Despite the 9% decline in currency, Yoma’s core ebitda rose by 50% y-o-y to US$20.5 million.
Yoma’s businesses
During the six months, property development saw net profit doubling to US$15 million. Core ebitda surged by 71% y-o-y to US$18 million, making up 88% of the group’s ebitda. The earnings growth was due to landed projects in Pun Hlaing Estate - Sandakuu, The Ren and Lotus Terrace, which were “significant margin and revenue drivers”.
“Since the 2021 coup, Yoma Land has sold around US$450 million in residential properties in Myanmar. Demand for properties has been stellar due to urbanisation, relocation, and Yoma Land’s reputation as a reliable developer with an established track record,” notes Chew.
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“Property demand is also supplemented as a hedge against domestic inflation and a currency hedge. Yoma Land has managed to raise prices to counter weakness in the Myanmar kyat,” he adds.
Yoma’s food and beverage earnings are stable due to multiple price increases and a higher restaurant count. Net profit rose by 64% y-o-y to US$0.64 million. Same-store sales stood at around 27% and 34% for KFC and YKKO, respectively. During the past 12 months, the restaurants under Yoma’s food and beverage arm rose by 7% y-o-y to 79 stores to 37 KFC and 42 YKKO outlets.
Meanwhile, Yoma’s mobile financial services arm, Wave Money, reported a net loss of US$0.43 million in the 1HFY2026, reversing from its net profit of US$0.145 million in the 1HFY2025.
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“The earthquake has disrupted OTC (over-the-counter) transfers and customers continue to shift towards digital transfers,” Chew observes.
Digital transfers grew by 52% y-o-y to US$93.6 million in the 1HFY2026, which supports a rise in customer digital wallets or funds held in trust. This allows Wave Money to earn interest income, which is reflected in other gains of US$3.9 million in 1HFY2026.
Outlook
Looking ahead, Chew believes Pun Hlaing Estate under Yoma Land will be focus of future project launches, although the upcoming election on Dec 28 could see some caution among consumers.
For Wave Money, Chew sees digital transfers supporting the build-up in the size of digital wallets and interest income. International remittance and other use cases, including lending, are expected to be the next source of income. While revenue for OTC transfers is declining, this complements Wave Money’s cash-in and cash-out services. The group’s 60,000 agents can facilitate cash deposits and withdrawals in addition to its traditional money transfer business, says Chew.
Yoma’s food and beverage arm may open new restaurants at a “measured pace” of about three to four in Myanmar and one to two in Thailand. The business has the ability to adjust pricing and should continue to monitor market conditions to cope with the rising costs of poultry and other raw materials, Chew adds.
Shares in Yoma Strategic closed 0.2 cents higher or 2.44% up at 8.4 cents on Dec 19.
