UIC FY16 profit gains 10% to S$286m on sales from V on Shenton, Alex Residences

UNITED Industrial Corp's (UIC) net profit rose 10 per cent to S$286 million in 2016 as it recorded higher sales from its residential projects.

For the 12 months ended Dec 31, earnings per share was 17.6 Singapore cents excluding fair value gains on investment properties, and 20.2 Singapore cents when those gains were included.

UIC, a property developer and investment company, is declaring a first and final dividend of three Singapore cents per share. Its stock closed at S$2.98 on Friday.

Revenue rose 28 per cent to S$1.04 billion during the year as revenue recognised from the sale of trading properties jumped 77 per cent to S$516.3 million. The key properties driving that growth were the residential projects V on Shenton and Alex Residences.

Share of joint ventures' results almost dried up, falling to S$1.1 million from a year-ago S$29.1 million following the completion of the Thomson Three and Archipelago project.