SUTL Enterprise Limited (BHU) investor relations material

Executive summary

• Revenue for the first half of 2026 rose 1% year-over-year to S$21.02 million, with both sales of goods/services and membership fees showing modest growth.

• Net profit after tax increased 1% to S$4.28 million compared to the same period last year.

• Other income surged 29% due to unrealised gains on equity investments, partially offset by lower interest income.

Financial highlights

• Total expenses increased 3% year-over-year, mainly from higher employee benefits and advertising/event costs.

• Utilities and other expenses declined, reflecting cost management and lower foreign exchange losses.

• Basic earnings per share rose to 4.84 cents from 4.79 cents a year ago.

• Net asset value per share was 82.95 cents at 30 June 2026, slightly down from 83.14 cents at year-end 2025.

Outlook and guidance

• No interim dividend declared; company typically does not declare mid-year dividends.

• Acquisition of Marina at Keppel Bay is under regulatory review, with completion deferred to January 2027 or later.

• Phuket marina project acquisition expected to complete in 2H 2026, with construction to follow.

• Continued focus on expanding marina operations in Asia Pacific through development, acquisition, and management.