For the FY2020 ended December, property developer Tuan Sing saw earnings of $52.4 million, 55% higher than earnings of $33.7 million the year before.
FY2020 net profit was up by 78% y-o-y to $59 million, with its property segment resilient throughout Covid-19.
Increased occupancy at 18 Robinson, together with higher contributions from Singapore development properties, drove the group’s property segment revenue higher to $129.9 million in FY2020 compared to $109.0 million in FY2019.
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This was offset by lower revenue from the Hotel Investment and Industrial Services segments due to the impact of the Covid-19 pandemic. As a result, revenue fell 37% y-o-y to $196.8 million for the full year ended Dec 31, 2020.
Earnings per share stood at 5.0 cents in FY2020, up from 2.8 cents in FY2019.
Cost of sales fell to $148.24 million in FY2020 from $239.15 in FY2019.
Gross profit was $48.6 million as compared to $71.5 million in FY2019, a decrease of $22.9 million mainly due to losses from the Hotels Investment segment.
Other operating income was $28.5 million as compared to $5.5 million in FY2019, an increase of $23.0 million. The increase was attributable mainly to the reversal of accruals for development costs previously capitalised and the receipt of various government Covid-19 support measures.
In Australia, the Group received JobKeeper Payment of $11.7 million. In Singapore, the Group received Jobs Support Scheme of $1.7 million, property tax rebate of $2.4 million and government cash grant of $1.2 million.
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As at Dec 31, 2020, the Group had cash and cash equivalents of $198.4 million, more than doubling from the $89.0 million reported a year ago.
Total borrowings fell 14% y-o-y in FY2020 to $1.46 million, while net gearing fell to 1.25 times in FY2020 from 1.53 times the year before.
The board has proposed a first and final dividend of 0.6 Singapore cents per share and the Tuan Sing Scrip Dividend Scheme implemented since 2009 will be applicable to this proposed dividend.
Shares in Tuan Sing closed 0.5 cents higher, or 1.56% up, at 32.5 cents on Feb 26.
