Yoma Strategic Holdings reports 110% y-o-y change in group revenue of US$44.1 million in 2Q2023

According to the group, the significant increase in real estate development revenue was mainly driven by the sales and construction progress of the City Villas at StarCity and The Hills at Pun Hlaing Estate contributing US$10.8 million and US$0.6 million, respectively, to revenue.   

Unrecognised revenue increased to US$40.5 million as at June 30, as compared to US$33.8 million as at March 31, for sold units at StarCity and Pun Hlaing Estate. This revenue is expected to be realised over the next 12-18 months as construction progresses.

Yoma’s mobile financial services, Wave Money, became a subsidiary of the group in December 2022 following an acquisition. 

Wave Money’s revenue for this quarter grew by 2.3% y-o-y with over-the-counter and digital transaction volumes growing by 45.4% and 75.6%, respectively, and facilitating the transfer of approximately US$2.4 billion of remittances and payments.

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For Yoma Fleet, revenue grew by 38.5% y-o-y due to an increase in operating leases, a significant increase in daily rental demand from corporates and individuals as domestic travel continued its momentum, and a shift in the portfolio mix away from finance leases. 

As at June 30, third-party assets under management (AUM) were US$42.0 million with fleet size shrinking by 11% y-o-y to 1,042 vehicles.

Meanwhile, revenue for Yoma Motors was flat at US$2.7 million as the revenue generated from Hino trucks following the group’s acquisition of Sumitomo’s 76.8% stake in the Hino business in February 2023 offset lower revenue at the New Holland tractors business.  

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The group has also said that the passenger vehicles business continues to be significantly impacted by import restrictions and challenges with customs clearance for vehicles and spare parts, with no stock available for Volkswagen and Mitsubishi vehicles. 

Finally, revenue from investments was primarily led by KOSPA, which experienced higher utilisation and an expansion of warehouse space. However, revenue recorded a 4.6% year-on-year decline due to currency depreciation. 

The group has also reported that it has been actively managing its US dollar exposures and reducing its net debt by a further US$15 - US$25 million in this current financial year.