Bukit Sembawang Estates (B61) H1 2024 earnings summary

Executive summary

• 1H FY2023/24 revenue rose 119% YoY to $264.3m and net profit doubled to $25.2m, driven mainly by higher profit recognition on development projects.

• Operating cash flow was $113.9m; cash and cash equivalents were $356.6m at 30 September 2023 after full repayment of borrowings.

Financial highlights

• Revenue increased 119% YoY to $264.3m; cost of sales rose 132% to $232.5m, while gross profit increased 57% to $31.8m.

• Operating profit was $25.9m versus $13.6m YoY; profit before tax rose 103% to $30.4m and profit after tax increased 100% to $25.2m.

• Interest income increased to $4.7m from $2.9m; finance costs fell to $0.3m from $1.6m, mainly reflecting higher deposit rates and loan repayment.

• Tax expense rose to $5.2m from $2.4m, mainly due to higher deferred tax provision on units sold but still under development.

Outlook and guidance

• Over the next 6–12 months, focus is on Pollen Collection sales, preparing the Bukit Timah Link residential launch and planning Luxus Hills Phase 10.

• Construction progress will be monitored for timely completion, with launch timing calibrated prudently; The Atelier and LIV @ MB are fully sold.