SINGAPORE (Feb 20): Property developer OUE Limited has reported earnings of $255.2 million for FY2019, up from $10.0 million a year ago, on the back of a 4.8% y-o-y increase in revenue to $930.8 million. 

However, its full year dividend of six cents, which includes one cent interim already paid, is half of the 12 cents it paid for FY2018.

For FY2019, OUE’s higher revenue was largely from its property development business, which ended FY2019 with revenue of $349.6 million, up from just $65.9 million in FY2018. 

During the year, OUE recognised sales of units at its luxury residential development OUE Twin Peaks, as well as a development at 26A Nassim Road.

Its investment properties division, on the other hand, recorded a revenue of $287.6 million, up 4%. 

OUE’s hospitality division, meanwhile, grew its revenue by 1.9% to $241.2 million, thanks to higher occupancy rates at Crowne Plaza Changi Airport.

Revenue of the company’s healthcare division was barely unchanged – up just 0.4% to $31 million.

OUE breaks out its remaining miscellaneous business into a category “Others”. This category saw a 35% y-o-y drop in revenue to $21.4 million, as it did not enjoy dividend income from investments.

This coming year, OUE expects “significant challenges” as a result of the Covid-19 outbreak.

Its commercial properties will see slowing growth in office rental it can command as demand is moderating even with limited new supply in the near future.

On Feb 20, OUE shares closed at $1.44, up one cent.