Email This Print ThisChairman's Statement

Amid global uncertainties and challenges, we continue to be supported by a healthy construction order book. The Group is working on several tenders to replenish our order book to a higher amount. Simultaneously, the Group is participating in four joint ventures for proposed residential and mixed redevelopment in Singapore.


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 2024 ("FY2024").

我很荣幸仅代表董事会呈现截止 2024年3月31日的 2024 财政年度报告("2024财年")。

FY2024 was another challenging year marked by sustained high interest rates, escalating geopolitical tensions, persistent high inflation pressures and continued disruptions in global supply chains. These challenges had significantly impacted the global economy, leading to higher operational expenses including elevated material and labour costs. As businesses navigate these hurdles, prioritising resilience and fostering strong relationships have been more crucial than ever.

2024 财年是又一个充满挑战的一年 — 利率持续居高 不下、地缘政治紧张局势不断升级、通胀压力持续居 高不下、全球供应链持续中断。这些挑战严重影响了 全球经济，导致运营费用的增加，包括材料和劳动力 成本上升。在企业克服这些障碍时，优先考虑韧性和 建立牢固的关系比以往任何时候都更加重要。

The Ministry of Trade and Industry ("MTI") has cautioned about downside risks in the global economy, attributing them to geopolitical tensions in the Middle East and the war in Ukraine, which could disrupt global supply chains and commodity markets1 . Additionally, Gross Domestic Product ("GDP") growth in the major economies is expected to taper gradually in the immediate quarters due to tight financial conditions, before picking up alongside anticipated policy rate cuts later in the year. Despite China's strong long-term prospects, it may face headwinds in its economic recovery in the near term.

新加坡贸易与工业部("MTI")对全球经济存在的下 行风险发出警告，将其归因于中东地缘政治紧张局势 和乌克兰战争，这可能会扰乱全球供应链和大宗商品 市场1。此外，由于金融状况紧张，主要经济体的国内 生产总值("GDP")增长预计将在最近几个季度逐渐 放缓，但随着今年晚些时候预期的政策降息，增长将 有所回升。尽管中国长期前景强劲，但其经济复苏可 能在短期内遭遇阻力。

MTI has also maintained Singapore's GPD growth forecast for the year at a range of 1.0% to 3.0% as the economy grew by 2.7% year-on-year in the first quarter of 2024. On a quarter-on-quarter seasonally adjusted basis, Singapore's economy expanded by 0.1%, moderating from the 1.2% growth in the preceding quarter.

由于2024年第一季度经济同比增长2.7%，贸易与 工业部还维持新加坡全年国内生产总值增长预测在 1.0%至3.0%的范围内。经季节性调整后按季比较， 新加坡经济增长为0.1%，较上一季度1.2%的增速有 所放缓。

The Monetary Authority of Singapore expects core inflation in Singapore to stay around 3% in the near term, before falling in the fourth quarter of 2024 and into 2025. However, it further cautioned that inflation could also turn out to be stronger than anticipated due to global shocks to supply and demand2 . Meanwhile, interest rates in Singapore may stay elevated for a longer time following the delay in rate cuts by the United States Federal Reserve delayed rate cuts.

新加坡金融管理局预计，新加坡核心通胀率短期内将 维持在3%左右，从而在2024年第四季度和2025年 下降。不过，该机构进一步警告称，由于全球供需冲 击，通胀也可能比预期更强。同时，由于美联储推迟 降息，新加坡的利率可能会在较长时间内维持高位。

Amid global uncertainties and challenges, we continue to be supported by a healthy construction order book of more than S$379.0 million. In addition, the Group is working on several tenders to replenish our order book to a higher amount. Simultaneously, the Group is participating in four joint ventures for proposed residential and mixed redevelopment in Singapore which is expected to contribute positively to our financial performance.

在全球充满不确定性和挑战的情况下，我们仍然受到 总额超过3.79亿新元的健康建筑订单的支持。此外， 集团正在进行多项招标，以补充更多订单。同时，集 团正在参与新加坡四家拟建住宅和混合重建项目的合 资企业，预计这将对我们的财务业绩做出正面贡献。。

FINANCIAL HIGHLIGHTS 财务概要

The Group recorded a net loss attributable to Owners of the Company of S$31.0 million, as compared to a net profit attributable to Owners of the Company of S$22.1 million in the same period last year. Share of results of associates and joint ventures incurred a loss of S$5.0 million in FY2024, as compared to a profit of S$20.3 million in FY2023. This was mainly due to the absence of contribution from property development projects.

