UOL net attributable profit inflates exponentially to $307.4m for FY2021.
Property development revenue increased by 67% to $1.6b.
Property and hospitality giant UOL reported an exponential increase of its net attributable profits, to $307.4m from $13.1m the previous year, for the full FY2021.
Pre-tax profit before fair value, meanwhile, totaled to $450.9m, up 2% from FY20’s $4438.2m.
Property development saw the biggest revenue increase at 67% to $1.6b on higher progressive revenue recognition from Avenue South Residence, The Tre Ver, Clavon, and The Watergardens at Canberra in Singapore . UOL's hotel operations also experienced a similar increase of 14% to $282m, mainly due to the reopening of ParkRoyal Collection.
Revenue from property investments and technology operations, meanwhile saw marginal dips to $502.2m and 13% to $197.3m, respectively.
“UOL has achieved a creditable set of results on the back of our resilient, diversified portfolio despite the ongoing COVID-19 pandemic. Although Singapore is moving towards endemic living, there are still underlying issues including rising business costs and supply chain disruptions,” commented Liam Wee Sin, Group Chief Executive, UOL Group.
As of 31 December 2021, increases were also seen in the UOL's funds to $10.2b, from $9.8 from the previous year, mainly due to fair value gains on financial assets at fair value. UOL’s gearing also dipped to 0.26, from 0.29 in the previous year.
A final dividend of 15 cents per share was proposed by the Board of Directors.