Shares of Yoma Strategic surged as much as 37% after it reported a turnaround for its FY2024. It hit an intra day high of 8.9 cents, from the previous day's close of 6.5 cents, before ending the day at 8.6 cents.
For the year ended March, the Myanmar-based company reported earnings of US$21.2 million ($28.5 million), a turnaround from a net loss of US$63.3 million in the previous year.
Revenue grew by 78.6% y-o-y, reaching a record US$220.8 million in FY2024. This was led by Yoma Land as well as its food and beverages segment, with additional growth in the leasing segment. Meanwhile, the consolidation of Wave Money contributed US$52 million to the revenue.
Core ebitda increased by 160.5% year-on-year, rising to US$45.8 million from US$17.6 million as all business segments saw improvement in underlying performance.
Myanmar-based Yoma Strategic businesses had been affected after the coup in February 2021.
Yoma Land’s backlog currently stands at US$147.1 million in unrecognised revenue from ongoing projects in StarCity, Pun Hlaing Estate and City Loft West, providing visibility into the company’s financial performance over the next 18 to 24 months.
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Yoma is currently deleveraging further. As at end-March, net gearing declined to 15.5%, continuing to reduce interest expense in the coming financial year.
CEO Melvyn Pun says the company will remain cautious and committed to maintaining sufficient liquidity as well as strengthening its balance sheet.
“Our focus remains on disciplined cost management, generating positive operating cash flow and reducing leverage. These efforts will enable us to pursue strategic growth opportunities across our core businesses,” he adds.
