Thakral Corporation Ltd posted a net profit attributable to shareholders of S$170.9 million for the 12 months ended 31 Dec 2025, up 493 percent year-on-year, driven mainly by S$173.8 million of fair-value gains recognised after two portfolio companies—GemLife and The Beauty Tech Group—listed during the year.
Revenue climbed 42 percent year-on-year to S$411.3 million. The board declared a second interim dividend of 3.5 Singapore cents a share, lifting total payout for FY2025 to 6.5 cents.
By segment, Lifestyle revenue expanded 29 percent to S$352.1 million, supported by steady demand for premium beauty and consumer electronics across Greater China and South Asia. Investment revenue surged 275 percent to S$59.2 million after the revaluation gains from the IPOs. Group operating profit more than doubled to S$55.1 million.
Within Lifestyle, profit rose to S$44.3 million, including the Beauty Tech revaluation; excluding one-off items, core Lifestyle profit increased 36 percent to S$14.8 million. In the Investment segment, profit before tax was buoyed by the IPO-related gains and higher contributions from associates, although share of profit from associates declined 30 percent to S$15.7 million.
On the property front, commercial assets in Osaka benefited from improving occupancy and rising room revenue at the Best Western Hotel, while ASX-listed GemLife guided for a 20–27 percent earnings increase in FY2026, enhancing visibility for Thakral’s stake.
Strategic initiatives for FY2026 include opening 20-30 DJI retail outlets across India and neighbouring countries, expanding Nespresso boutiques in major Indian cities, and scaling Bharat Skytech’s component manufacturing for agricultural and enterprise drones starting May 2026. The group also seeks shareholder approval to raise its interest in a 21-acre mixed-use, healthcare-led development in Gurugram, India, to 95.28 percent for S$93.9 million.
Group chief executive and executive director Inderbethal Singh Thakral said the Lifestyle arm is projected to grow by about 25 percent in FY2026, while the Nespresso distribution business is expected to reach profitability by FY2027. He noted that stronger rental income from the Japan property portfolio and progress on the India development should underpin medium-term earnings, adding that the company will keep “unlocking value” through disciplined capital allocation and expansion of its operating platforms.