UOL Group sees 12% YoY rise in FY23 net earnings

The group’s overall revenue fell which was partially offset by strong performance from its hotel operations.

UOL Group’s revenue dipped 16% year-on-year (YoY) to $2.7b in 2023, compared to the $3.2b in 2022. The contraction was primarily due to lower revenue from property development, partially offset by increased revenue from hotel operations. Likewise, net profit climbed 12% YoY to 862.5m.

Revenue from property development saw a significant decrease, down 39% YoY, which was mainly due to lower contributions from various projects, partially offset by higher progressive revenue recognition from other projects.

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Revenue from hotel operations surged 38% YoY, influenced by improved global travel conditions. Investment income for the year was $16.5m or 32% higher YoY, in light of increased dividends from quoted equity investments.