Global Resource Construction (S3N) H2 2024 earnings summary

Executive summary

• FY2024 profit rose to S$3.62m from S$2.52m, despite lower revenue after the Herencia lease with the Singapore Land Authority ended.

• Strategy remains rental-centric, prioritising operational resilience, balance-sheet strength and financial agility; management intends to pursue portfolio opportunities and potential expansion.

Financial highlights

• Revenue fell to S$10.89m from S$14.53m; gross profit declined to S$8.68m from S$11.90m.

• Other income increased to S$4.02m from S$2.67m, including a S$3.49m investment-property fair value gain and S$0.39m gain on property sales.

• G&A expenses fell 20.1% to S$4.25m; finance costs decreased 5.6% to S$3.28m.

• Profit before tax was S$4.16m versus S$3.63m; income tax expense was S$0.54m versus S$1.11m.

Outlook and guidance

• Long-term priorities are to capture opportunities in the property investment portfolio and improve financial agility; possible expansion or opportunistic moves remain under consideration.

• Sustainability targets include maintaining profitability excluding fair value adjustments and reducing energy and GHG emissions intensity by 5% over the medium term.