,Singapore

UOL net profit soars 211% to $91.3m in H1 2021

This is due to the increase in revenues of property development and the decline in fair value losses.  

UOL Group Limited recorded a 211% year-on-year (YoY) increase in net attributable profit to $91.3m in the first half of 2021, following a loss of $82.1m in the same period last year.

The increase is due to the significant revenue from property development attributable fair value losses on investment properties which narrowed to $16.9m from $185.8m.

During the period, the group’s revenue rose 31% to $1.2b, as property development increased 81% to $687.5m on higher progressive revenue from Avenue South Residence, The Tre Ver, and Clavon in Singapore, which was partially offset by lower revenue from Amber45 and V on Shenton in Singapore and Park Eleven in Shanghai, China.

Revenue from property investments jumped 5% YoY to $249.8m in the first half.

Revenue from hotel operations fell 8% YoY to S126.1m due to the impact of COVID-19 on the Singapore hospitality industry, whilst revenue from technology operations declined 9% to $107.9m due to lower sales of information technology services due to delays because of global supply constraints.

The group also saw a 41% drop in investment income to $17.5m due to a decrease in final dividends and the absence of special dividends from United Overseas Bank.

“Despite healthy demand in Singapore’s private residential market, we remain concerned about rising construction costs due to manpower shortage and supply chain disruptions. These challenges amplify the urgency to work towards strengthening the industry resilience,” UOL Group Chief Executive Liam Wee Sin said.

“The impact of the pandemic has also prompted rethinking on the usage, design and space requirements of the various real estate asset classes. There is a need for a more flexible planning approach to adapt and respond to changes such as hybrid working, accelerated online shopping, and the increased focus on health and well-being and climate change,” he added.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The sector scored 72.7/100 points in customer satisfaction in the Customer Satisfaction Index of Singapore.
The new system, set for implementation in 2022, will provide migrant workers with quality, affordable and accessible healthcare catered to their needs.
Four medical suppliers saw an average 48% increase in stocks as markets reacted to the new variant.
Their pre-departure tests in South Africa on 26 November were negative.
The new skills maps serve as a resource for training providers and financial institutions to design family office-related training.
Its high costs make the country a top choice for companies with higher-valued-added manufacturing.
HongKongLand had the most growth for the day.
It surpassed the Bloomberg consensus estimate of 14.5%.
The agreement aims to grow tourism and economic activities as borders reopen. 
It will also enter a loan agreement worth $210.6m.
The acquisition will be fully funded by cash through internal resources.
These countries are Cambodia, the Maldives, Sri Lanka, Thailand, and Turkey.
The decrease was driven by profit declines in their beer and non-alcoholic businesses.
Sources say the state-owned Chinese firm is in talks with advisers about the potential divestment.