The drop in Yoma Motors’ revenue was due to the drop in its automotive business as it continues to be impacted by import restrictions and challenges with customs clearances. Revenue for heavy equipment under the same segment stood flat y-o-y as the higher sales of JCB machines offset the lower sales of New Holland tractors.
Yoma Land, which saw revenue grew by 78.5% y-o-y to US$19.1 million, saw a sharp increase in its revenue for real estate development with the commencement of its City Villas project. The acceleration of construction progress at City Loft @ StarCity and The Hills during the quarter ended December 2022 also contributed to the growth. In addition, sales across all of Yoma Land’s projects remained healthy during the quarter.
The 335.7% y-o-y spike in Yoma Financial Services’ revenue to US$6.1 million due to the completion of the acquisition of Telenor Group’s 51% interest in Wave Money on Dec 7, 2022. Wave Money’s revenue for the quarter grew by 35.0% y-o-y and contributed US$5.0 million in revenue.
Yoma F&B saw revenue grow by 57.7% y-o-y to US$8.2 million on the back of robust consumer demand during the holiday season. The successful marketing campaigns, in-store promotions and a larger operating platform also helped. As at Dec 31, 2022, the group operates 35 KFC and 33 YKKO restaurants.
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“The group has focused on strengthening its core businesses, and our recent results reflect that focus. Wave Money continues to grow and has moved over US$6 billion in money transfers for the calendar year (CY) 2022,” says Melvyn Pun, CEO of Yoma Strategic Holdings.
“The completion of the Wave Money acquisition will allow us to expand our financial services business and the group’s overall digital footprint in the payments ecosystem,” he adds. “We are also pleased to see robust consumer demand for our Yoma Land and Yoma F&B businesses which are expected to contribute positively to our results in the coming quarters. Given the overall macroenvironment, the group will remain prudent in our business planning and balance sheet management for the foreseeable future.”
Shares in Yoma Strategic Holdings closed at 11.8 cents on Feb 9.
