KUALA LUMPUR (Feb 26): UOA Development Bhd’s net profit fell 17.5% to RM112.61 million in its fourth quarter ended Dec 31, 2019 (4QFY19), from RM136.45 million in the corresponding quarter a year ago, as revenue more than halved to RM227.02 million from RM486.35 million.

The group attributed profit and revenue to the progressive recognition of its ongoing projects and sale of completed offices and residential units, but there was a decline because previously, there was contribution from the sale of an office tower in UOA Business Park.

Despite registering lower profits in the quarter, UOA Development wrapped up FY19 with an improved net profit of RM399.47 million, up 5.4% over the previous year’s RM378.92 million.

This was despite a 12.6% contraction in revenue to RM1.10 billion, from RM1.26 billion in FY18, according to the group’s filing to Bursa Malaysia.

UOA Development proposed a first and final single tier dividend of 14 sen per share for FY19.

The group said it recorded total new property sales of some RM786.5 million in FY19, mainly derived from The Goodwood Residence, Sentul Point, South Link Lifestyle Apartments, United Point Residence and Aster Green Residence.

Total unbilled sales amounted to approximately RM989.8 million as at end-2019.

The property developer said it will maintain its focus on developments in Greater KL, while continuing to source for strategic development lands that meet the objective of the group.

Shares of UOA Development rose seven sen or 3.7% to RM1.98 as of writing, valuing the group at RM3.81 billion.

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