Tuan Sing net profit sinks 52% in FY2024

The group’s revenue decreased by 37% YoY.

Tuan Sing Holdings Limited’s net profit attributable to shareholders dropped by 52% year-on-year (YoY) to $2.3m for the financial year 2024, driven by a decline in occupancy rate.

The group’s revenue decreased by 37% YoY to $192.5m due to lower contributions from Real Estate Development.

Revenue from the segment fell by 70% YoY to $44.9m due to lower progressive revenue recognition of units sold in Peak Residence.

Moreover, revenue from Real Estate Investment also sank 11% YoY to $53.4m due to lower contributions from Link@896 in Singapore.

The Hospitality segment remained stable with a revenue of $88.4m.

The company declared an earnings per share of $0.19.

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