Ho Bee Land reverses into earnings of $109.7 million for the FY2024 ended Dec 31, 2024, as compared to a net loss of $259.8 million for FY2023.
Earnings per share for FY2024 came in at 16.50 cents per share.
The group’s revenue increased 19% y-o-y to $528 million, from increased development sales in Australia and the resilient rental income across the group’s property portfolio in Singapore and London.
Development property sales grew 39% y-o-y to $262.3 million, driven by stronger sales in Australia. The group’s rental income also increased by 4% to $265.7 million in FY2024 supported by contributions from the newly completed Elementum.
Other gains increased by 33% to $70.1 million, attributable to a $34.8 million divestment gain on the stake sale of Elementum and a $36.2 million remeasurement gain on the jointly-controlled entity holding Elementum.
For FY2024, the share of losses of the China associates was 80% lower at $2.1 million. The higher prior losses in FY2023 included a $11.2 million provision made with respect to foreseeable losses on the Tianjin project.
As at Dec 31, 2024, total equity increased to $3.70 billion.
Total assets decreased to $6.58 billion as at Dec 31, 2024, mainly due to the Stake Sale of Elementum and development properties handed over to buyers transferred to cost of sales, partially offset by favourable pound exchange rate movement on London investment properties.
Total liabilities decreased to $2.88 billion as at Dec 31, 2024, mainly due to bank loan repayments, partially offset by $160.0 million green bonds issuance and unfavourable exchange rate movement on GBP-denominated bank loans.
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“Our strong development sales and capital recycling have strengthened our financial position. The reduction of interest rates by the Bank of England, coupled with our resilient rental income, have stabilised the valuation of our London portfolio,” says Nicholas Chua, CEO of Ho Bee Land .
The board recommends a first and final dividend of 4 cents per ordinary share.
Shares in Ho Bee Land closed 2 cents lower or 1.13% down at $1.75 on Feb 26.
