SUTL Enterprise Limited (BHU) H1 2024 earnings summary

Executive summary

• Revenue rose 3% year-over-year to S$20.26m for the six months ended 30 June 2024, driven by higher sales from proprietary events, notably the Singapore Yachting Festival 2024.

• Profit after tax declined 3% year-over-year to S$4.43m, impacted by higher cost of sales and increased income tax expense.

• No interim dividend declared for the period.

Financial highlights

• Sales of goods and services increased 5% year-over-year to S$15.08m; membership fees remained stable.

• Other income rose 26% to S$1.28m, mainly from higher interest income.

• Cost of sales surged 53% to S$3.33m, mainly due to event costs and higher electricity costs.

• Utilities expense increased 41% to S$694k due to higher electricity rates.

• Income tax expense rose 53% to S$1.01m as prior years' tax losses were fully utilized.

• Net asset value per share was S$0.7482 as of 30 June 2024.

Outlook and guidance

• Completion of Malaysian land sale expected by 20 August 2024.

• Loan agreement signed for marina redevelopment in Phuket, with potential acquisition of up to 60% of the project.

• Actively seeking new marina development and acquisition opportunities in Asia Pacific.