Thakral Corporation more than triples net profit to $28.8m in FY2024

Its revenue rose by 36% YoY to $288.8m.

Thakral Corporation more than tripled its net profit attributable to shareholders to $28.8m in FY2024, up from $8.1m in the previous year.

The group’s revenue rose by 36% year-on-year (YoY) to $288.8m. Revenue from the lifestyle business grew by 37.4% to $273m; whilst revenue from its investment segment increased by 16.3% to $15.7m.

Moreover, the share of profit from associates decreased to $22.5m, proportionate to its reduced stake in the group’s associate in Australia, GemLife, to 31.7% as part of the TCH restructuring, as well as the absence of the one-off profit realised in the previous financial year from the disposal of a hotel property in Osaka, Japan.

GemLife achieved settlement of 355 homes in FY2024. As of 31 December 2024, total occupied homes stood at 1,804 across 10 resorts, approximately 24% more than a year ago.