CapitaLand Ascott Trust profit up 8% in 2H 2024

The group’s revenue also rose 6% YoY to $423.2m.

CapitaLand Ascott Trust (CLAS) posted an 8% year-on-year (y-o-y) increase in gross profit for 2H 2024, reaching $198m.

The group’s revenue also rose 6% YoY to $423.2m, driven by stronger operations, contributions from new acquisitions, and completed asset enhancement initiatives.

On a same-store basis, gross profit and revenue both increased by 4% y-o-y. Revenue per available unit rose 6% YoY to $167 in 2H 2024, whilst 4Q 2024 REVPAU grew 9% YoY to $176, surpassing pre-pandemic levels at 113% of 4Q 2019.

The growth was driven by higher average daily rates and occupancy, which rose to 81% from 77% in 4Q 2023. Japan saw the highest REVPAU increase at 37%, with Australia, Singapore, and the UK achieving double-digit growth.

Moreover, core distribution per stapled security (DPS) increased 3% YoY to 3.08 cents for 2H 2024, with a total DPS of 3.55 cents. FY 2024 core DPS was up 1% YoY at 5.49 cents.

Total core distribution for 2H 2024 grew 5% YoY to $117m, supported by stronger operations and completed AEIs, which offset higher financing costs and foreign currency depreciation.

CLAS completed over $500m in divestments and about $350m in accretive investments in 2024. Proceeds were used to reduce debt and fund AEIs. The trust plans to distribute gains from past divestments to mitigate short-term income impacts from ongoing AEIs.

Despite economic uncertainties, the group expects to remain resilient due to its diverse portfolio and disciplined capital management. Additonally, it aims to continue enhancing its portfolio and delivering stable distributions to Stapled Securityholders.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia