Singapore, 20 February 2025 – Heeton Holdings Limited, a Singapore-listed company specialising in property development, hospitality, and investment holdings, has announced its unaudited financial results for the year ended 31 December 2024. The Group reported a net profit of $0.73 million, marking a significant turnaround from the net loss of $6.58 million in the previous year.
Financial Highlights
Revenue for FY2024 rose by 15.2% to $78.16 million, driven by higher occupancies at its UK hotels and increased rental rates for investment properties. The Group’s hospitality segment, particularly its UK operations, contributed significantly to this growth. Operating profit surged by 25.7% to $22.05 million, reflecting improved operational efficiency and strategic cost management.
Key factors influencing the Group’s performance included a $4.34 million reversal of impairment on property, plant, and equipment, and a $3.78 million gain from the disposal of subsidiaries, including its 70% stake in Gloucester Corinium Avenue Hotel Limited and Ensco 1154 Limited. These gains were partially offset by higher finance expenses, which increased to $29.51 million due to rising interest rates.
Strategic Developments
During the year, Heeton expanded its portfolio with the acquisition of a hotel in Edinburgh, UK, for $40.4 million, bolstering its presence in the hospitality sector. The Group also secured a 5% stake in a state land parcel in Singapore through a joint venture, signaling its continued focus on strategic growth opportunities.
Balance Sheet and Cash Flow
Total assets stood at $985.32 million as of 31 December 2024, with property, plant, and equipment accounting for 42.5% of the total. The Group maintained a strong liquidity position, with cash and cash equivalents totaling $29.85 million, though this reflected a decrease from the previous year due to acquisitions and loan repayments.
Outlook and Dividend
Despite global economic uncertainties, Heeton remains cautiously optimistic about 2025. The Group plans to launch its largest hotel in Bhutan, “Dawa at Hilltop by Heeton,” in Q2 2025, while continuing to explore opportunities in Singapore and overseas markets.
The Board has recommended a final dividend of 0.50 cents per share (1-Tier tax exempt), up from 0.375 cents in FY2023, underscoring confidence in the Group’s financial health and future prospects.
Leadership Commentary
Mr. Toh Giap Eng, Executive Chairman of Heeton, stated, “Our FY2024 results reflect the resilience of our diversified business model and the successful execution of our strategic initiatives. We remain committed to delivering sustainable growth and value to our shareholders, even as we navigate a challenging macroeconomic environment.”
Mr. Hoh Chin Yiep, Executive Director and CEO, added, “The acquisition of the Edinburgh property and our upcoming Bhutan project demonstrate our ability to identify and capitalize on high-potential opportunities. We will continue to focus on operational excellence and prudent financial management.”
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Established in 1976 and listed on Singapore Stock Exchange in September 2003, Heeton Holdings Limited is a real estate company focused on property development, investment and management, and hospitality.
