Thakral Corporation Ltd reported a net loss attributable to shareholders of S$6.4 million for the six months ended Jun 30, 2026, reversing a profit of S$109.3 million a year earlier after incurring an unrealised S$22.3 million fair-value loss on its stake in ASX-listed retirement-resort operator GemLife.
Group revenue rose 32% year-on-year to S$211.7 million, driven by a 34% jump in the Lifestyle division to S$209.2 million. The board declared an interim dividend of 2 Singapore cents per share, in line with its policy of paying the higher of 4 cents a share or 20% of full-year attributable profit (excluding one-off items).
Performance drivers • Lifestyle segment profit before financing and tax increased 47% YoY to S$10.7 million, buoyed by firm demand for DJI drones and accessories across seven South Asian markets and by store expansion and new fragrance launches in Greater China and Japan. • Investment activities turned to a pre-tax loss of S$12.9 million from a S$154.9 million profit a year ago, reflecting the absence of the S$146.6 million one-off gain booked on GemLife’s IPO in 1H2025 and the latest S$22.3 million unrealised mark-to-market loss on the same holding. • Share of profit from associates improved to S$6.1 million (1H2025: S$5.6 million after excluding GemLife’s pre-IPO contribution), helped by higher valuations and near-full occupancy (97.2%) at the Group’s Osaka commercial properties. • A S$2.4 million valuation gain was recognised on the Gurugram healthcare-led development site following the acquisition of a 95.28% stake in TIL Investments.
Headwinds The swing into the red at group level was mainly attributed to the fair-value decline of GemLife shares. Net asset value per share slipped to S$2.42 as at Jun 30 from S$2.60 at end-2025, reflecting both the equity issuance for the TIL transaction and the quoted-investment revaluation.
Strategic moves and outlook • Management reiterated that the Lifestyle segment is “on track to exceed” its 25% full-year growth target, supported by continued drone, beauty and fragrance demand in South Asia and Greater China. • Thakral raised its stake in India’s Skylark Drones to 29.2% (fully diluted) and commenced local drone manufacturing under the “Make in India” scheme via Bharat Skytech, which started production in May 2026. • Control of the 2.5 million sq ft Gurugram mixed-use healthcare project has been secured; a hospital operator and residential development partner will fund and build respective components, while Thakral retains a revenue-share and will develop the health and wellness centre. • The company continues to view GemLife and The Beauty Tech Group as long-term holdings. GemLife has guided FY2026 EPS of 28.5–30.0 Australian cents (up 20%–27% YoY), while TBTG expects FY2026 revenue around £160 million with adjusted EBITDA ahead of the £38.2 million market consensus.
Executive commentary Group CEO and executive director Inderbethal Singh Thakral noted that robust sales of premium lifestyle products in South Asia and Greater China underpinned first-half growth, even as short-term market volatility weighed on the carrying value of GemLife. He said the company remains confident in GemLife’s fundamentals and in the potential of the newly acquired Gurugram project to deliver long-term growth, while reiterating expectations of outperformance for the Lifestyle segment in FY2026.