p. 55 |
| – Interest expenseSingapore dollars thousands | 1,686 | PDF p. 55 |
| – Interest incomeSingapore dollars thousands | (365) | PDF p. 55 |
| – Unrealised translation loss/(gain)Singapore dollars thousands | (674) | PDF p. 55 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 10,470 | PDF p. 55 |
| Changes in working capital: | ||
| – Trade and other receivablesSingapore dollars thousands | 8,504 | PDF p. 55 |
| – InventoriesSingapore dollars thousands | 105 | PDF p. 55 |
| – Contract assets and liabilitiesSingapore dollars thousands | (25,210) | PDF p. 55 |
| – Other current assetsSingapore dollars thousands | 6 | PDF p. 55 |
| – Trade and other payablesSingapore dollars thousands | 12,316 | PDF p. 55 |
| Cash generated from operationsSingapore dollars thousands | 6,191 | PDF p. 55 |
| Income tax paidSingapore dollars thousands | (1,394) | PDF p. 55 |
| Net cash provided by operating activitiesSingapore dollars thousands | 4,797 | PDF p. 55 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipmentSingapore dollars thousands | (2,502) | PDF p. 55 |
| Proceeds from disposal of property, plant and equipmentSingapore dollars thousands | 3,737 | PDF p. 55 |
| Proceeds from redemption of financial assets, at FVOCISingapore dollars thousands | 25 | PDF p. 55 |
| Interest receivedSingapore dollars thousands | 365 | PDF p. 55 |
| Net cash provided by investing activitiesSingapore dollars thousands | 1,625 | PDF p. 55 |
| Cash flows from financing activities | ||
| Proceeds from issuance of new shares pursuant to the listing of a subsidiarySingapore dollars thousands | 5,175 | PDF p. 55 |
| Share issuance expensesSingapore dollars thousands | (435) | PDF p. 55 |
| Proceeds from exercise of warrants, net of expensesSingapore dollars thousands | – | PDF p. 55 |
| Proceeds from bank borrowingsSingapore dollars thousands | 41,000 | PDF p. 55 |
| Repayment of bank borrowingsSingapore dollars thousands | (52,351) | PDF p. 55 |
| Principal repayment of lease liabilitiesSingapore dollars thousands | (6,473) | PDF p. 55 |
| Dividends paid to equity holders of the CompanySingapore dollars thousands | (704) | PDF p. 55 |
| Dividends paid to non-controlling interestsSingapore dollars thousands | (559) | PDF p. 55 |
| Interest paidSingapore dollars thousands | (1,727) | PDF p. 55 |
| Net cash used in financing activitiesSingapore dollars thousands | (16,074) | PDF p. 55 |
| Net change in cash and bank balancesSingapore dollars thousands | (9,652) | PDF p. 55 |
| Beginning of financial yearSingapore dollars thousands | 64,825 | PDF p. 55 |
| Effect of currency translation on cash and bank balancesSingapore dollars thousands | – | PDF p. 55 |
| End of financial yearSingapore dollars thousands | 55,173 | PDF p. 55 |
Original report: PDF p. 55 ↗
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / year ended31December2021 | Source |
|---|---|---|
| Group comprehensive income | ||
| RevenueSingapore dollars thousands | 180,576 | PDF p. 47 |
| Cost of salesSingapore dollars thousands | (168,801) | PDF p. 47 |
| Gross profitSingapore dollars thousands | 11,775 | PDF p. 47 |
| Other incomeSingapore dollars thousands | 36 | PDF p. 47 |
| Other gains - netSingapore dollars thousands | 838 | PDF p. 47 |
| Expenses | ||
| - Selling and distribution - (Allowance for)/Reversal of impairment of trade receivablesSingapore dollars thousands | 710 | PDF p. 47 |
| - OthersSingapore dollars thousands | (369) | PDF p. 47 |
| - AdministrativeSingapore dollars thousands | (7,856) | PDF p. 47 |
| - FinanceSingapore dollars thousands | (1,564) | PDF p. 47 |
| Share of (loss)/profit of associated companiesSingapore dollars thousands | 159 | PDF p. 47 |
| Profit before income taxSingapore dollars thousands | 3,729 | PDF p. 47 |
| Income tax expenseSingapore dollars thousands | (1,063) | PDF p. 47 |
