GuocoLand (F17) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 5% to S$1,916m; operating profit fell 7% to S$299m and attributable profit fell 17% to S$107m.

• Singapore development and rental income supported results, while an allowance for foreseeable losses on China development properties weighed on profit.

• The twin-engine model combines property development and recurring rental income; recurring income CAGR was 19% from FY2017 to FY2025.

Financial highlights

• FY2025 revenue was S$1,916m versus S$1,820m in FY2024; total profit before tax was S$173m versus S$172m.

• Operating profit was S$299m versus S$321m; attributable profit was S$107m, down 17%, and basic EPS fell 15% to 8.43 cents.

• Property Development revenue rose 3% to S$1,560m; Property Investment revenue rose 22% to S$281m.

• FY2025 revenue by geography: Singapore S$1,521m, China S$211m, Malaysia S$115m and Others S$70m.

• Dividend was 7 Singapore cents per share; proposed first and final dividend subject to AGM approval, with payment scheduled for 19 November 2025.

Outlook and guidance

• Planned launches: Penrith and Faber Residence in 4Q 2025, River Valley Green (Parcel B) in 1Q 2026 and Tengah Garden Avenue in 3Q 2026.

• Singapore businesses are expected to remain resilient; the twin-engine strategy balances cyclical development earnings with recurring investment income.

• Lentor Modern mall was expected to achieve TOP in 3Q 2025 and add recurring income as leases commence.

• Singapore private home prices rose 1.0% QoQ in 2Q 2025; residential demand remained resilient.