Realising global ambitions
With Lim Ee Seng at the helm, FCL's assets have grown from S$5 billion in 2004 to almost S$17 billion this year.
A CALCULATED bet made more than 10 years ago by Singapore property developer Frasers Centrepoint Limited (FCL) to tether its growth to the real estate markets of China and Australia has paid off spectacularly under the stewardship of its group chief executive Lim Ee Seng.
Since he took over the CEO position in 2004, FCL's assets have grown from S$5 billion to almost S$17 billion this year. Meanwhile, the company's attributable profit before fair value changes and extraordinary items, grew at a compounded annual growth rate of 11 per cent over the same period.
In its latest results, the Singapore-listed company reported record revenue and pre-tax profit largely on the back of completed projects in Australia, China and the United Kingdom. Contributions from overseas properties to its profits, before accounting for interest and tax expenses, was 42 per cent or S$288.7 million in the 12 months to Sept 30, up from 13 per cent in the same period a year ago.
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