Robust revenue growth was driven by co-living revenue, which almost doubled y-o-y to S$20m. Co-living PBT margins also jumped 17ppt y-o-y to 45%, on the back of high occupancy rates and stable rental rates. This has contributed to the better-than-expected earnings.
Co-living was the main revenue growth driver
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full-period contributions from existing co-living spaces like 2 Mount Elizabeth Link and Lavender Collection, and
higher rental rates from other co-living spaces.
The number of keys surged 28% y-o-y to 2,151, while overall occupancy rate remained high at 92% (FY23: 95%) from strategic positioning of its properties.
Facilities management revenue rose 14% y-o-y on more facilities management services and a greater number of carparks secured in 4QFY23, while energy business revenue tripled y-o-y from more solar panel projects. These were offset by lower industrial (-3% y-o-y) and commercial (- 5% y-o-y) property revenues, due to the expiry of three master leases in FY23.
Interim dividend proposed.
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Above is an excerpt from a report by UOB Kay Hian Research. Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
