The group saw higher operating profit from property investments and hotel operations, higher finance income and lower share of losses from associated and joint ventures for the year.

UOL Group has reported earnings of $358.2 million for the FY2024 ended Dec 31, 2024, down 49% y-o-y. The group similarly reported lower 2HFY2024 earnings of $227.8 million, down 60% y-o-y. 

Earnings per share for FY2024 came in at 42.39 cents per share. 

UOL’s revenue for the FY2024 came in 4% higher y-o-y at $2.79 billion, and revenue for the 2HFY2024 came in 16% higher y-o-y at $1.52 billion. This increase was mainly due to higher revenue from property investments and hotel operations.

The decline in earnings was due to the absence of a large one-time gain from the sale of PARKROYAL on Kitchener Road in October 2023. 

For FY2024, group pre-tax profit before fair value and other gains was up 12% to $533.8 million, owing to higher operating profit from property investments and hotel operations, higher finance income, and lower share of losses from associated and joint venture companies.

Fair value gains on the group’s investment properties rose 125% to $45.4 million as compared with FY23 because of higher valuations for Singapore properties. This was partly offset by a decline in valuations for properties in the United Kingdom and Australia.

Meanwhile, group revenue increased 4% y-o-y for FY2024 due to higher revenue from property investments and hotel operations. 

Revenue from property development decreased 1% y-o-y to $1.20 billion on lower revenue from Clavon which obtained its Temporary Occupation Permit (TOP) in April 2024 and the absence of contributions from Avenue South Residence which obtained its TOP in July 2023. This was partly offset by new revenue recognition from Watten House and MEYER BLUE, as well as higher progressive revenue recognition from Pinetree Hill. 

Revenue from property investments was up 8% to $555.5 million mainly on the better performance by almost all the group’s properties, mainly Singapore Land Tower, The Gateway, Novena Square and United Square. There were also new contributions from PARKROYAL Serviced Suites Jakarta which opened in January 2024 and Odeon 333 which obtained its TOP in May 2024. 

Revenue from hotel operations rose 7% to $818.4 million due mainly to the opening of Pan Pacific Orchard in June 2023 and better performance by Pan Pacific Singapore which was undergoing renovations until July 2023. This was partly offset by the sale of PARKROYAL on Kitchener Road in October 2023.

The group’s net gearing ratio remained stable at 0.23 as at Dec 31, 2024. 

As at Dec 31, 2024, the group’s shareholders’ funds increased to $11.53 billion due mainly to profit for the year and fair value gains on investments in quoted equity shares held by the group. 

This was partly offset by the payment of dividends to shareholders. Consequently, the net tangible asset per ordinary share increased to $13.61.

Shares in UOL Group closed 12 cents lower or 2.214% down at $5.30 on Feb 27.