Keong Hong posts $1.1m net profit in 2024

The group has rebounded from its $51.2m net loss in 2023.

Keong Hong Holdings Limited reported a net profit after tax of $1.1m for the financial year ended 30 September 2024 (FY 2024), a turnaround from its net loss of $51.2m in FY 2023.

The group’s share of joint venture results contributed a net profit of $44,000, driven by profits related to the joint venture sale of development properties.

Revenue for FY 2024 declined by 11.6% year-on-year (YoY) to $176.6m from $199.8m in FY 2023.

The decline was attributed to lower recognition from construction projects that have already obtained Temporary Occupation Permits (TOP) in FY 2023, whilst new projects such as Tengah Plantation and Solitaire Cecil were still in their early stages.

Consequently, the cost of sales decreased by 21.7% to $177m in FY 2024 from $226.2m in FY 2023.

The group reported earnings per share of 0.5 cents and a net asset value per share of 23.6 cents.

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