Financial Statements and Related Announcement::Full Yearly Results
FINANCIAL STATEMENTS AND RELATED ANNOUNCEMENT::FULL YEARLY RESULTS
Issuer & Securities
Issuer/ Manager
THAKRAL CORPORATION LTD
Securities
THAKRAL CORPORATION LTD - SG1AJ2000005 - AWI
Stapled Security
No
Announcement Details
Announcement Title
Financial Statements and Related Announcement
Date &Time of Broadcast
27-Feb-2025 19:55:27
Status
New
Announcement Sub Title
Full Yearly Results
Announcement Reference
SG250227OTHRI6ZU
Submitted By (Co./ Ind. Name)
Anil Daryanani
Designation
Chief Financial Of cer
Description (Please provide a detailed description of the event in the box below - Refer to the Online help for the format)
Please refer to attached Press Release, Results Presentation and Unaudited Results for the full year ended 31 December 2024.
Additional Details
For Financial Period Ended
31/12/2024
Attachments
Thakral_PR_FY2024_20250227.pdf
Thakral_FY2024_Results_PPT_20250227.pdf
Thakral_Results_FY2024_20250227.pdf
https://links.sgx.com/1.0.0/corporate-announcements/8XF7O1G97WCVORBJ/b6c104865b374105c58dbd05bfb2fe806a2b651f522c5fcb67d94de8… 1/2
THAKRAL CORPORATION LTD
(Incorporated in the Republic of Singapore on 7 October 1993) (Company Registration No. 199306606E)
FOR IMMEDIATE RELEASE
Thakral's FY2024 attributable profit more than triples to S$28.8 million - Highest in 7 years
- The Group's Lifestyle segment, which includes beauty and fragrance businesses in China and the drone and drone related accessories, digital action cameras, gimbals and other DJI products distribution business in South Asia, achieves a 37% growth in revenue, reaching S$273 million.
- The Investment segment delivers a share of profit amounting to S$22.5 million supported by GemLife, with growing demand for over-50s lifestyle resorts.
- Strong outlook with GemLife targeting to deliver 6,500 homes by 2033, the Lifestyle segment planning to expand retail stores in China, drones and drone related distribution business, and new growth in India through Nespresso and real estate investment.
- Proposes final dividend of 2 cents, bringing the total dividend for FY2024 to 4 cents, translating to a dividend yield of 6.0% as of 31 December 20241.
FINANCIAL SNAPSHOT
S$'000 | FY2024 | FY2023 | Change | ||||||||
(%) | |||||||||||
Revenue | 288,807 | 212,269 | 36.0 | ||||||||
Investment Segment | 15,780 | 13,565 | 16.3 | ||||||||
Lifestyle Segment | 273,027 | 198,704 | 37.4 | ||||||||
Profit from operations | 23,909 | 15,326 | 56.0 | ||||||||
Share of profit of associates and | 22,537 | 34,792 | (35.2) | ||||||||
JV | |||||||||||
Investment Segment | 22,537 | 34,418 | (34.5) | ||||||||
Lifestyle Segment | - | 374 | Not meaningful | ||||||||
Profit before tax | 42,804 | 26,169 | 63.6 | ||||||||
Profit attributable to equity | 28,809 | 8,182 | 252.1 | ||||||||
holders ("net profit") | |||||||||||
Singapore, 27 February 2025 - SGX Mainboard-listed Thakral Corporation Ltd ("Thakral" or the "Group") announced its unaudited financial results for the twelve months ended 31 December 2024 ("FY2024"). FY2024 revenue rose 36.0% year-on-year ("yoy") to S$288.8 million and net profit attributable to shareholders more than tripled to S$28.8 million.
1 Share price at 31 December 2024: S$0.67
Page 1 of 5
Thakral Corporation Ltd
Company Registration No. 199306606E
Press Release - FY2024 Results
Lifestyle business continues to drive revenue growth
Revenue from the Lifestyle business grew by 37.4% to S$273.0 million for FY2024 compared to S$198.7 million in the previous year. The beauty and fragrance business in Greater China continued to experience strong demand for its portfolio of brands. The Group now operates 31 stores/outlets in premium shopping malls and department stores across Greater China, including Hong Kong and Macau.
