Bonvest Holdings’ revenue in FY2021 rose by 11.5% y-o-y to $134.414 million. Net profit was $19.4 million, a turnaround from the $23 million loss announced in 2020.
The company continued to sound a cautious tone for its outlook. “Income from the Property - Rental Division is expected to remain flat as we continue to monitor the effects of Singapore's transition towards endemic living,” the company said.
The market conditions in the countries in which the Hotel Division operates are expected to remain challenging. Even with the vaccines, new variants of COVID-19 continue to adversely impact the demand for corporate and leisure travellers. The Group’s hotels are operating at reduced capacity. However, construction for the hotels in Douz, Tunisia and Medina of Tunis, Tunisia are ongoing and both hotels are scheduled for operational completion in the second half of 2022 and 2023 respectively.
The Industrial Division's businesses continue to remain challenging amid the intense competition from competitors, coupled with the prevailing COVID-19 pandemic without any certainty on when it will end. Despite these prevailing factors, the Industrial Division will continue to streamline its operations, perform optimization of operations and intensify effort to secure more contracts and look for new business opportunities.
The stock's NAV as at Dec 31 was $2.11, and shares last traded at 96 cents.