集团在这个季度取得的拥有人应占亏损净额为 3,100 万新元，同比去年同期的拥有人应占溢利净额为 2,210万新元。摊占联营公司和合营企业业绩中所占 份额较2023财年的2,030万新元，转为亏损500万 新元。这主要是由于缺乏房地产开发项目的贡献。

For our property segment, we have achieved strong sales performance for our developments in both Singapore and the PRC, with majority of projects either fully sold or almost fully sold to date. Presently, the Group is participating in four joint ventures for proposed residential and mixed redevelopment in Singapore, namely The Arcady at Boon Keng, One Sophia/The Collective at One Sophia, Sora at Yuan Ching Road in district 22 and Bagnall Haus at 811 Upper East Coast.

就我们的房地产业务部分而言，我们在新加坡及中国 的发展项目都取得了强劲的销售成绩，迄今为止，大 部分项目已全数或近乎全数售出。集团目前正参与四 家在新加坡进行拟议住宅和混合再开发项目的合营企 业分别为位于文庆的The Arcady、位于One Sophia 的One Sophia/The Collective、园景路 22 区的 Sora和位于东海岸上段 811 号的 Bagnall Haus。

The increase in other income to S$12.8 million in FY2024 from S$11.7 million in FY2023 was attributed to an increase in interest income from fixed deposits and additional loans to associates, which were utilised to finance new projects.

2024财年的其他收入从2023财年的1,170万新元增 长至1,280万新元，归于定期存款及向联营公司提供 额外贷款以用于资助新项目的利息收入增加。

Share of results of associates and joint ventures incurred a loss of S$5.0 million in FY2024, in contrast to a profit of S$20.3 million in FY2023 attributable to the absence of contributions from property development projects. The four new property development projects in Singapore, under associates and joint venture companies, have not started recognising revenue as at FY2024. The losses sustained by these associates and joint ventures for the projects, primarily stemmed from pre-launch expenses, finance costs, sales and marketing expenses, and other operating costs that need to be recognised before the commencement of sale and construction.

在2024财年，因没有房地产开发项目的贡献，联营 公司和合营企业业绩中所占份额亏损500万新元，而 2023财年则实现盈利2,030万新元。截至2024财年， 联营公司和合营企业在新加坡的四项新房地产开发项 目尚未开始确认收入。其联营公司和合营企业在该项 目上承受的亏损主要源自推出前开支、财务费用、销 售及营销费用，以及在开始销售及建设前须确认的其 他营运成本。

Correspondingly, the Group reported a net loss attributable to Owners of the Company of S$31.0 million after excluding non-controlling interests for FY2024.

相应的，集团在2024财年归属于公司拥有人应占溢利 净额为3,100万新元(不包括非控股权益)。

The Group continues to maintain a healthy balance sheet with cash and bank balances and fixed deposits of S$134.6 million as at 31 March 2024. In pursuit of low gearing, the Group has reduced loans and bank borrowings from S$205.6 million in FY2023 to S$133.6 million in FY2024. Consequently, our gearing has improved from 0.57x in the previous period to 0.42x of net assets as at FY2024.

截至2024年3月31日，集团继续保持健康的资产负 债表，现金和银行结余以及定期存款为1.346亿新 元。为了实现低负债率，集团已将贷款和银行借款从 2023财年的2.056亿新元减少至2024财年的1.336亿 新元。因此，截至2024财年，我们的负债率从上一期 间的0.57倍改善至净资产的0.42倍。

FORTIFYING FUNDAMENTALS, EMPOWERING PROGRESS 巩固基础，推动进展

CONSTRUCTION BUSINESS 建筑业务

As the primary source of revenue, our core construction business accounted for 98.1% of our total revenue, reaching S$209.9 million in FY2024. Backed by the Group's strong track record and extensive expertise, the Group's construction order book is at more than $379.0 million as at 31 March 2024, with a ratio of 17:83 in terms of private and public projects. Additionally, we are working on several tenders to replenish our order book to a higher amount.

作为集团最主要的收入来源，我们的核心建筑业务 占总收入的98.1%，在2024年达到2亿990万新元。 在集团的良好业绩记录和丰富的专业知识下，截至 2024年3月31日，集团的建筑订单已达超过3亿7,900 万，私人和公共项目为17:83的比例。此外，集团正 在进行多项招标，以补我们的订单簿以达到更高的 金额。

For 2024, the Building & Construction Authority ("BCA") announced construction contracts between S$32 billion and S$38 billion will be awarded. The public sector is expected to contribute about 55% of total demand, with S$18 billion to S$21 billion worth of contracts likely to be awarded while the remaining S$14 billion and S$17 billion will be contributed by the private sector. Despite the steady construction demand, a multitude of challenges lie ahead. This includes heightened recession risk in major economies and Singapore.

