KSH ER0
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+0.00% +0.00 Updated 30 Oct 2026, 17:16 SGT
Financials
ANNUAL REPORT 2026
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41 tablesBalance sheets — FY2026 report
45 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026Company | 2025Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$’000 | 14,715 | 15,419 | – | – | PDF p. 69 |
| Investments in subsidiaries$’000 | – | – | 16,791 | 16,791 | PDF p. 69 |
| Interests in associates$’000 | 141,171 | 104,761 | – | – | PDF p. 69 |
| Interests in joint ventures$’000 | 94,009 | 89,865 | – | – | PDF p. 69 |
| Other investments$’000 | – | 4 | – | – | PDF p. 69 |
| Investment properties$’000 | 89,424 | 96,043 | – | – | PDF p. 69 |
| Deferred tax assets$’000 | 1,526 | 4,724 | 29 | 29 | PDF p. 69 |
| Club membership$’000 | 15 | 18 | – | – | PDF p. 69 |
| Amounts due from subsidiaries (non-trade)$’000 | – | – | 197,648 | 129,988 | PDF p. 69 |
| Subtotal$’000 | 340,860 | 310,834 | 214,468 | 146,808 | PDF p. 69 |
| Current assets | |||||
| Trade receivables$’000 | 10,072 | 7,504 | – | – | PDF p. 69 |
| Other receivables and deposits$’000 | 1,146 | 1,354 | 68 | 150 | PDF p. 69 |
| Prepayments$’000 | 573 | 624 | 57 | 53 | PDF p. 69 |
| Investment securities$’000 | – | 4,500 | – | 4,500 | PDF p. 69 |
| Contract assets$’000 | 39,858 | 64,331 | – | – | PDF p. 69 |
| Structured deposit$’000 | 7,788 | – | – | – | PDF p. 69 |
| Fixed deposits$’000 | 78,462 | 79,524 | 29,615 | 24,188 | PDF p. 69 |
| Cash and bank balances$’000 | 66,731 | 43,601 | 2,995 | 8,549 | PDF p. 69 |
| Subtotal$’000 | 204,630 | 201,438 | 32,735 | 37,440 | PDF p. 69 |
| Total assets$’000 | 545,490 | 512,272 | 247,203 | 184,248 | PDF p. 69 |
| Current liabilities | |||||
| Trade payables$’000 | 22,500 | 25,978 | – | – | PDF p. 69 |
| Other payables and accruals$’000 | 77,643 | 89,469 | 574 | 636 | PDF p. 69 |
| Lease liabilities$’000 | 310 | 301 | – | – | PDF p. 69 |
| Provision for income tax$’000 | 3,063 | 1,549 | 383 | 511 | PDF p. 69 |
| Contract liabilities$’000 | 1,403 | 2 | – | – | PDF p. 69 |
| Bank term loans, secured$’000 | 25,967 | 9,061 | 25,751 | 7,361 | PDF p. 69 |
| Bills payable to banks, secured$’000 | 30,551 | – | – | – | PDF p. 69 |
| Subtotal$’000 | 161,437 | 126,360 | 26,708 | 8,508 | PDF p. 69 |
| Non-current liabilities | |||||
| Amounts due to subsidiaries (non-trade)$’000 | – | – | 56,137 | 29,051 | PDF p. 70 |
| Amounts due to non-controlling interest (non-trade)$’000 | 15,369 | 14,913 | – | – | PDF p. 70 |
| Other payables and accruals$’000 | 219 | 219 | – | – | PDF p. 70 |
| Lease liabilities$’000 | 3,867 | 3,884 | – | – | PDF p. 70 |
| Bank term loans, secured$’000 | 48,443 | 56,815 | 48,443 | 56,598 | PDF p. 70 |
| Deferred tax liabilities$’000 | 10,248 | 12,179 | – | – | PDF p. 70 |
| Subtotal$’000 | 78,146 | 88,010 | 104,580 | 85,649 | PDF p. 70 |
| Total liabilities$’000 | 239,583 | 214,370 | 131,288 | 94,157 | PDF p. 70 |
| Net assets$’000 | 305,907 | 297,902 | 115,915 | 90,091 | PDF p. 70 |
| Company | |||||
| Share capital$’000 | 50,915 | 50,915 | 50,915 | 50,915 | PDF p. 70 |
| Treasury shares$’000 | – | (6,873) | – | (6,873) | PDF p. 70 |
| Translation reserve$’000 | (7,914) | (8,774) | – | – | PDF p. 70 |
| Accumulated profits$’000 | 236,808 | 237,097 | 60,640 | 43,420 | PDF p. 70 |
| Other reserves$’000 | 7,429 | 5,698 | 4,360 | 2,629 | PDF p. 70 |
| Subtotal$’000 | 287,238 | 278,063 | 115,915 | 90,091 | PDF p. 70 |
| Non-controlling interests$’000 | 18,669 | 19,839 | – | – | PDF p. 70 |
| Total equity$’000 | 305,907 | 297,902 | 115,915 | 90,091 | PDF p. 70 |
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Definitions & sources
Original report: PDF p. 69 ↗ PDF p. 70 ↗
Original monetary columns are $’000; the report’s basis of preparation identifies Singapore dollars. Every printed Group and Company comparative column is retained.
Net asset value per share — FY2026 report
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Company | |||
| Net asset value per share (cents per share)cents per share | 50.42 | 51.38 | PDF p. 70 |
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Definitions & sources
Original report: PDF p. 70 ↗
Income statements — FY2026 report
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026Company | 2025Company | Source |
|---|---|---|---|---|---|
| Revenue | |||||
| Project revenue$’000 | 146,077 | 176,852 | – | – | PDF p. 71 |
| Rental income from investment properties$’000 | 3,826 | 4,648 | – | – | PDF p. 71 |
| Subtotal$’000 | 149,903 | 181,500 | – | – | PDF p. 71 |
| Other income$’000 | 8,620 | 13,935 | 29,798 | 7,865 | PDF p. 71 |
| Cost of construction$’000 | (120,273) | (162,388) | – | – | PDF p. 71 |
| Personnel expenses$’000 | (8,626) | (9,020) | (1,741) | (1,796) | PDF p. 71 |
| Depreciation of property, plant and equipment$’000 | (1,304) | (1,559) | – | – | PDF p. 71 |
| Finance costs$’000 | (2,944) | (5,146) | (2,019) | (3,797) | PDF p. 71 |
| Other operating expenses$’000 | (11,948) | (12,881) | (1,482) | (1,015) | PDF p. 71 |
| Impairment losses on financial assets$’000 | (275) | (227) | – | – | PDF p. 71 |
| Subtotal$’000 | (145,370) | (191,221) | (5,242) | (6,608) | PDF p. 71 |
| Profit from operations before share of results of associates and joint ventures$’000 | 13,153 | 4,214 | 24,556 | 1,257 | PDF p. 71 |
| Share of results of associates$’000 | (3,828) | (4,722) | – | – | PDF p. 71 |
| Share of results of joint ventures$’000 | 99 | (8,243) | – | – | PDF p. 71 |
| Profit/(loss) before taxation$’000 | 9,424 | (8,751) | 24,556 | 1,257 | PDF p. 71 |
| Income tax expense$’000 | (3,938) | (738) | (214) | (462) | PDF p. 71 |
| Profit/(loss) for the year$’000 | 5,486 | (9,489) | 24,342 | 795 | PDF p. 71 |
| Attributable to: | |||||
| Owners of the Company$’000 | 6,833 | (5,931) | 24,342 | 795 | PDF p. 71 |
| Non-controlling interests$’000 | (1,347) | (3,558) | – | – | PDF p. 71 |
| Subtotal$’000 | 5,486 | (9,489) | 24,342 | 795 | PDF p. 71 |
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Definitions & sources
Original report: PDF p. 71 ↗
Original monetary columns are $’000; the report’s basis of preparation identifies Singapore dollars. Every printed Group and Company comparative column is retained.
Earnings per share — FY2026 report
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Attributable to: | |||
| Profit/(loss) per share (cents per share) – Basiccents per share | 1.20 | (1.10) | PDF p. 71 |
| – Dilutedcents per share | 1.20 | (1.08) | PDF p. 71 |
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Definitions & sources
Original report: PDF p. 71 ↗
Statements of comprehensive income — FY2026 report
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026Company | 2025Company | Source |
|---|---|---|---|---|---|
| comprehensive income | |||||
| Profit/(loss) for the year$’000 | 5,486 | (9,489) | 24,342 | 795 | PDF p. 72 |
| Items that may be reclassified subsequently to profit or loss | |||||
| Foreign currency translation$’000 | 1,037 | (1,164) | – | – | PDF p. 72 |
| Other comprehensive income for the year, net of tax$’000 | 1,037 | (1,164) | – | – | PDF p. 72 |
| Total comprehensive income for the year$’000 | 6,523 | (10,653) | 24,342 | 795 | PDF p. 72 |
| Attributable to: | |||||
| Owners of the Company$’000 | 7,693 | (6,876) | 24,342 | 795 | PDF p. 72 |
| Non-controlling interests$’000 | (1,170) | (3,777) | – | – | PDF p. 72 |
| Subtotal$’000 | 6,523 | (10,653) | 24,342 | 795 | PDF p. 72 |
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Definitions & sources
Original report: PDF p. 72 ↗
Original monetary columns are $’000; the report’s basis of preparation identifies Singapore dollars. Every printed Group and Company comparative column is retained.
