Financials

Condensed Interim Financial Statements and Dividend Announcement for the six months ended 30 June 2024

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Condensed Interim Financial Statements and Dividend Announcement for the six months ended 30 June 2024

Condensed interim consolidated statement of profit or loss and other comprehensive income

Condensed interim statements of financial position

Group Financial Performance

The Group’s income is primarily derived from the realisation and/or revaluation of its investments and fee income.

For the six months ended 30 June 2024 (1H2024), the Group reported total comprehensive income of S$5.8 million mainly attributed to:

(i) Fair value gain on equity investments at FVTPL of S$5.84 million;
(ii) Other operating income of S$2.66 million; and
(iii) Fair value gain on debt investment at FVTPL of S$0.5 million.

The gains were offset partially by:

(iv) Operating expenses of S$3.3 million.

Net Asset Value ("NAV")

The Group’s NAV as at 30 June 2024 was S$124.58 million (representing a NAV of S$0.52 per share), an increase of S$3.38 million from the NAV of S$121.2 million (S$0.50 per share) as at 31 December 2023.

The increase in the Group’s NAV of S$3.38 million was primarily attributed to a fair value gain of S$5.08 million on equity investments at FVTPL and a fair value gain of S$0.5 million on debt investment at FVTPL. The increase was partially offset by a dividend payment of S$2.42 million for the financial year ended 31 December 2023.

Commentary

In tandem with the positive growth outlook in Southeast Asia’s economies, private equity activity in Southeast Asia has demonstrated good momentum as deal activity picks up in the region in the first quarter of 2024. However, macroeconomic uncertainties, including geopolitical conflicts and tensions, and ongoing fragility in the global markets could pose challenges to the region. Despite these hurdles, promising opportunities in key sectors across Southeast Asia, including healthcare and technology, have been shortlisted by private equity investors as such investments and other deal flows fell to a five-year low in 2023.

Deal-making in Asia is expected to rise in 2024, driven by factors including competitive valuations and the region’s generally less onerous regulatory environments. Greater certainty on macroeconomic factors such as interest rates, compared to a year ago should support an uptick in deal activity. To unlock a resurgence in deal activity, it is essential to divest aged assets and demonstrate operational improvements in PE-owned assets, as depending solely on macroeconomic trends will no longer suffice.

To seek long term returns for shareholders, TIH will continue to monitor the market vigilantly to identify investment opportunities and capitalise on investment opportunities as they arise. Simultaneously, TIH will leverage on the Group’s network of partnerships in Southeast Asia and Greater China to strengthen market position and access to valuable investment opportunities.