UOL H1 net profit rises 23% to S$252.2 million on joint venture profits
Revenue falls 7% year on year to S$1.4 billion from S$1.5 billion
UOL Group, a Singapore-based property developer, reported a 23% rise in net profit to S$252.2 million for the first half of 2026, despite a 7% decline in revenue to S$1.4 billion. The company attributes the profit growth to successful residential sales across its projects, strong rental reversions in commercial portfolio and steady hospitality business, despite global travel uncertainty.
UOL's chief executive, Liam Wee Sin, highlighted the group's resilience and momentum, driven by Singapore's safe haven status and strong residential sales. The company's chief financial officer, Eric Ng, explained that the revenue decline is due to increased use of joint ventures, which lower revenue but increase earnings from joint ventures.
The proposed redevelopment of Marina Square, which includes a new residential tower, will be funded through a mix of internal resources and portfolio management proceeds. UOL's net asset value per share rose 2% to S$14.20, and shares ended the day up 2.4% at S$10.17.
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