GuocoLand (F17) H1 2026 earnings summary

Executive summary

• 1H FY26 revenue fell 22% YoY to S$791.9m, while profit before tax rose to S$119.0m and profit attributable to equity holders increased 14% to S$85.4m.

• Lower development revenue recognition, reflecting Singapore project handover timing, was offset by higher other income, associate/JV earnings, rental income and lower finance costs.

• Property Development and Property Investment continued as complementary earnings streams, with strong Singapore residential sales and recurring rental income growth.

Financial highlights

• Gross profit fell 19% YoY to S$203.7m; operating profit declined 16% to S$182.2m.

• Profit for the period rose 13% to S$98.6m; basic EPS increased to 7.08 cents from 5.88 cents.

• Other income rose to S$25.5m from S$8.3m, supported by an S$18.7m gain on disposal of the Thistle Johor Bahru hotel.

• Net finance costs fell 30% YoY to S$68.6m, mainly due to lower borrowings and interest rates; tax expense decreased 32% to S$20.3m.

• Property Development revenue was S$611.9m versus S$842.5m; Property Investment rental revenue rose 5% to S$143.2m.

Outlook and guidance

• River Modern, a 455-unit development with ground-floor shops and Great World MRT access, is targeted to launch in 1Q 2026; 860-unit Tengah Garden Avenue is slated for 2Q 2026.

• Lentor Hills Residences is targeted for completion in 2H 2026; Lentor Mansion and Lentor Central Residences are targeted for 1H 2028 and 2H 2028, respectively.

• Lentor Modern mall leases are expected to add recurring income progressively as they commence.

• Singapore’s residential market is expected to remain stable and Core CBD Grade A offices robust; China residential conditions remain challenging, while planned Shanghai office supply may pressure occupancy and rents.