1 Ministry of Trade and Industry, “MTI Upgrades 2026 Growth Forecast to 2.0 to 4.0 Per Cent”, 10 February 2026. DEAR SHAREHOLDERS, We are pleased to present to you our Annual Report for the financial year ended 30 September 2025 (“FY2025”). We have registered a profit reflecting progress made across our projects. Having successfully completed those projects which were negatively impacted by the COVID-19 pandemic restrictions and its after-effects, and by continuing to focus on productivity, efficiency and innovative technologies, we are now poised for a new chapter in our Group’s growth. Furthermore, the external business environment is much brighter with Singapore’s economy expanding by 6.9% year-on-year in the fourth quarter of 2025, with a 5.0% expansion for the whole of 2025, extending the 5.3% growth in 20241. The construction sector registered a 4.6% growth in the fourth quarter, moderating from the 5.6% expansion in the previous quarter, with growth supported by an increase in both public and private sector construction works. Despite the positive outlook for the sector, we should remain cautious, due to possible risks such as renewed escalations in the tariff actions amongst the United States and her trading partners and geopolitical tensions. These will have a downstream effect on trade dynamics, inflation and investments. FINANCIAL HIGHLIGHTS The Group recorded revenue of S$182.4 million in FY2025, representing a 5.7% increase from S$172.6 million in FY2024. We achieved gross profit of S$13.3 million and a gross margin of 7.3% in FY2025. This is compared against a negative gross margin of 3.1% and gross loss of S$5.4 million in the previous financial year. The Group recorded a 50.3% increase in other income of S$13.1 million as compared to S$8.7 million in FY2024, attributed to net foreign exchange gains from the appreciation of the United States dollar against the Singapore dollar, higher proceeds from the sale of scrap steel, and increased rental income from warehouses and dormitories. The Group’s net profit after tax was S$10.2 million compared to a net loss after tax of S$3.9 million in FY2024. Our cash and cash equivalents stood at S$26.8 million against S$20.8 million in FY2024. The Group recorded a net cash inflow of S$6.0 million while net asset value per share stood at 25.6 Singapore cents as at 30 September 2025. Balancing the need to maintain sufficient working capital and financial resources for future investments while delivering sustainable returns to shareholders, the Board is not proposing any dividends for the financial year FY2025. We believe that the Group needs to build further financial resilience after having emerged from a challenging period. ANNUAL REPORT 2025 KEONG HONG HOLDINGS LIMITED 04 LETTER TO SHAREHOLDERS
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