It reports US$20.9 million in net profit for the six months ended March, from a US$32.7 million net loss the year before

 

SHARES of Yoma Strategic rose as much as 12.3 per cent in early trading on Wednesday (May 29), after the mainboard-listed company reported strong earnings.

 

As at 9.45 am, the counter gained S$0.008 at S$0.073 with 35.3 million shares changing hands, as the most heavily traded security on the Singapore Exchange. The last time it closed at this level was in January.

 

Before the market opened on Wednesday, Yoma reported US$20.9 million in net profit for the six months ended March, turning around from a US$32.7 million net loss in the corresponding period last financial year.

 

Revenue for the period stood at US$109.2 million, up 32.1 per cent from US$82.7 million a year earlier, with improvements across its core businesses.

 

For FY2024, net profit was US$18.4 million, from a US$41.2 million net loss in FY2023, on the back of a 78.6 per cent higher revenue at US$220.8 million.

 

Its core earnings before interest, taxes, depreciation and amortisation for the year increased 160.5 per cent year on year to US$45.8 million.

 

Revenue of the group&rsquo s real estate business more than doubled to US$94.1 million in the financial year.

 

Its mobile financial services business, comprising Wave Money, contributed US$52.4 million in revenue, making it the second-largest growth driver for the year.

 

Revenue of Yoma&rsquo s food and beverage business grew 30.1 per cent to US$31.9 million. The group noted that it remains as the largest restaurant operator in Myanmar.

 

The group highlighted a strategic focus on expanding the affordable housing market. &ldquo Yoma Land&rsquo s backlog currently stands at US$147.1 million in unrecognised revenue from ongoing projects in StarCity, Pun Hlaing Estate and City Loft West, providing visibility into the group&rsquo s financial performance over the next 18 to 24 months,&rdquo it added.

 

Melvyn Pun, chief executive officer of Yoma Strategic, noted that the group remains cautious to maintain its liquidity despite the year&rsquo s strong performance.

 

&ldquo Our focus remains on disciplined cost management, generating positive operating cash flow and reducing leverage. These efforts will enable us to pursue strategic growth opportunities across our core businesses,&rdquo he said.