Singapore-listed Chip Eng Seng Corporation’s net profit soared by 383.9 percent to $167.6 million in Q4 2014 from merely $34.6 million during the same period a year ago.
This brought its net profit for the entire financial year to $280.7 million, a jump of 282.6 percent from $73.4 million in FY2013.
As for revenue, it increased by 112.9 percent to $368.6 million in the last quarter of 2014 versus $173.2 million previously. Consequently, revenue for the whole year surged by 120.1 percent to $1.11 billion compared to $502.5 million in the preceding year.
“2014 marks a record year for us as we crossed our revenue milestone of $1 billion despite the challenging landscape we were operating in,” said the group’s Executive Chairman Lim Tiam Seng.
The significant rise in revenue last year is primarily credited to the stronger contribution from its property development arm, which chipped in $765.6 million versus $224.6 million in FY2013, following the completion of its Alexandra Central retail project in December 2014.
Other contributing factors include the progressive recognition of earnings from on-going developments like Junction Nine and Nine Residences (pictured), as well as the sale of remaining units in other completed projects.
Image source: celdevelopment.com.sg
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
