Koh Brothers Group (K75) H2 2025 earnings summary

Executive summary

• FY 2025 revenue rose 38.2% to $329.4 million; net profit attributable to equity holders turned around to $18.6 million from a $5.5 million loss in FY 2024.

• Cash and bank balances were $114.3 million at 31 Dec 2025, with net gearing of 0.09x.

Financial highlights

• 2H 2025 revenue increased 41.2% YoY to $177.2 million, mainly on higher Construction and Building Materials revenue; FY revenue rose from $238.4 million.

• FY gross profit increased to $39.1 million from $19.3 million, reflecting improved margins in Construction and Building Materials and Real Estate.

• Other gains rose to $14.0 million from $3.4 million, mainly from the completed Johor land disposal; partly offset by investment-property fair value losses and unrealised FX losses.

• 2H net profit attributable to equity holders was $16.0 million versus $1.7 million in 2H 2024; FY result was $18.6 million versus a $5.5 million loss.

• Share of associates’ and joint ventures’ profit fell 43.0% to $3.0 million, as a property development JV project completed in 2024.

Outlook and guidance

• Construction order book exceeded $1 billion at 31 Dec 2025, providing revenue visibility through 2029; execution focus includes Lorong Halus Bus Depot and Toa Payoh Integrated Development Hub.

• BCA projected 2026 construction contracts of $47–53 billion and output of $44.5 billion, ~7% above the preliminary 2025 estimate; 2027–2030 annual demand projected at $39–46 billion.

• Focus remains on tendering for construction opportunities and recovering costs from client variation orders while monitoring ongoing projects.