The fourth quarter net profit of UOA Development Bhd increased to RM98.86 million from RM34.96 million a year earlier, aided in part by a property revaluation excess of RM92.37 million.
According to the property developer’s filings with Bursa Malaysia on Thursday (Feb 24), revenue for the fourth quarter ended December 31, 2021 (4QFY21) decreased to RM136.45 million from RM191.11 million.
UOA Development stated that its board has recommended a 10 sen per share first and final dividend for 4QFY21. UOA Development stated, “The proposed dividend is contingent upon shareholder approval at the upcoming 18th annual general meeting of the business.”
UOA Development attributed the decrease in 4QFY21 income primarily to fewer sales of existing real estate projects.
UOA Development stated that the increased profit compared to the same quarter of the previous fiscal year was primarily attributable to higher progressive [income] recognition and the fair value adjustment on investment properties of RM92,4 million.
UOA Development’s full-year net profit for FY21 decreased to RM222.45 million from RM391.29 million a year earlier, while sales decreased to RM547.48 million from RM844.6 million.
UOA Development stated that the current 4QFY21 group profit before taxes of RM136.1 million was greater than the previous quarter’s profit of RM47.1 million.
According to UOA Development, the company’s total new property sales in FY21 amounted to roughly RM341,2 million.
Goodwood Residence, Sentul Point Suite Apartments, United Point Residence, and Aster Green Residence contributed significantly to the sales of real estate.
The total amount of unbilled sales as of December 31, 2021 was roughly RM92,500,000, according to the firm.
Concerning future prospects, UOA Development stated that the company will continue to investigate strategic development properties that align with its corporate purpose.
At 4.12pm on Thursday, the share price of UOA Development fell four sen, or 2.3%, to RM1.70, giving the business a market capitalization of around RM3.96 billion.
According to its most recent quarterly financial report, UOA Development issued 2.33 billion shares.
The latest reported net assets per share for the corporation were RM2.42.
source TheEdgeMarkets