Link: https://links.sgx.com/1.0.0/corporate-announcements/9SOLNTGZ1EC7S4YS/01a6aab5fd1a3c0b63a1032c6edd492cf07d1eeba56c241450e1b09f0087e54b

Summary:

• Net profit (PATMI): S$111.4 million for 1H 2025, up 7% year-on-year; total net profit including non-controlling interests: S$121.1 million.

• Revenue: S$368.3 million, an 8% increase from S$341.9 million in 1H 2024. Growth was led by property investments (+19%, S$25.7 million increase) and technology operations (+20%, S$10.9 million increase). Property development (-60%) and hotel revenue saw declines.

• Gross profit rose 15% to S$173.6 million, supported by higher contributions from new acquisitions and ongoing asset enhancement.

• Fair value gain on investment properties: S$10.2 million (S$5.3 million in 1H 2024); major acquisition of 388 George Street, Sydney.

• Earnings per share: 7.8 cents (1H 2024: 7.2 cents).

• Net asset value per share: S$5.88 (up from S$5.87 as at end-2024).

• Gearing ratio (net of cash): 5.7% (2.1% end-2024); S$1.8 billion in unutilized credit facilities.

• Cash position: S$120.9 million; strong liquidity maintained.

• Total comprehensive income: S$91.3 million; currency translation losses and fair value adjustments affected reserves in 1H 2025.

• Administrative and finance expenses rose due to salary increments, higher professional fees, and increased borrowings for new investments.

• No interim dividend declared, consistent with past practice.

• Outlook: Stable Core CBD office demand, resilient retail (especially suburban malls), cautious optimism in residential and hospitality, all amid geopolitical and economic uncertainties. Management focused on growth, cost discipline, and resilience.