新加坡建筑管理局("BCA")宣布，2024年将授予价值 320亿新元和380亿新元的建筑合同。公共部门预计 将贡献总需求的55%左右，可能授予价值180亿至 210亿新元的合同，而其余的140亿和170亿新元将 由私营部门贡献。虽然建筑需求稳定，但未来仍面临 诸多挑战。其中包括主要经济体和新加坡经济衰退风 险加剧。

Looking ahead, strong construction demand is expected based on projections from the BCA, with the public sector leading the way while private sector construction demand to remain steady over the medium-term3 . We remain dedicated to fortifying our fundamentals while prioritising efficiency through the integration of innovation and technology.

展望未来，根据建设局的预测，预计建筑业需求将强 劲，将由公共部门处于领先地位，而私营部门的建筑 需求将在中期保持平稳3。我们将继续致力于巩固我们 的基础，同时通过创新和技术的融合优先考虑效率。

PROPERTY DEVELOPMENT BUSINESS 房地产开发业务

SINGAPORE 新加坡

Figures released by the Urban Redevelopment Authorities showed that private home prices rose at a slower pace of 1.4% in the first quarter of 2024, down from the 2.8% increase in the previous quarter. This marks the slowest quarterly gain since the third quarter of 20214 . In addition, developers launched 1,304 uncompleted private residential units, excluding executive condominiums, for sale in this year's first quarter, compared to the 1,060 in the previous quarter.

市区重建局发布的数据显示，私人住宅价格在 2024 年第一季度的上涨幅度放缓至1.4%，低于上一季度 2.8%的涨幅。这是自2021年第三季度以来最慢的季 度涨幅4。此外，开发商今年第一季度推出了1,304 套 未完工私人住宅单元(不包括高级公寓)待售，而上一 季度为1,060 套。

Most of the launched development projects in Singapore under the Group are either fully sold or almost fully sold to date. The Group is currently participating in four joint ventures for proposed residential and mixed redevelopment in Singapore. The Arcady at Boon Keng has achieved satisfactory sales since its January 2024 launch. Additionally, three other residential and commercial developments projects namely, One Sophia/The Collective at One Sophia, Sora at Yuan Ching Road in district 22 and Bagnall Haus at 811 Upper East Coast, are scheduled for launch by FY2025, with construction targeted to commence in FY2025. These joint ventures present strategic opportunities for us to acquire sites for redevelopment, fostering close collaboration with experienced partners while leveraging their expertise and resources to optimise project outcomes. We are delighted that our projects are well-received by the market and remain committed to continued success.

集团在新加坡的发展项目至今大部分已全数或近乎 全数售出。集团目前正参与四家在新加坡进行拟议 住宅和混合再开发项目的合营企业。位于文庆的The Arcady自2024年1月推出以来，取得了满意的销售 成绩。另外，其他三个住宅和混合再开发项目，即位 于One Sophia的One Sophia/The Collective、园 景路22区的Sora和位于东海岸上段811号的 Bagnall Haus，计划最迟2025财年推出，建设目标为2025财 年开始。这些合营企业为我们提供了可以收购重建用 地的战略机会，促进我们与经验丰富的合作伙伴的密 切合作，同时利用他们的专业知识和资源来优化项目 成果。我们很高兴我们的项目受到市场的欢迎，并将 继续致力于取得持续的成功。

OVERSEAS 海外

The Group's investment in two residential development projects located in the PRC's Gaobeidian county, namely Singapore Sino Health City (中新健康城-中新悦朗) and Zhong Xin Yue Shang (中新悦上), with equity stakes of 22.5% and 33.75% respectively, have contributed positively to the Group's results for FY2024. Further completed units sold for both projects after FY2024 are expected to contribute positively to the Group's results.

集团投资于中国高碑店县的两个住宅开发项目，分 别为中新健康城-中新悦朗和中新悦上，股权分别为 22.5%和33.75%，为集团 2024 财年的业绩做出了 正面的贡献。2024 财年之后，这两个项目的进一步 竣工单位预计将为集团业绩做出正面的贡献。

Moving forward, we will closely monitor market sentiments and conditions while promoting our property development projects. Concurrently, we will work closely with our experienced joint venture partners to pursue prime sites strategically and prudently for development. This will enable us to replenish our land bank and promote sustainable growth.

在未来，我们将密切观察市场情绪和情况，同时推动 我们的房地产开发项目。与此同时，我们将与我们经 验丰富的合资伙伴密切合作，谨慎地寻找具有战略意 义的开发地点。这将让我们补充我们的土地储备并确 保可持续发展。

PROPERTY INVESTMENT 房地产投资

Despite uncertainties in macroeconomic factors, the Group has upheld strong occupancy rates and rental rates for our property investments both in Singapore and overseas. Our commitment to providing quality spaces remains steadfast amidst challenging times, ensuring a stream of recurring income.

