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UOL reported a 13% increase in attributable profit before fair value and other gains (operating PATMI) to $314.2 million for FY24. The increase was due to the strong performance of all business segments.

Net attributable profit (PATMI) declined 49% to $358.2 million as compared with FY23. The decline was due to the absence of a large one-time gain from the sale of PARKROYAL on Kitchener Road in October 2023.

Group pre-tax profit before fair value and other gains was up 12% to $533.8 million as compared with FY23, owing to higher operating profit from property investments and hotel operations, higher finance income, and lower share of losses from associated and joint venture companies.

Arising from the stronger operating PATMI, the Board has proposed a first and final dividend of $0.18 per share for the financial year ended 31 December 2024.

On 27 February 2025, the panel comprising UOL Group Chief Executive Liam Wee Sin, Singapore Land Group Chief Executive Officer Jonathan Eu, PPHG Chief Executive Officer Choe Peng Sum, UOL Chief Financial Officer Ng Tiang Poh Eric, UOL Chief Operating Officer Neo Soon Hup, and UOL Chief Investment Officer Shirley Ng, briefed about 50 journalists, analysts, and staff in-person on the results.

Mr Liam said: “We recorded a good set of results across all business segments in 2024. Despite ongoing uncertainty in the global economy, geopolitical tensions, and the unpredictable trade and policy changes, we remain cautiously optimistic for the year ahead.

“Delivering quality products has been a strong focus and key driver of our success. We will unveil the private launch of UPPERHOUSE at Orchard Boulevard in mid-2025, followed by the Holland Drive development in the third quarter of 2025, both in highly sought-after and prestigious locations,” he said.

UOL engaged media and analysts at the FY24 results briefing.