Roxy-Pacific Holdings net profit hits record S$58.3m in FY2012

Property Development segment contributed the most.

In a release, Roxy-Pacific Holdings Limited (Roxy-Pacific) announced that it achieved a record net profit of S$58.3 million for the full year ended December 31, 2012 (FY2012) and a record net profit of S$23.3 million in the fourth quarter ended December 31, 2012 (4Q2012), on the back of higher revenue contribution from the Property Development segment.

The Group achieved revenue of S$56.2 million in 4Q2012, 33% higher as compared to S$42.1 million for the fourth quarter ended December 31, 2011 (4Q2011). Revenue from the Property Development segment in 4Q2012 increased 50% from S$29.4 million in the fourth quarter ended December 31, 2011 to S$44.2 million in 4Q2012, largely due to higher revenue from Spottiswoode 18, Jupiter 18, Space@Kovan, Treescape and The MKZ. Overall, this segment contributed 79% of the Group’s turnover in 4Q2012.

Said Mr Teo Hong Lim, Executive Chairman and CEO of Roxy-Pacific: “Our strong financial performance was achieved through our focus on a good mix of property portfolio comprising residential, commercial and mixed-use developments. We continue to enjoy high earnings visibility, with progress billings of S$861.7 million to be recognised from 1Q2013 to FY2016. This is more than five times the attributable revenue achieved by our Property Development segment in FY2012, reflective of the successful execution of marketing strategies for our residential, commercial and mixed development projects.

“With the good performance in FY2012 and to reward our shareholders for their confidence and support in Roxy, we will be proposing a final cash dividend of 0.92 SGD cent per share at the next Annual General Meeting.”

Together with the Group’s first interim dividend since IPO in 2008 of 0.67 SGD cent per share in 2Q2012, the Group’s total dividend payout for FY2012 is 1.59 SGD cents, per share 20% higher compared to prior year.