Wee Hur Holdings, the BCA Grade A1 builder and property developer, doubled its net profit to $16.3 million for its financial year ended 31 December 2009. This increase came about on the back of a jump in revenue by 63% to $206.9 million contributed from a number of major projects with high contract value in their matured completed stage of work.

The group also recorded an 88% jump in its gross profit to $28.9 million attributed to the higher revenue and an improvement in its gross profit margin by 1.9 percentage points from 12.1% in FY2008 to 14% in FY2009.

Wee Hur has closed FY2009 with cash and bank balances of $31.4 million and is proposing a final dividend of 1.5 cents per share. Together with the interim dividend, the total dividend for FY2009 amounts to 2.5 cents per share, a 25% increase over FY2008’s dividend payout.

Wee Hur says it is continuing to strengthen its order book. In addition to securing the $47.9 million project from the Housing & Development Board (HDB) to construct new lift shafts and upgrade of existing lift shafts and lift lobbies to existing HDB blocks, it has recently signed a supplementary agreement with Pacific Rover, a subsidiary of Ho Bee Investment, for additional works to the Trilight project at Newton Road, which include adding one level of basement car park and 53 apartment units. This supplementary agreement increases the contract value from $99.9 million to $128.7 million. As at end-FY2009, the group’s order book stood at $238.6 million with projects lasting till FY2013.

The group says it is also progressing well in its property development business. It has recently completed the acquisition of a 70% interest in the issued and paid-up share capital of Villas@Gilstead. This residential property development project adds to the group’s first foray into property development — the development of industrial strata-titled units on a purchased land parcel at Woodlands Industrial Park E5.