Chuan Hup Holdings (C33) H2 2024 earnings summary

Executive summary

• FY2024 remained profitable, with revenue of USD 7.24m; net profit fell to USD 1.37m from USD 5.79m, reflecting lower investment gains, a student-accommodation impairment and a one-off legal-claim recognition.

• Portfolio activity centered on property development in Singapore and Australia, recurring rental income, and student accommodation; year-end net assets were USD 223.51m.

Financial highlights

• Revenue was USD 7.242m versus USD 4.914m in FY2023; student accommodation contributed USD 1.61m, and investment trading gains were USD 1.16m.

• Profit before tax was USD 2.356m versus USD 6.281m; profit for the year was USD 1.370m versus USD 5.787m.

• Profit attributable to equity holders was USD 1.969m versus USD 5.787m; total comprehensive income was USD 0.477m versus USD 3.560m.

• Cash and cash equivalents fell 51.9% to USD 20.538m from USD 42.684m, while total assets rose to USD 254.726m from USD 244.551m.

Outlook and guidance

• Management expects geopolitical unrest, inflation and high interest rates to persist near term, and intends to remain prudent when considering new investments.

• Australia’s housing demand remained resilient amid high rates, with construction, infrastructure investment and returning international students and tourists supporting the near-term outlook.

• Paulownia was scheduled for TOP by end-2024; Garden Towers sales revenue is expected to be recognised upon project completion.