- APAC Realty (SGX:CLN) reported FY24 core PATMI of S$9.5mil (- 39% y-o-y), in line with expectations. However, including the Performance Share Plan (PSP) of S$2.3mil, PATMI would have been S$7.2mil (-20% y-o-y).
- - Read this at SGinvestors.io -
FY24 revenue remained relatively stable
- FY24 revenue remained relatively stable at S$561.0mil (+0.7% y-o-y), as an increase in resale and rental of properties to S$445.1mil (+10.3% y-o-y) was almost completely offset by the decline in new home sales to S$107.9mil (-25.7% y-o-y). The shift in product mix, as a result of the low number of new project launches in Singapore in 2024, led to a lower gross margin of 8.9% (-1ppt y-o-y), as new sales typically yield higher margins.
- - Read this at SGinvestors.io -
Expect a significantly stronger FY25-26F.
- Read more at SGinvestors.io.
