Ho Bee Land posts 50% fall in H2 net profit to S$50.4 million
Earnings per share stood at S$0.0759 for H2, down from S$0.1517 a year prior
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[SINGAPORE] Real estate developer Ho Bee Land on Tuesday (Feb 24) reported a 50 per cent decline in its net profit for the second half of its financial year ended Dec 31, 2025, to S$50.4 million, from S$100.7 million the year before.
Revenue stood at S$262.3 million for H2, down 12 per cent from S$298 million in the year-ago period.
For FY2025, revenue decreased by 17 per cent to S$440.1 million, from S$528 million in FY2024.
This decline was primarily due to the deconsolidation of Elementum, lower rental income, and lower settlements of the group’s development properties.
Earlier on Aug 21, 2024, the group had disposed its 49 per cent interest in HB Universal, a subsidiary which holds Elementum in Singapore, for a cash consideration of about S$133.6 million.
The board recommended a first and final dividend of S$0.05 per ordinary share for FY25, an increase from S$0.04 in the previous fiscal year.
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The dividend will be paid on May 22, after the record date of May 13.
Earnings per share stood at S$0.0759 for H2, down from S$0.1517 in the year before.
Cash and cash equivalents stood at S$228.7 million, up from S$183.1 million in H2 FY24.
Additionally, the cost of sales for residential development projects narrowed by 23 per cent to S$99.7 million in H2 FY25, from S$129.6 million previously.
Direct rental expenses rose to S$16.3 million on the year, from S$14.9 million.
Ho Bee Land intends to grow “a strong development pipeline of well-located master-planned communities” in its key markets across Australia, among other initiatives.
The group on Jan 26 announced that it had acquired a development site in Queensland for A$318.5 million (S$279.8 million), part of expanding its long-term land bank in the country.
It also has major enhancement works slated for 1 St Martin’s Le Grand, an office building in London, for which planning permission was secured in mid-2025.
Nicholas Chua, chief executive officer of Ho Bee Land, added: “We are also embarking on asset-enhancement works at 67 Lombard Street (in London) to strengthen its positioning as a Grade A best-in-class office.”
Shares of Ho Bee Land ended Tuesday 0.8 per cent or S$0.02 higher at S$2.50.
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