Singapore Companies
Published March 1, 2007

SC Global 2006 profit soars 80% to $16.9m


LUXURY home builder SC Global Developments posted an 80 per cent surge in net profit to $16.9 million for the 2006 full year boosted by strong sales of development projects and higher selling prices.

Revenue surged 40 per cent to $190.8 million as development projects such as Thr3e Thre3 Robin and The Ladyhill sold out.

Earnings per share rose to 13.31 cents from 9.03 cents.

SC Global has proposed a dividend of 12.2 cents (less 18 per cent tax) per share comprising a first and final dividend of 3.5 cents and a special dividend of 8.7 cents, subject to shareholders' approval of a proposed scheme allowing them to choose between receiving the dividend in cash or shares in the company.

The group said that the high-end residential market continues to be well supported, citing the 'drive to increase immigration with a population of 6.5 million', the group's focus to attract global businesses and investment and the upcoming integrated resorts as supporting 'sustained growth' in the property market.

SC Global's share of profit in Australia associate company AVJennings fell to $2.4 million from $12.7 million the previous year, but said that AVJennings expects a 'substantial improvement' for its full-year results.

Net assets rose 37 per cent to $248.7 million, with net asset value per share rising to $1.72 from $1.58.

Profit in the fourth quarter soared 116 per cent to $6.6 million with stronger sales from the group's development projects including The Ladyhill, The Lincoln Modern and The Boulevard Residence.

SC Global's luxurious projects The Marq on Paterson Hill and Hilltops will be launched in the second or third quarter this year.