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First Sponsor : The Group reported A Net Profit Of S$81.1 Million For 2H2024, A Very Substantial Increase From The S$1.9 Million Reported For 2H2023
First Sponsor : The Group reported A Net Profit Of S$81.1 Million For 2H2024, A Very Substantial Increase From The S$1.9 Million Reported 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 THE GROUP REPORTED A NET PROFIT OF S$81.1 MILLION FOR 2H2024, A VERY SUBSTANTIAL INCREASE FROM THE S$1.9 MILLION REPORTED FOR 2H2023 THE GROUP SEIZED UPON TWO UNIQUE ACQUISITION OPPORTUNITIES IN FY2024: (1) CUMULATIVE ACQUISITIONS IN SHARES OF NSI N.V., RESULTING IN THE GROUP BEING THE LARGEST SHAREHOLDER; AND (2) ACQUISITION OF THE COMMERCIAL SPACE OF THE SYDNEY HOUSE Singapore, 25 February 2025 - Singapore Exchange ("SGX") Main Board-listed First Sponsor Group Limited ("First Sponsor" or the "Company", and together with its subsidiaries, associated companies and joint ventures, the "Group") today announced the Group's unaudited financial results for the second half ("2H2024") and full year ("FY2024") ended 31 December 2024. Financial Highlights In S$'000 2H2024 2H2023 Change % Revenue 144,686 147,039 (1.6)% Profit attributable to equity holders 81,093 1,917 n.m. of the Company FY2024 FY2023 Change % 317,559 282,928 12.2% 93,017 12,522 642.8% Net profit for the Group was S$93.0 million for FY2024, approximately 7.4 times of that achieved for FY2023. The recurrent operating income of the European property holding portfolio was €52.6 million for FY2024, a 12.6% increase from FY2023's €46.7 million. This will be further enhanced by a strong pipeline of projects which are currently under development. The Group is in a good financial position to navigate through the economic challenges arising from the difficult market conditions, especially in the PRC, and to also capitalise on any favourable business opportunities that may arise. 1 Mr Neo Teck Pheng, Group Chief Executive Officer, said "The Group reported a net profit of S$81.1 million for 2H2024, a very substantial increase from the S$1.9 million reported for 2H2023. The increase in net profit was due mainly to the maiden profit contribution from NSI N.V. ("NSI"), a Dutch commercial property company listed on Euronext Amsterdam, as an associated company of the Group; (ii) higher fair value gain and net gain on settlement from the Group's financial derivative portfolio, offset by higher foreign exch...
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