Including exceptional items and fair value gains, Frasers Property TQ5 (FPL) reported a 19.2% y-o-y rise in net profit to $206.3 million, and an earnings per share of 4.2 cents, up 35.5% y-o-y in FY2024, for the 12 months to Sept 30. Net asset value stood at $2.45 per share. A final dividend of 4.5 cents per share (unchanged y-o-y) has been proposed. Revenue rose by 6.8% y-o-y to $4.2 billion, and profit before interest and tax (Pbit) rose by 3% y-o-y to $1.35 billion.
Residential projects in China and Australia bolstered earnings. Unrealised losses in UK and Australia were offset by net fair value gains in Singapore which were largely realised, as well as industrial and logistics properties in Australia and the EU.
Net debt to equity stood at 83.4% compared to 75.8% as at Sept 30, 2023. Net debt to assets stood at 42.1%. The higher ratio was driven by capital expenditure and redemption of perpetual securities offset by divestments and fund raising by a the group's REITs. 72.9% of FPL's debt is on fixed rates, mitigating the impact of rapidly rising interest rates over the past two years. Blended debt funding cost was 3.9% compared to 3.5% in FY2023 and weighted average debt maturity stood at 2.5 years.
As at Sept 30, 2024, 88% of the group's assets comprised recurring income asset classes contributing 74% to FY2024's Pbit.
During the year, FPL unlocked $1.8 billion of value including divesting Nex to Frasers Centrepoint Trust J69U , and four German industrial and logistics properties to Frasers Logistics and Commercial Trust. FPL divested Fraser Residence River Promenade and Capri by Fraser to third parties, and FCT divested Changi City Point to a third party.
FPL closed at 88.5 cents on Nov 12.
See also: Envictus reports profit turnaround with earnings of RM50.6 mil
