Thakral has posted earnings of $170.9 for the FY2025 period ended Dec 31, 2025. This is a five-fold jump from earnings of $28.8 million last year. This came on the back of a 42% y-o-y increase in total revenue (lifestyle segment and investment segment) to $411.3 million, with both segments showing meaningful growth.
The lifestyle segment gained 29% y-o-y to $352.1 million, led by consistent and strong demand for the group's premium lifestyle products across Greater China and South Asia. The group's lifestyle segment includes business in the spaces of beauty, drones and coffee.
The investment segment gained 275% y-o-y to $59.2 million, mainly from the post-IPO valuation gain recorded on the GemLife shares.
In Japan, the group’s commercial properties in Osaka continue to benefit from improving rental momentum and declining vacancy rates. With profit-sharing arrangements at the Best Western Hotel now exceeding minimum revenue thresholds, the group is entitled to a 30% revenue share, which is expected to contribute positively to earnings and valuations through FY2026. These assets provide the group with a stable base of recurring income and enhance earnings resilience.
For the 2HFY2025 period, earnings too saw a large jump of 242% y-o-y to $61.6 million, while total revenue was 56% higher y-o-y at $250.8 million.
The group has declared a second interim dividend of 3.5 cents per share. This brings the total dividend for FY2025 to 6.5 cents, representing 20% of earnings and translating to a dividend yield of 4.1%.
See also: Innotek reports lower earnings of $2.0 mil for FY2025, down 65.6% y-o-y
The group achieved two significant milestones in FY2025 – the listing of its investee companies GemLife and The Beauty Tech Group in Australia and London, respectively. After the IPOs, the securities have continued to perform well, closing the year at 22% higher than the price at IPO for GemLife and 7% higher for The Beauty Tech Group, leading to fair valuation gains for Thakral.
In 2024, the group made a strategic entry into India’s high-growth corridors – Gurugram. It currently has a 95.28% stake in a 21-acre mixed-use healthcare-led development site in Gurugram, part of National Capital Region. The site, with over 2.5 million sq ft of development potential, will feature a hospital, health and wellness centre as well as residential components. Through this initiative, the group aims to establish a balanced mix of recurring income and development revenue.
“Our lifestyle segment continues to be a key growth driver, with projected expansion of 25%, while our Nespresso business is scaling well and remains on track to achieve profitability by FY2027. We also expect meaningful earnings uplift from our Japan property portfolio and are making meaningful progress on our development initiatives in India, which will support our longer-term growth pipeline. In addition, our investment portfolio, including our stake in GemLife continues to perform strongly. Overall, we believe the group is well positioned, with a balanced portfolio of operating businesses, development projects, and investments that will support sustainable growth and value creation over the medium term," says group CEO and executive director Inderbethal Singh Thakral.
Shares in Thakral closed at $1.74 on Feb 26.
