Bukit Sembawang Estates (B61) H2 2024 earnings summary

Executive summary

• FY2024 net profit reached $70.8m, about double FY2023; revenue rose 185% to $562.0m, mainly on higher development-project profit recognition.

• The Atelier and LIV @ MB sold out; 64% of the 79% of Pollen Collection released for sale had sold as of 21 June 2024.

• Total equity was $1.52b at 31 March 2024; cash and cash equivalents were $452.2m.

Financial highlights

• Revenue was $561.956m vs $197.126m; profit before tax was $82.569m vs $37.478m; profit after tax was $70.847m vs $34.400m.

• Gross profit was $76.777m vs $34.110m; profit from operations was $71.492m vs $31.617m.

• Net finance income increased to $11.077m from $5.861m, with interest income of $11.428m and finance costs of $0.351m.

• Net cash generated from operating activities was $210.0m vs $85.1m used; cash ended the year at $452.243m vs $294.008m.

• Development properties fell to $711.942m from $1,025.183m; contract assets increased to $180.777m from $0.531m.

Outlook and guidance

• Singapore GDP growth is forecast at 1%–3% for 2024; residential demand is expected to rely heavily on locals amid the continuing effects of cooling measures and ABSD.

• 8 @ BT, a 158-unit Bukit Timah project, was planned for launch in Q3 2024; main building works were expected to start in H2 2024 and finish in Q4 2027.

• Pollen Collection sales were expected to remain strong; its TOP is expected in Q1 2026. LIV @ MB TOP is expected in Q1 2025.

• FY2025 sustainability targets include energy intensity ceilings for headquarters, show flats and FROS, and GHG intensity of no more than 2.70 tonnes CO₂e per $1m revenue.