Yoma Strategic posts strong Q3 results, shares dip

Yoma Strategic Holdings, which does business in Yangon but is listed in Singapore, on Tuesday released its financial statements for the nine months ended December 31, 2017.

The company drew revenues amounting to S$82.9 million for the period, which is up 24.3 percent over the same period last year. Owing to the disposal of its tourism business in December, earnings more than doubled for the period, to S$29.2 million compared to S$11.6 million last year.

The tourism business has since been listed separately on the Singapore Exchange under the Memories Group moniker.

Excluding the sale of its stake in Memories Group though, Yoma Strategic also saw growth across its other businesses. Revenue from the Automotive & Heavy Equipment division grew substantially over the period, with the New Holland tractors business and Yoma Fleet, a vehicle contract hire and rental business, contributing strongly to toplines.

Yoma Strategic’s KFC business also grew as a result of the opening of several new outlets in Yangon.

Contributions from the group’s Real Estate business fell though, mainly because of a change in sales strategy at its StarCity project in Thanlyin, Yangon. The company is buying back a portion of the units in Zone C of the project to retain them for long term rental purposes. It will also redesign some units to meet demand for smaller apartments. Now, the group is only selling near-completed units from a separate project in Pun Hlaing Estate.

In the quarters ahead, Yoma Strategic will explore the possibilities of applying for condominium status for its Yangon projects once the relevant committees and Condominium Registration Office administering the Condominium by-laws are established.

Meanwhile, it will continue construction work for its Yoma Central and Peninsula Yangon mixed development projects in downtown Yangon. The group is aiming to start sales of its Peninsula Residences project this year, it said in a statement.

Shares of Yoma Strategic closed Wednesday at 48.5 S cents, which is down 10pc since the start of the year. At those levels, it has a market value of S$918.4 million and trades at 18 times earnings.

Shares of Memories Group closed Wednesday at 25 S cents each.

Source: Myanmar Times

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