Frasers Property Limited posts $833m attributable profit in FY21

Thanks to its gains from its industrial and logistics properties.

Frasers Property Limited posted a boost of attributable profit in the financial year 2021 at $833m from $188.1m in the financial year 2020.

Its revenue increased by 4.6% year on year to $3.8b. Its profit before interest, fair value change, taxation, and exceptional items was up 14.4% to $1.42b.

This can be attributed to strong contributions from industrial and logistics. Included in this are gains from valuation uplift and reclassification of the company’s portfolio. 

“With sector tailwinds, industrial and logistics continue to be a bright spot, which strongly contributed to the group’s financial performance in FY21. 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 CEO Panote Sirivadhanabhakdi.

Around 313,000 square meters of industrial and logistics were completed by the company. Included in this, as well, are commercial and business park development projects. Over 663,000 square meters, meanwhile, are in the development pipeline going forward. 

The group also completed a rights issue exercise in the same year, raising $1.16b in net proceeds. These proceeds will be used to fund a development pipeline aimed at giving the group an increased chance to explore the industrial and logistics segment. Approximately $171m of the proceeds from the rights issue have been used. 

Some $1.9b of green or sustainable financing was also raised across the company. Overall, around $6b of green or sustainability linked loans have been raised since its initial loan on 18 September.