First Sponsor (ADN) H2 2024 earnings summary

Executive summary

• 2H2024 attributable profit was S$81.1m versus S$1.9m in 2H2023; FY2024 profit was S$93.0m versus S$12.5m, up 642.8%.

• FY2024 earnings benefited from S$93.3m share of NSI profit and higher derivative and investment-property gains, partly offset by FX losses, PRC project write-downs and Dutch hotel goodwill impairment.

• Recommended final tax-exempt dividend was 3.55 Singapore cents per share; if approved, FY2024 dividends total 4.65 cents, up 10.7% YoY.

Financial highlights

• FY2024 revenue was S$317.6m, up 12.2%; gross profit was S$135.8m, up 3.0%. 2H revenue was S$144.7m, down 1.6%, and gross profit was S$64.0m, down 3.6%.

• FY2024 PBT was S$112.8m, up 307.1%; basic EPS was 8.29 cents versus 1.29 cents in FY2023.

• FY2024 included S$73.8m of net attributable non-cash fair-value losses and impairment charges, including PRC development property and Dutch hotel impairments.

Outlook and guidance

• Advanced-stage PRC projects under construction are expected to complete within 2025; handovers have commenced at some projects, while management remains cautiously optimistic about a sales recovery.

• Puccini Milan and Prins Hendrikkade redevelopments are expected to complete in FY2025; Dreeftoren office in 3Q2025 and residential in 4Q2026, Sydney House Hotel/Galleria in FY2027, and Meerparc in FY2028.

• Dreeftoren residential timing is under review after construction testing and a temporary halt; office completion remains expected in 3Q2025, though occupancy could be affected by residential delays.