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Bukit Sembawang posts 149% higher FY21 earnings, declares final and special dividends totalling 33 cents per share

Atiqah Mokhtar
Atiqah Mokhtar • 3 min read
Bukit Sembawang posts 149% higher FY21 earnings, declares final and special dividends totalling 33 cents per share
The board has recommended a final dividend of 4 cents per share and a special dividend of 11 cents per share for FY21.
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Bukit Sembawang Estates has posted earnings of $189.4 million for the FY2021 ended March, 149% higher y-o-y from $76 million previously.

Earning per share (EPS) for the period amounted to 73.17 cents, compared to 29.38 cents the previous year.

Revenue grew 57% y-o-y to $581 million for the period, while gross profit grew 36% y-o-y to $243.4 million. Bukit Sembawang Estates attributes this to higher profit recognised on development projects.

Other income of $1.7 million was recorded for the year, compared to $48,000 previously, mainly due to receipt of government grants from relief measures for Covid-19.

Administrative expenses saw a 13% y-o-y decline for the FY2021 to $8.2 million, due to lower payroll-related expenses and lower professional charges.


SEE:CDL, Bukit Sembawang and UOL are analysts' top picks amid brisk March property sales

Other expenses saw a 91% drop y-o-y from $57.6 million to $5.1 million, which the group attributes to the absence of impairment loss on property, plant and equipment relating to Fraser Residence Orchard, Singapore of $44.1 million which was recognised in FY2020.

The decrease was also attributed to lower maintenance charges and property tax arising from lesser unsold units of completed development properties and lower development costs expensed off for development projects pending development.

Finance costs nearly halved, declining 48% y-o-y to $6.4 million due to lower borrowing costs on loan relating to The Atelier and LIV @MB.

To that end, Bukit Sembawang Estate’s pbt surged 122% y-o-y to $227.4 million for the FY20021.

The group’s cash and cash equivalents stood at $729 million as at March 31, compared to $300 million the corresponding period last year. Meanwhile, it’s net asset value per share stood at $5.73 as at March 31, versus $5.11 the year before.

The board has recommended a final dividend of 4 cents per share and a special dividend of 29 cents per share, resulting in a total dividend of 33 cents per share for the FY2021.

In comparison, the group had declared a total dividend of 11 cents per share for the FY2020, comprising a final dividend of 4 cents per share and a special dividend of 7 cents per share.

In its results, the group had disclosed that ithad sold 91% of 250 units at 8 St Thomas as at March 2021. It also continues to plan for the construction and sales launch of The Atelier, Pollen Collection and LIV @MB.

Given the “uncertain global economy” and continued impact from Covid-19 on Singapore’s residential market, the group says it shall continue monitoring the situation and calibrating the approach and timing for launches of its new residential projects.

Shares in Bukit Sembawang Estates closed 4 cents or 0.88% higher at $4.61 on May 25.

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