Frasers Property Limited reported attributable profit of S$243.1 million for the year ended 30 September 2025, up 17.8 % year-on-year, bolstered by net fair-value gains from completed build-to-core assets and the reversal of tax provisions. The uplift offset weaker residential contributions and a softer revenue performance amid macroeconomic headwinds.
Revenue fell 19.2 % to S$3.40 billion, while profit before interest, fair-value change, tax and exceptional items (PBIT) slipped 12.3 % to S$1.19 billion. The board proposed an unchanged first-and-final dividend of 4.5 Singapore cents per share for FY25; payment details will be announced later.
Lower settlements and impairments in the residential segment curtailed earnings, dragging group revenue despite stronger showings from the industrial & logistics (I&L) and retail portfolios. Approximately 86 % of FY25 PBIT stemmed from recurring-income assets, reflecting the company’s focus on stabilised I&L, retail and hospitality platforms. Net asset value per share eased to S$2.37 from S$2.45 a year earlier, pressured by foreign-exchange translation losses arising from a stronger Singapore dollar.
Residential sales moderated because of project-timing effects, yet the pipeline remained supported by S$1.4 billion in unrecognised revenue. During the year, the group completed about 691,000 sq m of I&L space and has 758,000 sq m under construction, benefiting from sustained demand tied to supply-chain reconfiguration and e-commerce growth. Net debt to property assets rose to 43.7 % (FY24: 42.1 %), reflecting the privatisation of Frasers Hospitality Trust, REIT acquisitions and capital expenditure; 75 % of debt is fixed or hedged, with a weighted average maturity of 2.5 years and a blended cost of 4.0 %.
Strategic actions during FY25 included onboarding a capital partner for 17 Australian I&L assets, divesting a 50 % stake in Northpoint City South Wing to Frasers Centrepoint Trust, and exiting several non-core hospitality and retail properties. The acquisition of Yishun 10 and the redevelopment of Robertson Walk into The Robertson Opus underline the group’s capital-recycling approach. ESG efforts advanced with installation of more than 76 MW of renewable-energy capacity as the company progresses toward its 2050 net-zero carbon goal.
Group Chief Executive Officer Panote Sirivadhanabhakdi said the integrated investor-developer-operator model continues to help the company navigate market cycles. He noted that earnings resilience in FY25 was underpinned by recurring income and valuation gains, while cautioning that macroeconomic uncertainties and the inherent lumpiness of residential settlements will keep management focused on disciplined capital allocation, portfolio rebalancing and near-term performance. Looking ahead, Frasers Property intends to deepen development partnerships in Singapore, China and other core markets, expand its build-to-core I&L pipeline, and maintain active asset recycling to fund higher-return opportunities.