Consolidated statements of cash flows — FY2026 report
50 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit/(loss) before taxation$’000 | 9,424 | (8,751) | PDF p. 76 |
| Adjustments for: | |||
| Depreciation of property, plant and equipment$’000 | 1,304 | 1,559 | PDF p. 76 |
| Amortisation of club membership$’000 | 3 | 2 | PDF p. 76 |
| Loss/(gain) on disposal of plant and equipment, net$’000 | 2 | (1,360) | PDF p. 76 |
| Gain on disposal of associates and a joint venture$’000 | (150) | (106) | PDF p. 76 |
| Loss on fair value adjustments of investment properties, net$’000 | 7,365 | 5,707 | PDF p. 76 |
| Fair value (gain)/loss on quoted debt instruments (investment securities)$’000 | (500) | 500 | PDF p. 76 |
| Fair value gain on structured deposit$’000 | (63) | – | PDF p. 76 |
| Gain on disposal of structured deposit$’000 | (66) | – | PDF p. 76 |
| Impairment losses on financial assets$’000 | 275 | 227 | PDF p. 76 |
| Write-off of bad debts$’000 | – | 13 | PDF p. 76 |
| Interest expense$’000 | 2,910 | 5,125 | PDF p. 76 |
| Interest income$’000 | (6,098) | (8,609) | PDF p. 76 |
| Share of results of associates$’000 | 3,828 | 4,722 | PDF p. 76 |
| Share of results of joint ventures$’000 | (99) | 8,243 | PDF p. 76 |
| Exchange differences$’000 | 1,167 | 409 | PDF p. 76 |
| Operating cash flows before changes in working capital$’000 | 19,302 | 7,681 | PDF p. 76 |
| (Increase)/decrease in: | |||
| Trade and other receivables, deposits and prepayments$’000 | (2,545) | 529 | PDF p. 76 |
| Contract assets$’000 | 24,473 | (9,583) | PDF p. 76 |
| (Decrease)/increase in: | |||
| Trade and other payables and accruals$’000 | (15,304) | 24,178 | PDF p. 76 |
| Deferred income$’000 | – | (18) | PDF p. 76 |
| Contract liabilities$’000 | 1,401 | (1,396) | PDF p. 76 |
| Cash flows from operations$’000 | 27,327 | 21,391 | PDF p. 76 |
| Income taxes paid$’000 | (1,214) | (958) | PDF p. 76 |
| Interest income received$’000 | 6,098 | 8,609 | PDF p. 76 |
| Net cash flows from operating activities$’000 | 32,211 | 29,042 | PDF p. 76 |
| Investing activities | |||
| Purchase of plant and equipment$’000 | (462) | (1,122) | PDF p. 76 |
| Purchase of investment properties$’000 | (54) | – | PDF p. 76 |
| Proceeds from disposal of plant and equipment$’000 | 1 | 1,373 | PDF p. 76 |
| Increase in structured deposit$’000 | (7,659) | – | PDF p. 76 |
| Proceeds from redemption of quoted debt instruments (investment securities)$’000 | 5,000 | – | PDF p. 76 |
| (Increase)/decrease in loans and amounts due from associates and joint ventures, net$’000 | (50,042) | 14,519 | PDF p. 76 |
| Decrease/(increase) in amount due from an investee company$’000 | 4 | (4) | PDF p. 76 |
| Dividends received from associates and joint ventures$’000 | 5,022 | 25,960 | PDF p. 76 |
| Net cash flows (used in)/from investing activities$’000 | (48,190) | 40,726 | PDF p. 76 |
| Financing activities | |||
| Dividends paid$’000 | (7,122) | (5,494) | PDF p. 77 |
| Increase in loans and amounts due to non-controlling interests$’000 | 456 | 738 | PDF p. 77 |
| Purchase of treasury shares$’000 | (78) | (3,351) | PDF p. 77 |
| Proceeds from sale of treasury shares$’000 | 8,682 | – | PDF p. 77 |
| Proceeds from bank term loans$’000 | 18,000 | – | PDF p. 77 |
| Repayment of bank term loans$’000 | (9,466) | (33,162) | PDF p. 77 |
| Proceeds from/(repayment to) bank for bills payable$’000 | 30,551 | (34,604) | PDF p. 77 |
| Interest paid$’000 | (2,910) | (5,125) | PDF p. 77 |
| Payment of principal portion of lease liabilities$’000 | (149) | (152) | PDF p. 77 |
| Decrease in pledged fixed deposits$’000 | 1,786 | 4,393 | PDF p. 77 |
| Net cash flows from/(used in) financing activities$’000 | 39,750 | (76,757) | PDF p. 77 |
| Net increase/(decrease) in cash and cash equivalents$’000 | 23,771 | (6,989) | PDF p. 77 |
| Effect of exchange rate changes on cash and cash equivalents$’000 | 83 | (52) | PDF p. 77 |
| Cash and cash equivalents at beginning of the year$’000 | 85,669 | 92,710 | PDF p. 77 |
| Cash and cash equivalents at end of the year$’000 | 109,523 | 85,669 | PDF p. 77 |
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Original report: PDF p. 76 ↗ PDF p. 77 ↗
Original monetary columns are $’000; the report’s basis of preparation identifies Singapore dollars. Every printed Group and Company comparative column is retained.
Statements of changes in equity — Group FY2026
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group — Share capital | 2026Group — Treasury shares | 2026Group — Translation reserve | 2026Group — Accumulated profits | 2026Group — Other reserves | 2026Group — Total equity attributable to owners of the Company | 2026Group — Non-controlling interests | 2026Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||
| At 1 April 2025$’000 | 50,915 | (6,873) | (8,774) | 237,097 | 5,698 | 278,063 | 19,839 | 297,902 | PDF p. 73 |
| Profit for the year$’000 | – | – | – | 6,833 | – | 6,833 | (1,347) | 5,486 | PDF p. 73 |
| Other comprehensive income | |||||||||
| Foreign currency translation$’000 | – | – | 860 | – | – | 860 | 177 | 1,037 | PDF p. 73 |
| for the year$’000 | – | – | 860 | – | – | 860 | 177 | 1,037 | PDF p. 73 |
| Total comprehensive income for the year$’000 | – | – | 860 | 6,833 | – | 7,693 | (1,170) | 6,523 | PDF p. 73 |
| Contributions by and distributions to owners Interim and final tax-exempt dividends on ordinary shares$’000 | – | – | – | (7,122) | – | (7,122) | – | (7,122) | PDF p. 73 |
| Sale of shares held in treasury$’000 | – | 6,951 | – | – | 1,731 | 8,682 | – | 8,682 | PDF p. 73 |
| Purchase of treasury shares$’000 | – | (78) | – | – | – | (78) | – | (78) | PDF p. 73 |
| Total contributions by and distributions to owners$’000 | – | 6,873 | – | (7,122) | 1,731 | 1,482 | – | 1,482 | PDF p. 73 |
| At 31 March 2026$’000 | 50,915 | – | (7,914) | 236,808 | 7,429 | 287,238 | 18,669 | 305,907 | PDF p. 73 |
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Original report: PDF p. 73 ↗
Statements of changes in equity — Group FY2025
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group — Share capital | 2025Group — Treasury shares | 2025Group — Translation reserve | 2025Group — Accumulated profits | 2025Group — Other reserves | 2025Group — Total equity attributable to owners of the Company | 2025Group — Non-controlling interests | 2025Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||
| At 1 April 2024$’000 | 50,915 | (3,522) | (7,829) | 248,522 | 5,742 | 293,828 | 23,616 | 317,444 | PDF p. 74 |
| Loss for the year$’000 | – | – | – | (5,931) | – | (5,931) | (3,558) | (9,489) | PDF p. 74 |
| Other comprehensive income | |||||||||
| Foreign currency translation$’000 | – | – | (945) | – | – | (945) | (219) | (1,164) | PDF p. 74 |
| for the year$’000 | – | – | (945) | – | – | (945) | (219) | (1,164) | PDF p. 74 |
| Total comprehensive income for the year$’000 | – | – | (945) | (5,931) | – | (6,876) | (3,777) | (10,653) | PDF p. 74 |
| Contributions by and distributions to owners | |||||||||
| Interim and final tax-exempt dividends on ordinary shares$’000 | – | – | – | (5,494) | – | (5,494) | – | (5,494) | PDF p. 74 |
| Write off on share of property | |||||||||
| revaluation of associates$’000 | – | – | – | – | (44) | (44) | – | (44) | PDF p. 74 |
| Purchase of treasury shares$’000 | – | (3,351) | – | – | – | (3,351) | – | (3,351) | PDF p. 74 |
| Total contributions by and distributions to owners$’000 | – | (3,351) | – | (5,494) | (44) | (8,889) | – | (8,889) | PDF p. 74 |
| At 31 March 2025$’000 | 50,915 | (6,873) | (8,774) | 237,097 | 5,698 | 278,063 | 19,839 | 297,902 | PDF p. 74 |
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Original report: PDF p. 74 ↗
Statements of changes in equity — Company FY2026
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Company — Share capital | 2026Company — Treasury shares | 2026Company — Accumulated profits | 2026Company — Other reserves | 2026Company — Total equity | Source |
|---|---|---|---|---|---|---|
| Company | ||||||
| At 1 April 2025$’000 | 50,915 | (6,873) | 43,420 | 2,629 | 90,091 | PDF p. 75 |
| Profit for the year$’000 | – | – | 24,342 | – | 24,342 | PDF p. 75 |
| Total comprehensive income for the year$’000 | – | – | 24,342 | – | 24,342 | PDF p. 75 |
| Contributions by and distributions to owners | ||||||
| Interim and final tax-exempt dividends on ordinary shares$’000 | – | – | (7,122) | – | (7,122) | PDF p. 75 |
| Sale of shares held in treasury$’000 | – | 6,951 | – | 1,731 | 8,682 | PDF p. 75 |
| Purchase of treasury shares$’000 | – | (78) | – | – | (78) | PDF p. 75 |
| At 31 March 2026$’000 | 50,915 | – | 60,640 | 4,360 | 115,915 | PDF p. 75 |
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Definitions & sources
Original report: PDF p. 75 ↗
Statements of changes in equity — Company FY2025
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company — Share capital | 2025Company — Treasury shares | 2025Company — Accumulated profits | 2025Company — Other reserves | 2025Company — Total equity | Source |
|---|---|---|---|---|---|---|
| Contributions by and distributions to owners | ||||||
| At 1 April 2024$’000 | 50,915 | (3,522) | 48,119 | 2,629 | 98,141 | PDF p. 75 |
| Profit for the year$’000 | – | – | 795 | – | 795 | PDF p. 75 |
| Total comprehensive income for the year$’000 | – | – | 795 | – | 795 | PDF p. 75 |
| Interim and final tax-exempt dividends on ordinary shares$’000 | – | – | (5,494) | – | (5,494) | PDF p. 75 |
| Purchase of treasury shares$’000 | – | (3,351) | – | – | (3,351) | PDF p. 75 |
| At 31 March 2025$’000 | 50,915 | (6,873) | 43,420 | 2,629 | 90,091 | PDF p. 75 |
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Definitions & sources
Original report: PDF p. 75 ↗
Revenue highlights
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2024Group | Source |
|---|---|---|---|---|
| Revenue | ||||
| Project Revenue$’m | 146.1 | 176.9 | 209.9 | PDF p. 21 |
| Rental Income from Investment Properties$’m | 3.8 | 4.6 | 4.2 | PDF p. 21 |
| Subtotal$’m | 149.9 | 181.5 | 214.1 | PDF p. 21 |
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Definitions & sources
Original report: PDF p. 21 ↗
Financial highlights retain the original rounding in $’m.
