Oxley Holdings is developing the Royal Wharf, a massive waterfront development in London.
Despite tough market conditions, Singapore-listed Oxley Holdings’ net profit surged by 123 percent on an annual basis to $295.4 million for the financial year ended 30 June (FY2016), according to an SGX filing by the group.
At the same time, its profit after tax and minority interests (PATMI) soared by 162 percent year-on-year to $206 million.
The significant gain was due to a 40 percent increase in revenue to $981.4 million, derived from eight of its residential and mixed-use projects, industrial project Ecotech@Sunview, as well as rental income from investment properties.
Moreover, Oxley’s net gearing ratio declined to 2.8 times in the period under review from 3.1 times a year ago. This is expected to decrease further in the coming year on the back of strong revenue and cost recognition from the completion of Oxley Tower in Singapore, and the progressive completion and handover of units to buyers for phase one of the Royal Wharf in London, from which it expects to receive around £400 million (S$715 million) in cash inflow for FY2017.
“Oxley has an unbilled contract value of $3 billion, and completion of developments in Singapore and phase one of the Royal Wharf over the next 12 months will enhance the cash position of the group,” said its Executive Chairman and CEO Ching Chiat Kwong.
The group is also working on a development in Ireland comprising four commercial and seven residential blocks. Construction has already started and is targeted for completion by 2019.
In Yangon, the company plans to launch Oxley Convention City this year, followed by Min Residences in 2017.
“We made several breakthroughs and milestones in our overseas projects in the UK, Ireland and Cambodia in the past financial year and together with the contributions from the Singapore projects, Oxley has delivered another year of growth,” Ching added.