- GuocoLand (SGX:F17)'s FY24 operating profit grew 13% y-o-y to S$320.0mil but accounted for only ~80% of our estimate on lower-than-expected margins, despite revenue of S$1,819mil (+18% y-o-y) beating our estimate of S$1,482mil.
- - Read this at SGinvestors.io -
- Revenue from property investment business increased 35% y-o-y to S$228.8mil, driven by the progressive commencement of leases at Guoco Midtown and stabilising operations at Guoco Changfeng City South Tower.
FY24 operating profit fell short of estimates.
- GuocoLand's interest expenses increased 60% y-o-y to S$239.5mil due to the capitalisation of the interest expenses of Guoco Midtown and the higher interest rate environment. The group recorded an allowance for foreseeable losses of S$103.8mil for its China development properties amid the uncertain market conditions.
- - Read this at SGinvestors.io -
- A final dividend of 6 cents per share was announced, similar to previous levels, translating to a 4% yield at the current share price level.
GuocoLand Singapore, core business segment, on strong footing.
- Read more at SGinvestors.io.
