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.

Also read: UIC increases stake in Marina Centre Holdings for $485m

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.

Also Read

One Sophia sells 30% of units at weekend launch

Turf City sites could deliver up to 800 public housing units: Huttons

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit