OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX Financial Review Revenue EBIT FY2024 S$’000 FY2023 S$’000 Change % FY2024 S$’000 FY2023 S$’000 Change % Singapore 43,278 133,841 (67.7) 173,681 193,483 (10.2) China 41,496 32,551 27.5 8,583 8,958 (4.2) Management Businesses 40,361 48,896 (17.5) 25,129 27,905 (9.9) Corporate and Others 242 354 (31.6) (14,282) 35,793 (139.9) Eliminations (9,458) (14,714) (35.7) (6,052) (15,371) (60.6) 115,919 200,928 (42.3) 187,059 250,768 (25.4) Perennial Holdings’ revenue for FY2024 was S$115.9 million, or 42.3% lower than the S$200.9 million recorded in FY2023. The lower revenue in FY2024 was mainly due to the higher revenue recorded from the sales of Eden Residences Capitol in FY2023. SINGAPORE In FY2024, Singapore assets contributed revenue of S$43.3 million, or 37.3% of total revenue, and Earnings Before Interest and Tax (“EBIT”) of S$173.7 million. The results from Singapore assets decreased mainly due to a lower contribution from the sales of Eden Residences Capitol in FY2024 compared to FY2023. This is offset by the improvement in rental contribution from Perennial Business City due to the increase in occupancy rate. CHINA China assets contributed approximately 35.8% of Perennial Holdings’ revenue. Revenue from China operations increased by S$8.9 million to S$41.5 million in FY2024 (FY2023: S$32.6 million), mainly due to overall net improvement in rental income from Perennial International Health and Medical Hub (“PIHMH”) Chengdu and contribution from the operating healthcare business. The Perennial Eldercare Community and Medical Cluster at Perennial Tianjin South HSR International Healthcare and Business City have commenced operations during the year. EBIT from China assets was lower by S$0.4 million, largely due to lower fair value gains of certain assets and the weakening of the Chinese Renminbi (“RMB”). To a certain extent, the reduction was offset by the positive EBIT from our healthcare operations in PIHMH Chengdu. MANAGEMENT BUSINESSES Revenue for Perennial Holdings’ fee-based management business has decreased by S$8.5 million to S$40.4 million in FY2024 (FY2023: S$48.9 million). EBIT in the management business decreased by S$2.8 million to S$25.1 million (FY2023: S$27.9 million). The reduction was attributable to the higher management fee recognised in 2023 due to once-off events in certain projects. PATMI For the year under review, Perennial Holdings recorded a Profit After Tax and Minority Interest (“PATMI”) of S$10.8 million. The lower PATMI in FY2024 as compared to FY2023 (FY2023: $29.1 million) was mainly due to the lower contribution from the sales of Eden Residences Capitol. These were offset by higher fair value gains from various assets in FY2024. TOTAL ASSETS Total assets as at 31 December 2024 of S$8.4 billion was S$185.9 million or 2.3% higher than 31 December 2023, mainly due to fair value gain recognised for various assets and recognition of right-of-use (“ROU”) assets for new leases during the year, offset by lower translation of asset value due to depreciation of RMB. Perennial Holdings’ business focuses on healthcare and eldercare, with its transit- oriented developments (“TOD”) in various strategically located High-Speed Railway (“HSR”) stations. These projects contribute to approximately 67.6% of the Company’s total assets. Meanwhile, 26.8% of the Company’s assets are in the healthcare and eldercare sector and 40.8% of assets are in the commercial TOD sector. China and Singapore remain the Company’s core markets, with assets in these two countries accounting for approximately 74.5% and 23.5% of total assets, respectively. As at 31 December 2024, Perennial Holdings’ investment properties held by subsidiaries included Perennial Jihua Mall, Perennial Qingyang Mall, PIHMH Chengdu, Perennial Xi’an North HSR International Healthcare and Business City, Plot C of Chengdu East HSR Integrated Development, 35 ANNUAL REPORT 2024
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