| Profit after income taxSingapore dollars thousands | 2,666 | PDF p. 47 |
| Profit attributable to: | ||
| Equity holders of the CompanySingapore dollars thousands | 2,038 | PDF p. 47 |
| Non-controlling interestsSingapore dollars thousands | 628 | PDF p. 47 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 2,666 | PDF p. 47 |
| of the Company: | ||
| - Basic earnings per share (in cent)Singapore cents per share | 0.08 | PDF p. 47 |
| - Diluted earnings per share (in cent)Singapore cents per share | 0.08 | PDF p. 47 |
| Profit after income taxSingapore dollars thousands | 2,666 | PDF p. 47 |
| Items that may be reclassified subsequently to profit or loss: | ||
| Currency translation differences arising from consolidationSingapore dollars thousands | (452) | PDF p. 47 |
| Fair value (loss)/gain on debt financial assets, at FVOCISingapore dollars thousands | 2 | PDF p. 47 |
| Other comprehensive loss, net of taxSingapore dollars thousands | (450) | PDF p. 47 |
| Total comprehensive incomeSingapore dollars thousands | 2,216 | PDF p. 47 |
| Total comprehensive income attributable to: | ||
| Equity holders of the CompanySingapore dollars thousands | 1,907 | PDF p. 47 |
| Non-controlling interestsSingapore dollars thousands | 309 | PDF p. 47 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 2,216 | PDF p. 47 |
Original report: PDF p. 47 ↗
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / as at31December2021 | Source |
|---|---|---|
| Current assets | ||
| Cash and bank balancesSingapore dollars thousands | 64,825 | PDF p. 48 |
| Trade and other receivablesSingapore dollars thousands | 36,275 | PDF p. 48 |
| Contract assetsSingapore dollars thousands | 118,691 | PDF p. 48 |
| InventoriesSingapore dollars thousands | 290 | PDF p. 48 |
| Financial assets, at FVOCISingapore dollars thousands | 491 | PDF p. 48 |
| Other current assetsSingapore dollars thousands | 4,799 | PDF p. 48 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 225,371 | PDF p. 48 |
| Non-current assets | ||
| Trade and other receivablesSingapore dollars thousands | – | PDF p. 48 |
| Contract assetsSingapore dollars thousands | 5,367 | PDF p. 48 |
| Investments in associated companiesSingapore dollars thousands | 1,228 | PDF p. 48 |
| Investments in subsidiariesSingapore dollars thousands | – | PDF p. 48 |
| Property, plant and equipmentSingapore dollars thousands | 44,578 | PDF p. 48 |
| GoodwillSingapore dollars thousands | 6,857 | PDF p. 48 |
| Deferred tax assetsSingapore dollars thousands | 42 | PDF p. 48 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 58,072 | PDF p. 48 |
| Total assetsSingapore dollars thousands | 283,443 | PDF p. 48 |
| Current liabilities | ||
| Trade and other payablesSingapore dollars thousands | 50,598 | PDF p. 48 |
| Current income tax liabilitiesSingapore dollars thousands | 328 | PDF p. 48 |
| Contract liabilitiesSingapore dollars thousands | 5,157 | PDF p. 48 |
| Bank borrowings and lease liabilitiesSingapore dollars thousands | 61,753 | PDF p. 48 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 117,836 | PDF p. 48 |
| Non-current liabilities | ||
| Trade and other payablesSingapore dollars thousands | 6,943 | PDF p. 48 |
| Bank borrowings and lease liabilitiesSingapore dollars thousands | 12,992 | PDF p. 48 |
| Deferred tax liabilitiesSingapore dollars thousands | 475 | PDF p. 48 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 20,410 | PDF p. 48 |
| Total liabilitiesSingapore dollars thousands | 138,246 | PDF p. 48 |
| NET ASSETSSingapore dollars thousands | 145,197 | PDF p. 48 |
| Capital and reserves attributable to | ||
| Share capitalSingapore dollars thousands | 136,361 | PDF p. 48 |
| Warrants reserveSingapore dollars thousands | 296 | PDF p. 48 |
| Currency translation reserveSingapore dollars thousands | (2,672) | PDF p. 48 |
