United Engineers' full-year earnings surge 64% to $118.1 million

Full-year earnings for property development conglomerate United Engineers (UE) soared 64 per cent to $118.1 million.

Revenue more than doubled, jumping 238 per cent to $2.01 billion from a year ago.

UE said on Friday that this surge was largely driven by the consolidation of WBL Group's revenue contribution at about $1.37 billion.

UE owned a 56.8 per cent stake in WBL as of March 29 last year.

Last month, it increased this to 67 per cent.

UE enjoyed increased rental takings from its income producing properties, revenue recognition from its condominium Eight Riversuites as well as higher contribution from its listed subsidiary.

It also registered a divestment gain of $115.9 million from the sale of UE BizHub East in the Changi Business Park.

Earnings per share firmed to 24.5 cents from 20 cents, while net asset value per share stood at $2.84 as of Dec 31, up from $2.75.

UE has proposed a cash dividend of five cents a share, a special dividend of two cents per share.

Separately, the company also said that Mr Norman Ip Ka Cheung will step down as chairman and member of its audit and risk committee from March 1. Taking over his role is Mr Koh Beng Seng.

UE shares closed 2.5 cents higher at $1.82 on Friday, before its full-year results were released.

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