Mapletree posts 6.2% rise in FY22 profit to S$1.96b

MAPLETREE Investments’ net profit for the financial year ended March 31, 2022 grew 6.2 per cent year on year to S$1.96 billion on the back of a record year of recurring earnings as well as higher revenue.

In a press statement on Tuesday (May 31), the property developer and manager reported recurring earnings of S$810.2 million, up 27.9 per cent from the previous year. This was further boosted by about S$1 billion in property revaluation gains, said the group.

Private fundraising activity totalled about S$2.7 billion following the successful syndication of its office and logistics funds in the US.

Revenue grew 4.6 per cent year on year to S$2.9 billion, mainly boosted by new portfolio acquisitions as well as higher revenue contributions from the 4 Singapore-listed real estate investment trusts (Reits) managed by Mapletree.

The results translate to a 9.5 per cent rise in earnings before interest and tax (Ebit) plus share of operating profit or loss of associated companies and joint ventures (SOA) to S$2 billion.

Due to the increase in net profit after tax and non-controlling interests (Patmi), shareholder funds grew 10.5 per cent to S$19.5 billion. The group also maintained its return on equity (ROE) above 10 per cent.

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For the full year, Mapletree achieved total assets under management (AUM) of S$78.7 billion, representing a S$12.4 billion or 18.7 per cent increase from the previous year.

Chief executive Hiew Yoon Khong believes Mapletree’s capital management business has now “achieved the requisite scale and track record to capitalise on more opportunities” to accelerate the group’s AUM growth.

“With the easing of travel restrictions, rise in vaccination rates and reopening of economies, we foresee that the demand for quality office space and student accommodation will return,” added Hiew.