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KSH reports FY2023 earnings of $22.3 million

/ The Edge Singapore |

May 29, 2023 1:24 PM SGT

SINGAPORE (EDGEPROP) - KSH Holdings has reported FY2023 earnings of $22.3 million, down $1.9 million from the preceding year ended March 31 2023, as the company’s share of earnings from associates and joint ventures dropped.

Revenue in the same year was up 25.4% to $301.4 million, as KSH booked more construction revenue, which has an order book of more than $240 million as at March 31.

The company plans to pay a final dividend of a cent, bringing full year payout to 2 cents.

Most of KSH’s launched development projects in Singapore are either fully sold or almost fully sold to date.

It has four on-going property joint ventures in Singapore: Peace Centre/Peace Mansion, Euro-Asia Apartments at 1037 Serangoon Road, Park View Mansions and Bagnall Court.

In China, KSH is part of a consortium developing the Singapore Sino Health City in the Gaobeidian county near Beijing.

See also: Boustead Singapore's 2HFY2023 earnings up 145% y-o-y to $22.7 million

KSH, which holds a 22.5% stake in this project, says that construction for Phase 1 of this project has completed and KSH has started recognising profit for sold units, and that construction for Phase 2 has started.

According to KSH, more than 60.9% of the approximately 1,300 units launched in both phases of have been sold.

In addition, KSH has a 33.75% stake in another mixed property development in Gaobeidian, which has also contributed positively to its FY2023 earnings.

KSH has interests in hospitality too. “We continue to see recovery in occupancy and average room rates with positive trends from ‘pent-up’ travel demand, following the reopening of economies,” says executive chairman and managing director Choo Chee Onn (picture).

This article first appeared on The Edge Singapore.

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