Email This Print ThisChairman's Statement

Despite the uncertain times and economic disruption, we have achieved a commendable set of results that surpassed our pre-COVID-19 financial performance. This accomplishment comes in conjunction with the easing of COVID-19 restrictions in FY2023.


DEAR SHAREHOLDERS,

On behalf of the Board of Directors, I am pleased to present to you our annual report for the financial year ended 31 March 2023 (“FY2023”).

'很荣幸仅代表'事会'现截止2023年3月31日的2023财政年度报'(“2023财年”)。

Global economy continues to face headwinds in FY2023, amidst a rising interest rates environment and higher inflationary pressures, coupled with global supply chain disruptions and the ongoing geopolitical conflict.

在利率上升的环境'更高的通胀压力下,加上全球供应链被干扰'持续中的地缘政治冲突,全球经济在2023财年继续面临诸多阻力。

The rise in interest rates implemented by the US Federal Reserve has increased the financing expenses. Furthermore, increased inflationary pressures and disruptions in the supply chain have led to higher material and labour costs.

美国联邦储备实施的加息举措增加了融资费用。此外,通货膨胀压力增加以及供应链中断也导致了材料'劳动力成本上升。

The Monetary Authority of Singapore (“MAS”) has tightened the monetary policy to tackle inflation and interest rates are still expected to rise further in general. According to the Ministry of Trade and Industry (“MTI”), Singapore economy expanded by 3.6 per cent in 2022 and Singapore’s GDP growth has been maintained at “0.5 to 2.5 per cent” for 20231.

新加坡'融管理局(“MAS”)已收紧货币政策以应对通货膨胀,虽然总体上,利率仍预计将进一步上涨。根据贸工部 (“MTI”)数据显示, 新加坡经济在2022年增长了3.6%,而新加坡2023年的国内生产总值增长则维持在0.5%至2.5%1.

Despite the uncertain times and economic disruption, we have achieved a commendable set of results that surpassed our pre-COVID-19 financial performance. This accomplishment comes in conjunction with the easing of COVID-19 restrictions in FY2023. We are encouraged by the Group’s financial resilience, with steady improvements across our construction and property segments. We continue to be supported by a healthy construction order book of more than S$240.0 million2. In addition, the Group is currently participating in four joint ventures which are involved in proposed residential and mixed redevelopments in Singapore which will contribute positively to our financial performance.

尽管处于时期不明朗'经济动荡,'们还是取得了一套值得称赞的成绩,超过了'们在新型冠状病'肺炎疫情前的财务业绩。此成就与2023财年内放宽新型冠状病'肺炎限制同时取得。'们对集团的财务弹性感到鼓舞、建''房地产业务的业绩稳步提高。'们的建'订单总额超过2亿4,000万新元2,仍处于健康水平。此外,集团目前正参与四家在新加坡进行拟议住宅'混合再开'项目的合营企业,并将对'们的财务业绩做出正面的贡献。

FINANCIAL HIGHLIGHTS 财务概要

We achieved a net profit attributable to Owners of the Company of S$22.1 million, a decrease of S$2.1 million from S$24.2 million in the same period last year although there was a profit from operations before share of results of associates and joint ventures of S$3.5 million in FY2023 as compared to a loss of S$4.3 million in FY2022. This was mainly attributable to the decrease of S$8.5 million in share of results of associates and joint ventures from S$28.8 million in FY2022 to S$20.3 million in FY2023.

尽管同比2022财年的未分担联营公司'合营企业业绩的经营亏损为 430 万新元,而2023财年则有 350 万新元的未加入联营公司'合营企业业绩的经营利润,'们在2023财年取得的拥有人应占溢利净额为2,210万新元,相较于去年同期的2,420万新元减'了210万新元。这主要'因于'占联营公司'合营企业业绩中所占份额从2022财年的2,880万新元减'到2023财年的2,030万新元,减'了850万新元。

For our property segment, we have achieved good sales for our developments in both Singapore and the PRC, with most of the projects either fully sold or close to fully sold to date. The Group is currently participating in four joint ventures which are involved in proposed residential and mixed-use development in Singapore of Peace Centre/Peace Mansion, Euro-Asia Apartments at 1037 Serangoon Road, Park View Mansions and Bagnall Court.

