Yoma posts 36.4% rise in revenue for quarter ended December

YOMA Strategic Holdings : Z59 0% on Thursday (Feb 8) said its revenue for the three months ended Dec 31, 2023, rose 36.4 per cent to US$49.8 million from US$36.5 million, with growth recorded in most segments.

Its real estate business continued to be the highest revenue contributor, rising 9.4 per cent to US$20.9 million during the period, mainly from existing projects at StarCity – one of its flagship developments in Myanmar.

Unrecognised revenue from ongoing projects stood at US$173.4 million as at Dec 31, 2023, up from US$65.2 million as at Sep 30, 2023.

Yoma Strategic chief executive Melvyn Pun said the significant increase in unrecognised revenue provides clear visibility for the group’s performance over the next 18 to 24 months.

Real estate services revenue remained stable, supported by a rise in estate operations revenue driven by a growing StarCity population that now exceeds 7,000 residents.

There was also higher facility utilisation, which offset the decline in commercial leasing revenue following the sale of converted office space in March 2023.

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Revenue from the group’s mobile financial services business, comprising Wave Money, stood at US$14 million as at the end of Dec 31, 2023.

Digital transaction volumes rose 54 per cent on the year, and core earnings before interest, taxes, depreciation, and amortisation grew 149.2 per cent in Myanmar kyat terms due to the scale of the business and lower operational expenses.

The group’s food and beverage business climbed 33.8 per cent to US$8.7 million from US$6.5 million, supported by a larger operating platform that set new records in customer numbers, transaction volumes and system sales for both the group’s KFC and YKKO brands.

Yoma Motors was up 13.6 per cent to US$2.5 million from US$2.2 million, led by increases in revenue from the segment’s heavy equipment business. Passenger vehicle revenue stayed flat and continued to experience impact from import restrictions and challenges with customs clearance for vehicles and spare parts.

Meanwhile, Yoma’s investment and corporate segment fell 20 per cent on the year to US$1.6 million from US$2 million.

Shares of Yoma were trading 3.8 per cent or S$0.002 higher at S$0.055 as at 9.32 am on Thursday.