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Singapore-listed developer Oxley Holdings has reported a significant improvement in its financial results for the fiscal year 2025, thanks to higher revenue, lower costs and reduced financing expenses.
For the 12 months ended June 30, the company recorded a net loss of $6.1 million, a significant improvement from the loss of $95.9 million recorded in the previous fiscal year.
Revenue for the second half of fiscal 2025 surged 59.8% year-on-year to $198.3 million, bringing total revenue for the fiscal year to $313.6 million, an increase of 8.7% from the previous fiscal year.
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During the fiscal year, the group generated net operating cash inflows of $75.7 million, supported by revenue from its hotels, rental income and progressive billing from its overseas projects.
Furthermore, the group managed to reduce its debt levels by $126.2 million during the fiscal year. As of June 30, its bank borrowings and fixed-rate notes stood at $1.243 billion, with $1.155 billion secured. After redeeming $88 million of unsecured debt after the reporting period, the group no longer has any unsecured borrowings.
Another positive development is the completion of Oxley Holdings’ flagship project, Oxley Towers Kuala Lumpur City. The group expects to hand over its first residential units as early as September. It anticipates collecting RM200 million in proceeds from committed sales, followed by an additional RM60 million in the next 12 months and RM32 million in 2027. The group still holds RM550 million worth of unsold inventory.
“Encouragingly, we have seen an increase in transaction volumes in recent months following the completion of the project,” says the developer, while adding that it aims to clear its inventory within the next six to 12 months.
Meanwhile, renovation works are ongoing for the hotel components of its Kuala Lumpur project, and operations are expected to begin in the near term. In Singapore, Oxley’s two hotels achieved a combined average occupancy rate of 86%, while the Shangri-La Hotel in Cambodia recorded 52% occupancy since its soft launch. Collectively, these properties generated hotel revenue of $59.4 million in fiscal 2025, compared to $58.2 million in the previous fiscal year.
The group plans to strategically reposition its business, with an intention to exit investment properties and hotel development, and focus exclusively on property development. It has expressed its willingness to divest its hotel portfolio at the opportune time.
“This strategic shift will enable us to concentrate our resources on markets and segments where we have a strong competitive advantage,” says executive chairman and CEO Ching Chiat Kwong. “By focusing on our core development business and divesting non-core assets, we are positioning the group to stay agile, capture growth opportunities and create sustainable value for our stakeholders.”
With this repositioning, Oxley will concentrate on its core markets, which include Singapore, the United Kingdom and Ireland, while gradually exiting emerging markets such as China, Cambodia and Malaysia once ongoing projects in these locations are completed.
Oxley’s flagship project Oxley Towers KLCC has received its Certificate of Completion and Compliance and the group has started handing over the keys to buyers (Picture: Oxley Holdings website)
“Proceeds from these divestments will be strategically deployed to support our core development activities, including participating in tenders for local land and accelerating the Dublin Arch project in Ireland,” says the group.
Oxley said that the current low-interest-rate environment is favourable for future developments, and it expects significant savings in interest costs.
As of Aug 29, Oxley’s shares were trading at 10 cents, down 0.97% for the day, but up 45.71% year-to-date. At this level, the counter is roughly half its net asset value of 19.6 cents per share as of June 30.
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