Aspial Corporation (A30) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 13.1% YoY to S$678.4m; 2H revenue increased 20.7% YoY despite lower real estate revenue.

• Pre-tax profit turned around to S$30.9m from a S$18.5m loss in FY2023, with improved profitability across all three core businesses.

• Excluding the S$6.8m Australia 108 fair value loss and S$5.0m remeasurement gain, pre-tax profit was S$32.7m.

Financial highlights

• Revenue was S$678.4m versus S$600.0m; profit after tax was S$23.6m versus a S$17.1m loss.

• Profit attributable to ordinary shareholders before perpetual-security distributions was S$14.1m versus a S$22.2m loss; EPS after distributions was 0.25 cents versus a 1.08-cent loss.

• Total operating expenses rose 1.6% to S$244.4m, including a one-off S$6.8m fair value loss on Australia 108 property held for sale.

Outlook and guidance

• FY2025 outlook is cautiously optimistic, supported by expected moderation in core inflation and a potentially lower interest-rate environment benefiting financial services, retail and real estate.

• Retail is expected to remain stable, supported by sustained gold-jewellery demand; priorities include brand strength, retail reach and innovation.

• Real estate outlook depends on premium-apartment margins, hotel revenue growth and lower Australia 108 holding costs and interest expenses.

• A new 59-key Lorong Bertam hotel in Georgetown, Penang is expected to be completed in 1H2025.