Robert Kuok’s Shang Properties posts 59% earnings rise in first half powered by condominium, mall, and hotel operations
Billionaire Robert Kuok’s Shang Properties witnessed a 59% surge in net income for the first half of the year, propelled by solid revenue streams across its diverse operations including condominiums, malls, and hotels.
The company’s net income from January to June stood at P2.4 billion compared to the previous year’s P1.5 billion.
Shang Properties showed a 44% growth in turnover, reaching P4.70 billion. This encompasses an array of revenue sources, including sales from residential condominium units, rental and cinema revenues, as well as proceeds from hotel operations.
Hotel operations took the lead, contributing 43% of Shang Properties’ total revenue for the first half, followed by sales of residential condominium units at 31%, and leasing operations at 26%.
Revenue from condominium sales jumped by P164 million due to the additional recognition of revenue based on completion percentages and the sale of units during the first half of the year.
The rental and cinema segment recorded a P258 million rise in revenue, fueled by stronger rental returns from Shangri-La Plaza’s mall operations.
Meanwhile, the hotel operations segment exhibited notable growth, with revenues climbing by P1.01 billion due to heightened occupancy rates.
Source: https://bilyonaryo.com/2023/08/16/robert-kuoks-shang-properties-posts-59-earnings-rise-in-first-half-powered-by-condominium-mall-and-hotel-operations/property/