Profit/(Loss) from Operations Before Share of Results of Associates and Joint Ventures
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2024Group | Source |
|---|---|---|---|---|
| Financial highlights | ||||
| Profit/(Loss) from Operations Before Share of Results of Associates and Joint Ventures$’m | 13.2 | 4.2 | (33.1) | PDF p. 21 |
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Definitions & sources
Original report: PDF p. 21 ↗
Financial highlights retain the original rounding in $’m.
Share of Results of Associates and Joint Ventures
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2024Group | Source |
|---|---|---|---|---|
| Financial highlights | ||||
| Share of Results of Associates and Joint Ventures$’m | (3.7) | (13.0) | (5.0) | PDF p. 21 |
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Definitions & sources
Original report: PDF p. 21 ↗
Financial highlights retain the original rounding in $’m.
Profit/(Loss) Attributable to Shareholders
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2024Group | Source |
|---|---|---|---|---|
| Financial highlights | ||||
| Profit/(Loss) Attributable to Shareholders$’m | 6.8 | (5.9) | (31.0) | PDF p. 21 |
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Definitions & sources
Original report: PDF p. 21 ↗
Financial highlights retain the original rounding in $’m.
Balance sheet highlights and ratios
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2025Group | 2026Group | Source |
|---|---|---|---|---|
| Balance Sheet Highlights | ||||
| Shareholders’ Equity$’m | 293.8 | 278.1 | 287.2 | PDF p. 22 |
| Net Current Assets$’m | 36.6 | 75.1 | 43.2 | PDF p. 22 |
| Total Assets$’m | 577.4 | 512.3 | 545.5 | PDF p. 22 |
| Net Tangible Assets$’m | 317.4 | 297.9 | 305.9 | PDF p. 22 |
| Efficiency | ||||
| Return on Equity (%)% | (10.6) | (2.1) | 2.4 | PDF p. 22 |
| Return on Asset (%)% | (5.6) | (1.9) | 1.0 | PDF p. 22 |
| Healthy Debt Coverage | ||||
| Gearing Ratioratio | 0.24 | 0.17 | 0.15 | PDF p. 22 |
| Interest Cover (x)x | NA | NA | 4.2 | PDF p. 22 |
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Definitions & sources
Original report: PDF p. 22 ↗
Gearing Ratio is printed without a separate definition or unit; the original ratio values are retained.
Revenue by Geographical Segment
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group — revenue segment share | Source |
|---|---|---|
| Revenue by Geographical Segment | ||
| PRC% | 2.3 | PDF p. 22 |
| Singapore% | 97.7 | PDF p. 22 |
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Definitions & sources
Original report: PDF p. 22 ↗
Revenue by Business Segment
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group — revenue segment share | Source |
|---|---|---|
| Revenue by Business Segment | ||
| Property Investment% | 2.3 | PDF p. 22 |
| Construction% | 97.7 | PDF p. 22 |
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Definitions & sources
Original report: PDF p. 22 ↗
Profit/(Loss) Per Share
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| used in the computation of loss per share | |||
| Profit/(loss) for the year attributable to owners of the Company$’000 | 6,833 | (5,931) | PDF p. 143 |
| for computing basic profit/(loss) per share (’000) | |||
| Weighted average number of ordinary shares (excluding treasury shares)’000 shares | 569,736 | 541,235 | PDF p. 143 |
| for computing diluted profit/(loss) per share (’000) | |||
| Weighted average number of ordinary shares (excluding treasury shares)’000 shares | 569,736 | 550,305 | PDF p. 143 |
| Profit/(Loss) Per Share | |||
| Basic profit/(loss) per share (cents per share)cents per share | 1.20 | (1.10) | PDF p. 143 |
| Diluted profit/(loss) per share (cents per share)cents per share | 1.20 | (1.08) | PDF p. 143 |
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Definitions & sources
Original report: PDF p. 143 ↗
The report says the table reflects profit/(loss) and share data used in computing basic and diluted profit/(loss) per share for years ended 31 March.
Net Asset Value Per Share
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Net Asset Value Per Share | |||
| Net assets attributable to owners of the Company$’000 | 287,238 | 278,063 | PDF p. 143 |
| Total number of issued ordinary shares (excluding treasury shares) as at 31 March (’000)’000 shares | 569,736 | 541,235 | PDF p. 143 |
| Net asset value per share (cents per share)cents per share | 50.42 | 51.38 | PDF p. 143 |
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Definitions & sources
Original report: PDF p. 143 ↗
The report defines net asset value per share as Group net assets attributable to owners of the Company divided by total issued ordinary shares as at year end.
Dividends
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group and Company | 2025Group and Company | Source |
|---|---|---|---|
| Dividends paid during the year | |||
| – Interim exempt (one-tier) dividend$’000 | 2,849 | 2,735 | PDF p. 144 |
| – Final exempt (one-tier) dividend$’000 | 4,273 | 2,759 | PDF p. 144 |
| Dividends paid during the year: Dividends on ordinary shares | |||
| Subtotal$’000 | 7,121 | 5,494 | PDF p. 144 |
| Proposed but not recognised as a liability as at 31 March; subject to shareholders’ approval | |||
| – Final exempt (one-tier) dividend$’000 | 5,697 | 4,059 | PDF p. 144 |
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Definitions & sources
Original report: PDF p. 144 ↗
The table reports dividends in $’000 and per-share rates in cents/share in the row labels. The Directors proposed a final tax-exempt (one-tier) FY2026 dividend of 1.00 cent/share, approximately $5,697,356, payable for the year ended 31 March 2026, to be recorded as a liability upon shareholder approval at the Annual General Meeting. The Company states there are no income tax consequences attached to proposed dividends not recognised as a liability. Page 14 says FY2026 final cash dividend 1.00 Singapore cent/share plus interim dividend 0.50 Singapore cent/share, total 1.50 Singapore cents/share, a 20% increase from FY2025 total dividend of 1.25 Singapore cents/share. These were not tabulated as financial statement amounts.
Note 34 prints total dividends paid of 7,121 ($’000) for FY2026, while its two component rows sum to 7,122 and the cash-flow and equity statements print 7,122. All original amounts are retained; no cause is inferred.
Dividend rates — paid and proposed
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group and Company — source-labelled dividend year | 2025Group and Company — source-labelled dividend year | Source |
|---|---|---|---|
| Dividends paid during the year | |||
| – Interim exempt (one-tier) dividendcents per share | 0.50 | 0.50 | PDF p. 144 |
| – Final exempt (one-tier) dividendcents per share | 0.75 | 0.50 | PDF p. 144 |
| Proposed but not recognised as a liability as at 31 March | |||
| – Final exempt (one-tier) dividendcents per share | 1.00 | 0.75 | PDF p. 144 |
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Definitions & sources
Original report: PDF p. 144 ↗
The proposed final dividend is subject to shareholder approval and is not recognised as a liability at the reporting date.
Balance sheets — FY2024 report
49 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | 2024Company | 2023Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$’000 | 15,635 | 17,241 | – | – | PDF p. 66 |
| Investments in subsidiaries$’000 | – | – | 16,791 | 16,791 | PDF p. 66 |
| Interests in associates$’000 | 203,961 | 284,177 | – | – | PDF p. 66 |
| Interests in joint ventures$’000 | 45,031 | 33,760 | – | – | PDF p. 66 |
| Investment securities$’000 | 5,000 | 4,750 | 5,000 | 4,750 | PDF p. 66 |
| Investment properties$’000 | 102,652 | 110,191 | – | – | PDF p. 66 |
| Deferred tax assets$’000 | 5,790 | 528 | 29 | 51 | PDF p. 66 |
| Club membership$’000 | 20 | 23 | – | – | PDF p. 66 |
| Amounts due from subsidiaries (non-trade)$’000 | – | – | 174,997 | 197,492 | PDF p. 66 |
| Subtotal$’000 | 378,089 | 450,670 | 196,817 | 219,084 | PDF p. 66 |
| Current assets | |||||
| Trade receivables$’000 | 7,358 | 26,233 | – | – | PDF p. 66 |
| Other receivables and deposits$’000 | 1,912 | 2,961 | 336 | 295 | PDF p. 66 |
| Prepayments$’000 | 741 | 651 | 35 | 35 | PDF p. 66 |
| Amounts due from a joint venture (non-trade)$’000 | – | 28,953 | – | – | PDF p. 66 |
| Investment securities$’000 | – | 8,883 | – | 8,883 | PDF p. 66 |
| Contract assets$’000 | 54,748 | 65,273 | – | – | PDF p. 66 |
| Structured deposits$’000 | – | 4,780 | – | – | PDF p. 66 |
| Fixed deposits$’000 | 83,764 | 67,078 | 31,659 | 47,096 | PDF p. 66 |
| Cash and bank balances$’000 | 50,795 | 53,688 | 1,110 | 25,173 | PDF p. 66 |
| Subtotal$’000 | 199,318 | 258,500 | 33,140 | 81,482 | PDF p. 66 |
| Total assets$’000 | 577,407 | 709,170 | 229,957 | 300,566 | PDF p. 66 |
| Current liabilities | |||||
| Trade payables$’000 | 23,351 | 32,040 | – | – | PDF p. 66 |
| Other payables and accruals$’000 | 67,929 | 77,709 | 959 | 1,667 | PDF p. 66 |
| Deferred income$’000 | 18 | 18 | – | – | PDF p. 66 |
| Lease liabilities$’000 | 293 | 469 | – | – | PDF p. 66 |
| Amounts due to a subsidiary (non-trade)$’000 | – | – | – | 10,000 | PDF p. 66 |
| Provision for income tax$’000 | 1,932 | 2,157 | 911 | 701 | PDF p. 66 |
| Contract liabilities$’000 | 1,398 | 8,102 | – | – | PDF p. 66 |
| Provision for onerous contract$’000 | – | 157 | – | – | PDF p. 66 |
| Bank term loans, secured$’000 | 33,162 | 61,703 | 23,811 | 59,220 | PDF p. 66 |
| Bills payable to banks, secured$’000 | 34,604 | 21,121 | – | – | PDF p. 66 |
| Subtotal$’000 | 162,687 | 203,476 | 25,681 | 71,588 | PDF p. 66 |
| Non-current liabilities | |||||
| Amounts due to subsidiaries (non-trade)$’000 | – | – | 42,176 | 86,854 | PDF p. 67 |
| Amounts due to non-controlling interest (non-trade)$’000 | 14,175 | – | – | – | PDF p. 67 |
| Other payables and accruals$’000 | 208 | 215 | – | – | PDF p. 67 |
| Lease liabilities$’000 | 3,810 | 3,702 | – | – | PDF p. 67 |
| Bank term loans, secured$’000 | 65,876 | 122,805 | 63,959 | 58,380 | PDF p. 67 |
| Deferred tax liabilities$’000 | 13,207 | 15,237 | – | – | PDF p. 67 |
| Subtotal$’000 | 97,276 | 141,959 | 106,135 | 145,234 | PDF p. 67 |
| Total liabilities$’000 | 259,963 | 345,435 | 131,816 | 216,822 | PDF p. 67 |
| Net assets$’000 | 317,444 | 363,735 | 98,141 | 83,744 | PDF p. 67 |
| Equity attributable to owners of the Company | |||||
| Share capital$’000 | 50,915 | 50,915 | 50,915 | 50,915 | PDF p. 67 |
| Treasury shares$’000 | (3,522) | (2,128) | (3,522) | (2,128) | PDF p. 67 |
| Translation reserve$’000 | (7,829) | (4,376) | – | – | PDF p. 67 |
| Accumulated profits$’000 | 248,522 | 288,008 | 48,119 | 32,328 | PDF p. 67 |
| Other reserves$’000 | 5,742 | 5,742 | 2,629 | 2,629 | PDF p. 67 |
| Subtotal$’000 | 293,828 | 338,161 | 98,141 | 83,744 | PDF p. 67 |
| Non-controlling interests$’000 | 23,616 | 25,574 | – | – | PDF p. 67 |
| Total equity$’000 | 317,444 | 363,735 | 98,141 | 83,744 | PDF p. 67 |
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Definitions & sources
Original report: PDF p. 66 ↗ PDF p. 67 ↗
Original monetary columns are $’000; the report’s basis of preparation identifies Singapore dollars. Every printed Group and Company comparative column is retained.
