As the property market conditions toughen, Oxley Holdings, a Singapore-listed company, recorded a surge in annual net profit by 123% for FY2016 that ended on June 30, according to the groups SGX filing.
The profit after tax and minority interests also increased by 162% to $206m from what was recorded in the previous year.
The gain is attributed to the increased revenue by 40 % to $981.4m whose source is Ecotech @ Sunview which is an industrial project, investment properties as well as 8 mixed-use and residential projects.
Another positive indicator is the gearing ratio which reduced to 2.8 times from 3.1 recorded last year. Further reductions are expected next year based on the strong revenue to be realized when Oxley Tower in Singapore is completed. Additional revenue of about £400 million or S$ 715 m is expected in the financial year 2017 from London’s Royal Wharf progressive completion of phase 1 and subsequent handover to buyers. Royal Wharf is waterfront development in London E16 that Oxley Holdings is building in a joint venture with Ballymore Group.
“Oxley has $3 billion of unbilled contract. Also, the completion of Royal Wharf phase 1 and Singapore developments in the next one year will enhance the group’s cash position,” said Ching Chiat Kwong, CEO and Executive Chairman Oxley.
The group also has developments in Ireland of 7 residential and 4 commercial blocks. The construction has started with completion being targeted for 2019.
The group has plans to launch Oxley Convention City in Yangon this year and then follow it up in 2017 with Min Residences.
“In the past financial year, we have experienced a number of breakthroughs and achieved milestones in projects that are overseas in Ireland, UK, and Cambodia. This combined with contributions from projects in Singapore has enabled Oxley to deliver another successful year of growth,” added Ching Chiat.