Wing Tai Holdings Limited · SGX:W05
Wing Tai — FY2024 Earnings Presentation
12 slides from Wing Tai's earnings presentation, Aug 27, 2024
Slide 1: FY 2024 Results
FY 2024 Results WING TAI HOLDINGS LIMITED 27 August 2024
Slide 2: Financial Highlights
Financial Highlights For Financial Year Ended 30 June 2024 FY 2024 FY 2023 S$ M S$ M Revenue 169.2 476.3 Operating profit 22.5 26.9 Finance costs (34.8) (27.3) Share of losses of associate / JV (58.6) (10.4) Tax & non-controlling interests 7.8 24.1 Net (loss)/profit (78.7) 13.3 2
Slide 3: Financial Highlights (continued)
Financial Highlights (continued) The decrease in revenue was mainly due to the lower contribution from development properties. The current year revenue from development properties was largely attributable to the progressive sales recognised from The LakeGarden Residences in Singapore and Jesselton
Slide 4: Financial Highlights (continued)
Financial Highlights (continued) The Group consequently recorded a net loss of S$78.7 million in the current year as compared to net profit of S$13.3 million in the previous year. 4
Slide 5: Development Properties
Development Properties FY 2024 FY 2023 S$ M S$ M Revenue 75.1 378.4 EBIT (33.5) 69.5 The decrease in revenue was mainly due to the lower progressive sales recognised from The M at Middle Road and the absence of contribution from Le Nouvel Ardmore in Singapore that was completely sold in the previo
Slide 6: Residential Properties Sales in FY 2024
Residential Properties Sales in FY 2024 N Sales Value No. of Units Sold S$ M Singapore 130 222 Malaysia 44 12 Total 174 234 The residential properties sales in Singapore were from The LakeGarden Residences and The M at Middle Road. As at 30 June 2024, The M at Middle Road has been fully sold.
Slide 7: Investment Properties
Investment Properties FY 2024 FY 2023 S$ M S$ M Revenue 42.8 40.1 EBIT (23.7) (65.5) The EBIT loss in FY 2024 was mainly attributable to the Group’s share of the fair value losses on the investment properties of Wing Tai Properties Limited in Hong Kong. 7
Slide 8: Balance Sheet
Balance Sheet 30 June 24 30 June 23 S$ M S$ M Current assets 1,338 1,434 Non-current assets 2,651 2,718 Current liabilities (148) (172) Non-current liabilities (809) (626) Net assets 3,032 3,354 Shareholders’ funds 2,968 3,138 Perpetual Securities - 149 Non-controlling interests 64 67 Total equity 3
Slide 9: Balance Sheet (continued)
Balance Sheet (continued) The decrease in current assets is mainly attributable to lower unbilled revenue for The M at Middle Road, which obtained Temporary Occupation Permit in August 2023. The decrease in non-current assets is mainly due to the share of losses in the Group’s investment in the
Slide 10: Asset Allocation by Business Segments & Geographical Locations as at 30 June 2024
Asset Allocation by Business Segments & Geographical Locations as at 30 June 2024 By Business By Countries Malaysia Development 11% Properties 41% China 2% Singapore Australia 47% 5% Others 5% Investment Properties Hong Kong 54% 35% Total Assets = S$4.0 billion 10
Slide 11: Dividend
Dividend FY 2024 Dividend per share (cents) - Ordinary 3.0 Dividend yield (%) * 2.4% * Based on share price prior to the date of results announcement. For FY 2024, the Company has declared a first and final dividend of 3 cents per share, subject to shareholders’ approval in the upcoming AGM. 11
Slide 12: www.wingtaiasia.com
www.wingtaiasia.com