King Wan Corporation (554) H2 2026 earnings summary

Executive summary

• FY2026 revenue fell 49.0% YoY to S$44.2m as most M&E projects remained in pre-construction; attributable net loss was S$5.8m versus S$3.4m profit in FY2025.

• Secured S$128.8m of contracts; the S$242.5m order book at 31 March 2026 supports future revenue visibility as projects enter active construction.

Financial highlights

• Revenue was S$44.245m versus S$86.756m; gross loss was S$2.308m versus gross profit of S$7.034m in FY2025.

• Net loss attributable to owners was S$5.828m versus net profit of S$3.436m; basic and diluted EPS was a loss of 0.82 cents versus earnings of 0.49 cents.

• Loss allowance on trade, other receivables and contract assets rose to S$2.946m from S$2.193m; administrative expenses increased to S$6.880m from S$5.723m.

• Cash and bank balances were S$9.643m versus S$10.467m; total assets were S$115.278m versus S$116.254m and equity was S$65.042m versus S$69.178m.

Outlook and guidance

• Singapore construction demand is forecast at S$47bn–S$53bn in 2026 and S$39bn–S$46bn annually from 2027 to 2030; projects are expected to contribute progressively as they enter active construction.

• Priorities are operational efficiency, cost management and disciplined project execution; the order book stood at S$242.5m, with ~91.7% targeting BCA Green Mark Gold PLUS, Platinum or Platinum SLE certification.