UOL net profit surges 60% YoY to $491.9m in 2022

Its revenue also increased by 28% to $3.2b.

UOLGroup’s net attributable profit increased by 60% year-on-year (YoY) to $491.9m in 2022 due to the strong property development and hotel operations performance.

In a statement, UOL said the Group revenue rose 28% to $3.2b led by the development projects in Singapore and China which accounted for slightly over half of the total.

Property development revenue grew 26% to $1.98b on the back of gains from Clavon, The Watergardens at Canberra, and AMO Residence in Singapore. More units were also handed over for Park Eleven in Shanghai.

Its hotel operations skyrocketed by 97% YoY to $554.1m mainly due to the opening of new or refurbished hotels including Parkroyal Collection Marina Bay, Pan Pacific London, and Parkroyal Collection Kuala Lumpur due to the reopening of borders. Investment income also increased by 20% YoY to $51.3m.

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The Group’s expenses, meanwhile, also rose with group marketing spending increasing 20% YoY to $139m, whilst its finance expenses jumped 90% to $128.3m.

“Going forward, we are mindful of the external uncertainties given the ongoing geopolitical tensions, persistent inflationary pressures, recession risks in some developed economies and rising business costs,” said UOL Group Chief Executive Liam Wee Sin.

“We are pursuing more AEI projects to strengthen our office portfolio to be better positioned to cater to tenants who are seeking more flexible space, living room concepts and sustainable features,” he added.