Sing Holdings revenue soared 118% to $103.4m

Cash dividend is likely 1.0 cent.

According to a release, Sing Holdings posted a creditable set of results for the financial year ended 31 December 2012.

Profit attributable to its shareholders rose to S$41.1 million for FY2012, an 87% jump compared to the preceding financial year.

The Group recorded a robust 94% increase in revenue to S$290.5 million for FY2012, on the back of higher revenue recognition from its development project.

As at the date of its announcement, about 96% of the units in The Laurels at Cairnhill Road have been sold. Having recognised 70% of the contracted sales of the project, the Group will record the balance progress billings of approximately S$206.4 million in the next financial year.

For the quarter ended 31 December 2012, the Group similarly reported a strong growth with profit attributable to shareholders at S$13.8 million, a 75% increase as compared to the same quarter in the preceding year.

Revenue rose by 118% to S$103.4 million. Commenting on the Group’s results, Mr Lee Fee Huang, Executive Chairman of Sing Holdings, said, “We are pleased to deliver yet another set of strong results for FY2012.

As such, the Company is proposing a first and final cash dividend of 1.0 cent and a special dividend of 0.6 cent per ordinary share for FY2012.

However, the year ahead is expected to be challenging, with the uncertain macroeconomic conditions and the latest round of property cooling measures.

With our established track record and healthy financial position, we believe that we have the experience and resilience to ride through the difficult times and are able to capitalise on opportunities that may surface.”

The Group’s earnings per share made a remarkable increase from 5.50 cents in FY2011 to 10.26 cents in FY2012. Its net asset value per share scaled 22% year-on-year to 50.68 cents as at FY2012.