GuocoLand profit ‘more than doubles’ to $392.7m in 2022

This reflects a 132% growth during the period.

GuocoLand reported its profit attributable to equity holders ‘more than doubled” after it grew 132% to $392.7m in the full year ended June 2022.

Over the same period, its revenue rose 13% to $965.5m, which was supported by the Group’s property development and property investment business.

Its property development and property investment business saw a 12% and 10% growth, respectively.

“Our strategy to diversify the Group’s profit sources through growing our investment business in addition to development business is delivering results,” Cheng Hsing Yao, CEO of GuocoLand Group, said.

“As Guoco Midtown completes in stages, it will further boost our recurrent income.”

Across its segments, GuocoLand’s Singapore operations accounted for more than 70% of its revenue.

Moreover, GuocoLand China’s revenue stood at $105.4m, mainly due to the sale of two low-rise office blocks in Guoco Changfeng City in Shanghai; whilst GuocoLand Malaysia’s revenue amounted to $128.3m.

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