SINGAPORE (Feb 27): SUTL Enterprise saw FY16 earnings more than doubled to $3.9 million from $1.6 million ago on to divestment of its legacy IT peripherals business to focus on its new marina-related business.

This was on the back of revenue which increased 2% to $28.2 million.

It has proposed a maiden dividend of 2 cents for the full year, representing a dividend payout ratio of 44.9% of net attributable profit.

Revenue rose 9% to $8.1 million in 4Q16 mainly due to higher F&B sales and berthing income.

This resulted in the 4Q16 earnings of $2 million, compared to $0.8 million a year ago.

As at Dec 31 2016, SUTL Enterprise’s financial standing remained strong with zero borrowings and cash and cash equivalents of $41.3 million.

Since June 2015, the group had expanded the number of marinas under its ONE°15 brand from one to four.

In February 2016, the group formed a JV Company to develop marinas in Puteri Harbour, Iskandar Malaysia, Johor. The marinas will comprise two private marinas and a public marina and are expected to carry the ONE°15 brand.

Most recently in September 2016, the group secured contracts to provide management and consultancy services to two to-be-built marinas in Pantai Mutiara Marina in Jakarta, Indonesia and Guishan in Zhuhai, China.

Looking ahead, the group is actively seeking opportunities in the integrated marina business including the acquisition of suitable marina assets.

Shares of SUTL Enterprise closed 1 cent higher at 64 cents on Friday.