Yoma rebounds despite a challenging operating environment by The Edge

The company is focusing on selling Myanmar properties

 

YOMA Strategic : Z59 -1.14% has clarified that its land unit, Yoma Land, is not involved in the business of selling properties in Thailand.

 

On Wednesday (Jun 5), the Myanmar-focused conglomerate emphasised that Yoma Land&rsquo s focus is solely on selling Myanmar properties.

 

Any past or present property sales events related to condominiums in Bangkok are unconnected to Yoma Land or the group in any way, it added.

 

While Yoma Land recently held a property roadshow in Bangkok, the group said that this event was &ldquo specifically designed to cater to Myanmar nationals living in Thailand, who may be interested in property investments in Myanmar&rdquo .

 

&ldquo Yoma Land aims to simplify the process for Myanmar buyers to own their dream home, and foster a more inclusive and efficient property market,&rdquo it said.

 

Other business activities in Thailand, which Yoma noted cater to a &ldquo sizeable Myanmar population living in that country&rdquo , include international remittance services from Yoma&rsquo s financial services arm, Wave Money.

 

The group also plans to expand its food and beverage (F& B) franchise YKKO, under Yoma F& B, to Bangkok.

 

Yoma&rsquo s clarifications come after a dramatic stock price surge over the past week, following the group&rsquo s reported return to the black for the six months and full-year ended March.

 

For FY2024, net profit was US$18.4 million as opposed to a US$41.2 million net loss in FY2023.

 

The reversal came on the back of a 78.6 per cent higher revenue at US$220.8 million, with contributions from its real estate business more than doubling to US$94.1 million over the financial year.

 

Since the release of the group&rsquo s financial statements on May 29, Yoma&rsquo s share price has spiked nearly 50 per cent to peak at S$0.097 in intraday trading amid heavy volumes.