GuocoLand (F17) H1 2025 earnings summary

Executive summary

• H1 FY25 revenue was S$1,010.1m, down 5% YoY; gross profit rose 16% to S$247.9m, operating profit rose 35% to S$214.5m, and equity-holder profit increased 13% to S$74.6m.

• Singapore operations contributed over 80% of revenue, with development progress and recurring property income supporting results; weaker China and Malaysia revenue weighed on growth.

Financial highlights

• Profit before tax was S$116.7m versus S$83.0m; profit for the period rose 29% to S$86.8m.

• Basic EPS was 5.88 cents, up 15% YoY; diluted EPS was 5.86 cents.

• Operating cash flow was S$377.9m versus cash used of S$97.1m; investing activities generated S$94.8m versus S$120.6m used in H1 FY24.

Segment performance

• Singapore revenue was S$841.7m, broadly similar YoY; segment profit after tax rose 9% to S$126.3m. Development revenue declined 3% to S$725.1m, while investment revenue rose 19% to S$130.6m.

• Midtown Modern was fully sold; the three Lentor projects were 91%–99% sold at 31 Dec 2024. Lentor Modern reached 100% sold by 27 Jan 2025.

• China revenue fell 26% to S$93.9m, with development revenue down 30% to S$82.5m; Guoco Changfeng City rental revenue rose 23% to S$11.4m and segment net loss narrowed 47%.

• Malaysia revenue fell 37% to S$37.5m and segment profit after tax declined 36% to S$2.4m, mainly reflecting lower development revenue.

• Guoco Tower and Guoco Midtown offices were 100% occupied; 20 Collyer Quay was 96% occupied. Guoco Changfeng City South Tower occupancy was close to 95%.