Singapore, 28 February 2025 – ProsperCap Corporation Limited, a Catalist-listed real estate investment and management company, today announced its unaudited financial results for the year ended 31 December 2024, showcasing resilience amid operational challenges and strategic progress.
Key Financial Highlights
- Revenue Growth: Increased 1.9% year-on-year (“YoY”) to S$246.9 million, driven by foreign exchange gains from a stronger British pound (£1:S$1.7073 vs. £1:S$1.6728 in FY2023).
- Cost Pressures: Gross profit dipped marginally to S$133.8 million (down 0.2% YoY) due to higher payroll costs from the UK’s 9.8% minimum wage hike.
- Reduced Losses: Normalised loss before tax improved by 38.4% YoY to S$14.7 million, excluding one-off expenses like S$10 million in RTO-related costs.
Operational Challenges & Adjustments
- Fire Incident: The temporary closure of Crowne Plaza Stratford-Upon-Avon (May–August 2024) led to a revenue loss of 26,547 rooms. Adjusted for this, revenue would have risen 5.1% YoY.
- Hospitality Metrics: Despite the setback, the Group’s UK hotel portfolio achieved:
- ADR Growth: 2.1% YoY (£101.50).
- RevPAR Growth: 2.3% YoY (£80.85), outperforming competitors.
With the UK’s tourism sector projected to grow (41.2 million visitors in 2024, +9% YoY), ProsperCap aims to capitalize on:
- Market Trends: Demand for personalized and sustainable accommodations.
- Operational Efficiency: Streamlining costs amid rising wages and geopolitical uncertainties.
Mr. Iqbal Jumabhoy, CEO of ProsperCap, stated: “Our focus on refining hotel offerings and optimizing efficiencies positions us to deliver improved returns in 2025. The UK’s resilient travel market and weaker pound present opportunities for foreign investment and visitation.”
—
About ProsperCap Corporation Limited
ProsperCap Corporation Limited is a real estate investment and management platform based in Singapore and publicly listed on the Catalist of the Singapore Exchange (SGX). The Company was established to build a portfolio of multiple real estate asset classes across different geographies and stages of operation, with a focus on ownership and management of global hospitality and lodging assets.
The Group currently owns a portfolio of 17 predominantly upscale hotels with a total of 3,383 keys located in key regional cities in the United Kingdom. The properties are managed by one of the leading hotel operators experienced with international and multi-brand hotel portfolios and operated under franchise agreements with well-known international hotel brands, namely Hilton, IHG and Marriott.
Future strategic initiatives include expanding the portfolio and enhancing guest experiences. The Group is committed to a long-term value-added investment strategy that focuses on innovation in keeping with its financial and societal objectives for sustainable operations.
