- Yoma Strategic's 2HFY25 revenue was up 0.7% y-o-y to US$110mil despite the 36% depreciation of the Myanmar kyat (MMK). In local currency terms, revenue climbed 37% y-o-y. Largest contributor to revenue was property development with a 33% y-o-y rise to US$61mil.
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- Wave Money swung to losses from a 46% fall in revenue to US$12.5mil. Digital payments are replacing OTC money transfers. Wave Money is building new revenue streams to offset weakness in OTC transfers.
- F&B earnings improved through multiple rounds of price increases.
- Since the military coup in 2021, Yoma Strategic has sold US$419mil (or 3,210 units) worth of residential properties in Myanmar. Yoma Strategic turned to profitability from the growth in property earnings and lower interest expenses. Of the current US$11mil annual finance cost, 40% comes from the Yoma Central project. Property development has allowed Yoma Strategic to generate healthy cash flows and deleverage the group. As at March 2025, the unrecognised revenue of the property division is US$92.5mil (Mar24: US$147mil).
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The Positive
Growth in property development.
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