Goodland Group (5PC) H2 2024 earnings summary

Executive summary

• FY2024 revenue was $10.65m, down from $21.29m; the year ended with a $2.02m loss after tax versus $1.38m profit in FY2023.

• Resilient sales and leasing supported revenue, while higher other operating expenses and lower associate results weighed on earnings; a $3.91m investment-property fair-value gain partly offset the impact.

• Net assets were $243.27m and cash and cash equivalents were $9.11m at 30 September 2024; the Board proposed total FY2024 dividends of 0.0065 Singapore dollar per share, including the interim dividend.

Financial highlights

• Revenue $10.65m vs $21.29m; gross profit $0.70m vs $6.53m; loss before tax $2.26m vs profit before tax of $1.73m.

• Loss after tax $2.02m vs profit after tax $1.38m; loss attributable to owners $2.05m vs profit attributable to owners of $1.45m.

• Basic and diluted EPS was a loss of 0.57 Singapore cents vs earnings of 0.40 cents; NAV per share was 53.74 cents vs 52.25 cents.

• Total assets were $350.22m vs $372.42m; shareholders’ equity was $192.97m vs $187.82m; cash and cash equivalents were $9.11m vs $11.54m.

• Excluding the $3.91m investment-property fair-value gain, other operating income was lower; the gain was up from $2.54m in FY2023.

Outlook and guidance

• Piccadilly Serangoon redevelopment was ongoing, with completion expected in FY2025; six additional development projects were in planning.

• Management expects a challenging 12 months, prioritising prudence and measures to mitigate higher interest rates and material costs, while taking a cautious approach to local and regional opportunities.

• Proposed FY2024 final dividend of 0.005 Singapore dollar and special dividend of 0.00075 Singapore dollar per ordinary share, subject to shareholder approval; combined with interim dividend, FY2024 total is 0.0065 Singapore dollar per share.