Wee Hur H1 profit rises 17%, adjusted earnings hit by fee absence

The decline mainly reflected the $38.4m performance fee recognised in H1 2025.

Wee Hur Holdings Limited reported net profit attributable to equity holders of $45.3m in the first half (H1) of 2026, up 17.1% year on year from $38.7m.

Adjusted net profit, however, fell 27.2% to $48.0m from $66.0m a year earlier, mainly reflecting the $38.4m performance fee recognised in H1 2025.

Revenue rose 4.9% YoY to $163.6m. Excluding a $38.4m performance fee recognised in H1 2025, revenue increased 39.1%, driven by the workers’ dormitory and construction segments.

Construction revenue increased 162.5% to $67.2m, driven by the recognition of work completed on ongoing projects. Profitability also improved as projects reached completion and delivered cost savings.

The group’s construction order book stood at $598.9m as at 30 June 2026, down from $672.5m as at 31 December 2025. Projects in hand provide earnings visibility through FY2031.

Workers’ dormitory revenue rose 50.7% to $63.3m, driven by the ramp-up of Pioneer Lodge. The 10,500-bed dormitory averaged 65.9% occupancy in H1 2026 and reached 85% in July.

Singapore property development revenue fell to $29.9m from $47m a year earlier, as Bartley Vue achieved its temporary occupation permit during the period.

The group maintained cash and bank balances of $236.4m as at 30 June 2026. It had drawn $205m of its $500m Medium Term Note programme at a fixed 4.80% through 2030, leaving $295m in headroom.

Wee Hur expects its student accommodation bed pipeline to grow from 409 to approximately 1,860 by 2028. The group also expects the DoubleTree by Hilton Singapore to open in the fourth quarter of 2026.

The Board declared an interim tax-exempt dividend of $0.005 per ordinary share for H1 2026.