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Kingsmen renews F1 contracts for $53.2 million

The Edge Singapore
The Edge Singapore  • 1 min read
Kingsmen renews F1 contracts for $53.2 million
File photo of the 2023 F1 night races held at Singapore / Photo: The Edge Singapore
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Kingsmen Creatives has won contracts worth up to $53.2 million to be fulfilled for the Formula 1 Singapore Grand Prix from later this year to 2028.

This marks Kingsmen's fourth consecutive contract win from Singapore F1 since the races started here back in 2008.

According to Kingsmen in its announcement on May 5, the contract win demonstrates its "commitment to providing unparalleled experience for its client and Formula 1 fans while also solidifying its presence in the motorsport industry."

Kingsmen says the contract is expected to contribute positively to its earnings and NTA for the current FY2024 to FY2029 ending Dec 2029.

Kingsmen was in the news recently for winning the contract to build Singapore's pavilion in Osaka for next year's World Expo.

As at Jan 31, Kingsmen has built up an order book of $171 million, with $152 million in revenue to be recognised in the current FY2024.

See also: City Developments’ CDI acquires industrial zoned land in Christchurch for NZ$17.1 mil

Kingsmen Creatives' shares closed at 27 cents on May 3, up 3.85% for the day, but down 3.57% year to date.

 

 

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