SUTL wraps up 2017 with six per cent rise in profits
Published: Friday, 02 March 2018
SUTL Enterprise achieved a six per cent year-on-year (YOY) increase in net attributable profit to S$4.1 million for the full year ended December 31, 2017 (FY2017) despite a slight three per cent YOY decline in revenue to S$27.3 million.
The increase in earnings for the period under review is attributable to the Group’s ongoing efforts to optimise operational efficiency. Total expenses for FY2017 was S$22.7 million, down four per cent from a year ago.
SUTL Enterprise remains on a strong financial footing with cash and cash equivalents of S$45.1 million in 2017 as compared to S$41.3 million in 2016. The Group has no borrowings.
Earnings per share rose from 4.46 Singapore cents for the financial year in 2016 to 4.73 Singapore cents for the financial year in 2017, while net asset value per share increased from 62.71 Singapore cents in 2016 to 65.53 Singapore cents in 2017.
The Board of Directors of SUTL Enterprise has proposed a final cash dividend of two Singapore cents per share for the full year in 2017 to be approved at the upcoming Annual General Meeting.
In 2017, the Group has expanded its influence into new markets in the region through management contract and strategic alliances.
A Memorandum of Understanding (MOU) was signed in September with the Hainan Cruise and Yacht Association for information exchange, and a 10-year contract for an integrated marina project at Sanshan Island in Taihu Lake was secured in October.
SUTL Enterprise Executive Director and Chief Executive Officer, Arthur Tay, said: “We believe these two developments in FY2017 together with previously announced contracts, which included management contracts for the Indonesian Navy Club managed by ONE°15 and ONE°15 Guishan in Zhuhai, China has further strengthened our foothold in these markets.
“Even as we wait for these marinas to become operational and revenue generative, we are also working hard to seek opportunities within the region and further afield. We are in close talks with partners on several potential projects, which we hope to announce in due course.”
Elsewhere, the Group is already managing the ONE°15 Brooklyn in New York, and it also owns and manages the ONE°15 Marina Club at Sentosa Cove in Singapore. Meanwhile, its plans for a superyacht marina, a members-only marina and a public marina in the Iskandar region of Johor, Malaysia, are underway.