Summary
Kim Heng Ltd is a Singapore based offshore and marine services that has progressively evolved from its oil and gas origins into the fast-growing offshore wind and subsea infrastructure markets. The Group operates across multiple segments, including marine support services, vessel chartering and towage, heavy equipment rental, and shipbuilding and repair, supporting projects ranging from rig maintenance to wind farm construction.
In 1H2025, revenue rose 20.8% yoy to S$67.1 million, driven primarily by higher vessel trading activity, progress recognition from shipbuilding contracts and increased material sales linked to offshore projects. Gross profit remained stable at S$15.2 million, although gross margin contracted to 22.6% in 1H2025 from 27.7% in 1H2024 due to a heavier contribution from lower-margin segments such as material sales, chartering and towage, and equipment rental. Net profit increased 203.0% yoy to S$1.3 million, supported by improved cost discipline, lower administrative expenses and higher other income, particularly from insurance compensation. This underscores the Group’s ability to maintain profitability despite margin pressures arising from changes in revenue mix.
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