Hong Fok Corporation (H30) AGM 2025 presentation summary

Opening remarks and agenda

• Agenda covered financial highlights and position, business segments, sustainability, properties, and the outlook.

Financial performance review

• FY 2024 revenue was $104.319m vs $110.601m in FY 2023; profit was $14.190m vs $95.018m.

• Profit attributable to owners was $23.744m vs $88.068m; non-controlling interests recorded a loss of $9.554m vs profit of $6.950m. Basic and diluted EPS were 3.70 cents vs 13.72 cents.

• FY 2024 profit principally reflected an ~ $12m fair value gain on investment properties, compared with $87m in FY 2023; revenue was mainly rental income and property sales.

• At 31 Dec 2024, total assets were $3,665.230m, total equity $2,930.599m, net debt $639.993m and NAV per share $3.61; net debt/total assets was 0.18x.

• Property investment generated 73% of FY 2024 revenue and represented 96% of segment assets; development and construction contributed 23% of revenue.

Corporate governance

• FY 2024 recorded zero incidents of non-compliance with relevant laws and regulations and zero data breaches from cyber-attacks or PDPA breaches.

• Certified properties maintained and achieved BCA Green Mark; Scope 2 GHG emissions intensity fell 6.9% and water intensity fell 5.1% vs FY 2018 baseline.

• There were zero health and safety regulatory non-compliance incidents and zero workplace accidents resulting in permanent injury or fatality; employee training averaged 6.5 hours per employee.