ABR Holdings Limited FY2025 Financial Results: Analysis and Investor Takeaways
ABR Holdings Limited, a Singapore-listed group engaged in food & beverage operations and property investments, has released its condensed financial statements for the full year ended 31 December 2025. This review dives into the group’s performance, highlights key financial metrics, provides comparative analysis, and discusses outlook and recommendations for investors.
Key Financial Metrics & Performance Summary
| Metric |
2H 2025 |
1H 2025 |
2H 2024 |
YoY Change |
QoQ Change |
| Revenue |
\$73,952k |
\$69,092k |
\$71,579k |
+3.3% |
+7.0% |
| Gross Profit |
\$30,689k |
\$27,039k |
\$31,014k |
-1.0% |
+13.5% |
| Net Profit (Owners) |
\$2,631k |
\$720k |
\$3,104k |
-15.2% |
+265.7% |
| EPS (Basic, cents) |
1.31 |
0.36 |
1.54 |
-15.0% |
+263.9% |
| Dividend per share |
0.25¢ (Interim) + 1.25¢ (Final)
FY: 1.50¢ |
0.25¢ (Interim) |
0.25¢ (Interim) + 1.0¢ (Final)
FY: 1.25¢ |
+20.0% |
No change |
Annual Performance Comparison
| Metric |
FY 2025 |
FY 2024 |
YoY Change |
| Revenue |
\$143,044k |
\$135,575k |
+5.5% |
| Net Profit (Owners) |
\$3,351k |
\$3,639k |
-7.9% |
| EPS (Basic, cents) |
1.67 |
1.81 |
-7.7% |
| Dividend per share |
1.50¢ |
1.25¢ |
+20.0% |
| Net Asset Value per share (cents) |
49.8 |
49.5 |
+0.6% |
Dividends
The company declared:
- Final Dividend (FY2025): 1.25 cents per share (tax-exempt, 1-tier)
- Interim Dividend (FY2025): 0.25 cents per share (tax-exempt, 1-tier)
This brings the total dividend for FY2025 to 1.50 cents, up 20% from 1.25 cents in FY2024.
Historical Performance Trends
- Revenue growth: Revenue increased 5.5% YoY, largely driven by new outlet openings in the Food & Beverage segment.
- Profitability: Despite higher revenue, net profit attributable to owners fell 7.9% YoY due to rising operating costs, particularly food ingredients, manpower, and depreciation from expanded operations.
- Margins: Gross profit margin narrowed to 40% (FY2025) from 43% (FY2024) as cost pressures outpaced sales growth.
- Cash position: The group ended FY2025 with \$34.2 million in cash and cash equivalents, up from \$26.1 million a year earlier, reflecting strong cash flow from operations and loan repayments from a joint venture.
Exceptional Items & Other Notable Events
- Gains/Losses: Other income rose sharply due to higher government grants and gains on partial disposal of quoted equity investments.
- Impairments: The group recorded an impairment allowance of \$147,000 on loans to a joint venture in FY2025 (compared to an \$18,000 write-back in FY2024).
- Fair value movements: Fair value gains on financial assets at FVTPL contributed to other income, offsetting some impairment charges.
- No share buybacks, new issuance, or dilutive events occurred in FY2025.
- No major divestments or fundraising activities were reported.
Related Party Transactions & Directors’ Remuneration
- Key Management Personnel Remuneration (FY2025): \$3,328,000 in salaries, fees, and benefits; \$155,000 in defined contribution plans.
- Close Family Members (FY2025): \$456,000 in salary/related costs; \$63,000 in defined contributions.
Related party transactions were conducted on terms agreed between parties, with no unusual fund flows noted.
Outlook and Forward Guidance
The company anticipates continued challenges in the F&B segment due to high operating costs, a tight labour market, and increased competition, as well as macroeconomic uncertainties affecting consumer sentiment. The group intends to manage costs, innovate, and pursue strategic expansion. In property, the Pavilion Square project progresses well, and the company has secured a minority stake in a new Singapore residential project at Dairy Farm Walk, which could provide future earnings upside.
Conclusion & Investor Recommendations
Overall Assessment
ABR Holdings delivered revenue growth and stronger cash generation in FY2025. However, profitability declined due to cost pressures, and profit margins narrowed. The group’s solid cash position and healthy dividend increase are positives, but the management’s cautious outlook on F&B headwinds and macro risks suggests ongoing earnings pressure.
Investor Recommendations
- If you currently hold ABR Holdings stock: Consider holding your position if you value stable dividends, a strong cash position, and exposure to both F&B and property. However, monitor cost trends and margin pressures. If your investment horizon is short-term or you require high earnings growth, you may consider trimming on strength.
- If you do not currently hold ABR Holdings stock: The stock offers moderate dividend yield and defensive qualities, but earnings growth could be subdued in the near term due to sector challenges. Conservative investors seeking yield and asset backing may accumulate on weakness. Growth-oriented investors may wish to wait for improved profitability or margin recovery before entry.
Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy, hold, or sell any security. Please consult your financial advisor and consider your risk profile before making investment decisions.
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