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Yoma Strategic Q2 profit up more than 7 times to S$26.2m on property business growth

LED by growth in its real estate business, net profit for Yoma Strategic Group's second quarter grew by more than seven times to S$26.2 million from S$3.7 million the preceding year, the group said in a Singapore Exchange filing on Thursday morning.

Earnings per share grew to 1.38 Singapore cents from 0.21 Singapore cent in the preceding year.

For the three months ended Sept 30, revenue climbed 26.5 per cent to S$41.9 million from S$33.1 million the previous year.

"The increase in revenue was a result of the robust performance of the Yoma Land, Yoma F&B and Yoma Financial Services businesses, which helped offset a slower performance in the Yoma Motors business," it said.

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For the six months ended Sept 30, revenue went up 20.8 per cent to S$71.3 million from S$59.0 million a year ago. Meanwhile, net profit surged 59.4 per cent to S$10.3 million from S$6.4 million.

Net asset value per share edged up to 38.14 Singapore cents as at Sept 30, from 37.74 Singapore cents six months ago.

No dividend was proposed.

Yoma Strategic’s chief executive officer Melvyn Pun said: “I’m encouraged by the turnaround in real estate. In particular, the overwhelmingly positive response for City Loft, our new mass market housing offering, provides a springboard for a very important line of business that has huge potential to solve the housing shortage in Yangon. Meanwhile, Wave Money is building on its leadership position in mobile financial services in Myanmar, reached its cash-flow break-even point and expanded its agent network to 34,000 locations in this quarter.

"Elsewhere, the consumer business has been growing rapidly, with KFC enjoying same store sales growth and a successful expansion outside of Myanmar’s two major cities, Little Sheep’s upcoming launch and the addition of Auntie Anne’s to our food and beverage franchise portfolio.”

Yoma Strategic shares finished up S$0.005 or 1.9 per cent at S$0.275 on Wednesday.