Business
First Sponsor : Net Profit Increased By 12.4% To S$11.9 Million For 1H2024
First Sponsor : Net Profit Increased By 12.4% To S$11.9 Million For
About this update from First Sponsor Group Ltd
FIRST SPONSOR GROUP LIMITED Co Reg. No: 195714 | Business Address: 19 Lorong Telok, Singapore 049031 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Press Release NET PROFIT INCREASED BY 12.4% TO S$11.9 MILLION FOR 1H2024 PRE-SALES FOR THE GROUP'S PRC PROPERTY DEVELOPMENT PROJECTS REMAINED MUTED IN 1H2024, BUT THE GROUP IS HOPEFUL OF A MARKET TURNAROUND IN THE FUTURE PERFORMANCE FOR THE GROUP'S EUROPEAN PROPERTY PORTFOLIO REMAINED STRONG, WITH TOTAL OPERATING INCOME OF €25.3 MILLION IN 1H2024, 21.4% HIGHER THAN THE €20.8 MILLION RECORDED IN 1H2023 Singapore, 25 July 2024 - Singapore Exchange ("SGX") Main Board-listed First Sponsor Group Limited ("First Sponsor" or the "Company", and together with its subsidiaries, associated companies and joint ventures, the "Group") today announced the Group's unaudited financial results for the six months ended 30 June 2024 ("1H2024"). Financial Highlights In S$'000 1H2024 1H2023 Change % Revenue 172,873 135,889 27.2% Profit attributable to equity holders 11,924 10,605 12.4% of the Company Net profit for the Group was S$11.9 million for 1H2024, a 12.4% increase from 1H2023, despite a significantly higher net financing cost. On 12 July 2024, the Group via its 90.5%-owned entity entered into an agreement with the City Tattersalls Club ("CTC") to acquire the largely 6-storey City Tattersalls Club space ("CTC Club Space") in the CTC development project in Sydney for approximately A$24.7 million. Completion of the acquisition is conditional upon regulatory approval. The CTC Club Space will further enhance the capacity and facilities of the hotel component of this development. Following the acquisition of 2,145,960 shares of NSI N.V. ("NSI") from a third party, and taking into account the 579,147 shares held by another wholly-owned subsidiary, the Group has an approximately 13.5% equity interest in NSI as at 10 May 2024. 1 Mr Neo Teck Pheng, Group Chief Executive Officer, said "Net profit for the Group was S$11.9 million for 1H2024, a 12.4% increase from 1H2023. The Board has approved a first interim tax-exempt(one-tier) cash dividend of 1.1 Singapore cents per share for FY2024 which has been consistent since 2019. On the property development front, pre-sales for the Group's PR...
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