尽管宏观经济因素存在不确定性，集团在新加坡和海 外的房地产投资仍保持强劲的入住率和租金水平。在 充满挑战的时期，我们仍坚定地致力于提供优质空 间，确保持续性收入。

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 77% as at 31 March 2024.

在中国，我们拥有69%权益地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2024年3月 31日，其入住率保持在77%左右。

Presently, the Group's portfolio comprises eleven overseas hotel property investments, nine of which are operational and generating recurring income. With a long-term strategic investment in hotel properties, we will continue to foster valuable partnerships with reputable and experienced joint venture partners, further enhancing our portfolio. To advance ahead, we will remain vigilant and exercise prudent navigation amid the challenging economic landscape. Furthermore, data from the International Air Transport Association indicates that although global international air travel demand in 2023 is below pre-pandemic levels, the gap is rapidly closing5 .

目前，集团拥有 11 项海外酒店物业投资组合，其中 9 项已投入运营并产生经常性收入。通过对酒店物业 的长期战略投资，我们将继续与信誉良好且经验丰富 的合资伙伴建立宝贵的合作伙伴关系，进一步增强我 们的投资组合。面对充满挑战的经济形势，我们将保 持警惕、审慎前行。此外，国际航空运输协会的数据 显示，尽管 2023 年全球国际航空旅行需求低于疫情 前的水平，但差距正在迅速缩小5 。

While hotel performance in countries such as the United Kingdom and Japan has continued to improve, uncertainties loom as global macroeconomic factors could potentially impact hotel operations and investment in the near future. Despite our cautious stance in view of the uncertainties ahead, we expect a gradual improvement in the fundamental performance of the hospitality sector.

虽然英国和日本等国家的酒店业绩已有持续进步，但 由于全球宏观经济因素可能会在不久地将来影响酒店 运营和投资，不确定性隐现。尽管我们对未来的不确 定性持谨慎态度，但我们预计酒店业的基本表现将逐 步改善。

PROPOSED DIVIDENDS 拟派股息

In appreciation of the continued support from our shareholders, KSH will be proposing a final cash dividend of 0.50 Singapore cent per ordinary share. Complemented with the interim cash dividend of 0.50 Singapore cent per ordinary share distributed earlier in the financial year, this brings the total dividend declared for FY2024 to 1.00 Singapore cents per share.

为表集团对股东持续支持的谢意，集团将提议分发每 股新元 0.50 分的末期现金股息。连同财年早些时候 派发的每股新币 0.50 分的中期现金股息，2024 财 年合计总股息分派为新元 1.00 分。

WORDS OF APPRECIATION 致谢

In closing, I would like to extend my sincere appreciation to our Board for their guidance and thought leadership. My appreciation also goes to our dedicated management team as well as our engineers, quantity surveyors, and site co-ordinators, for their relentless efforts in navigating the challenges. Additionally, I would like to thank our valued staffs for their hard work and dedication to the Group's achievements.

最后，我谨对董事会的指导和思想领导表示衷心感 谢。我还要感谢我们敬业的管理团队以及我们的工程 师、工料测量师和工地协调员，感谢他们在应对挑战 方面所做的不懈努力。此外，我还要感谢我们宝贵的 员工为集团取得的成就所做的辛勤工作和奉献。

A special mention goes to Mr Kwok Ngat Khow, Executive director, who has retired on 31 May 2024. On behalf of the Board and management team, we would like to extend our appreciation for his invaluable contribution over the years and we wish him the best in his future endeavours.

特别值得一提的是执行董事 Kwok Ngat Khow先生， 他已于2024年5月31日退休。我谨代表董事会和管理 团队对他多年来的宝贵贡献表示感谢，并祝愿他在今 后的努力中一切顺利。

Lastly, I would also like to express our sincere gratitude to our shareholders, customers, suppliers, sub-contractors, partners, and stakeholders for their unwavering support.

最后，我还要向我们的股东们、客户、供应商、分包 商、合作伙伴以及利益相关者表示诚挚的感谢，感谢 他们坚定不移的支持。

CHOO CHEE ONN

Executive Chairman and Managing Director

12 July 2024

朱峙安

执行董事兼董事总经理

2024年7月12日

1 Ministry of Trade and Industry Singapore, MTI Maintains 2024 GDP Growth Forecast at "1.0 to 3.0 Per Cent" - May 2024
2 Monetary Authority of Singapore, MAS Monetary Policy Statement - April 2024
3 Building and Construction Authority, Steady Demand for the Construction Sector Projected for 2024 - January 2024
4 Urban Redevelopment Authority, Release of 1st Quarter 2024 real estate statistics - April 2024
5 International Air Transport Association - Air Travel Reaches 99% of 2019 Levels as Recovery Continues in November, January 2024