OUE’s net profit drops 57.3% to $81.1m in FY23

Despite the decline, the company declared a special dividend of $0.02.

OUE reported an attributable profit of $81.1m in FY23, translating to a 57.3% YoY drop.

The company attributed the decrease to a lower share of results of equity-accounted investees, higher fair value losses recognised for investment properties, higher net finance expenses, and lower net write-back of impairment losses recognised on property, plant, and equipment.

Meanwhile, revenue for FY23 grew 26.9% to $623.1m from $491.1m in FY22 due to higher revenue contribution across all business segments, including real estate, which recorded a 25.5% YoY uptick ($419.9m).

The hospitality segment also improved, with revenues increasing by 44.0% to $205.4m from $142.6m in FY22.

In addition, the company’s healthcare segment grew 32.4% to $162.1m.

The company declared a final dividend per share of $0.01, topped with a $0.02 special dividend per share to celebrate OUE’s 60th anniversary.