UOL (U14) H2 2024 earnings summary

Executive summary

• Operating PATMI rose 13% YoY to $314.2m, supported by property investments and hotel operations; reported PATMI fell 49% to $358.2m after the FY2023 one-time sale gain.

• Portfolio activity included the Stamford Court divestment, residential site replenishment and a January 2025 acquisition of a 50% stake in a Sydney commercial property.

Financial highlights

• FY2024 revenue increased 4% YoY to $2,794.8m; profit from operations rose 12% to $533.8m.

• PATMI was $358.2m versus $707.7m; EPS was 42.39 cents versus 83.76 cents, mainly reflecting the absence of the FY2023 PARKROYAL on Kitchener Road sale gain.

• Operating PATMI rose 13% to $314.2m, supported by property investments and hotel operations, higher finance income and lower associate and JV losses.

• Marketing expenses rose 10% to $126.3m, driven by higher residential project selling expenses.

Outlook and guidance

• UPPERHOUSE at Orchard Boulevard is targeted for launch in 1H2025; Holland Drive is targeted for 3Q2025.

• Residential sales momentum is expected to benefit from Singapore’s economic growth and low unemployment; launch outcomes depend on local supply-demand, location and transport links.

• Office and retail markets are expected to remain resilient or healthy; suburban malls benefit from local demand and limited supply.

• Singapore hospitality is expected to remain stable, supported by plans to grow business events and leisure activity.