就'们的房地产业务部分而言,'们在新加坡及中国的'展项目都取得了良好的销售成绩,迄今为止,大部分项目已全数或'乎全数售出。集团目前正参与四家在新加坡进行拟议住宅'混合再开'项目的合营企业分别为建安大厦与建安公寓、位于1037实龙岗路的华洋楼、园景大厦'Bagnall Court。

The increase in other income from S$10.3 million in FY2022 to S$11.7 million in FY2023 was mainly due to the increase in interest income from additional loans to associates to finance new projects.

其他收入从2022财年的1,030万新元增加到2023 财年的1,170万新元,主要是由于'联营公司提供额外贷款以资助新项目的利息收入增加。

Share of profits of associates and joint ventures was S$20.3 million in FY2023 which is mainly attributable to property development projects in Singapore and PRC by associated companies. Correspondingly, the Group reported a net profit attributable to Owners of the Company of S$22.1 million after excluding non-controlling interests for FY2023.

在2023财年,联营公司'合营企业业绩中所占份额为2,030万新元,主要'因于联营公司在新加坡'中国的房地产开'项目。相应的,集团在2023财年'属于公司拥有人应占溢利净额为2,211万新元 (不包括非控股权益)。

The Group continues to maintain a healthy balance sheet and working capital position with cash and bank balances and fixed deposits of S$120.8 million as at 31 March 2023.

截至2023年3月31日,集团的现''银行结余以及定期存款为1.208亿新元,继续保持健康的资产负债表'营运资'状况。

NAVIGATING CHALLENGES, BUILDING RESILIENCE 应对'战,增强韧性

CONSTRUCTION BUSINESS 建'业务

Our core construction business remains our largest revenue driver, constituting 98.5% of our total revenue, at S$293.4 million in FY2023. Notwithstanding a challenging operating environment, backed by the Group’s solid track record and new order wins in FY2023, the Group’s construction order book is more than S$240.0 million as at 31 March 2023, with a ratio of 65:35 in terms of private and public sector projects. We are also currently working on several tenders to increase our order book to a higher amount.

在2023财年,建'业务仍然是'们最主要的收入来源,占总收入的98.5%,即2亿9,340 万新元。尽管经营环境充满'战,但在集团稳健的业绩记录' 2023 财年赢得的新订单的支持下,截至2023年3月31日,集团的建'订单保持在2.4亿多新元的健康水平。私人'公共项目的分配也为65:35的理想比例。'们目前正在进行几项招标,以补充'们的订单簿以达到更高的'额。

We have noted that the Building and Construction Authority (“BCA”) estimated that contracts worth S$27.0 billion and S$32.0 billion will likely be awarded in 20233. Nonetheless, with the gradual recovery in this sector, the Group’s construction order book in Singapore is more than S$240.0 million as at 31 March 2023. Even though construction demand appears to be steady, there are many challenges that lie ahead, including the growing risk of recession in Singapore, supply chain pressures, climate change, labour shortages, and significantly higher material and manpower costs as compared to pre-pandemic levels.

'们知悉,建设局估计2023年可能会授予价值270 亿新元'320亿新元的合同3。然而,随着这个行业的逐渐复苏,集团的建'订单总额截至2023年3月31日超过2亿4,000万新元。虽然建'需求看似稳定,但未来仍面临诸多'战,包括主要经济体'新加坡经济"退风险增加、供应链压力、气候变化、劳动力短缺,以及材料'人力成本较疫情前的水平大幅上涨。

Looking ahead, the construction sector will see strong construction demand, projected by BCA for this year, with public sector continuing to lead demand and private sector projects construction demand to remain steady over the medium-term4. We will continue to stay competitive and enhance productivity through skills upgrading and the adoption of innovation and technology to enhance our efficiency.

展望未来,建设局预计今年建'业需求将强劲,公共部门将继续引领需求而私营部门的建'需求将在中期保持稳定4。'们将继续保持竞争力,并通过提升技能'采用创新'技来提高效率,从而提高生产力。

PROPERTY DEVELOPMENT BUSINESS 房地产开'业务

Singapore 新加坡

According to data from the Urban Redevelopment Authorities (“URA”) released in April 2023, private home prices rose 3.2% in the first quarter of 2023, up from 0.4% increase in the preceding quarter5. The Government unveiled a fresh round of property cooling measures to pre-emptively dampen property investment demand, including the increases to the Additional Buyer’s Stamp Duty (“ABSD”) rates with effect from 27 April 20236. Based on media reports on the new launches after the implementation of the latest property cooling measures, the sales of private properties did not seem to be adversely affected. This suggests that although a small group of investment-oriented buyers may be affected, the demand from first-time buyers remained relatively stable.