Net asset value per share — FY2024 report
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Equity attributable to owners of the Company | |||
| Net asset value per share (cents per share)cents per share | 52.68 | 60.02 | PDF p. 67 |
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Definitions & sources
Original report: PDF p. 67 ↗
Income statements — FY2024 report
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | 2024Company | 2023Company | Source |
|---|---|---|---|---|---|
| Revenue | |||||
| Project revenue$’000 | 209,911 | 293,442 | – | – | PDF p. 68 |
| Rental income from investment properties$’000 | 4,163 | 4,549 | – | – | PDF p. 68 |
| Subtotal$’000 | 214,074 | 297,991 | – | – | PDF p. 68 |
| Other income$’000 | 12,849 | 11,671 | 31,731 | 25,799 | PDF p. 68 |
| Cost of construction$’000 | (230,550) | (278,069) | – | – | PDF p. 68 |
| Personnel expenses$’000 | (8,259) | (10,016) | (1,932) | (2,572) | PDF p. 68 |
| Depreciation of property, plant and equipment$’000 | (1,954) | (2,073) | – | – | PDF p. 68 |
| Finance costs$’000 | (7,828) | (5,409) | (3,837) | (3,148) | PDF p. 68 |
| Other operating expenses$’000 | (10,329) | (10,377) | (644) | (767) | PDF p. 68 |
| Impairment losses on financial assets$’000 | (1,102) | (263) | – | – | PDF p. 68 |
| Subtotal$’000 | (260,022) | (306,207) | (6,413) | (6,487) | PDF p. 68 |
| (Loss)/Profit from operations before share of results of associates and joint ventures$’000 | (33,099) | 3,455 | 25,318 | 19,312 | PDF p. 68 |
| Share of results of associates$’000 | (4,756) | 21,030 | – | – | PDF p. 68 |
| Share of results of joint ventures$’000 | (290) | (747) | – | – | PDF p. 68 |
| (Loss)/Profit before taxation$’000 | (38,145) | 23,738 | 25,318 | 19,312 | PDF p. 68 |
| Income tax credit/(expense)$’000 | 5,942 | (1,446) | (1,076) | (982) | PDF p. 68 |
| (Loss)/Profit for the year$’000 | (32,203) | 22,292 | 24,242 | 18,330 | PDF p. 68 |
| Attributable to: | |||||
| Owners of the Company$’000 | (31,035) | 22,113 | 24,242 | 18,330 | PDF p. 68 |
| Non-controlling interests$’000 | (1,168) | 179 | – | – | PDF p. 68 |
| Subtotal$’000 | (32,203) | 22,292 | 24,242 | 18,330 | PDF p. 68 |
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Definitions & sources
Original report: PDF p. 68 ↗
Original monetary columns are $’000; the report’s basis of preparation identifies Singapore dollars. Every printed Group and Company comparative column is retained.
Earnings per share — FY2024 report
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| (Loss)/Earnings per share (cents per share) | |||
| – Basiccents per share | (5.56) | 3.92 | PDF p. 68 |
| – Dilutedcents per share | (5.51) | 3.92 | PDF p. 68 |
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Definitions & sources
Original report: PDF p. 68 ↗
Statements of comprehensive income — FY2024 report
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | 2024Company | 2023Company | Source |
|---|---|---|---|---|---|
| comprehensive income | |||||
| (Loss)/Profit for the year$’000 | (32,203) | 22,292 | 24,242 | 18,330 | PDF p. 69 |
| Items that may be reclassified subsequently to profit or loss | |||||
| Foreign currency translation$’000 | (4,243) | (7,517) | – | – | PDF p. 69 |
| Other comprehensive income for the year, net of tax$’000 | (4,243) | (7,517) | – | – | PDF p. 69 |
| Total comprehensive income for the year$’000 | (36,446) | 14,775 | 24,242 | 18,330 | PDF p. 69 |
| Attributable to: | |||||
| Owners of the Company$’000 | (34,488) | 13,107 | 24,242 | 18,330 | PDF p. 69 |
| Non-controlling interests$’000 | (1,958) | 1,668 | – | – | PDF p. 69 |
| Subtotal$’000 | (36,446) | 14,775 | 24,242 | 18,330 | PDF p. 69 |
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Definitions & sources
Original report: PDF p. 69 ↗
Original monetary columns are $’000; the report’s basis of preparation identifies Singapore dollars. Every printed Group and Company comparative column is retained.
Consolidated statements of cash flows — FY2024 report
50 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Operating activities | |||
| (Loss)/Profit before taxation$’000 | (38,145) | 23,738 | PDF p. 73 |
| Adjustments for: | |||
| Depreciation of property, plant and equipment$’000 | 1,954 | 2,073 | PDF p. 73 |
| Amortisation of club membership$’000 | 3 | 2 | PDF p. 73 |
| Loss on disposal of plant and equipment, net$’000 | 5 | – | PDF p. 73 |
| Loss on disposal of associates and a joint venture$’000 | 284 | 7 | PDF p. 73 |
| Loss on fair value adjustments of investment properties, net$’000 | 4,231 | 283 | PDF p. 73 |
| Fair value (gain)/loss on quoted debt instruments (investment securities)$’000 | (267) | 252 | PDF p. 73 |
| Impairment losses on financial assets$’000 | 1,102 | 263 | PDF p. 73 |
| Write-off of bad debts$’000 | 14 | 695 | PDF p. 73 |
| Allowance for provision for doubtful debts$’000 | 397 | – | PDF p. 73 |
| Write-back of provision for onerous contract$’000 | (157) | (95) | PDF p. 73 |
| Interest expense$’000 | 7,667 | 5,209 | PDF p. 73 |
| Interest income$’000 | (9,622) | (8,686) | PDF p. 73 |
| Share of results of associates$’000 | 4,756 | (21,030) | PDF p. 73 |
| Share of results of joint ventures$’000 | 290 | 747 | PDF p. 73 |
| Exchange differences$’000 | (430) | 5,455 | PDF p. 73 |
| Operating cash flows before changes in working capital$’000 | (27,918) | 8,913 | PDF p. 73 |
| Changes in working capital: | |||
| Decrease/(increase) in: Trade and other receivables, deposits and prepayments$’000 | 19,818 | (19,533) | PDF p. 73 |
| Contract assets$’000 | 10,445 | (34,832) | PDF p. 73 |
| Increase/(decrease) in: Trade and other payables and accruals$’000 | (18,476) | 18,707 | PDF p. 73 |
| Contract liabilities$’000 | (6,704) | (19,464) | PDF p. 73 |
| Cash flows used in operations$’000 | (22,835) | (46,209) | PDF p. 73 |
| Income taxes paid$’000 | (1,097) | (634) | PDF p. 73 |
| Interest income received$’000 | 9,622 | 8,686 | PDF p. 73 |
| Net cash flows used in operating activities$’000 | (14,310) | (38,157) | PDF p. 73 |
| Investing activities | |||
| Purchase of plant and equipment$’000 | (119) | (640) | PDF p. 73 |
| Proceeds from disposal of plant and equipment$’000 | 3 | 7 | PDF p. 73 |
| Increase in investment in associates$’000 | – | (2,180) | PDF p. 73 |
| Purchase of quoted debt instruments (investment securities)$’000 | (5,000) | (8,000) | PDF p. 73 |
| Proceeds from redemption of quoted debt instruments (investment securities)$’000 | 13,900 | 100 | PDF p. 73 |
| Decrease/(increase) in loans and amounts due from associates, net$’000 | 72,619 | (35,772) | PDF p. 73 |
| Decrease/(increase) in loans and amounts due from joint ventures, net$’000 | 13,792 | (6,965) | PDF p. 73 |
| Dividends received from associates$’000 | 682 | 705 | PDF p. 73 |
| Dividends received from joint ventures$’000 | 3,300 | 550 | PDF p. 73 |
| Net cash flows from/(used in) investing activities$’000 | 99,177 | (52,195) | PDF p. 73 |
| Financing activities | |||
| Dividends paid$’000 | (8,451) | (11,268) | PDF p. 74 |
| Increase in loans and amounts due to non-controlling interests$’000 | 14,175 | – | PDF p. 74 |
| Purchase of treasury shares$’000 | (1,394) | – | PDF p. 74 |
| Proceeds from bank term loans$’000 | 30,000 | 92,000 | PDF p. 74 |
| Repayment of bank term loans$’000 | (115,470) | (27,379) | PDF p. 74 |
| Proceeds from bills payable to banks$’000 | 13,483 | 21,121 | PDF p. 74 |
| Payment of principal portion of lease liabilities$’000 | (309) | (640) | PDF p. 74 |
| Interest paid$’000 | (7,667) | (5,209) | PDF p. 74 |
| Decrease/(increase) in structured deposits$’000 | 4,780 | (65) | PDF p. 74 |
| Decrease/(increase) in pledged fixed deposits$’000 | 7,305 | (239) | PDF p. 74 |
| Net cash flows (used in)/from financing activities$’000 | (63,548) | 68,321 | PDF p. 74 |
| Net increase/(decrease) in cash and cash equivalents$’000 | 21,319 | (22,031) | PDF p. 74 |
| Effect of exchange rate changes on cash and cash equivalents$’000 | (221) | (511) | PDF p. 74 |
| Cash and cash equivalents at beginning of the year$’000 | 71,612 | 94,154 | PDF p. 74 |
| Cash and cash equivalents at end of the year$’000 | 92,710 | 71,612 | PDF p. 74 |
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Definitions & sources
Original report: PDF p. 73 ↗ PDF p. 74 ↗
Original monetary columns are $’000; the report’s basis of preparation identifies Singapore dollars. Every printed Group and Company comparative column is retained.