| Other reservesSingapore dollars thousands | (843) | PDF p. 48 |
| Retained profitsSingapore dollars thousands | 9,818 | PDF p. 48 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 142,960 | PDF p. 48 |
| Non-controlling interestsSingapore dollars thousands | 2,237 | PDF p. 48 |
| Total equitySingapore dollars thousands | 145,197 | PDF p. 48 |
Original report: PDF p. 48 ↗
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Company / as at31December2021 | Source |
|---|---|---|
| Current assets | ||
| Cash and bank balancesSingapore dollars thousands | 712 | PDF p. 48 |
| Trade and other receivablesSingapore dollars thousands | 17,598 | PDF p. 48 |
| Contract assetsSingapore dollars thousands | – | PDF p. 48 |
| InventoriesSingapore dollars thousands | – | PDF p. 48 |
| Financial assets, at FVOCISingapore dollars thousands | – | PDF p. 48 |
| Other current assetsSingapore dollars thousands | – | PDF p. 48 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 18,310 | PDF p. 48 |
| Non-current assets | ||
| Trade and other receivablesSingapore dollars thousands | 76,000 | PDF p. 48 |
| Contract assetsSingapore dollars thousands | – | PDF p. 48 |
| Investments in associated companiesSingapore dollars thousands | 640 | PDF p. 48 |
| Investments in subsidiariesSingapore dollars thousands | 52,304 | PDF p. 48 |
| Property, plant and equipmentSingapore dollars thousands | – | PDF p. 48 |
| GoodwillSingapore dollars thousands | – | PDF p. 48 |
| Deferred tax assetsSingapore dollars thousands | – | PDF p. 48 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 128,944 | PDF p. 48 |
| Total assetsSingapore dollars thousands | 147,254 | PDF p. 48 |
| Current liabilities | ||
| Trade and other payablesSingapore dollars thousands | 3,066 | PDF p. 48 |
| Current income tax liabilitiesSingapore dollars thousands | – | PDF p. 48 |
| Contract liabilitiesSingapore dollars thousands | – | PDF p. 48 |
| Bank borrowings and lease liabilitiesSingapore dollars thousands | – | PDF p. 48 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 3,066 | PDF p. 48 |
| Non-current liabilities | ||
| Trade and other payablesSingapore dollars thousands | – | PDF p. 48 |
| Bank borrowings and lease liabilitiesSingapore dollars thousands | – | PDF p. 48 |
| Deferred tax liabilitiesSingapore dollars thousands | – | PDF p. 48 |
| Subtotal (unlabelled in original)Singapore dollars thousands | – | PDF p. 48 |
| Total liabilitiesSingapore dollars thousands | 3,066 | PDF p. 48 |
| NET ASSETSSingapore dollars thousands | 144,188 | PDF p. 48 |
| Capital and reserves attributable to | ||
| Share capitalSingapore dollars thousands | 136,361 | PDF p. 48 |
| Warrants reserveSingapore dollars thousands | 296 | PDF p. 48 |
| Currency translation reserveSingapore dollars thousands | – | PDF p. 48 |
| Other reservesSingapore dollars thousands | 17 | PDF p. 48 |
| Retained profitsSingapore dollars thousands | 7,514 | PDF p. 48 |
| Subtotal (unlabelled in original)Singapore dollars thousands | 144,188 | PDF p. 48 |
| Non-controlling interestsSingapore dollars thousands | – | PDF p. 48 |
| Total equitySingapore dollars thousands | 144,188 | PDF p. 48 |
Original report: PDF p. 48 ↗
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / Share capital | 2021Group / Warrants reserve | 2021Group / Currency translation reserve | 2021Group / Other reserves | 2021Group / Retained profits | 2021Group / Attributable to equity holders of the Company | 2021Group / Non-controlling interests | 2021Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity / 2021 | |||||||||
| Balance at 1 January 2021Singapore dollars thousands | 96,564 | 2,812 | (2,539) | (853) | 7,780 | 103,764 | 2,247 | 106,011 | PDF p. 49 |
| Profit for the financial yearSingapore dollars thousands | – | – | – | – | 2,038 | 2,038 | 628 | 2,666 | PDF p. 49 |
