UOL net profit down 49% in FY2024

Revenue from property development decreased by 1% to $1.2b.

UOL Group Limited (UOL) reported a 49% year-on-year (YoY) decrease in net attributable profit to $358.2m due to the absence of gains from selling a property on Kitchener Road.

Revenue for the period increased 4% YoY to $2.79b on higher revenue from property investments and hotel operations.

Revenue from property development decreased by 1% to $1.2b on lower revenue from Clavon and the absence of contributions from Avenue South Residence.

However, revenue from property investments increased by 8% to $555.5m driven by better performance by almost all the group’s properties, mainly Singapore Land Tower.

Moreover, revenue from hotel operations rose 7% to $818.4m due to the opening of Pan Pacific Orchard and better performance by Pan Pacific Singapore.