Fuelled by strong growth across all business operations, UOL Group’s profit before fair value and other gains/losses surged 32 percent to S$727.8 million in the full-year ended 31 December 2011.
Pre-tax profit rose two percent to S$904.4 million, while attributable profit before fair value and other gains/losses climbed 22 percent to S$535.1 million.
Meanwhile, the company’s full-year gross revenue increased 45 percent to S$1.96 billion, attributed to higher recognition from the sale of projects launched in the past three years as well as the inclusion of revenue from PARKROYAL Serviced Suites in Kuala Lumpur and the PARKROYAL Melbourne Airport hotel, which was acquired in April last year.
“We are delighted that all our business segments performed well, recording strong growth in operating profitability. We continue to reap the fruits of our past efforts even as we position ourselves for future growth,” said Gwee Lian Kheng, Group Chief Executive of UOL.
UOL’s property development business continued to be the key driver of the growth, with revenue jumping 67 percent to S$1.39 billion, while property investment and hotel operations soared eight percent to S$160.3 million and 11 percent to S$360 million respectively.
During the period, the company made two acquisitions – the Hollywood Theatre near Paya Lebar MRT Interchange and the 13,740 sq m site at the former Lion City Hotel. In March, UOL along with Singapore Land secured a 46,632 sq m land parcel at Bedok Reservoir Road near the Bedok North Downtown Line MRT station. It also entered into a conditional agreement in December to acquire a 12,780 sq m freehold plot at St Patrick’s Garden.
“Our healthy capital position and diversified portfolio will help us ride out the subdued market. Adopting a cautious approach, we will seek out opportunities to selectively replenish our landbank in Singapore and overseas,” said Gwee.
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