Our drone and drone related distribution business, including accessories, digital action cameras, gimbals and other products from DJI, has gained significant momentum in South Asia, further strengthening the Group's partnership with DJI, the global leader in drone technology. South Asia witnessed expanding use cases and applications for drones across various sectors, including enterprise, agriculture, construction, cartography, environmental monitoring and aerial surveillance. Additionally, the region has experienced growth in the demand for drones and accessories used in cinema, broadcasting, journalism, and the blogging ecosystem.
The Group recorded an unrealised fair valuation uplift and dividend/interest accruals of approximately S$7.5 million on its equity stake and debt instruments in The Beauty Tech Group (formerly CurrentBody.com Limited) in the year.
Share of profit of associates
The share of profit from associates decreased to S$22.5 million, proportionate to its reduced stake in the Group's associate in Australia, GemLife to 31.7% as part of the TCH restructuring as well as absence of the one-off profit realised in the previous financial year from the disposal of a hotel property in Osaka, Japan.
GemLife's over-50s resorts see high demand
GemLife achieved settlement of 355 homes in FY2024. As of 31 December 2024, total occupied homes stood at 1,804, across 10 resorts, approximately 24% more than a year ago. In addition to the development profit from the settlement of the 355 homes, GemLife also experienced growth in recurring revenue driven by the collection of site fees from a larger portfolio of homes.
Japanese properties see high occupancy
The Group also reported average occupancy of over 96% across its six commercial buildings with stable revenues.
Page 2 of 5
Thakral Corporation Ltd
Company Registration No. 199306606E
Press Release - FY2024 Results
DIVIDEND
The Board has proposed a final dividend of 2 Singapore cents per share, subject to shareholders' approval. Adding to the 2 Singapore cents per share distributed earlier, Thakral will have a dividend payout ratio of 17.8% for FY2024. Based on Thakral's share price of S$0.67 as of 31 December 2024, the dividend yield is approximately 6.0%.
FUTURE OUTLOOK
Investments
GemLife's commitment to quality luxury living and sustainability has earned it national acclaim, making it a top choice for Australians over 50 seeking resort-style living. In a significant milestone, GemLife has received approval for Australia's first vertical land lease community, a breakthrough that enhances scalability in urban and inner-city housing. The A$450 million development in Currumbin Waters, Gold Coast, featuring 205 apartments and a state-of-the- art luxury country club will unlock new possibilities for expansion in high-density locations.
With a strong development pipeline and a continued focus on innovation, sustainability, and high-quality living, GemLife is well-positioned to capitalise on the growing over-50s lifestyle sector in Australia and deliver the 6,500 homes in its portfolio.
The Group also made its maiden foray by co-investing in India's real estate and healthcare sector with a 21-acre healthcare and mixed-use development in Gurugram, a prime real estate hub adjacent to the capital. As one of India's fastest-growing affluent cities, Gurugram offers a compelling landscape with a high demand for premium real estate and world-class healthcare infrastructure.
In Japan, the rental market remains resilient. With strong demand and limited new supply in Osaka in 2025, the Group expects the high occupancy rates for its commercial buildings to be sustained.
Commenting on the Investment segment, Group CEO and Executive Director, Inderbethal Singh Thakral ("Mr. Bethal") said: "FY2024 has been a strong year for us both in terms of results and embarking on Thakral's new growth initiatives. GemLife continues to drive growth capitalising on the increasing ageing and retiree population of the country. We have a clear roadmap to deliver 6,500 homes by 2033. As we hit critical mass, the Group will be able to enjoy a sizeable recurring income from the weekly site fees."
Page 3 of 5
Thakral Corporation Ltd
Company Registration No. 199306606E
Press Release - FY2024 Results
Lifestyle
The Group has made strategic investments to strengthen its drone business in South Asia. As part of this initiative, the Group launched a B2B online portal under the Bharat Skytech brand and commenced the sale of components, including batteries, to manufacturers in India. This capitalises on the country's "Make in India" initiative, supporting local production and industry growth. At the same time, regional markets such as Sri Lanka, Bangladesh, and others are increasing their adoption of drones in the enterprise and agricultural sectors, presenting further opportunities for the business.
The Group is also expanding its beauty and fragrance products business in Greater China, with plans to open new retail stores for its portfolio of brands in 2025.
