Keong Hong profit falls 96% as revenue contracts

Order book stands at $182m.

Keong Hong Holdings’ first-quarter profit fell 95.8% as construction revenue dropped on fewer ongoing projects.

Net profit attributable to shareholders fell to $292,000 for the three months ended 31 December 2025, from $7m a year earlier, whilst earnings per share declined to 0.12 cents from 2.96 cents.

Revenue fell 66.7% to $23.7m after the completion of two projects in FY 2025, reducing the group’s construction base.

The weaker result was compounded by a sharp decline in other income, which fell to $1.3m from $7.6m.

Construction remained the group’s sole revenue source, with almost all sales generated in Singapore. Gross profit fell to $1.4m from $3.8m, although gross margin improved slightly to 5.9% from 5.4%.

The balance sheet remained broadly stable, with total assets at $170.5m and total liabilities at $110.5m as at 31 December 2025.

Bank borrowings fell to $10.1m from $13.2m, whilst cash and cash equivalents rose to $27.7m after proceeds from the disposal of a non-current asset held for sale and dividend income from a joint venture.

Keong Hong said its construction order book stood at about $182m, comprising Solitaire on Cecil and HDB’s Tengah Plantation BTO project.

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