Newly-listed Coliwoo Holdings has reported earnings, or net profit attributable to equity holders (patmi), of $15 million for the FY2025 ended Sept 30, 51.4% lower y-o-y. Earnings for the 2HFY2025 fell by 75.1% y-o-y to $5.7 million.
Earnings per share (EPS) stood at 4.82 cents, also 51.4% lower y-o-y.
Excluding non-operational items such as fair value adjustments and listing expenses incurred in relation to its initial public offering (IPO), core patmi for the year grew by 62.6% y-o-y to $22.9 million.
Coliwoo, which was spun off from LHN Group, debuted on the Mainboard on Nov 6.
FY2025 revenue fell by 10.4% y-o-y to $46.7 million due to the absence of a one-time retrofitting income from a facility services contract entered into in FY2024.
During the year, rental income from owned properties grew by 23.9% y-o-y to $7.5 million while rental income from leased properties rose by 4.9% y-o-y to $32.4 million. Management services income grew by over 100% to $3.5 million, thanks to the successful onboarding of new properties and an improved average occupancy rate across the portfolio.
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Gross profit rose by 5.5% y-o-y to $33.1 million due to lower cost of sales, which fell by 34.3% y-o-y to $13.7 million. Cost of sales fell mainly due to the absence of one-time site maintenance and preparation costs associated with retrofitting income recorded in FY2024.
Meanwhile, gross profit margin rose by 11 percentage points y-o-y to 71%, also due to the one-time lower-margin retrofitting income recorded in FY2024.
Other gains surged to $9.6 million from $1.6 million due mainly to higher gains from a sublease classified as finance lease. This was derived based on differences between the right-of-use asset derecognised and the net investment in sublease.
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In FY2025, the group reported a net fair value loss of $7.4 million on investment properties, reversing from a net fair value gain of $14.9 million in FY2024, mainly due to a higher fair value gain last year.
As at Sept 30, the group has 11 owned properties, 10 leased and four managed, compared to the 12 owned properties, nine leased and four managed last year.
The group also had 2,933 keys as at Sept 30, which includes 714 keys under renovation, compared to 2,541 keys in Sept 30, 2024. The y-o-y growth was due to a higher number of leased keys, and to a lesser extent, growth in managed keys and offset by lower owned keys.
As at Sept 30, the group’s average occupancy rate improved to 96.1%, from 92.5% in Sept 30, 2024. This was mainly due to the growth in Coliwoo’s corporate client base, new properties and higher bookings from leisure and business travellers, in addition to strategic marketing initiatives and enhanced customer engagement.
In its outlook statement, the group says it is poised for “significant expansion” with a goal to reach nearly 4,000 rooms by the end of 2026.
The expansion, which is already underway, will be achieved through several means including acquisitions, strategic master lease agreements and additional management contracts.
"We are extremely pleased with our FY2025 performance, which saw our core patmi surge by 62.6%. This result, coupled with a significant 11 percentage-point improvement in our gross profit margin, clearly validates the resilience of the group's co-living business model and our strategic focus on optimising asset returns,” says Kelvin Lim, executive chairman and CEO of Coliwoo.
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“The strong market fundamentals in Singapore, evidenced by sustained high rental demand and a recovering corporate and MICE (meetings, incentives, conferences and exhibitions) segment, give us great confidence,” he adds. “With a robust pipeline targeting nearly 4,000 rooms by the end of 2026, Coliwoo is strategically positioned to capture further market share and reinforce our leadership in the co-living space.”
The group has recommended a dividend of 2 cents per share, which is in line with its IPO commitment of paying out at least 40% of its patmi. This is after adding back listing expenses and excluding fair value gains/losses on owned and joint venture investment properties, impairment/write-off of assets, as well as non-recurring and one-off items for FY2025 and FY2026.
The dividend is subject to shareholders’ approval at Coliwoo’s upcoming annual general meeting (AGM) and will be paid on Feb 23, 2026.
Shares in Coliwoo closed 0.5 cents lower or 0.89% down at 56 cents on Nov 25.
