MYP posts FY2026 revenue of S$18.8 m, swings to S$4.3 m profit on valuation gains and lower interest costs

SGX Filings
May 29

MYP Ltd returned to the black for the 12 months ended 31 Mar 2026, booking a net profit of S$4.29 million compared with a net loss of S$2.43 million a year earlier. Management attributed the turnaround to higher rental income, a S$2.54 million revaluation gain on its investment properties and a sharp fall in finance costs following refinancing at lower interest rates.

Basic earnings per share came in at 0.27 Singapore cent, reversing a loss of 0.15 cent previously. No dividend was proposed, in line with the prior year, as the board prioritised balance-sheet strength to fund potential acquisitions. Net asset value rose to 17.7 cents per share from 17.4 cents.

Group revenue edged up 2.8 per cent year-on-year (YoY) to S$18.81 million, supported by new tenancy agreements and higher ad-hoc income such as reinstatement fees and recoverable property taxes. Pre-tax profit totalled S$4.85 million, versus a pre-tax loss of S$1.83 million in FY2025. Operating profit before finance items grew 22.9 per cent to S$14.59 million.

Property investment remained the sole operating segment. Direct operating expenses slipped 1.4 per cent to S$4.52 million as lower utility costs offset increases in property tax and maintenance charges. Net finance costs dropped 28.9 per cent to S$9.74 million, reflecting reduced interest rates and a S$64 million refinancing that lowered average funding costs. Staff expenses rose 4.9 per cent to S$1.64 million on higher headcount and wage increments.

MYP ended the year with S$134.10 million in cash and cash equivalents, up from S$90.47 million, after drawing a new S$64 million secured bank facility and repaying S$20.25 million to its shareholder. Net gearing (based on total borrowings less cash over equity) stood at about 91 per cent. The company reported positive working capital of roughly S$100 million.

Looking ahead, the board said the group is “closely monitoring” office-rental conditions and interest-rate trends, and will continue to seek value-accretive property investments while maintaining a “strong balance sheet”. No quantitative guidance was provided.

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