Coliwoo Holdings (SGX:W8W
) has reported earnings, or net profit attributable to equity holders (PATMI), of $13.4 million for 1HFY2026 ended March 31, 43.9% higher y-o-y.
Revenue was up by 16.6% y-o-y to $26.9 million, mainly attributable to a 15.6% y-o-y growth in rental income. The higher rental revenue can be seen from the contribution of Coliwoo Hotel Kampong Glam and Coliwoo Bukit Timah Fire Station, which commenced operations in 2HFY2025, coupled with the initial contributions from the newly launched Coliwoo Midtown in early March.
Revenue from management services fees jumped 44% y-o-y to $2.3 million, largely driven by the commencement of a newly secured management contract with a third-party transport operator during the period.
The higher topline was also supported by higher occupancies secured across most of its existing properties. Coliwoo maintained an average occupancy rate of 97.0% across its entire portfolio.
As at March 31, Coliwoo’s portfolio comprises of 28 properties with a total of 3,568 rooms, from 2,933 rooms in last September.
With the strong performance, Coliwoo’s board has recommended an interim dividend of 1.0 cent per share.
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Looking ahead, Coliwoo will continue to prioritise its expansion through master lease agreements and management contracts, supplemented by selective acquisitions.
“The company remains firmly on track to reach approximately 4,000 rooms in Singapore by the end of this year,” Coliwoo states.
"Our solid 1HFY2026 operational performance validates the resilience of our co-living model. To sustain our rapid growth trajectory and achieve our target of 10,000 rooms by 2030, we are executing a disciplined capital recycling strategy,” says Kelvin Lim, executive chairman and CEO of Coliwoo.
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“By unlocking value from our stabilised freehold assets, we will be able to accelerate towards a highly scalable, asset-light model focused on master leases and management contracts. This ensures we remain agile and capital-efficient, allowing us to redeploy proceeds into higher-yielding opportunities both in Singapore and, eventually, in key regional markets where renting is the structural norm,” he concludes.
Shares of Coliwoo closed 1 cent lower, or 1.92% down at 51 cents on May 6.
