Aspen (Group) Holdings (1F3) H2 2024 earnings summary

Executive summary

• FY2024 revenue was RM245.5m, down 9% YoY, while gross profit rose 8% to RM38.2m; profit after tax was RM32.3m versus a RM228.9m loss in FY2023.

• The FY2024 bottom line included RM92.7m profit from discontinued operations, while continuing operations recorded a RM60.4m loss after tax.

• Property development remains the core business, supported by ongoing construction at Vivo Executive Apartment and Versa and the May 2024 handover of Viluxe Phase 1.

Financial highlights

• Revenue was RM245.488m vs RM270.043m in FY2023; gross profit was RM38.209m vs RM35.321m.

• Continuing-operations loss before tax was RM58.649m vs RM96.116m; continuing-operations loss after tax was RM60.406m vs RM103.323m.

• Profit attributable to equity holders was RM38.254m vs a RM195.273m loss; total profit was RM32.314m vs a RM228.862m loss.

• Operating cash flow was RM87.643m vs RM132.262m; cash and cash equivalents ended at RM27.435m vs RM26.159m.

• Total assets were RM983.824m vs RM1,081.498m; equity attributable to owners rose to RM228.486m from RM190.770m.

Outlook and guidance

• Vivo Executive Apartment handover is expected by Q1 2025; Versa is expected to complete in 2027, with 2,533 units under development at FY2024 year-end.

• Columbia Asia Hospital at Aspen Vision City is targeted to open by Q1 2026; the planned Aloft Hotel and 602 serviced apartments with 28 commercial lots are in the project pipeline.

• Strategy prioritises affordable housing, property development, green building practices and potential new projects as material developments arise.

• FY2025 sustainability targets include Green Certification for Vivo, 18 training hours per employee, and maintaining or reducing energy and GHG-emissions intensity.