UOL net profit surges 60% YoY to $491.9m in 2022

Its revenue also increased by 28% to $3.2b.

UOLGroup’s net attributable profit increased by 60% year-on-year (YoY) to $491.9m in 2022 due to the strong property development and hotel operations performance.

In a statement, UOL said the Group revenue rose 28% to $3.2b led by the development projects in Singapore and China which accounted for slightly over half of the total.

Property development revenue grew 26% to $1.98b on the back of gains from Clavon, The Watergardens at Canberra, and AMO Residence in Singapore. More units were also handed over for Park Eleven in Shanghai.

Its hotel operations skyrocketed by 97% YoY to $554.1m mainly due to the opening of new or refurbished hotels including Parkroyal Collection Marina Bay, Pan Pacific London, and Parkroyal Collection Kuala Lumpur due to the reopening of borders. Investment income also increased by 20% YoY to $51.3m.

The Group’s expenses, meanwhile, also rose with group marketing spending increasing 20% YoY to $139m, whilst its finance expenses jumped 90% to $128.3m.

“Going forward, we are mindful of the external uncertainties given the ongoing geopolitical tensions, persistent inflationary pressures, recession risks in some developed economies and rising business costs,” said UOL Group Chief Executive Liam Wee Sin.

“We are pursuing more AEI projects to strengthen our office portfolio to be better positioned to cater to tenants who are seeking more flexible space, living room concepts and sustainable features,” he added.

Follow the link for more news on

UOL Group Limited

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia