Far East Orchard reaps the rewards of its growth strategy
The group’s focus on student housing and hospitality has boosted growth, despite economic uncertainty and volatility
SINCE Alan Tang took on the mantle of Far East Orchard’s (FEOR) chief executive officer in 2020, the group has been hard at work in building its lodging platform, honing in on student housing and hospitality to deliver growth and returns. And that has reaped results.
For the first nine months of its latest financial year ended September (9M FY2024), FEOR’s earnings have more than doubled year on year to S$16.9 million, from S$7.6 million in the first nine months of FY2023.
9M FY2024 revenue was up 4.5 per cent to S$140.1 million, from S$134.1 million in the same period last year. Revenue for 9M FY2024 was around 76.3 per cent of FY2023’s full-year revenue of S$183.6 million.
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