OUE revenue soars 63.3% in FY2022

The increase was due to higher contributions from their Hospitality division.

OUE Limited recorded a 63.3% revenue growth for the full fiscal year (FY2022) ended 31 December 2022.

In their financial report, the company earned $491.1m in revenue from $300.8m in the previous fiscal year (FY2021).

Because of the change, their profit attributable to shareholders in FY2022 closed to $189.9m, compared to $80.9m from FY2021.

According to the report, the higher contributions from their Hospitality division, which was offset by the lower contribution from their Investment Properties division, are the cause behind the growth in their revenue.

“The Hospitality division reported a 147.7% surge in revenue to S$142.7 million as a result of the successful rebranding of Hilton Singapore Orchard and higher contribution from Crowne Plaza Changi Airport on continued recovery of the tourism and meetings, incentives, conventions, and exhibitions (“MICE”) sectors,” the report said.