Ho Bee Land's net profit rebounds in FY2024

The group’s revenue increased by 19% year-on-year to $528m.

Ho Bee Land Limited recorded a net profit of $109.7m for the year ended 31 December 2024, a turnaround from a net loss of $259.8m in FY 2023.

The company said it was driven by increased revenue and divestment gains.

The group’s revenue increased by 19% year-on-year to $528m, due to increased development sales in Australia and the resilient rental income across property portfolios in Singapore and London.

Development property sales also grew 39% to $262.3m, driven by stronger sales in Australia.

Further, rental income increased by 4% YoY to $265.7m, supported by contributions from the newly completed Elementum.

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