First Sponsor Group’s net profit soars to $93m in FY2024

Gross profit increased by 3% to $135.9m.

First Sponsor Group Limited’s net profit soared by over 642% to $93m in FY 2024 from $12.5m in the previous year, according to a bourse filing.

Revenue of the group increased by 12.2% to $317.6m in FY 2024 from $283m in the preceding year.

This growth is attributed to the increase in revenue from the sale of development properties of $34.1m and an increase in revenue from hotel operations of $8.3m.

The group’s gross profit increased by 3% to $135.9m in FY 2024 from $131.9m in FY 2023. This increase was due mainly to higher gross profit generated from the hotel operations of $8.4m.

Gross margin decreased to 42.8% in FY 2024 from 46.6% in FY 2023, due to the change in sales mix.

“The Board has recommended a final tax-exempt (one-tier) cash dividend of $0.0355 per share for FY 2024,” said Neo Teck Pheng, CEO of First Sponsor Group Limited.

“If approved, the total dividend declared for FY 2024 will be $0.0465 per share, representing a 10.7% growth from FY 2023,” Pheng added.