Bonvests Holdings (B28) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 3.5% to $224.250m, while EBITDA excluding fair value gains/losses on investment properties fell 2.6% to $47.538m and profit attributable to equity holders declined 74.0% to $1.866m.

• Weaker hotel EBITDA, lower net fair value gains on investment properties and higher depreciation weighed on profit; lower finance costs partly offset the decline.

• Adjusted to exclude revaluation effects, deferred tax on revaluation, impairment, redevelopment and acquisition costs, and termination benefits, the after-tax result was a loss of $3.465m versus a $0.637m loss in FY2023.

Financial highlights

• Revenue was $224.250m versus $216.758m; profit before tax was $8.682m versus $12.537m, and profit after tax was $1.856m versus $7.007m.

• Revenue comprised hotel operations $159.951m, waste disposal and cleaning $44.128m, rental income $17.612m, and parking fees and service charges $2.559m.

• Net cash from operating activities was $46.029m; investing activities used $10.013m and financing activities used $36.174m.

• Investment properties recorded a $6.980m fair value gain, down from $7.888m; depreciation rose to $27.254m from $25.534m.

Outlook and guidance

• Rental performance is expected to remain stable; the hotel market is expected to remain challenging, and industrial operations face continued competitive and cost pressures.

• Hotel construction in Medina of Tunis is ongoing and, barring unforeseen circumstances, is scheduled for operational completion by mid-2026.

• Industrial management plans to conserve cash and improve operating efficiency; the Development Division has no active projects, while Investment results remain exposed to stock-market volatility.