Hong Kong – Kaisa Capital Investment Holdings Limited reported a turnaround to profitability for the year ended 31 December 2025, underpinned by steady growth in its Construction Equipment Business and the absence of losses from last year’s discontinued Property Development segment.
Revenue from continuing operations rose 5.5 % to HK$237.51 million, driven by a 1.6 % increase in rental income to HK$158.27 million and double-digit growth in service income (+10.8 % to HK$71.51 million). Machinery and spare-parts sales, though a modest portion of the mix, climbed 64.3 % and 60.2 % respectively, reflecting firmer equipment demand.
Regionally, Singapore led momentum with revenue up 18.5 % to HK$107.61 million on higher crane utilisation, while mainland China sales advanced 15.0 % to HK$26.62 million. Hong Kong revenue eased 7.1 % year on year to HK$103.28 million as crane utilisation softened.
Group gross profit slipped 3.2 % to HK$131.02 million as cost of sales and services grew 18.6 %. Administrative expenses fell 11.1 % to HK$54.90 million, partly offsetting a 7.4 % rise in other operating expenses to HK$60.05 million. Other income and gains more than doubled to HK$6.78 million, bolstered by HK$5.82 million in net exchange gains.
Finance costs edged up 1.3 % to HK$11.45 million. After a HK$1.86 million tax charge, profit from continuing operations reached HK$6.80 million, versus HK$5.88 million in FY2024. The prior-year comparison was distorted by a HK$118.40 million loss from the divested Property Development Business, which was fully disposed of in July 2024; as a result, the Group’s overall bottom line rebounded from a HK$112.52 million loss to a HK$6.80 million profit.
Earnings per share from continuing operations improved to HK0.64 cents (FY2024: HK0.55 cents). No dividend was declared.
Total assets stood at HK$484.86 million, broadly stable year on year. Net debt declined to HK$182.40 million (-13.6 %), aided by a HK$28.79 million reduction in lease liabilities and borrowings. Coupled with a rise in shareholders’ equity to HK$38.51 million (+38.5 %), the gearing ratio improved to 4.7 times from 7.6 times. Nevertheless, net current liabilities widened to HK$256.92 million, and cash and cash equivalents fell to HK$6.00 million (FY2024: HK$14.37 million).
Capital expenditure on plant, equipment and right-of-use assets reached HK$67.27 million, focused on expanding and upgrading the crane fleet, compared with HK$104.67 million a year earlier. No significant acquisitions or disposals were undertaken during the period.
The Board did not recommend a final dividend.
Looking ahead, management cited robust construction pipelines in Singapore and Hong Kong—particularly large infrastructure projects, public housing and Northern Metropolis developments—as supportive demand drivers for medium- to large-sized tower cranes. Digitalisation initiatives, including a smart site-safety platform and partnerships to enhance technology offerings, are expected to strengthen the Group’s competitive positioning in its core equipment-rental market.