Wee Hur back in the black with H2 FY2025 earnings at S$29.8 million; proposes S$0.01 dividend

[SINGAPORE] Property company Wee Hur on Friday (Feb 27) posted H2 FY2025 earnings of S$29.8 million, a reversal from a loss of S$12.5 million in the period the year prior.

Revenue for H2 FY2025 rose 52 per cent to S$139.5 million from S$91.7 million previously. This was driven mainly by progressive revenue recognition from the property segment, continued progress recognition from ongoing building construction projects and contributions from the workers’ dormitory segment.

Earnings per share for H2 FY2025 stood at S$0.0324 compared with a loss per share of S$0.0136 in the previous corresponding period.

The board has recommended a final cash dividend of S$0.01 per ordinary share for the full year, an increase from S$0.008 in the year-ago period. It will be paid on May 22 – subject to approval at the upcoming annual general meeting – after the book closure date of May 8.

Earnings for the full year rose 27 per cent to S$68.4 million from S$54 million previously. Revenue for FY2025 rose 47 per cent to S$295.4 million from S$200.8 million previously.

This translated to an earnings per share of S$0.0744, up 27 per cent from S$0.0588 in FY2024.

The improvement in the bottom line was driven by robust revenue growth across its core property, building construction and workers’ dormitory segments. Earnings for FY2025 also benefited from a one-off performance fee from a partial disposal of the purpose built.student accommodation portfolio under Wee Hur PBSA Master Trust.

This was partially offset by lower contributions from share of profits from a joint venture following the disposal.

During the year, the group completed the disposal of properties under the Wee Hur PBSA Master Trust (Fund I) for A$1.6 billion (S$1.3 billion). The disposal allowed it to realise a significant part of its investment in the fund and reallocate capital to other investments, the group said.

The group remarked that it is “well-positioned to accelerate the growth of its business”, supported by a stable fund management revenue stream and an experienced management team.

The Singapore property development segment was a major revenue contributor for the period. The segment’s revenue rose 83 per cent to S$82.9 million, amid progressive recognition of revenue from the Bartley Vue project, which reached 84.9 per cent completion and has been sold out.

Looking ahead, the company intends to capitalise on sustained demand for residential projects in Singapore and the Australian purpose-built student accommodation (PBSA) sector. It recently secured the government land sales development in Upper Thomson, and expects to launch the 596-unit project in the first half of 2027.

“We endeavour to grow the platform in a disciplined manner to deliver sustainable, long-term value for our shareholders,” said Goh Yeow Lian, executive chairman and managing director of Wee Hur.

Shares of Wee Hur closed flat at S$0.795 on Friday before the earnings announcement.