Coliwoo reports 75.1% fall in H2 net profit to S$5.7 million 

[SINGAPORE] Co-living operator Coliwoo reported a net profit of S$5.7 million for the second half ended Sep 30, a 75.1 per cent drop from S$22.9 million for the year-ago period.

Revenue for the group, which listed on the Singapore Exchange (SGX) in November, came in at S$23.7 million, down 26.8 per cent from S$32.3 million in the second half of FY2024. 

Coliwoo on Tuesday (Nov 25) said this was primarily due to an absence of a one-time retrofitting income from a facility services contract it had entered into last year. It added that this was partially offset by higher rental income from two new properties and higher occupancies.

Earnings per share fell to S$0.0183, down from S$0.0733 for the corresponding period last year. 

For the full year, net profit stood at S$15 million, a 51.4 per cent decline from S$31 million for FY2024. 

Core profit after tax and minority interests amounted to S$22.9 million, excluding net fair-value losses on investment properties; expenses occurred as a result of Coliwoo’s November listing; and the loss incurred for disposing of a subsidiary.

This was a 62.6 per cent increase from S$14.1 million a year earlier.  The metric, which focuses on core operating performance, “reflects continued underlying demand for the co-living business”, Coliwoo said. 

Rental income from owned properties rose 23.9 per cent to S$7.5 million, while rental income from leased properties increased by 4.9 per cent to S$32.4 million, Coliwoo said.

“Furthermore, management services income saw growth of over 100 per cent to S$3.5 million, benefiting from the successful onboarding of new properties and an improved average occupancy rate across the portfolio.”

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The group’s full-year revenue fell 10.4 per cent to S$46.7 million from S$52.2 million previously. 

Earnings per share for FY2025 fell to S$0.0482, from S$0.0991 the previous financial year.  

The group has declared a final dividend of S$0.02 for its first year of trading. 

Looking ahead, Coliwoo expects tightening residential rental demand and a surge in foreign arrivals to drive co-living demand. 

“The outlook for Singapore’s residential rental market remains positive,” said the group. “This trend is supported by steady leasing demand and a tightening supply, with the inventory of unsold, uncompleted private homes falling to its lowest level in seven quarters.”

The co-living operator noted that with Singapore securing multi-year, high-profile international events, this significant influx of high-value business travellers is expected to fuel sustained demand for corporate and long-term accommodation.

Kelvin Lim, executive chairman and chief executive officer of Coliwoo, said: “The strong market fundamentals in Singapore, evidenced by sustained high rental demand and a recovering corporate and meetings, incentives, conferences and exhibitions segment, give us great confidence.

“With a robust pipeline targeting nearly 4,000 rooms by the end of 2026, Coliwoo is strategically positioned to capture further market share and reinforce our leadership in the co-living space.” 

This expansion is already underway, with the group commencing operations at the 62-room Coliwoo Bukit Timah Fire Station in late-September 2025.

The 212-room Coliwoo Midtown, which is located near educational institutions such as the Singapore Management University, will open in early 2026, the group said.

Shares of Coliwoo closed 0.9 per cent or S$0.005 down at S$0.56 on Tuesday before the announcement.