RafflesEducation posts 1H FY2026 operating profit and S$22.5m operating cash, bolsters balance sheet with S$132m asset sales and bond‑to‑equity swap
Summary:
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Revenue was stable at S$56.63 million in 1H FY2026, with the Group turning to a positive operating profit of S$0.24 million from a S$0.32 million operating loss a year earlier.
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Net cash generated from operating activities rose 32% to S$22.53 million, supported by S$14.81 million of course fees collected in advance.
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Cash and bank balances increased to S$35.20 million and net gearing fell to 29%, while net assets climbed to S$669.65 million, backed by substantial freehold property assets and NAV of 39.33 Singapore cents per share.
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Shareholders approved the conversion of about S$15.53 million of bonds and loans owed to Chairman and CEO Chew Hua Seng into equity, further deleveraging the balance sheet.
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A second EGM cleared the sale of 51 Merchant Road and Raffles Hefei, expected to raise roughly S$132.3 million in cash to accelerate the move toward a net cash position and fund scalable expansion of premium K–12 and higher education programs across ASEAN.