Statements of changes in equity — Group FY2024
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group — Share capital | 2024Group — Treasury shares | 2024Group — Translation reserve | 2024Group — Accumulated profits | 2024Group — Other reserves | 2024Group — Total equity attributable to owners of the Company | 2024Group — Non-controlling interests | 2024Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||
| At 1 April 2023$’000 | 50,915 | (2,128) | (4,376) | 288,008 | 5,742 | 338,161 | 25,574 | 363,735 | PDF p. 70 |
| Loss for the year$’000 | – | – | – | (31,035) | – | (31,035) | (1,168) | (32,203) | PDF p. 70 |
| Other comprehensive income Foreign currency translation$’000 | – | – | (3,453) | – | – | (3,453) | (790) | (4,243) | PDF p. 70 |
| Other comprehensive income for the year$’000 | – | – | (3,453) | – | – | (3,453) | (790) | (4,243) | PDF p. 70 |
| Total comprehensive income for the year$’000 | – | – | (3,453) | (31,035) | – | (34,488) | (1,958) | (36,446) | PDF p. 70 |
| Contributions by and distributions to owners Interim and final tax-exempt dividends | |||||||||
| on ordinary shares$’000 | – | – | – | (8,451) | – | (8,451) | – | (8,451) | PDF p. 70 |
| Purchase of treasury shares$’000 | – | (1,394) | – | – | – | (1,394) | – | (1,394) | PDF p. 70 |
| Total contributions by and distributions to owners$’000 | – | (1,394) | – | (8,451) | – | (9,845) | – | (9,845) | PDF p. 70 |
| At 31 March 2024$’000 | 50,915 | (3,522) | (7,829) | 248,522 | 5,742 | 293,828 | 23,616 | 317,444 | PDF p. 70 |
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Definitions & sources
Original report: PDF p. 70 ↗
Statements of changes in equity — Group FY2023
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group — Share capital | 2023Group — Treasury shares | 2023Group — Translation reserve | 2023Group — Accumulated profits | 2023Group — Other reserves | 2023Group — Total equity attributable to owners of the Company | 2023Group — Non-controlling interests | 2023Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||
| At 1 April 2022$’000 | 50,915 | (2,128) | 4,630 | 277,163 | 5,742 | 336,322 | 23,906 | 360,228 | PDF p. 71 |
| Profit for the year$’000 | – | – | – | 22,113 | – | 22,113 | 179 | 22,292 | PDF p. 71 |
| Other comprehensive income Foreign currency translation$’000 | – | – | (9,006) | – | – | (9,006) | 1,489 | (7,517) | PDF p. 71 |
| Other comprehensive income for the year$’000 | – | – | (9,006) | – | – | (9,006) | 1,489 | (7,517) | PDF p. 71 |
| Total comprehensive income for the year$’000 | – | – | (9,006) | 22,113 | – | 13,107 | 1,668 | 14,775 | PDF p. 71 |
| Contributions by and distributions to owners Interim and final tax-exempt dividends | |||||||||
| on ordinary shares$’000 | – | – | – | (11,268) | – | (11,268) | – | (11,268) | PDF p. 71 |
| Total contributions by and distributions to owners$’000 | – | – | – | (11,268) | – | (11,268) | – | (11,268) | PDF p. 71 |
| At 31 March 2023$’000 | 50,915 | (2,128) | (4,376) | 288,008 | 5,742 | 338,161 | 25,574 | 363,735 | PDF p. 71 |
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Definitions & sources
Original report: PDF p. 71 ↗
Statements of changes in equity — Company FY2024
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Company — Share capital | 2024Company — Treasury shares | 2024Company — Accumulated profits | 2024Company — Other reserves | 2024Company — Total equity | Source |
|---|---|---|---|---|---|---|
| Company | ||||||
| At 1 April 2023$’000 | 50,915 | (2,128) | 32,328 | 2,629 | 83,744 | PDF p. 72 |
| Profit for the year$’000 | – | – | 24,242 | – | 24,242 | PDF p. 72 |
| Total comprehensive income for the year$’000 | 50,915 | (2,128) | 56,570 | 2,629 | 107,986 | PDF p. 72 |
| Contributions by and distributions to owners Interim and final tax-exempt dividends on ordinary shares$’000 | – | – | (8,451) | – | (8,451) | PDF p. 72 |
| Purchase of treasury shares$’000 | – | (1,394) | – | – | (1,394) | PDF p. 72 |
| At 31 March 2024$’000 | 50,915 | (3,522) | 48,119 | 2,629 | 98,141 | PDF p. 72 |
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Definitions & sources
Original report: PDF p. 72 ↗
Statements of changes in equity — Company FY2023
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Company — Share capital | 2023Company — Treasury shares | 2023Company — Accumulated profits | 2023Company — Other reserves | 2023Company — Total equity | Source |
|---|---|---|---|---|---|---|
| Company | ||||||
| At 1 April 2022$’000 | 50,915 | (2,128) | 25,266 | 2,629 | 76,682 | PDF p. 72 |
| Profit for the year$’000 | – | – | 18,330 | – | 18,330 | PDF p. 72 |
| Total comprehensive income for the year$’000 | 50,915 | (2,128) | 43,596 | 2,629 | 95,012 | PDF p. 72 |
| Contributions by and distributions to owners Interim and final tax-exempt dividends on ordinary shares$’000 | – | – | (11,268) | – | (11,268) | PDF p. 72 |
| At 31 March 2023$’000 | 50,915 | (2,128) | 32,328 | 2,629 | 83,744 | PDF p. 72 |
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Definitions & sources
Original report: PDF p. 72 ↗
Balance sheets — FY2022 report
48 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | 2022Company | 2021Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$’000 | 18,513 | 20,342 | – | – | PDF p. 64 |
| Investments in subsidiaries$’000 | – | – | 16,791 | 16,791 | PDF p. 64 |
| Interests in associates$’000 | 230,551 | 201,712 | – | – | PDF p. 64 |
| Interests in joint ventures$’000 | 17,367 | 78,684 | – | – | PDF p. 64 |
| Investment securities$’000 | 5,985 | 3,665 | 5,985 | 3,665 | PDF p. 64 |
| Investment properties$’000 | 120,007 | 117,130 | – | – | PDF p. 64 |
| Amount due from a minority shareholder of a subsidiary (non-trade)$’000 | – | 2,269 | – | – | PDF p. 64 |
| Deferred tax assets$’000 | 1,249 | 513 | 308 | 52 | PDF p. 64 |
| Club membership$’000 | 25 | 26 | – | – | PDF p. 64 |
| Amounts due from subsidiaries (non-trade)$’000 | – | – | 188,816 | 214,494 | PDF p. 64 |
| Subtotal$’000 | 393,697 | 424,341 | 211,900 | 235,002 | PDF p. 64 |
| Current assets | |||||
| Trade receivables$’000 | 7,246 | 16,410 | – | – | PDF p. 64 |
| Other receivables and deposits$’000 | 2,447 | 1,996 | 95 | 219 | PDF p. 64 |
| Prepayments$’000 | 619 | 564 | 40 | 22 | PDF p. 64 |
| Amount due from a joint venture (non-trade)$’000 | 40,373 | – | – | – | PDF p. 64 |
| Amounts due from associates (non-trade)$’000 | – | 10 | – | – | PDF p. 64 |
| Contract assets$’000 | 30,441 | 37,470 | – | – | PDF p. 64 |
| Structured deposits$’000 | 4,715 | – | – | – | PDF p. 64 |
| Fixed deposits$’000 | 86,150 | 62,136 | 66,364 | 37,663 | PDF p. 64 |
| Cash and bank balances$’000 | 56,919 | 60,764 | 3,442 | 18,507 | PDF p. 64 |
| Subtotal$’000 | 228,910 | 179,350 | 69,941 | 56,411 | PDF p. 64 |
| Total assets$’000 | 622,607 | 603,691 | 281,841 | 291,413 | PDF p. 64 |
| Current liabilities | |||||
| Trade payables$’000 | 26,805 | 18,933 | – | – | PDF p. 64 |
| Other payables and accruals$’000 | 64,216 | 51,798 | 2,662 | 979 | PDF p. 64 |
| Deferred income$’000 | 18 | 18 | – | PDF p. 64 | |
| Lease liabilities$’000 | 739 | 780 | – | – | PDF p. 64 |
| Provision for income tax$’000 | 1,489 | 2,020 | 546 | 591 | PDF p. 64 |
| Contract liabilities$’000 | 27,566 | 22,287 | – | – | PDF p. 64 |
| Provision for onerous contract$’000 | 252 | – | – | – | PDF p. 64 |
| Bank term loans, secured$’000 | 24,762 | 40,793 | 22,470 | 39,960 | PDF p. 64 |
| Bills payable to banks, secured$’000 | – | 16,910 | – | – | PDF p. 64 |
| Subtotal$’000 | 145,847 | 153,539 | 25,678 | 41,530 | PDF p. 64 |
| Non-current liabilities | |||||
| Amounts due to subsidiaries (non-trade)$’000 | – | – | 91,231 | 81,604 | PDF p. 65 |
| Other payables and accruals$’000 | 236 | 210 | – | – | PDF p. 65 |
| Lease liabilities$’000 | 3,896 | 4,505 | – | – | PDF p. 65 |
| Bank term loans, secured$’000 | 95,125 | 85,517 | 88,250 | 81,350 | PDF p. 65 |
| Deferred tax liabilities$’000 | 17,275 | 16,367 | – | – | PDF p. 65 |
| Subtotal$’000 | 116,532 | 106,599 | 179,481 | 162,954 | PDF p. 65 |
| Total liabilities$’000 | 262,379 | 260,138 | 205,159 | 204,484 | PDF p. 65 |
| Net assets$’000 | 360,228 | 343,553 | 76,682 | 86,929 | PDF p. 65 |
| Equity attributable to owners of the Company | |||||
| Share capital$’000 | 50,915 | 50,915 | 50,915 | 50,915 | PDF p. 65 |
| Treasury shares$’000 | (2,128) | (2,128) | (2,128) | (2,128) | PDF p. 65 |
| Translation reserve$’000 | 4,630 | 1,556 | – | – | PDF p. 65 |
| Accumulated profits$’000 | 277,163 | 264,329 | 25,266 | 35,513 | PDF p. 65 |
| Other reserves$’000 | 5,742 | 5,685 | 2,629 | 2,629 | PDF p. 65 |
| Subtotal$’000 | 336,322 | 320,357 | 76,682 | 86,929 | PDF p. 65 |
| Non-controlling interests$’000 | 23,906 | 23,196 | – | – | PDF p. 65 |
| Total equity$’000 | 360,228 | 343,553 | 76,682 | 86,929 | PDF p. 65 |
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Definitions & sources
Original report: PDF p. 64 ↗ PDF p. 65 ↗
Original monetary columns are $’000; the report’s basis of preparation identifies Singapore dollars. Every printed Group and Company comparative column is retained.
