British and Malayan Holdings (CJN) H2 2024 earnings summary

Executive summary

• FY2024 trustee revenue rose 14% YoY to $1.580m as marketing efforts increased; loss after tax was $1.766m, narrower than FY2023's $2.609m loss excluding the prior-year extraordinary gain.

• FY2023 reported net profit of $5.832m included an $8.441m one-off gain from the Adelphi office sale; no final dividend was declared for FY2024.

Financial highlights

• Revenue was $1.580m versus $1.391m in FY2023; trustee fees contributed $1.319m and other service fees $261,428.

• Net loss was $1.766m, compared with FY2023 net profit of $5.832m; FY2024 basic and diluted loss per share was $0.20 versus profit per share of $0.67.

• Operating cash outflow was $1.698m, versus $2.495m in FY2023; cash and cash equivalents ended at $4.924m, down from $7.668m.

• Total assets were $13.008m and equity $9.808m at 30 June 2024, versus $13.461m and $11.574m a year earlier.

Outlook and guidance

• Marketing and service-provider outreach strengthened the pipeline of prospective trust-service leads; discussions with prospective partners continued.

• Management plans to revitalise trust services and explore revenue diversification and growth opportunities; the domestic Singapore trust market remains competitive and challenging.