GuocoLand profit drops 38% to $129m in FY2024 amidst higher costs

It also reported lower basic earnings per share.

GuocoLand's profit attributable to equity holders dropped 38% YoY to $129m in FY2024, affected by higher financing costs, reduced fair value gains on investment properties, and a challenging market in China.

With lower net profit, the company’s basic earnings per share fell 41% YoY to $0.0995.

The company, however, reported improved revenue and operating profit in FY 2024.

In FY 2024, revenue rose 18% YoY to $1.8b whilst operating profit increased by 13% YoY to $320m.

GuocoLand attributed its improved revenue to higher contributions from its Property Investments and Property Development segments.

Revenue for the two segments rose 35% and 16% YoY, respectively.

With improved revenue, the company proposed a final dividend of $0.06.

The company will pay the proposed dividend on 19 November if it receives approval during its annual general meeting on 24 October.