Thakral Corporation has reported earnings of $109.3 million for the 1HFY2025 ended June 30, a surge from the $10.8 mil reported in the same period a year ago due to the gain on fair valuation of GemLife’s IPO.
The group’s revenue for the 1HFY2025 grew 25% y-o-y to $160.5 million, and gross profit grew 19.2% y-o-y to $26.8 million.
However, for the period, gross margin declined 0.8 percentage points (ppts) due to revenue/product mix, while operating margin declined 0.9 ppts.
The group’s lifestyle business saw revenue grow due to strong continued demand in China for the group’s beauty and fragrance products.
The group saw continued momentum for its DJI expanded range which includes drones, gimbals, action cameras and accessories.
In addition, the group inaugurated India’s first Nespresso boutique at Select Citywalk in New Delhi earlier this year, marking a significant step in the brand’s entry into this market.
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On July 3, GemLife Communities Group successfully launched its IPO on the Australian Securities Exchange (ASX) raising A$750 million with a market capitalization of approximately A$1.58 billion, making it the largest IPO in Australia so far in 2025.
Subsequent to the IPO, Thakral’s stake in GemLife was diluted from 31.7% to 16.8%.
Thakral has reclassified its investment in GemLife from ‘associate’ to ‘financial assets measured at fair value through income statement’, and will now revalue the holding in GemLife at market price at each reporting date.
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The group has retained a seat on GemLife’s board and recognised a one-off unrealised valuation gain of $102.4 million net of related costs, one-off management and employee awards as well as tax, based on the IPO price of A$4.16 per stapled securities.
Finally, in its Japan properties segment, Thakral has reported an average occupancy across its six commercial buildings in Osaka at 98%, leading to “stable profits”.
The board has declared an interim dividend of 2 cents per share for the reporting period. A special interim dividend of 1 cent per share has been declared in relation to the listing of GemLife on ASX. The total dividend declared translates to an annualised dividend yield of 3.6% based on the closing share price on June 30.
Shares in Thakral closed 4 cents higher or 2.837% up at $1.45 on Aug 13.
