Profit for the year during the 2HFY2024 stood at $6.2 million while profit for the year in FY2024 stood at $725,000.

Heeton Holdings has reported a 221% y-o-y increase in earnings for the 2HFY2024 ended Dec 31, 2024 of $3.85 million. However for the full year FY2024, the group made a loss of $1.4 million, compared to the $3.2 million loss in FY2023.

Profit for the year during the 2HFY2024 stood at $6.2 million while profit for the year in FY2024 stood at $725,000.

For the 2HFY2024, earnings per share came in at 0.79 cents per ordinary share. For the FY2024, earnings per share were a negative 0.28 cents per share. 

Heeton’s revenue for the 2HFY2024 grew 10.5% y-o-y to $41.1 million, and for the FY2024, it grew 15.2% y-o-y to $78.2 million. 

The group says its turnover for the 2HFY2024 comprises rental income from investment properties, hotel operation income and management fee. Its turnover for the year ended Dec 31, 2024 increased 15.2% y-o-y due to higher occupancies in the United Kingdom and increase in rental rates for the group’s investment properties. 

During 2024, the group disposed of some of its subsidiaries, mainly its 70% interest in Gloucester Corinium Avenue Hotel Limited and Ensco 1154 Limited, resulting in a net gain of $3.78 million.

Property, plant and equipment amounting to $418.83 million comprised mainly hotel properties, in which there was an increase of $16.92 million in FY2024 due to the acquisition of a hotel in Edinburgh, United Kingdom. The effect of the appreciation of Pound Sterling and reversal of impairment changes offset by the disposal of hotels in Japan and the United Kingdom and depreciation charges recognised. 

On cash flow, the group saw a decrease in cash and cash equivalents of $32.70 million due to some major cash inflows and outflows. This includes proceeds from the disposal of property, plant and equipment of $26.43 million and proceeds from disposals of subsidiaries of $11.37 million.

On cash outflows, the group had a net repayment of loans from associated and joint venture companies of $24.45 million, additions to property, plant and equipment of $40.36 million, and restricted cash pledge for bank facility of $22.98 million. 

The group says that with Singapore’s economic outlook facing greater uncertainty and an uncertain geopolitical paradigm under Trump’s administration, it will maintain its prudent and steady strategic expansion. 

As the hospitality industry continues to face headwinds such as high operating and labour costs, elevated interest rates, and an uncertain macroeconomic environment, Heeton will build on being a bespoke boutique brand offering high quality, experiential stays for its guests.

Heeton continues to participate in land tenders in the local residential market such as government housing schemes, often as part of a consortium. Notwithstanding this, Heeton’s two retail malls are also expected to continue to generate steady and recurring income for its property investment business.

The group is declaring a final dividend for the current financial period of 0.5 cents per share. 

Shares in Heeton closed 0.5 cents lower or 1.818% down at 27 cents on Feb 20.