Aspial Corporation (A30) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 29.1% to S$875.8m and profit before tax more than doubled to S$65.8m, led by Retail and Financial Services; Real Estate remained loss-making.

• Adjusted for the one-off S$30.0m Brisbane development-property write-off, Real Estate operations improved, particularly hospitality.

Financial highlights

• Revenue was S$875.804m versus S$678.355m in FY2024; profit before tax was S$65.814m versus S$28.924m, and profit after tax was S$58.771m versus S$21.596m.

• Operating expenses rose S$55.0m to S$299.4m, including a non-recurring S$30.0m Australian asset write-down; employee costs, depreciation and amortisation also increased.

• Total comprehensive income reached S$53.214m versus S$5.829m; owners’ attributable profit was S$21.480m versus S$3.497m.

Outlook and guidance

• Cautiously optimistic for FY2026; plans to strengthen the balance sheet and capital base while pursuing sustainable long-term growth.

• Financial Services is expected to sustain strong performance on pledge-book growth and collateral coverage; secured lending is expected to expand with investor demand for property-backed loans.

• Real Estate performance is expected to improve through stronger hospitality revenue and lower holding and financing costs; Australia 108 revenue is expected to taper with 10 uncontracted units remaining.

• Retail is expected to generate stable recurring earnings, with inventory and product mix managed in response to gold prices and consumer demand.