UOA Development's 4Q profit more than doubles on recognition of ongoing projects

• UOA Development said new property sales during the year totalled RM827.3 million

KUALA LUMPUR (Feb 27): UOA Development Bhd's fourth quarter net profit more than doubled to RM118.72 million from RM53.06 million a year ago, helped by a progressive recognition of its ongoing development projects.

Revenue for the quarter ended Dec 31, 2023 was, however, down 3.1% to RM109.01 million from RM112.52 million previously, the property developer's bourse filing on Tuesday showed. 

For the full year, net profit rose 27.1% to RM279.55 million from RM219.94 million in FY2022, despite revenue declining 11.6% to RM399.39 million from RM451.65 million.

UOA Development said new property sales during the year totalled RM827.3 million, which were mainly derived from the Aster Hill, Laurel Residence, The Goodwood Residence, United Point Residence and Medical Suites projects.

"The total unbilled sales as at Dec 31, 2023 amounted to approximately RM308.4 million," it said. "The group will continue to explore strategic development lands that meet the objectives of the group."

UOA Development proposed a final dividend of 10 sen per share, bringing total dividend declared for FY2023 to 30 sen per share, compared with 10 sen per share in FY2022.

Shares of UOA Development closed unchanged at RM1.86 on Tuesday, giving the group a market capitalisation of RM4.63 billion.

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