Thakral has proposed a final dividend of 2 cents, bringing its total FY2024 dividend to 4 cents. The year’s dividend translates to a yield of 6% as at Dec 31, 2024.

Thakral Corporation has reported earnings of $28.8 million for the FY2024 ended Dec 31, 2024, 3.5 times higher than its FY2023 earnings of $8.2 million. The 252% y-o-y surge also marked the highest set of earnings in seven years.

Earnings per share (EPS) stood at 22.53 cents on a fully diluted basis, up from last year’s EPS of 6.4 cents.

FY2024 revenue rose by 36% y-o-y to $288.8 million as revenue from the investment and lifestyle segments rose.

Revenue for Thakral’s lifestyle segment grew by 37.4% y-o-y to $273 million as its beauty and fragrance business in Greater China continued to see strong demand for the group’s portfolio of brands.

The group’s drone and drone related distribution business, including accessories, digital action cameras, gimbals and other products from DJI, which also falls under this segment, gained “significant momentum” in South Asia. The region has seen expanding use cases and applications for drones across various sectors including enterprise, agriculture, construction and cartography. The region also saw higher demand for drones and accessories used in cinema, broadcasting, journalism, and the blogging ecosystem.

Thakral’s investment segment also saw higher revenue of $15.8 million, 16.3% higher y-o-y, mainly due to GemLife. The group’s over 50s lifestyle resorts venture saw strong demand and sales as it settled 355 homes in 2024 and attained 1,804 homes occupied.

The group also recorded an unrealised fair valuation uplift and dividend and interest accruals of some $7.5 million on its equity stake and debt instruments in The Beauty Tech Group (formerly CurrentBody.com Limited) in the year.

In FY2024, profit from operations grew by 56% y-o-y to $23.9 million.

“FY2024 has been a strong year for us both in terms of results and embarking on Thakral’s new growth initiatives. GemLife continues to drive growth capitalising on the increasing ageing and retiree population of the country. We have a clear roadmap to deliver 6,500 homes by 2033. As we hit critical mass, the group will be able to enjoy a sizeable recurring income from the weekly site fees,” says Inderbethal Singh Thakral, group CEO and executive director.

He adds that the group’s beauty and fragrance business in Greater China continues to be a “key driver” of its lifestyle segment. “With the expansion of retail stores for our portfolio of brands in 2025, we remain confident in the long-term potential of this market,” he notes.

“In South Asia, we are strengthening our position in the drone sector by increasing our stake in Skylark Drones to 23%. This investment will enable the launch of advanced software designed to complement and enhance the performance of our expanding portfolio of enterprise and agricultural drones, in turn driving demand,” he adds.

Thakral has proposed a final dividend of 2 cents, bringing its total FY2024 dividend to 4 cents. The year’s dividend translates to a yield of 6% as at Dec 31, 2024.

Shares in Thakral closed flat at 72 cents on Feb 27.