Net asset value per share — FY2022 report
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Equity attributable to owners of the Company | |||
| Net asset value per share (cents per share)cents per share | 59.70 | 56.86 | PDF p. 65 |
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Definitions & sources
Original report: PDF p. 65 ↗
Income statements — FY2022 report
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | 2022Company | 2021Company | Source |
|---|---|---|---|---|---|
| Revenue | |||||
| Project revenue$’000 | 235,165 | 149,038 | – | – | PDF p. 66 |
| Rental income from investment properties$’000 | 5,159 | 4,056 | – | – | PDF p. 66 |
| Subtotal$’000 | 240,324 | 153,094 | – | – | PDF p. 66 |
| Other income$’000 | 10,265 | 16,760 | 7,544 | 37,630 | PDF p. 66 |
| Cost of construction$’000 | (224,344) | (149,190) | – | – | PDF p. 66 |
| Personnel expenses$’000 | (10,376) | (8,836) | (3,748) | (2,058) | PDF p. 66 |
| Depreciation of property, plant and equipment$’000 | (2,220) | (2,182) | – | – | PDF p. 66 |
| Finance costs$’000 | (2,760) | (2,838) | (2,056) | (2,350) | PDF p. 66 |
| Other operating expenses$’000 | (15,155) | (7,186) | (386) | (635) | PDF p. 66 |
| Impairment losses on financial assets$’000 | – | (1,375) | – | – | PDF p. 66 |
| Subtotal$’000 | (254,855) | (171,607) | (6,190) | (5,043) | PDF p. 66 |
| (Loss)/profit from operations before share of results of associates and joint ventures$’000 | (4,266) | (1,753) | 1,354 | 32,587 | PDF p. 66 |
| Share of results of associates$’000 | 25,790 | (6,313) | – | – | PDF p. 66 |
| Share of results of joint ventures$’000 | 2,971 | 3,384 | – | – | PDF p. 66 |
| Profit/(loss) before taxation$’000 | 24,495 | (4,682) | 1,354 | 32,587 | PDF p. 66 |
| Income tax (expense)/credit$’000 | (544) | 471 | (333) | (654) | PDF p. 66 |
| Profit/(loss) for the year$’000 | 23,951 | (4,211) | 1,021 | 31,933 | PDF p. 66 |
| Attributable to: | |||||
| Owners of the Company$’000 | 24,159 | (3,794) | 1,021 | 31,933 | PDF p. 66 |
| Non-controlling interests$’000 | (208) | (417) | – | – | PDF p. 66 |
| Subtotal$’000 | 23,951 | (4,211) | 1,021 | 31,933 | PDF p. 66 |
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Definitions & sources
Original report: PDF p. 66 ↗
Original monetary columns are $’000; the report’s basis of preparation identifies Singapore dollars. Every printed Group and Company comparative column is retained.
Earnings per share — FY2022 report
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Attributable to: | |||
| Earnings/(loss) per share (cents per share) – Basic and dilutedcents per share | 4.29 | (0.67) | PDF p. 66 |
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Definitions & sources
Original report: PDF p. 66 ↗
Statements of comprehensive income — FY2022 report
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | 2022Company | 2021Company | Source |
|---|---|---|---|---|---|
| comprehensive income | |||||
| Profit/(loss) for the year$’000 | 23,951 | (4,211) | 1,021 | 31,933 | PDF p. 67 |
| Items that may be reclassified subsequently to profit or loss | |||||
| Foreign currency translation$’000 | 3,992 | 3,394 | – | – | PDF p. 67 |
| Other comprehensive income for the year, net of tax$’000 | 3,992 | 3,394 | – | – | PDF p. 67 |
| Total comprehensive income for the year$’000 | 27,943 | (817) | 1,021 | 31,933 | PDF p. 67 |
| attributable to: | |||||
| Owners of the Company$’000 | 27,233 | (1,036) | 1,021 | 31,933 | PDF p. 67 |
| Non-controlling interests$’000 | 710 | 219 | – | – | PDF p. 67 |
| Subtotal$’000 | 27,943 | (817) | 1,021 | 31,933 | PDF p. 67 |
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Definitions & sources
Original report: PDF p. 67 ↗
Original monetary columns are $’000; the report’s basis of preparation identifies Singapore dollars. Every printed Group and Company comparative column is retained.
Consolidated statements of cash flows — FY2022 report
51 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit/(loss) before taxation$’000 | 24,495 | (4,682) | PDF p. 71 |
| Adjustments for: | |||
| Depreciation of property, plant and equipment$’000 | 2,220 | 2,182 | PDF p. 71 |
| Amortisation of club membership$’000 | 1 | 3 | PDF p. 71 |
| Loss/(gain) on disposal of plant and equipment, net$’000 | 6 | (288) | PDF p. 71 |
| Gain on disposal of an associate$’000 | (66) | – | PDF p. 71 |
| Loss on fair value adjustments of investment properties, net$’000 | 1,126 | 2,633 | PDF p. 71 |
| Fair value loss on structured deposits$’000 | – | 18 | PDF p. 71 |
| Fair value (gain)/loss on quoted debt instruments (investment securities)$’000 | (322) | 248 | PDF p. 71 |
| Impairment losses on financial assets$’000 | – | 1,375 | PDF p. 71 |
| Write-off of bad debts$’000 | 54 | – | PDF p. 71 |
| Provision for onerous contract$’000 | 252 | – | PDF p. 71 |
| Interest expense$’000 | 2,504 | 2,452 | PDF p. 71 |
| Interest income$’000 | (5,896) | (5,884) | PDF p. 71 |
| Share of results of associates$’000 | (25,790) | 6,313 | PDF p. 71 |
| Share of results of joint ventures$’000 | (2,971) | (3,384) | PDF p. 71 |
| Exchange differences$’000 | 2,425 | 214 | PDF p. 71 |
| Operating cash flows before changes in working capital$’000 | (1,962) | 1,200 | PDF p. 71 |
| Changes in working capital: | |||
| Decrease/(increase) in: Trade and other receivables, deposits and prepayments$’000 | 8,604 | 12,197 | PDF p. 71 |
| Amount due from a minority shareholder of a subsidiary (non-trade)$’000 | 2,269 | – | PDF p. 71 |
| Contract assets$’000 | 7,029 | (4,811) | PDF p. 71 |
| Increase/(decrease) in: Trade and other payables and accruals$’000 | 20,315 | 9,326 | PDF p. 71 |
| Deferred income$’000 | – | (727) | PDF p. 71 |
| Contract liabilities$’000 | 5,279 | (979) | PDF p. 71 |
| Cash flows from operations$’000 | 41,534 | 16,206 | PDF p. 71 |
| Income taxes paid$’000 | (1,525) | (2,022) | PDF p. 71 |
| Interest income received$’000 | 5,896 | 5,884 | PDF p. 71 |
| Net cash flows from operating activities$’000 | 45,905 | 20,068 | PDF p. 71 |
| Investing activities | |||
| Purchase of plant and equipment$’000 | (418) | (1,456) | PDF p. 71 |
| Proceeds from disposal of plant and equipment$’000 | 1 | 321 | PDF p. 71 |
| Proceeds from cancellation of shares in associates on capital reduction$’000 | 490 | 450 | PDF p. 71 |
| Purchase of quoted debt instruments (investment securities)$’000 | (1,998) | (1,002) | PDF p. 71 |
| Increase in loans and amounts due from associates, net$’000 | (6,328) | (11,174) | PDF p. 71 |
| Decrease/(increase) in loans and amounts due from joint ventures, net$’000 | 20,496 | (1,248) | PDF p. 71 |
| Dividends received from associates$’000 | 811 | 840 | PDF p. 71 |
| Dividends received from joint ventures$’000 | 3,486 | 3,000 | PDF p. 71 |
| Net cash flows from/(used in) investing activities$’000 | 16,540 | (10,269) | PDF p. 71 |
| Financing activities | |||
| Dividends paid$’000 | (11,268) | (6,766) | PDF p. 72 |
| Purchase of treasury shares$’000 | – | (483) | PDF p. 72 |
| Proceeds from bank term loans$’000 | 38,500 | 35,000 | PDF p. 72 |
| Repayment of bank term loans$’000 | (44,923) | (51,190) | PDF p. 72 |
| Proceeds from bills payable to banks$’000 | – | 6,190 | PDF p. 72 |
| Repayment of bills payable to banks$’000 | (16,910) | – | PDF p. 72 |
| Payment of principal portion of lease liabilities$’000 | (625) | (668) | PDF p. 72 |
| Interest paid$’000 | (2,504) | (2,452) | PDF p. 72 |
| Increase in structured deposits$’000 | (4,715) | – | PDF p. 72 |
| Decrease in pledged fixed deposits$’000 | 4,957 | 13,448 | PDF p. 72 |
| Net cash flows used in financing activities$’000 | (37,488) | (6,921) | PDF p. 72 |
| Net increase in cash and cash equivalents$’000 | 24,957 | 2,878 | PDF p. 72 |
| Effect of exchange rate changes on cash and cash equivalents$’000 | 169 | 52 | PDF p. 72 |
| Cash and cash equivalents at beginning of year$’000 | 69,028 | 66,098 | PDF p. 72 |
| Cash and cash equivalents at end of year$’000 | 94,154 | 69,028 | PDF p. 72 |
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Definitions & sources
Original report: PDF p. 71 ↗ PDF p. 72 ↗
Original monetary columns are $’000; the report’s basis of preparation identifies Singapore dollars. Every printed Group and Company comparative column is retained.