根据市区重建局在2023年4月'布的数据显示,私人住宅价格在2023年第一季度上涨3.2%,高于上一季度的0.4% 涨幅5。政府公布了新一轮的房地产降温措施,以先'制人地'制房地产投资需求,包括自2023年4月27日起提高额外买方印花税(“ABSD”)税率6。根据'体对最新房地产降温措施实施后新推出的报道,销售似乎没有受到不利影响。 这表明虽然一小部分投资需求买家可能受到影响,但首次购房者的需求仍然相对稳定。

Most of the development projects launched in Singapore under the Group are either fully sold or close to fully sold to date. The Group is currently participating in four joint ventures for proposed residential and mixed redevelopment in Singapore namely Peace Centre/Peace Mansion, Euro-Asia Apartments at 1037 Serangoon Road, Park View Mansions and Bagnall Court. The joint ventures represent a strategic opportunity for us to acquire sites for redevelopment into mixed-use commercial and residential development as we work closely with experienced partners. We are heartened that our projects are well-received by the market.

集团在新加坡的'展项目至今大部分已全数或'乎全数售出。集团目前正参与四家在新加坡进行拟议住宅'混合再开'项目的合营企业分别为建安大厦与建安公寓、位于1037实龙岗路的华洋楼、园景大厦'Bagnall Court。由于'们与经验丰富的合作伙伴密切合作,合营企业为'们提供了一个战略机会,可以收购地块以重新开'为综合用途的商业'住宅开'项目。'们很高兴'们的项目受到市场的欢迎。

Overseas 海外

The construction for Phase 1 of the Group’s 22.5%-owned Singapore Sino Health City (中新健康城-中新悦朗) (“SSHC-ZXYL”) residential development project located in PRC’s Gaobeidian county has been completed, for which the Group has started recognising profits for sold units. Phase 2 of SSHC-ZXYL has commenced sale and construction. More than 60.9% of the approximately 1,300 units launched in both phases of SSHC-ZXYL have been sold to date. The Group has a investment of 33.75% stake in another mixed property development in Gaobeidian – Zhong Xin Yue Shang (中新悦上), which has also contributed positively to the Group’s results for FY2023.

集团位于中国高'店持有22.5%权益的中新健康城-中新悦朗(“SSHC-ZXYL”)住宅项目第一阶段的工程已竣工,并且集团已就此建设开始'认已售出单位的利润。该项目的第二阶段工程已开始出售及施工。SSCHC-ZXYL两期推出的月1,300套单位已售出60.9%以上。本集团投资于高'店的另一个混合房地产'展项目《中新悦上》投资了33.75%的股份,这也为集团2023财年的业绩做出了正面的贡献。

Moving forward, we will closely observe market sentiments and conditions while actively promoting our property development projects. Simultaneously, we will collaborate closely with our experienced joint venture partners to carefully pursue strategically situated sites for development, in order to replenish our land bank and ensure sustainable growth.

在未来,'们将密切观察市场情绪'情况,同时积极推动'们的房地产开'项目。与此同时,'们将与'们经验丰富的合资伙伴密切合作,谨慎地寻找具有战略意义的开'地点,以补充'们的土地储备并'保可持续'展。

PROPERTY INVESTMENT 房地产投资

Despite economic and geopolitical uncertainties, the Group remains steadfast in maintaining stable occupancy rates for our property investments both in Singapore and overseas. This resilience allows us to generate consistent recurring income from these investments.

尽管有经济'地缘政治的不'定性,本集团仍然坚定地保持'们在新加坡'海外的房地产投资的稳定出租率。这种复原力使'们能够从这些投资中获得持续的经常性收入。

In the PRC, our 69%-owned investment property, Tianjin Tianxing Riverfront Square continues to contribute positively to the Group with a resilient occupancy of approximately 76.9% as at 31 March 2023.

在中国,'们拥有 69% 权益的投资物业天津天兴河滨广场继续为集团做出积极贡献,截至 2023 年 3 月 31 日,入住率保持在 76.9% 左右。

With a focus on long-term investments in hotel properties, we establish valuable partnerships with reputable and experienced joint venture (JV) partners. Presently, the Group has a portfolio of eleven overseas hotel property investments, with nine of them operational and generating recurring income. As we move forward, we remain vigilant and exercise prudent navigation amid the ongoing pandemic and the challenging economic landscape.

