UIC profits skyrocketed 186% to $490.4m in H1

Higher sales from trading properties, hotel operations and technology operations boosted earnings.

United Industrial Corporation’s (UIC) net profits rocketed 186% YoY to $490.4m in H1 from $171.4m in 2018, according to an SGX filing. Revenues also climbed 16% YoY to $404m from $348.1m over the same period.

The firm attributed the revenue growth to higher sales recognition from trading properties, hotel operations and technology operations.

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Profit before fair value and other gains also edged up 12% YoY to $136.2m, due to a larger contribution from its Shanghai project, Park Eleven, arising from handover of units in 2019. It was also supported by its UIC Building as it achieved full occupancy last January.

In Q2, net profits surged 268% YoY to $409.3m from $111.1m in the same period in 2018 whilst its revenues climbed 20% YoY to $218.7m. However, its profit before fair value and other gains dipped 10% YoY to $55.1m due to lower contribution from its Clement Copy residential project, which was fully sold last April.