| Other comprehensive (loss)/ income for the financial yearSingapore dollars thousands | – | – | (133) | 2 | – | (131) | (319) | (450) | PDF p. 49 |
| Total comprehensive (loss)/ income for the financial yearSingapore dollars thousands | – | – | (133) | 2 | 2,038 | 1,907 | 309 | 2,216 | PDF p. 49 |
| Issuance of new shares, net of expensesSingapore dollars thousands | 36,834 | – | – | – | – | 36,834 | – | 36,834 | PDF p. 49 |
| Issuance of new shares pursuant to Performance Share PlanSingapore dollars thousands | 7 | – | – | (7) | – | – | – | – | PDF p. 49 |
| Exercise of warrantsSingapore dollars thousands | 475 | (35) | – | – | – | 440 | – | 440 | PDF p. 49 |
| Share based payment pursuant to Performance Share PlanSingapore dollars thousands | – | – | – | 15 | – | 15 | – | 15 | PDF p. 49 |
| Expiry of warrantsSingapore dollars thousands | 2,481 | (2,481) | – | – | – | – | – | – | PDF p. 49 |
| Dividends paidSingapore dollars thousands | – | – | – | – | – | – | (319) | (319) | PDF p. 49 |
| Total transactions with owners, recognised directly in equitySingapore dollars thousands | 39,797 | (2,516) | – | 8 | – | 37,289 | (319) | 36,970 | PDF p. 49 |
| Balance at 31 December 2021Singapore dollars thousands | 136,361 | 296 | (2,672) | (843) | 9,818 | 142,960 | 2,237 | 145,197 | PDF p. 49 |
Original report: PDF p. 49 ↗
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
Where the money comes from
| Item / unit | 2025Engineering and Construction | 2025Bio-Refinery and Renewable Energy | 2025Total | 2024Engineering and Construction | 2024Bio-Refinery and Renewable Energy | 2024Total | Source |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| External$'000 | 181,479 | 64,433 | 245,912 | 81,405 | 67,568 | 148,973 | PDF p. 105PDF p. 106 |
| Cost of sales$'000 | (173,313) | (43,415) | (216,728) | (91,420) | (51,403) | (142,823) | PDF p. 105PDF p. 106 |
| Results | |||||||
| Segment results$'000 | 1,808 | 12,094 | 13,902 | (20,212) | 10,656 | (9,556) | PDF p. 105PDF p. 106 |
| Share of loss of associated companies$'000 | (16) | – | (16) | (117) | – | (117) | PDF p. 105PDF p. 106 |
| Assets | |||||||
| Segment assets$'000 | 228,209 | 42,005 | 270,214 | 177,809 | 56,298 | 234,107 | PDF p. 105PDF p. 106 |
| Goodwill$'000 | – | 6,857 | 6,857 | – | 6,857 | 6,857 | PDF p. 105PDF p. 106 |
| Liabilities | |||||||
| Segment liabilities$'000 | 104,967 | 26,196 | 131,163 | 45,319 | 38,685 | 84,004 | PDF p. 105PDF p. 106 |
| Other information | |||||||
| Depreciation$'000 | 5,101 | 110 | 5,211 | 4,837 | 104 | 4,941 | PDF p. 105PDF p. 106 |
| Capital expenditure$'000 | 5,905 | 26 | 5,931 | 934 | 202 | 1,136 | PDF p. 105PDF p. 106 |
| Assets | |||||||
| Investments in associated companies$'000 | 956 | – | 956 | PDF p. 106 | |||
Blank string means no value printed in that column. Interest income, finance expense, income tax expense, short-term bank deposits, deferred tax assets, current income tax liabilities, and bank borrowings and lease liabilities are not allocated to any specific segment.
Blank string means no value printed in that column. Unallocated items as described on the 2025 page.
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Total revenue | |||
| Singapore$'000 | 181,479 | 81,405 | PDF p. 107 |
| Malaysia$'000 | 29,039 | 21,192 | PDF p. 107 |
| Indonesia$'000 | 26,001 | 36,329 | PDF p. 107 |
| Africa$'000 | 3,099 | 7,065 | PDF p. 107 |
| Others$'000 | 6,294 | 2,982 | PDF p. 107 |
| Total revenue$'000 | 245,912 | 148,973 | PDF p. 107 |
| Total non-current assets | |||
| Singapore$'000 | 102,597 | 82,496 | PDF p. 107 |
| Malaysia$'000 | 1,833 | 1,249 | PDF p. 107 |
| Total non-current assets$'000 | 104,430 | 83,745 | PDF p. 107 |
Group operates in five main geographical areas: Singapore, Malaysia, Indonesia, Africa and others. Total rows are printed without a label (sum lines under each section).
