OUE reported net profit $88.7 million for the six months to June 30, its 1HFY2022, up almost threefold y-o-y.
Revenue rose by 30.7% y-o-y to $198.7 million due to higher contributions from all segments. The real estate segment grew 6.9% to $140.4 million; hospitality nearly doubled to to $50.3 million on the back of the reopening of Hilton Singapore Orchard (the former Mandarin Orchard) in February 2022. Crowne Plaza Changi Airport announced higher contributions fuelled by an increase in corporate and leisure travellers with the reopening of Singapore’s borders in April 2022. The Investment Properties division recorded a 14.6% dip in revenue to $89.9 million due to an absence of contribution from the OUE Bayfront following the divestment of 50% stake by OUE subsidiary, OUE Commercial REIT in March 2021.
The Healthcare segment rose more than threefold to $44.5 million mainly due to contribution from First REIT which was accounted for as a subsidiary from March 1, 2022.
Elsewhere, share of results from equity-accounted investees rose 30.1% to $77.6 million, due to contribution from Auric Digital Retail following its acquisition of an approximately 32% stake in PT Matahari Department Store Tbk in July 2021,
Net asset value stood at $4.39 as a June 30, down marginally from Dec 31, 2021. OUE closed at $1.31 on Aug 10, representing a P/NAV of 0.30x.