Statements of changes in equity — Group FY2021
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group — Share capital | 2021Group — Treasury shares | 2021Group — Translation reserve | 2021Group — Accumulated profits | 2021Group — Other reserves | 2021Group — Total equity attributable to owners of the Company | 2021Group — Non-controlling interests | 2021Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| equity | |||||||||
| At 1 April 2020$’000 | 50,915 | (1,645) | (1,202) | 274,889 | 5,685 | 328,642 | 22,977 | 351,619 | PDF p. 68 |
| Loss for the year$’000 | – | – | – | (3,794) | – | (3,794) | (417) | (4,211) | PDF p. 68 |
| Other comprehensive income | |||||||||
| Foreign currency translation$’000 | – | – | 2,758 | – | – | 2,758 | 636 | 3,394 | PDF p. 68 |
| Other comprehensive income for the year$’000 | – | – | 2,758 | – | – | 2,758 | 636 | 3,394 | PDF p. 68 |
| Total comprehensive income for the year$’000 | – | – | 2,758 | (3,794) | – | (1,036) | 219 | (817) | PDF p. 68 |
| owners | |||||||||
| Purchase of treasury shares$’000 | – | (483) | – | – | – | (483) | – | (483) | PDF p. 68 |
| Final tax-exempt dividends on ordinary shares$’000 | – | – | – | (6,766) | – | (6,766) | – | (6,766) | PDF p. 68 |
| Total contributions by and distributions to owners$’000 | – | (483) | – | (6,766) | – | (7,249) | – | (7,249) | PDF p. 68 |
| At 31 March 2021$’000 | 50,915 | (2,128) | 1,556 | 264,329 | 5,685 | 320,357 | 23,196 | 343,553 | PDF p. 68 |
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Definitions & sources
Original report: PDF p. 68 ↗
Statements of changes in equity — Group FY2022
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group — Share capital | 2022Group — Treasury shares | 2022Group — Translation reserve | 2022Group — Accumulated profits | 2022Group — Other reserves | 2022Group — Total equity attributable to owners of the Company | 2022Group — Non-controlling interests | 2022Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| equity | |||||||||
| At 1 April 2021$’000 | 50,915 | (2,128) | 1,556 | 264,329 | 5,685 | 320,357 | 23,196 | 343,553 | PDF p. 69 |
| Profit/(loss) for the year$’000 | – | – | – | 24,159 | – | 24,159 | (208) | 23,951 | PDF p. 69 |
| Other comprehensive income | |||||||||
| Foreign currency translation$’000 | – | – | 3,074 | – | – | 3,074 | 918 | 3,992 | PDF p. 69 |
| Other comprehensive income for the year$’000 | – | – | 3,074 | – | – | 3,074 | 918 | 3,992 | PDF p. 69 |
| Total comprehensive income for the year$’000 | – | – | 3,074 | 24,159 | – | 27,233 | 710 | 27,943 | PDF p. 69 |
| Contributions by and distributions to owners | |||||||||
| Transfer to other reserves$’000 | – | – | – | (57) | 57 | – | – | – | PDF p. 69 |
| Interim and final tax-exempt dividends on ordinary shares$’000 | – | – | – | (11,268) | – | (11,268) | – | (11,268) | PDF p. 69 |
| Total contributions by and distributions to owners$’000 | – | – | – | (11,325) | 57 | (11,268) | – | (11,268) | PDF p. 69 |
| At 31 March 2022$’000 | 50,915 | (2,128) | 4,630 | 277,163 | 5,742 | 336,322 | 23,906 | 360,228 | PDF p. 69 |
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Definitions & sources
Original report: PDF p. 69 ↗
Statements of changes in equity — Company FY2021
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Company — Share capital | 2021Company — Treasury shares | 2021Company — Accumulated profits | 2021Company — Other reserves | 2021Company — Total equity | Source |
|---|---|---|---|---|---|---|
| Company | ||||||
| At 1 April 2020$’000 | 50,915 | (1,645) | 10,346 | 2,629 | 62,245 | PDF p. 70 |
| Profit for the year$’000 | – | – | 31,933 | – | 31,933 | PDF p. 70 |
| Total comprehensive income for the year$’000 | – | – | 31,933 | – | 31,933 | PDF p. 70 |
| Contributions by and distributions to owners Purchase of treasury shares$’000 | – | (483) | – | – | (483) | PDF p. 70 |
| Final tax-exempt dividends on ordinary shares$’000 | – | – | (6,766) | – | (6,766) | PDF p. 70 |
| At 31 March 2021$’000 | 50,915 | (2,128) | 35,513 | 2,629 | 86,929 | PDF p. 70 |
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Definitions & sources
Original report: PDF p. 70 ↗
Statements of changes in equity — Company FY2022
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Company — Share capital | 2022Company — Treasury shares | 2022Company — Accumulated profits | 2022Company — Other reserves | 2022Company — Total equity | Source |
|---|---|---|---|---|---|---|
| Company | ||||||
| At 1 April 2021$’000 | 50,915 | (2,128) | 35,513 | 2,629 | 86,929 | PDF p. 70 |
| Profit for the year$’000 | – | – | 1,021 | – | 1,021 | PDF p. 70 |
| Total comprehensive income for the year$’000 | 50,915 | (2,128) | 36,534 | 2,629 | 87,950 | PDF p. 70 |
| Contributions by and distributions to owners Interim and final tax-exempt dividends on ordinary shares$’000 | – | – | (11,268) | – | (11,268) | PDF p. 70 |
| At 31 March 2022$’000 | 50,915 | (2,128) | 25,266 | 2,629 | 76,682 | PDF p. 70 |
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Definitions & sources
Original report: PDF p. 70 ↗
Where the money comes from
Segment information
By business
Business segments – year ended 31 March 25 lines
| Item / unit | 2026Construction | 2026Property investments | 2026Property development | 2026Corporate and Others | 2026Eliminations | 2026Total | 2025Construction | 2025Property investments | 2025Property development | 2025Corporate and Others | 2025Eliminations | 2025Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||
| External sales$'000 | 146,077 | 3,826 | – | – | – | 149,903 | 176,852 | 4,648 | – | – | – | 181,500 | PDF p. 145PDF p. 146 |
| Results | |||||||||||||
| Interest income$'000 | 658 | 6 | – | 9,341 | (3,907) | 6,098 | 1,045 | 18 | – | 14,923 | (7,377) | 8,609 | PDF p. 145PDF p. 146 |
| Finance costs$'000 | (466) | (1) | * | (6,384) | 3,907 | (2,944) | (516) | (2) | * | (12,005) | 7,377 | (5,146) | PDF p. 145PDF p. 146 |
| Depreciation of property, plant and equipment$'000 | (1,292) | (12) | – | – | – | (1,304) | (1,543) | (16) | – | – | – | (1,559) | PDF p. 145PDF p. 146 |
| Share of results of associates$'000 | (15) | (2,117) | (1,696) | – | – | (3,828) | 138 | 36 | (4,896) | – | – | (4,722) | PDF p. 145PDF p. 146 |
| Share of results of joint ventures$'000 | – | 144 | (45) | – | – | 99 | – | (17) | (8,226) | – | – | (8,243) | PDF p. 145PDF p. 146 |
| Other non-cash items | |||||||||||||
| Fair value gain on quoted debt instruments (investment securities)$'000 | – | – | – | 500 | – | 500 | PDF p. 145 | ||||||
| Fair value gain on structured deposit$'000 | – | – | – | 63 | – | 63 | PDF p. 145 | ||||||
| Gain on disposal of structured deposit$'000 | – | – | – | 66 | – | 66 | PDF p. 145 | ||||||
| Loss on fair value adjustments of investment properties, net$'000 | – | (7,365) | – | – | – | (7,365) | – | (5,707) | – | – | – | (5,707) | PDF p. 145PDF p. 146 |
| Reversal of impairment losses/(impairment losses) on financial assets$'000 | 37 | (312) | – | – | – | (275) | PDF p. 145 | ||||||
| Write off of allowance for provision for doubtful debts$'000 | – | (236) | – | – | – | (236) | PDF p. 145 | ||||||
| Results | |||||||||||||
| Profit/(loss) before taxation$'000 | 18,880 | (8,112) | (1,815) | 471 | – | 9,424 | 8,743 | (4,577) | (13,257) | 340 | – | (8,751) | PDF p. 145PDF p. 146 |
| Income tax (expense)/credit$'000 | (3,199) | 1,794 | (2,041) | (492) | – | (3,938) | (974) | 678 | 19 | (461) | – | (738) | PDF p. 145PDF p. 146 |
| Profit/(loss) for the year$'000 | 15,681 | (6,318) | (3,856) | (21) | – | 5,486 | 7,769 | (3,899) | (13,238) | (121) | – | (9,489) | PDF p. 145PDF p. 146 |
| Attributable to | |||||||||||||
| Owners of the Company$'000 | 15,681 | (4,859) | (3,968) | (21) | – | 6,833 | 7,769 | (2,177) | (11,402) | (121) | – | (5,931) | PDF p. 145PDF p. 146 |
| Non-controlling interests$'000 | – | (1,459) | 112 | – | – | (1,347) | – | (1,722) | (1,836) | – | – | (3,558) | PDF p. 145PDF p. 146 |
| Assets and liabilities | |||||||||||||
| Interests in associates$'000 | 7,645 | 49,820 | 83,706 | – | – | 141,171 | 7,660 | 50,933 | 46,168 | – | – | 104,761 | PDF p. 145PDF p. 146 |
| Interests in joint ventures$'000 | – | 6,016 | 87,993 | – | – | 94,009 | – | 4,972 | 84,893 | – | – | 89,865 | PDF p. 145PDF p. 146 |
| Additions to non-current assets | |||||||||||||
| Property, plant and equipment$'000 | 460 | 3 | – | – | – | 463 | 1,105 | 17 | – | – | – | 1,122 | PDF p. 145PDF p. 146 |
| Investment properties$'000 | – | 54 | – | – | – | 54 | PDF p. 145 | ||||||
| Assets and liabilities | |||||||||||||
| Segment assets$'000 | 270,257 | 145,866 | 162,835 | 78,739 | (112,207) | 545,490 | 238,866 | 151,605 | 129,467 | 111,484 | (119,150) | 512,272 | PDF p. 145PDF p. 146 |
| Segment liabilities$'000 | 132,412 | 95,019 | 118,794 | 5,084 | (111,726) | 239,583 | 115,500 | 95,385 | 79,363 | 15,597 | (91,475) | 214,370 | PDF p. 145PDF p. 146 |
| Other non-cash items | |||||||||||||
| Fair value loss on quoted debt instruments (investment securities)$'000 | – | – | – | (500) | – | (500) | PDF p. 146 | ||||||
| Impairment losses on financial assets$'000 | – | (227) | – | – | – | (227) | PDF p. 146 | ||||||
Notes
Units $'000. * denotes amount less than $1,000. Column order as printed: Construction, Property investments, Property development, Corporate and Others, Eliminations, Total.
