OUE Limited’s earnings up to $88.7m in H1 22

It went up by more than 100%.

SGX-listed firm and property developer OUE Limited reported more than 100% increase in its profit attributable to shareholders of $88.7m for the first half (H1) of 2022 compared to $30.1m from a year ago.

According to the group’s financial report posted on the bourse, its group registered a revenue of $198.7m in H1 2022 from $152m in H1 2021 which was attributed to higher contribution from business segments.

Its real estate revenue grew to $140.2m from $131.2m in H1 2021 because of higher gains from its hospitality division, which almost doubled to $50.3m from $25.8m.

“The increase was led by the opening of Hilton Singapore Orchard in February 2022, following major renovation works in 2021 as part of its rebranding exercise, as well as from higher contribution from Crowne Plaza Changi Airport fuelled by an increase in corporate and leisure travellers with the reopening of Singapore’s borders in April 2022,” it said.

Contrary to this, the investment properties division under the real estate segment posted a 14.6% decline in revenue to $89.9m. This was due to zero contribution from OUE Bayfront property following the divestment of 50% interest by OUE Commercial Real Estate Investment Trust (“OUE C-REIT”), in March 2021/