Hong Fok Corporation (H30) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell to $98.3m from $104.3m as higher rental income was outweighed by lower residential sales; profit rose to $30.6m from $14.2m, supported by stronger investment-property revaluation gains.

• Profit attributable to owners increased to $28.5m from $23.7m; year-end cash and cash equivalents were $31.5m, net current assets about $86m, and NAV $3.65 per share.

Financial highlights

• Revenue was $98.348m, down from $104.319m; profit before tax rose to $33.961m from $15.629m and profit for the year to $30.598m from $14.190m.

• Profit attributable to owners was $28.497m versus $23.744m; basic and diluted EPS increased to 4.44 cents from 3.70 cents.

• Net finance expense declined to $25.867m from $35.077m; tax expense rose to $3.363m from $1.439m.

• Operating cash flow was $50.905m versus $50.070m; cash and cash equivalents at year-end were $31.466m versus $33.506m.

• Investment-property revaluation gain was $16.194m versus $11.841m; all gains were unrealised.

Outlook and guidance

• FY2026 hotel priorities include higher-quality revenue through market segmentation, cost control to protect margins, workforce stability, and better asset quality and guest experience; outlook remains cautiously optimistic.

• Singapore office occupancy may improve with a gradual return to pre-pandemic attendance; rental income from investment properties is expected to remain stable.

• Lower interest rates are expected to support continued revenue recognition from Concourse Skyline residential unit sales.