Gallant Venture (5IG) H2 2024 earnings summary

Executive summary

• FY2024 revenue grew 4.5% to S$190.9m and operating profit rose 33%, but attributable net loss widened to S$46.7m amid FX losses, higher financing costs and weaker associate earnings.

• Core industrial parks and utilities activity strengthened; EBITDA fell to S$45.7m from S$68.0m, while excluding FX losses and lower associate contributions, EBITDA would have been S$6.8m higher.

Financial highlights

• Revenue was S$190.9m versus S$182.7m; gross profit increased to S$74.9m from S$67.5m.

• Loss before tax was S$32.4m versus FY2023 profit before tax of S$2.2m; loss attributable to owners was S$46.7m versus S$14.8m.

• Other expenses were S$6.9m versus S$13.8m of other income, driven largely by an S$11.5m net FX loss versus an S$11.3m gain.

• Finance costs rose to S$50.5m from S$37.5m, including an S$8.4m one-time, non-cash write-off of unamortised costs from prior borrowings.

Outlook and guidance

• Industrial parks expect stronger FY2025 results as tenants take possession and begin operating; rental and utilities revenue should benefit as activity ramps up.

• Utilities turnover uplift of up to 20%–25% from expanded industrial activity may flow through over the next few years; additional solar projects are expected to support performance.

• Resort plans include a year-round 2025 events calendar, a Johor Bahru ferry route and new attractions; Mövenpick is expected to open in Q3/Q4 2025.

• Bulan Island solar JV is targeting operations in 2028, subject to licenses and regulatory approvals; broader priorities include industrial expansion, tourism, renewables and capital resilience.