Frasers Property saw net profit increase to $833.1 million, up from $188.1 million in 2020.
Frasers Property Limited saw its net profit for the full year ended 30 September 2021 increase to $833.1 million from $188.1 million in the previous year.
The company attributed the hike in profit to strong contributions from its industrial and logistics businesses, “including gains from valuation uplift and a one-time gain from reclassification of a portfolio of industrial and logistics properties, on the back of the group’s strategic focus on growing its industrial and logistics portfolio”.
Revenue increased 4.6% year-on-year to $3.76 billion, from $3.6 billion previously.
“With sector tailwinds, industrial and logistics continues to be a bright spot, which strongly contributed to the group’s financial performance in FY2021. Several business segments remain affected by the COVID-19 pandemic, especially our hospitality business, although it is starting to show some green shoots,” said Frasers Property Group CEO Panote Sirivadhanabhakdi.
He expects the prolonged uncertainties surrounding the global economic activity to persist “as the world transitions to an endemic COVID-19 environment”.
“The ongoing strengthening of our business platforms and capabilities development are key focus areas, to ensure we have the right aptitude and fortitude to ride through the challenging operating environment.”
He added that Frasers Property will continue to be proactive in optimising its capital structure for it to remain agile and well-positioned to maximise the potential of its businesses.
For FY2021, the company’s board of directors proposed a dividend of 2.0 Singapore cents per share, up from last year’s 1.5 Singapore cents.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: firstname.lastname@example.org.