SINGAPORE Land Group (SingLand) reported a net profit of S$180.5 million in the second half ended Dec 31, up 76 per cent from S$102.4 million in the year ago period.
Revenue rose 9 per cent to S$390.5 million in H2 from S$358.7 million in the year before.
Earnings per share, excluding fair-value gains on investment properties, rose to S$0.093 from S$0.07.
For the full year, the group’s net profit stood at S$284.2 million, up 5 per cent from the year before. Revenue rose 7 per cent to S$732.4 million.
SingLand said the increase came mainly from higher revenue from hotel operations, which rose by S$24.8 million, reflecting the continued growth in Singapore’s hospitality sector.
The Pan Pacific Singapore, which was closed for renovation from August 2022 to May 2023, became fully operational in 2024, the group noted.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Revenue from investment properties went up by $26.6 million from an improved performance by the group’s portfolio of commercial properties, particularly Singapore Land Tower, it said.
A dividend of S$0.045 was declared, up from S$0.04 in the previous year.
SingLand said that Singapore’s hospitality sector is expected to remain stable for 2025, bolstered by the government’s concerted efforts in boosting tourism and paving the way for wider MICE (Meetings, Incentives, Conferences and Exhibitions) and business opportunities.
It added: “The Singapore office sector is expected to remain resilient in 2025, given the limited pipeline of new supply. The prime retail sector is expected to remain healthy, as Singapore remains attractive to global brands. Suburban malls, with limited supply and strong support from immediate catchments, will continue to enjoy strong occupancy and rental rates.”
The counter closed down S$0.01 or 0.5 per cent at S$1.92 on Tuesday before the announcement.
