GuocoLand (F17) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 18% YoY to S$1.819b; operating profit increased 13% to S$320m, while attributable profit fell 38% to S$129m.

• Growth was led by Singapore residential development sales and higher recurring rental income as Guoco Midtown became fully operational.

• Singapore contributed 81% of revenue, up 21% to S$1.47b.

Financial highlights

• Revenue was S$1.819b versus S$1.544b in FY2023; operating profit was S$320m versus S$282m.

• Attributable profit was S$129m, down 38%; basic EPS was 9.95 cents, down 41%, and a 6-cent dividend was proposed.

• Profit before tax excluding investment-property fair-value gains was S$131m, down 22% from S$169m.

• Singapore revenue rose 21% to S$1.473b; China increased 21% to S$169m, while Malaysia declined 8% to S$106m.

Outlook and guidance

• Lentor Modern, Lentor Hills Residences and Lentor Mansion were 99%, 90% and 77% sold at 30 June 2024; targeted completions range from 1H 2026 to 1H 2028.

• Lentor Central is planned for ~475 residential units; the Margaret Drive site acquired in August 2024 is planned for ~460 units.

• Singapore residential prices are expected to remain stable; Grade A office rental growth is expected to be broadly flat amid increased supply.

• Guoco Midtown II is expected to complete in 1H 2025; Lentor Modern retail mall is slated to open in 2026.