Thakral Corporation Ltd Delivers Strong 3Q2025 Results: Lifestyle and Strategic Investments Fuel Growth

Key Highlights from 3Q2025 Financial Results

• Record Attributable Profit: Thakral Corporation Ltd reported a net profit attributable to equity holders of S\$19.5 million for 3Q2025, a surge of 382% year-on-year. For the first nine months of 2025, net profit reached S\$128.8 million, up 767%.
• Revenue Growth: Group revenue for 3Q2025 increased by 52% year-on-year to S\$115.9 million. For the nine-month period, revenue grew 35% to S\$276.4 million.
• Strong Lifestyle Segment Performance: The core Lifestyle segment saw revenues climb 33% in 3Q2025 to S\$97.7 million, and 28% for the nine months to S\$254.4 million. Segmental profits rose 26.8% to S\$13.0 million for 9M2025.
• Investment Segment Upside: A major boost came from a S\$22.6 million fair value gain on Thakral’s 16.8% stake in GemLife, following the investee’s value appreciation post-ASX listing.
• Significant One-Off Gain: The Group recognized a S\$101.2 million net gain after tax on fair value from an associate upon IPO during the nine months.
• Share of Associates’ Profits: Share of profit from associates increased 126% to S\$10.0 million in 3Q2025, and 21% for the nine months to S\$15.6 million, driven by the divestment of Yotsubashi Nakano Building in Osaka above book value.

Business Drivers and Strategic Developments

Lifestyle Segment Momentum

• Geographical Expansion: Growth was underpinned by robust demand in South Asia and Greater China.
• Brand Portfolio Expansion: The addition of Miu Miu Fragrances and Yuesai skin care fortified Thakral’s premium beauty and fragrance lineup.
• DJI Partnership: Thakral’s exclusive distributorship with DJI continues to perform strongly. Plans are in place to open 20-30 DJI stores across India and other South Asian countries over the next 2-3 years, starting with flagship stores in major cities from Q1 2026.
• Nespresso India: Nespresso operations in India are scaling up through a new retail boutique in New Delhi, an e-commerce platform, and an Amazon store, alongside strategic partnerships with luxury hospitality brands (Conrad, Fairmont, JW Marriott).

Investment Segment Developments

• GemLife Fair Value Gain: The appreciation of GemLife on the Australian Securities Exchange led to a S\$22.6 million fair value gain in 3Q2025. Thakral owns a 16.8% stake in GemLife.
• Divestment in Japan: The sale of the Yotsubashi Nakano Building in Osaka was completed 13.7% above book value, generating a net attributable gain of S\$2.0 million and cash proceeds of S\$6.4 million.

Post-Quarter Event: Beauty Tech Group IPO

• London Listing: The Beauty Tech Group, in which Thakral holds a stake, successfully listed on the London Stock Exchange on 8 October 2025, raising £29 million at a market cap of approximately £300 million.
• Partial Divestment: Thakral divested 2.86 million shares for S\$13.1 million, retaining a 6.04% stake (6.684 million shares) in the listed entity.
• Financial Impact: The transaction is expected to deliver a total financial uplift of approximately S\$28.5 million, which will be recognized in 4Q2025 results.

Strategic Focus and Outlook

Thakral’s management highlighted that the Group’s strong results are driven by both its Lifestyle and Investment segments. The Lifestyle business remains the primary growth engine, especially with premium beauty and fragrance products in Greater China, and the rising adoption of DJI’s technology across South Asia. On the investment front, the fair value gains from GemLife and successful exit and listing of The Beauty Tech Group validate Thakral’s disciplined capital recycling and strategic approach to investments. The Group is also deepening its presence in fast-growing markets such as India and focusing on new economy ventures for continued value creation.

Implications for Shareholders and Potential Share Price Drivers

• Substantial earnings growth and significant one-off gains from IPOs and strategic investments could positively impact share valuation.
• Strong momentum in core Lifestyle and Investment segments signals sustainable growth prospects.
• Upcoming recognition of the Beauty Tech Group IPO uplift in 4Q2025 provides a visible near-term catalyst.
• Strategic expansion in India and new product launches may further strengthen earnings visibility and market positioning.
• Capital recycling and disciplined investment strategy enhance the Group’s ability to unlock and realize value for shareholders.

About Thakral Corporation Ltd

Thakral Corporation Ltd is a Singapore-listed conglomerate with a diversified investment portfolio across Australia, Japan, and Singapore. Its key businesses include the development and management of over-50s lifestyle resorts (GemLife Communities), landmark commercial real estate in Osaka, Japan, and the exclusive distribution of DJI drones and premium beauty and fragrance brands in Asia. The Group also invests in new economy ventures complementary to its existing businesses.

Disclaimer: This article is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell securities. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions. The information is based on the company’s unaudited financial results and publicly available disclosures as at the time of publication.

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