GuocoLand lifts 1H FY26 profit to S$85.4m despite 22% revenue drop on JV gains, rental growth and lower finance costs
Summary:
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Profit attributable to equity holders rose 14% year-on-year to S$85.4 million in 1H FY26, supported by higher share of profits from associates and JVs, stronger Property Investment income, gains from the disposal of Thistle Johor Bahru and lower finance costs.
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Group revenue fell 22% to S$791.9 million as Property Development revenue declined to S$611.9 million on timing of progressive recognition from Singapore residential projects, partly offset by a 5% rise in recurring rental revenue from Property Investment to S$143.2 million.
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Proportionate revenue from equity-accounted Singapore JV projects almost doubled to about S$117 million, underpinned by healthy sales at Springleaf Residence, Faber Residence and Penrith, all of which were substantially sold as at 31 December 2025.
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The balance sheet strengthened, with total loans and borrowings reduced 12% year-on-year to S$4.80 billion and the debt-to-assets ratio improving to 0.41x from 0.44x at 30 June 2025.
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GuocoLand’s Singapore portfolio remains the core earnings driver, contributing around 70% of revenue and 75% of assets, with fully committed flagship offices Guoco Tower and Guoco Midtown and the newly opened Lentor Modern mall (about 90% committed) bolstering recurring income.