SINGAPORE (EDGEPROP) - Catalist-listed SLB Development has reported earnings of $16.6 million for the 2HFY2022 ended May, 91.8% higher than the earnings of $8.7 million in the same period the year before. SLB Development is the property development subsidiary of construction firm Lian Beng Group.

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This has brought the property developer’s earnings for the FY2022 to $29.1 million, more than double the $14.0 million in earnings for the FY2021. Earnings per share (EPS) for the 2HFY2022 and FY2022 stood at 1.56 cents and 2.88 cents respectively.

2HFY2022 revenue surged by 126.7% y-o-y to $52.9 million mainly due to the increase in revenue recognised from INSPACE as more units were sold during this period. This was offset by lower revenue recognised from Mactaggart Foodlink as the project had obtained its temporary occupation permit (TOP) in March 2021.

Gross profit surged some 3.3 times to $14.6 million in the 2HFY2022 from the $4.4 million in gross profit in the 2HFY2021 due to the higher revenue.

2HFY2022 share of results of joint ventures and associates increased by 83.6% y-o-y to $9.7 million due to the higher development profits recognised from Affinity @ Serangoon and Riverfront Residences as additional units were sold and as the respective projects’ construction progressed.

For the FY2022, the group’s revenue surged by 119.0% y-o-y to $92.8 million mainly thanks to the higher revenue recognised from INSPACE and offset by Mactaggart Foodlink.

Gross profit for the full year increased by 121.5% y-o-y to $24.0 million. Share of results of joint ventures and associates increased by 182.0% y-o-y to $19.3 million in the FY2022. As at May 30, cash and cash equivalents stood at $361.9 million.

“We are pleased to have delivered a strong year of results despite the on–going turmoil in the current economic environment. This is built on our firm foundation, namely, strategic partnerships, strong network and diversity, both by our asset portfolio as well as geographical reach,” says Matthew Ong, executive director and CEO of SLB.

“We will keep a steadfast focus and smooth execution of our asset portfolio across the industrial, residential and mixed-use sectors, as we move ahead in our growth path,” he adds.

SLB has declared a final dividend of 0.2 cents per share for the FY2022, two times more than the final dividend of 0.1 cent in the year before. The date payable will be announced at later. Shares in SLB closed flat at 11 cents on July 27.

This article first appered on The Edge Singapore.