Bonvests Holdings (B28) H1 2025 earnings summary

Executive summary

• H1 2025 revenue fell 2.4% YoY to S$106.404m, while EBITDA rose 9.7% to S$23.786m; pretax and net results returned to profit.

• Net profit was S$1.373m versus a S$2.236m loss in H1 2024; substantial currency-translation losses drove a S$14.439m total comprehensive loss.

Financial highlights

• Revenue was S$106.404m, down 2.4% YoY; lower hotel revenue was partly offset by growth in industrial and rental revenue.

• EBITDA increased 9.7% to S$23.786m, supported by foreign-exchange gains on foreign-currency loans and stronger rental and industrial contributions, partly offset by hotels.

• Pretax profit was S$3.204m versus a S$1.911m loss; net profit was S$1.373m versus a S$2.236m loss.

• Finance costs fell 23.9% to S$7.382m; depreciation declined 5.4% to S$13.355m.

Outlook and guidance

• Rental operations are expected to remain stable; hotel-market conditions are expected to remain challenging amid greater supply, competition, higher costs and global economic uncertainty.

• Medina of Tunis hotel construction is ongoing, with operational completion scheduled by end-2026, barring unforeseen circumstances.

• Industrial operations face intense competition, rising material costs and higher wages; focus remains on cash preservation and operational efficiency.

• Investment performance will continue to be affected by stock-market volatility; the Development Division has no active projects.