Major customers: Revenue of approximately 60% (2024: 48%) are derived from two (2024: one) major customer. These revenues are attributable to the Engineering and Construction segment.
Debt
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Current | |||
| Short-term bank loans (unsecured)$'000 | 47,460 | 52,000 | PDF p. 92 |
| Term loan payable (unsecured)$'000 | – | 1,077 | PDF p. 92 |
| Lease liabilities$'000 | 2,435 | 2,057 | PDF p. 92 |
| Total current$'000 | 49,895 | 55,134 | PDF p. 92 |
| Non-current | |||
| Lease liabilities$'000 | 2,821 | 1,470 | PDF p. 92 |
| Total | |||
| Total bank borrowings and lease liabilities$'000 | 52,716 | 56,604 | PDF p. 92 |
Short-term bank loans bear interest at rates ranging from 2.55% to 4.95% (2024: 4.34% to 5.70%) per annum.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company strives to provide consistent and sustainable dividend payments to shareholders based on the Company’s profitability, cash position, working capital needs, capital expenditure plan, investment and business opportunities and market conditions. It aims to balance returns to shareholders with a need for long-term sustainable growth. | Company | PDF p. 48 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| final dividend | 0.03 Singapore cent per share | FY2025 proposed final dividend per ordinary share, subject to shareholders’ approval at AGM | PDF p. 48 |
| Dividend | approximately $0.85 million | FY2025 proposed final cash dividend total | PDF p. 94 |
| Dividend per share (in cent) | 0.03 cent | FY2025 (comparatives FY2024 and FY2023 printed as nil) | PDF p. 7 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| PricewaterhouseCoopers LLP | PricewaterhouseCoopers LLP | Group | PDF p. 58 |
| The engagement partner on the audit resulting in this independent auditor’s report | Koh Hongzhuang | Group | PDF p. 58 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Five full financial years ended 31 December 2021–2025. Financial amounts are Singapore dollars thousands and EPS Singapore cents. Weighted EPS share counts and financial-statement issued share counts are thousands; the register and detailed performance-share awards use whole shares. Group comprehensive income, changes in equity and cash flows accompany separate Group and Company balance sheets; no separate Company income, equity-change or cash-flow statement is supplied.
PricewaterhouseCoopers LLP gives an unmodified a true and fair view opinion, signed Koh Hongzhuang on 23 March 2026. Accounting for engineering and construction contracts is the Key Audit Matter, covering engineering/construction revenue 241.2 million,98.1% of total revenue; the KAM does not modify the opinion.
FY2023 original OCI shows currency translation loss 934 thousand combined; later comparative separates 700 reclassifiable and 234 non-reclassifiable, totaling 934. Full original comprehensive-income statement remains separately displayed; total comprehensive loss 14,315 is unchanged.
FY2021 original cash flow shows net bank borrowing repayment 4,486; later comparative separates proceeds 22,500 and repayments 26,986. Full original cash-flow statement is retained; financing cash 24,325 and closing cash 64,825 are unchanged.
FY2021 original equity shows performance-share issuance 7 in owners equity and employee services 8; later comparative shows issuance share capital 7 and reserve minus 7 with zero owners effect, and employee services 15. The combined reserve 8 and owners 15 are unchanged, as are opening and closing equity. Full original equity table is retained; no undisclosed retrospective accounting-policy cause is inferred.
The FY2023 comparative warrant reserve cell is printed dash plus asterisk for an amount less than S$1,000. It is retained as an explicit magnitude below one SGD thousand, not exact zero. Exact source precision is preserved.
Current Group operating cash 22,984 plus investing 1,470 less financing 11,579 equals cash increase 12,875; opening 58,605 plus 12,875 plus FX297 equals 71,777. Company cash 37 is a separate balance-sheet scope. Current bank borrowings 47,460 plus lease liabilities 5,256 equals 52,716; current 49,895 and noncurrent 2,821 reconcile separately.
Lease rollforward 3,527 less cash 2,860 plus interest 143 plus noncash additions 4,446 equals 5,256. Principal cash 2,717 plus lease interest 143 equals 2,860; nonlease interest 1,599 plus lease interest 143 equals total interest 1,742. Noncash lease additions are not a financing cash receipt.
