SUTL Enterprise Limited (BHU) H2 2024 earnings summary

Executive summary

• Achieved 12% year-on-year growth in profit after tax to S$8.4 million, despite a 1% decline in revenue to S$39.6 million compared to FY2023.

• Strengthened financial position with equity attributable to owners rising to S$70.0 million and net assets at S$66.1 million as of 31 December 2024.

• Operational efficiency improved through a 5% reduction in total expenses, driven by lower property tax, advertising, and other costs.

• Expanded regional footprint by managing ONE°15 Marina Panwa Phuket and successfully hosted the Singapore Yachting Festival, increasing yacht displays by 45%.

Financial highlights

• Total revenue decreased by 1% year-over-year to S$39.6 million, mainly due to lower sales in chartering, hotel, F&B, and utilities.

• EBITDA for FY2024 was S$10.8 million, up from S$9.7 million in FY2023.

• Profit before tax rose to S$10.8 million from S$9.7 million year-over-year.

• Basic earnings per share increased to 9.66 cents from 9.31 cents; net asset value per share rose to 79.00 cents from 74.94 cents.

• Proposed final dividend of 5 cents per ordinary share, representing 52% of net attributable profit.

Outlook and guidance

• Plans to further expand in Southeast Asia's yacht tourism market, leveraging events like the Singapore Yachting Festival.

• Continued focus on operational efficiency, cost management, and strategic investments to drive future growth.