Aspial Corporation (A30) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 19% YoY to S$470.0m; profit before tax increased 86% to S$54.3m and net profit rose 83% to S$39.0m.

• Growth in Retail and Financial Services offset weaker Real Estate performance; adjusted PBT was S$65.0m excluding S$8.6m of development-property write-downs and S$2.2m of investment-property disposal losses.

Financial highlights

• Revenue increased S$76.0m, or 19.3% YoY, led by Retail and Financial Services; Real Estate revenue declined.

• Operating costs rose 20.6% to S$147.7m, broadly in line with higher activity; finance costs declined on lower Retail borrowings and interest rates.

• Net profit was S$39.0m versus S$21.3m YoY; profit attributable to ordinary shareholders was S$17.2m, or S$21.5m before perpetual-security distributions.

• Total comprehensive income was S$47.5m versus S$19.4m; other comprehensive income included a S$6.8m cash-flow hedge gain and S$1.6m foreign-currency translation gain.

Outlook and guidance

• 2H 2026 priorities: disciplined execution, prudent risk management and cost control amid global uncertainty, gold-price volatility and evolving interest-rate conditions.

• Financial Services growth is expected to continue, supported by larger pawnbroking books, Malaysian acquisitions and further secured-lending deployment; Retail is expected to remain stable.

• Real Estate underlying operating performance in 2H is expected to improve versus 1H, excluding FX, tax and revaluation movements; Australia 108 has 7 units remaining for sale.

• Barring unforeseen macroeconomic headwinds, operational momentum is expected to continue through FY2026.