Bonvests Holdings Limited reported a net profit of S$3.65 million for the six months ended Jun 30, 2026, a 165.7 per cent year-on-year (YoY) increase, driven chiefly by improved earnings from its hotel portfolio and lower finance costs.

Revenue rose 4.7 per cent YoY to S$111.4 million, while earnings per share came in at 0.909 Singapore cents, up from 0.340 cents a year earlier. No interim dividend was declared, in line with the group’s usual practice.

By segment, the Hotel division remained the key growth engine, with revenue climbing 4.7 per cent to S$77.1 million and segment profit before tax surging 31.6 per cent to S$17.23 million, reflecting higher occupancy and improved average room rates. The Rental business posted a 3.9 per cent revenue increase to S$10.36 million, although its segment profit was flat at S$6.44 million as higher operating and utility expenses offset higher rents. Industrial services revenue expanded 5.1 per cent to S$23.9 million, pushing segment profit up 1.7 per cent to S$1.65 million. The Investment and Development segments were marginally loss-making, while corporate costs and foreign-exchange movements led to a S$1.31 million negative contribution under “Others”.

Group finance costs fell 29.2 per cent YoY to S$5.23 million, benefitting from lower interest rates, partial loan repayments and capitalised borrowing costs. Depreciation expenses eased 2.5 per cent to S$13.0 million as certain assets became fully depreciated.

Operating cash flow amounted to S$18.34 million, offset by S$4.19 million in investing outflows—mainly for hotel and property upgrades—and S$17.15 million in financing outflows, reflecting debt repayments, interest and the payout of the FY 2025 final dividend. As a result, cash and cash equivalents declined by S$2.99 million to S$32.7 million at end-June.

Looking ahead, the board said the Rental division should remain stable, while the Hotel business faces headwinds from higher energy and food costs and increased competition due to new hotel supply. Construction of the Medina of Tunis hotel remains on track for completion by end-2028. The Industrial division expects continued margin pressure from elevated diesel prices and wage costs despite recent contract wins. In property development, Bonvests secured an updated development approval for its Perth project in February 2026 and will provide further updates as timelines firm up.