'们专注于'店物业的长期投资,与信誉良好且经验丰富的合营合作伙伴建立了宝贵的合作伙伴关系。集团目前拥有11项海外'店物业投资组合,其中9项已投入运营并产生经常性收入。在'们前进的过程中,'们在持续的疫情及充满'战的经济环境中保持警惕并谨慎行事。

The investment properties held by the Group in Singapore and overseas have maintained good occupancy and rental rates. As international borders opened in 2023, Singapore Tourism Board expects the tourism sector to continue its growth momentum on the back of increasing flight connectivity and capacity as well as China’s gradual reopening7.

集团在新加坡'海外持有的投资性房地产一直保持良好的出租率'租'率。随着国际边界在 2023 年开放,新加坡旅游局预计旅游业将在航班连通性'运力增加以及中国逐步重新开放的支持下继续保持增长势头7

We expect the hotel industry’s fundamental performance to be reflected in anticipated increases in average daily rate, occupancy, and revenue per available room. Hotel performance in countries such as United Kingdom and Japan has continued to improve despite uncertainties loom as global macroeconomic factors could potentially impact hotel operations and investment in the near future.

'们预计'店业的基本业绩将反映在平均每日房价、入住率'每间可用客房收入的预期增长上。英国'日本等国家的'店业业绩已有持续进步,尽管全球宏观经济因素可能会在不久的将来影响'店运营'投资,但存在不'定性。

Although uncertainties in macroeconomic factors remain, the investment properties held by the Group in Singapore and overseas have maintained good occupancy rates and rental rates.

虽然宏观经济因素仍存在不'定性,但集团于新加坡及海外持有的投资性房地产均继续保持良好的入住率'租'率。

Barring any unforeseen circumstances, the Group remains cautiously optimistic on the outlook of its performance in FY2024.

如无不可预料情况,集团对其 2024 财年的业绩前景保持谨慎乐观。

PROPOSED DIVIDENDS 拟派股息

Notwithstanding the challenging economic outlook, KSH will be proposing a final cash dividend of 1.00 Singapore cent per ordinary share to thank shareholders for their continuous support. Together with the interim cash dividend of 1.00 Singapore cent per share distributed earlier in the financial year, this brings the total dividend declared for FY2023 to 2.00 Singapore cents per share.

虽然经济前景富有'战,'们将提议分'每股新元1.00分的末期现'股息,为表集团对股东持续支持的谢意。连同财年早些时候派'的每股新币1.00分的中期现'股息,2023财年合计总股息分派为新元2.00分。

WORDS OF APPRECIATION 致谢

The Board of Directors of KSH remains fully dedicated in navigating the Group through the prevailing macro uncertainties.

'成兴的'事会依然致力于牵引集团度过普遍的宏观不'定性。

Hereby, I would like to express my sincere gratitude to our Board for their guidance and invaluable advice and extend my appreciation to our dedicated management team as well as our engineers, quantity surveyors, and site co-ordinators, for their unwavering commitment and resilience in overcoming challenges. Additionally, I would like to take this opportunity to express my heartfelt gratitude to all our staff for their hard work and dedication to the Group’s success.

在此,'衷心感谢'事会的指导'宝贵意见,并感谢'们敬业的管理团队以及'们的工程师、工料测量师'工地协调'表示感谢,感谢他们坚定不移的全力投入'克服'战的毅力。此外,'想借此机会衷心感谢全体'工为本集团成功所付出的努力'奉献。

Lastly, I would also like to extend our gratitude to our shareholders, customers, suppliers, sub-contractors, partners, and stakeholders for their trust and wholehearted support.

最后,'也要''们的股东们、客户、供应商、分包商、合作伙伴以及利益相关者给予'们信任'全力支持表示感谢。

CHOO CHEE ONN

Executive Chairman and Managing Director

12 July 2023

朱峙安

执行'事兼'事总经理

2023年7月12日

1 MTI Maintains 2023 GDP Growth Forecast at “0.5 to 2.5 Per Cent”, Ministry of Trade & Industry Singapore – 13 February 2023
2 As at 31 March 2023
3 Building and Construction Authority, Singapore’s Construction Demand to Remain Strong in 2023 – January 2023
4 Building and Construction Authority, Singapore’s Construction Demand to Remain Strong in 2023 – January 2023
5 Urban Redevelopment Authority, URA releases flash estimate of 1st Quarter 2023 private residential property price index – April 2023
6 Inland Revenue Authority of Singapore, Additional Buyer’s Stamp Duty (ABSD) – April 2023
7 Singapore Tourism Board – Singapore’s tourism sector recovers strongly in 2022, visitor numbers expected to double in 2023, January 2023