Hor Kew posts FY2025 net impairment gain on trade receivables and contract assets of SGD 1.2 million vs FY2024 loss (NM)

Hor Kew reported unaudited earnings for FY2025 (12 months ended 31 December 2025), with revenue of SGD 69.9 million (-16%) and profit after tax of SGD 9.2 million (-33%). Profit before tax was SGD 13.6 million (-15%), while basic and diluted EPS were 17.69 Singapore cents (-33%). For 2H2025 (six months ended 31 December 2025), revenue was SGD 36.4 million (-24%) and profit after tax was SGD 4.9 million (-54%). Gross profit for FY2025 was SGD 25.0 million (-25%), and the group said gross profit margin fell to 35.8% from 40.0% due to increased competition for project tenders. General and administrative expenses for FY2025 rose to SGD 15.5 million (+34%), which the group attributed mainly to higher restoration cost, bad debts written off, directors’ remuneration and depreciation. The group recorded a net impairment gain on trade receivables and contract assets of SGD 1.2 million in FY2025, compared with a net impairment loss in FY2024. Hor Kew said the FY2025 revenue decline was mainly due to lower delivery volumes of prefabricated building components. The group highlighted a new lease for a production facility at 33 Kaki Bukit Road 6, signed by its subsidiary Prefab Technology, as the lease for its current facility at 66 Sungei Kadut Street 1 is expiring in March 2026; FY2025 additions to property, plant and equipment were SGD 63.7 million. As at 31 December 2025, net asset value per share was SGD 1.82 (group) and cash and cash equivalents on the statement of financial position were SGD 26.0 million. The board recommended a final tax-exempt one-tier cash dividend of 1.5 Singapore cents per share for FY2025. The group said demand in Singapore’s construction industry was strong in FY2025 and is expected to continue, adding that its order book remains strong.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Hor Kew Corporation Ltd. published the original content used to generate this news brief via Singapore Exchange Limited (SGX) (Ref. ID: LG9JY7YQS4Z6NQSD) on February 27, 2026, and is solely responsible for the information contained therein.