Basic and diluted EPS use original numerators 6,786 and minus 17,051 thousand SGD with weighted denominators 2,818,156/2,818,089 and 2,818,650/2,818,585 thousand shares respectively. Source reports 0.24/ minus 0.61 basic cents and 0.24/ minus 0.60 diluted cents. Both original prior loss denominators and reported cent amounts are preserved without silently replacing them.
Associated-company investment balance 956 less source disposal 940 and share of loss 16 reaches zero. Company investment cost 640 is separately removed. Cash-flow proceeds 331, dividend 400 and reported disposal loss 209 retain their original scopes; no undocumented gross/net disposal bridge is invented. Note 17 mentions SDK Consortium as an associated partnership without a holding percentage or country there;5,420,000 SGD exposure to an unnamed associated partnership banking facility is not automatically allocated to SDK.
Year-end issued shares are rounded 2,818,221 thousand, versus exact later register 2,818,220,922 whole shares; the apparent 78-share difference after expanding the rounded figure is not a corporate action. Exactly 64,980 shares issued under the performance share plan round 65 thousand. Source monetary capital 136,678 is SGDthousands.
Two original FY2025 performance-share disclosures do not reconcile: directors statement shows total unvested 295,140 shares, including Shin 35,640 and other staff 259,500; Note 24 shows 232,120. Difference 63,020 is retained without an invented reconciliation. Detailed awards, unvested shares, and issued-capital totals are separate measures.
Proposed FY2025 final dividend 0.03 Singaporecent is approximately 0.85 millionSGD and is excluded from the FY2025 financial statements, to be appropriated in 2026. AGM29 April 2026 approves 0.030 Singaporecent. Minutes approval is not evidence of completed cash payment.
Nine statutory directors include issuer CEO Shin Yong Seub (Paul). Parent CEO Koh Keng Siang (Francis), MEICA CEO Johnson Tang and Oiltek CEO Yong Khai Weng retain separate scopes. Choo Siew Meng Deputy Chairman is listed under Senior Management, outside the nine-name statutory Board list. Ten senior managers, two joint company secretaries and Group PR Manager are retained. Celine Ngion joined July 2025 then became Financial Controller; exact promotion date and a named issuer CFO are not disclosed.
Register 19 March 2026:2,818,220,922 ordinary shares,8,697 holders, Nil treasury and subsidiary holdings. Top 20 total 2,623,807,322 shares and 93.10% is retained. Maybank Securities 7,204,800 shares prints 0.25%; the share ratio rounds 0.26%, an original exception. Koh Keng Siang substantial direct 15,254,800 differs from registered 15,234,800 by 20,000, with no invented nominee allocation. Deemed 1,544,629,607 includes parent 1,544,627,607 and spouse 2,000. Financial-year deemed 1,544,627,607 versus later register 1,544,629,607 preserves the different dates.
Note 31 names four significant subsidiaries, four joint operations and disposed 40% associate Tricaftan. Oiltek 68.14% is Group effective interest. Samsung–Koh 30%, POKB35%, Koh–ChinaHarbour 60% and PK JV30% retain joint-operation classification, not subsidiaries or equity-accounted joint ventures. The significant schedule is not an exhaustive legal group list. SDK Consortium is additionally named in Note 17 with ownership/country unavailable; a zero investment carrying amount does not justify inventing an active holding percentage.
FY2022 official audited-versus-unaudited reconciliation increases revenue, cost of sales, contract assets and contract liabilities by 2,368 thousand from joint-operation audit adjustments, with no profit or net-asset impact. The five-year primary series uses audited annual reports; unaudited 209,374 revenue is not substituted for audited 211,742.
Prior April 2025 shareholder replies describe cautious optimism, order book 829 million and undisclosed individual project margins; these are dated management statements, not forecasts proven to occur. Five annual originals 618 physical pages and seventeen related originals 293 pages,22 unique PDFs 911 pages, are archived. FY2022 original appears under warrant codeKHDW in the shared SGX announcement that also explicitly lists 5 HV/SG1 S95928879. Related shareholder-reply official broadcasts 24 April 2025/2024 versus catalog 23 April are separately retained.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.