Ho Bee Land FY2025 revenue at S$440.1 million, profit at S$102.4 million on capital management gains

SGX Filings
Feb 24

Ho Bee Land Limited reported net profit of 102.4 million Singapore dollars for the year ended Dec 31 2025, down 6.7% year-on-year from S$109.7 million, as lower rental and development income were partly offset by tighter cost control and lower financing expenses.

Earnings per share slipped to 15.09 cents from 16.50 cents a year earlier. The board proposed a first-and-final dividend of 5 cents per ordinary share; the prior-year payout was not disclosed in the results statement. Net gearing improved to 0.61 times from 0.66 times, while shareholders’ funds stood at S$3.8 billion, translating into a net asset value of S$5.67 per share.

Group revenue fell 17% year-on-year to S$440.1 million. Rental income contributed S$239.9 million, a 10% YoY decline after the reclassification of Elementum as a joint-controlled asset and planned vacancies at 1 St Martin’s Le Grand in London ahead of refurbishment. Development property sales generated S$200.1 million, 24% lower YoY due mainly to fewer settlements in Australia.

The softer top line was offset by a 37% rise in underlying profit to S$102.4 million after excluding FY2024’s one-off divestment gain. The group also booked a fair-value gain of S$3.7 million on its London investment properties, reversing a S$17.0 million loss a year earlier, reflecting stabilising UK valuations.

Revenue contraction stemmed from the deconsolidation of Elementum, lower rental contributions, and slower Australian settlements. These headwinds were mitigated by proactive capital management, reduced financing costs and modest valuation gains in the UK portfolio.

Looking ahead, management said the company will pursue portfolio optimisation and disciplined capital management. Key initiatives include building a pipeline of master-planned communities in Australia, carrying out major enhancement works at 1 St Martin’s Le Grand following mid-2025 planning approval, and upgrading 67 Lombard Street to maintain its Grade A positioning.

Chief executive officer Nicholas Chua noted that disciplined asset management and capital recycling helped deliver stable underlying earnings and a stronger balance sheet. He said the group will remain prudent amid macroeconomic uncertainty, while seeking strategic and sustainable investments to create long-term value.

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