Units $'000. * denotes amount less than $1,000. Column order as printed.
By geography
Geographical segments – year ended 31 March 5 lines
| Item / unit | 2026Singapore | 2026Malaysia | 2026Bhutan | 2026Japan | 2026Australia | 2026England, United Kingdom | 2026The People's Republic of China | 2026Eliminations | 2026Total | 2025Singapore | 2025Malaysia | 2025Bhutan | 2025Japan | 2025Australia | 2025England, United Kingdom | 2025The People's Republic of China | 2025Eliminations | 2025Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Geographical segments | |||||||||||||||||||
| Revenue$'000 | 146,494 | – | – | – | – | – | 3,409 | – | 149,903 | 177,260 | – | – | – | – | – | 4,240 | – | 181,500 | PDF p. 147 |
| Segment assets$'000 | 241,533 | 218 | 6 | 6 | 5,451 | 66 | 103,020 | (39,990) | 310,310 | 323,130 | 279 | 5 | 5 | 4,551 | 68 | 106,243 | (116,635) | 317,646 | PDF p. 147 |
| Interests in associates$'000 | 80,456 | * | 1,391 | 1,356 | 360 | 21,146 | 36,462 | – | 141,171 | 43,427 | * | 1,136 | 177 | 363 | 23,160 | 36,498 | – | 104,761 | PDF p. 147 |
| Interests in joint ventures$'000 | 94,009 | – | – | – | – | – | – | – | 94,009 | 89,865 | – | – | – | – | – | – | – | 89,865 | PDF p. 147 |
| Other segment information | |||||||||||||||||||
| Capital expenditures$'000 | 459 | – | – | – | – | – | 3 | – | 462 | 1,105 | – | – | – | – | – | 17 | – | 1,122 | PDF p. 147 |
Notes
Units $'000. * denotes amount less than $1,000. Total assets printed only in the Total column (545,490). Revenue is based on geographical location of operations; segments are based on location of assets.
Units $'000. * denotes amount less than $1,000. Total assets printed only in the Total column (512,272).
Debt
Borrowings
Borrowing notes 3 tables
Bank term loans, secured
| Item / unit | 2026Group, $'000 | 2025Group, $'000 | 2026Company, $'000 | 2025Company, $'000 | Source |
|---|---|---|---|---|---|
| Bank term loans, secured | |||||
| SGD 5-year Term loan C$'000 | 12,800 | 15,200 | 12,800 | 15,200 | PDF p. 131 |
| SGD 5-year Term loan A$'000 | 61,394 | 48,759 | 61,394 | 48,759 | PDF p. 131 |
| SGD 5-year Term loan B$'000 | 216 | 1,917 | – | – | PDF p. 131 |
| Represented by | |||||
| Current$'000 | 25,967 | 9,061 | 25,751 | 7,361 | PDF p. 131 |
| Non-current$'000 | 48,443 | 56,815 | 48,443 | 56,598 | PDF p. 131 |
Notes
(a) Term loan C bears interest of 2.38% to 3.78% (2025: 378% to 5.04% as printed) per annum; commenced 10 February 2023, repayable by quarterly instalments over 5 years; secured by a charge on fixed deposits of $5,603,000 (2025: $5,568,000).
(b) Term loan A bears interest 2.48% to 4.11% (2025: 3.99% to 5.34%) per annum; repayable by equal monthly instalments over 5 years; secured by charge on fixed deposits $16,660,000 (2025: $16,285,000), first legal mortgage on investment properties at 1 Khiang Guan Avenue and 100 Kim Seng Road, assignment of leases/rental proceeds, and corporate guarantee from Kim Seng Heng Engineering Construction (Pte) Ltd.
(c) Term loan B: average effective interest rate 2.0% (2025: 2.0%) per annum; commenced 5 May 2021, monthly instalments over 5 years; secured by corporate guarantee from the Company.
Covenants: gearing ratio, market value of mortgaged properties, amount outstanding under the facility; complied with.
Balance sheet lease liabilities and bank term loans, current and non-current
| Item / unit | 2026Group, $'000 | 2025Group, $'000 | 2026Company, $'000 | 2025Company, $'000 | Source |
|---|---|---|---|---|---|
| Current liabilities | |||||
| Lease liabilities (current)$'000 | 310 | 301 | – | – | PDF p. 69 |
| Non-current liabilities | |||||
| Lease liabilities (non-current)$'000 | 3,867 | 3,884 | – | – | PDF p. 70 |
Notes
Bank term loans current/non-current shown in Note 20 table.
Reconciliation of liabilities from financing activities, FY2026
| Item / unit | 20251 April 2025, $'000 | 2026Cash flows, $'000 | 2026Accretion of interest, $'000 | 2026Remeasurement, $'000 | 2026Other, $'000 | 202631 March 2026, $'000 | Source |
|---|---|---|---|---|---|---|---|
| Bank term loans, secured | |||||||
| – current (Bank term loans, secured)$'000 | 9,061 | (9,466) | – | – | 26,372 | 25,967 | PDF p. 132 |
| – non-current (Bank term loans, secured)$'000 | 56,815 | 18,000 | – | – | (26,372) | 48,443 | PDF p. 132 |
| Reconciliation | |||||||
| Bills payable to banks, secured$'000 | – | 30,551 | – | – | – | 30,551 | PDF p. 132 |
| Total$'000 | 84,974 | 39,229 | 163 | 141 | – | 124,507 | PDF p. 132 |
Notes
Total includes lease liabilities (current 301→310; non-current 3,884→3,867) and loans and amounts due to non-controlling interests (non-current) 14,913→15,369.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a fixed dividend policy. | Company | PDF p. 55 |
| Dividend declaration frequency | the Company has been declaring dividends on | Company | PDF p. 55 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Interim exempt (one-tier) dividend for 2026 | 0.50 cents per share | Interim dividend FY2026 (year ended 31 March 2026), Group and Company; tax-exempt (one-tier) | PDF p. 144 |
| Interim exempt (one-tier) dividend for 2025 | 0.50 cents per share | Interim dividend FY2025 (comparative), Group and Company; tax-exempt (one-tier) | PDF p. 144 |
| Final exempt (one-tier) dividend for 2026 (proposed) | 1.00 cents per share | Proposed final dividend FY2026, subject to shareholders' approval at AGM; Group and Company; tax-exempt (one-tier) | PDF p. 144 |
| Final dividend proposed FY2026 (AGM resolution) | 1.00 Singapore cent | Proposed final dividend FY2026, tax exempt (one-tier), cash | PDF p. 170 |
| Final exempt (one-tier) dividend for 2025 (proposed, comparative) | 0.75 cents per share | Final dividend FY2025 (comparative), tax-exempt (one-tier) | PDF p. 144 |
| Total dividend for FY2026 | 1.50 Singapore cents | Total FY2026 dividend (interim 0.50 + proposed final 1.00), per ordinary share | PDF p. 14 |
| Total FY2025 dividend | 1.25 Singapore cents | Total FY2025 dividend (comparative) per share | PDF p. 14 |
| KSH Scrip Dividend Scheme | KSH Scrip Dividend Scheme | Company | PDF p. 171 |
Extracted from ANNUAL REPORT 2026 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Auditor | Ernst & Young LLP | Group and Company, FY ended 31 March 2026 | PDF p. 68 |
| Engagement partner | Mr. Sam Lo Geok Lim | Group and Company, FY ended 31 March 2026 | PDF p. 68 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view | Group and Company, FY ended 31 March 2026 | PDF p. 63 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Accounting for construction contracts | The determination of the total estimated contract costs and costs to complete require significant management judgement and estimates, which have an impact on the amount of construction contract revenue and profits recognised during the year. | Group, FY ended 31 March 2026 | PDF p. 64 |
| Accounting for interests in associates and joint ventures | The recoverability of the Group’s interests in these associates and joint ventures is dependent on the success of the relevant property development projects. | Group, FY ended 31 March 2026 | PDF p. 64 |
| Valuation of investment properties | The Group records investment properties at their fair values. | Group, FY ended 31 March 2026 | PDF p. 66 |
Extracted from ANNUAL REPORT 2026 and checked against the cited pages; see the original report for full context.
How to read these figures
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 2026, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These originals disclose consolidated cash-flow statements; a separate Company cash-flow statement is not printed.
Note 34 prints total dividends paid of 7,121 ($’000) for FY2026, while its two component rows sum to 7,122 and the cash-flow and equity statements print 7,122. All original amounts are retained; no cause is inferred.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.