GuocoLand Limited has reported earnings of $129 million for FY2024 ended June 30, down 38% y-o-y from $207 million in the previous financial year.
Conversely, operating profit increased 13% y-o-y to $320 million for FY2024.
This came on the back of higher financing costs, lower fair value gains of investment properties, and the challenging market in China.
Earnings per share stood at 9.95 cents in FY2024, down from 16.97 cents in FY2023.
Meanwhile, the group’s revenue rose 18% y-o-y to $1.82 billion in FY2024. This was driven by higher contributions from both “twin engines” of property investment and property development.
In FY2024, the group’s two business units reported revenue growth of 35% and 16% y-o-y respectively, despite prevailing macroeconomic challenges. The results were supported by higher recurring rental revenue from Guoco Midtown, and higher progressive recognition of residential sales in Singapore.
See also: GuocoLand reports 60% rise in revenue for FY2023, but 44% fall in net profit
In an Aug 29 announcement, the group says Singapore continues to be a “solid foundation” for GuocoLand F17 . In FY2024, revenue from Singapore operations grew 21% to $1.47 billion, making up 81% of the group’s revenue.
As at June 30, the group’s total assets stood at $12.34 billion, an increase from $12.01 billion in the same period last year.
Along with the acquisition of new land plots during the year, GuocoLand’s total loans and borrowings grew slightly to $5.27 billion as at June 30, a 3% increase y-o-y. Correspondingly, the group’s debt-to-assets ratio remained at 0.43 times as at end-June.
See also: GuocoLand reports 1HFY2024 earnings of $66.2 mil, 12% higher y-o-y, as revenue surged by 61%
GuocoLand’s board has proposed a first and final one-tier tax exempt ordinary dividend of 6 cents per share, unchanged y-o-y.
Cheng Hsing Yao, group CEO of GuocoLand, says: “The strong take-up rate of our residential launches and healthy occupancy rates at our commercial buildings are proof of the value that we bring as a creator of high-quality and on-trend developments.”
Shares in GuocoLand closed at 1 cent lower, or down 0.66%, at $1.50 on Aug 29.