The Group is pleased to announce that it has secured official distribution rights for the full range of Nespresso coffee products across all channels in India. This distribution will be managed by its wholly-owned Indian subsidiary, Thakral Innovations Pvt Ltd, in partnership with Nestlé Nespresso SA and Nestlé India Ltd, an Indian subsidiary of Nestlé SA.
India represents a highly attractive market, driven by robust GDP growth, an expanding middle class with rising disposable incomes, and a burgeoning coffee culture. A Nespresso e- commerce store has been operational since mid-December 2024, with the opening of the first Nespresso boutique scheduled for Q1 2025 in Delhi.
Commenting on the Lifestyle Segment, Mr. Bethal said, "Our beauty and fragrance business in Greater China continues to be a key driver of this segment. With the expansion of retail stores for our portfolio of brands in 2025, we remain confident in the long-term potential of this market. In South Asia, we are strengthening our position in the drone sector by increasing our stake in Skylark Drones to 23%. This investment will enable the launch of advanced software designed to complement and enhance the performance of our expanding portfolio of enterprise and agricultural drones, in turn driving demand."
END
About Thakral Corporation Ltd
Thakral Corporation Ltd is listed on the SGX Mainboard since December 1995. The Group's core business comprises a growing investment portfolio in Australia, Japan and Singapore. Investments in Australia include the development and management of over-50s lifestyle
Page 4 of 5
Thakral Corporation Ltd
Company Registration No. 199306606E
Press Release - FY2024 Results
resorts under the GemLife brand. The Japanese investment portfolio consists of landmark commercial buildings in Osaka, the country's second largest city.
The Group also invests in the management and marketing of leading beauty, fragrance and lifestyle brands in Asia, serving customers directly through retail flagship stores, multi-brand specialty retailers and e-commerce platforms.
Furthermore, the Group makes strategic investments in new economy ventures that complement its existing business relationships and networks, including acting as a cornerstone investor or participating in early funding. These investments aim to harness potential synergies and explore new business opportunities.
For more information, please visit www.thakralcorp.com.
Release issued on behalf of Thakral Corporation Ltd by Financial PR
For more information, please contact:
Kamal SAMUEL: | kamal@financialpr.com.sg |
Shivam SARAF: | shivam@financialpr.com.sg |
Rishika TIWARI: | rishika@financialpr.com.sg |
Tel: (65) 6438 2990 |
Page 5 of 5
EXPANDING HORIZONS
SUSTAINING GROWTH
FY2024 RESULTS UPDATE
27 February 2025
DISCLAIMER
This is a presentation of general information relating to the current activities of Thakral Corporation Ltd (the "Company"). It is given in summary form and does not purport to be complete.
This presentation may contain forward-looking statements which are subject to risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in these forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other companies, shifts in customer demands, customers and partners, changes in operating expenses, governmental and public policy changes, and the continued availability of financing.
Accordingly, such statements are not and should not be construed as a representation as to the future of the Company, and are not intended to be profit forecasts, estimations or projections of future performance and should not be regarded as such.
No reliance should therefore be placed on these forward-looking statements, which are based on the current views of the management of the Company. The presentation is also not to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. The Company accepts no responsibility whatsoever with respect to the use of this document or any part thereof.
2
THAKRAL AT A GLANCE
SGX-listed since 1995 | Attractive Valuation | ||
S$0.72 | S$91.49m | 6.0% | S$1.28 |
Share Price* | Market Cap* | Dividend Yield^ | NAV/Share# |
Dual Growth Drivers
Over-50s Lifestyle | Strategic expansion in |
Resorts in Australia | beauty, |
where demand growth | fragrance, and |
outpaces supply | drone businesses |
*as of 27 Feb 2025 ^FY2024 dividend and share price as of 31 Dec 2024 #as of 31 Dec 2024
3
FY2024 SNAPSHOT
Net Profit#: S$28.8m
+252.1% YoY
RevenueSegment results - LifestyleSegment results - Investments
S$288.8m | S$18.5m | S$36.0m | |||
+36% YoY | +40.6% YoY | +49.2% YoY | |||
Net Asset Value | GemLife's Occupied Homes^ | Total Dividend | |||
per Share | |||||
$1.28 | 1,804 | 4 cents | |||
vs $1.17 | +24.5% YoY | 6.0% yield* |
*Share price as on 31st December 2024
#Profit attributable to equity holders ^As on 31st December 2024
4