KUALA LUMPUR (Feb 25): UOA Development Bhd's fourth quarter net profit more than doubled to RM98.86 million from RM34.96 million a year earlier, partly helped by a RM92.37 million property revaluation surplus registered during the quarter.

According to the property developer's filings with Bursa Malaysia on Thursday (Feb 24), revenue however dropped to RM136.45 million in the fourth quarter ended Dec 31, 2021 (4QFY21) from RM194.11 million.

UOA Development said its board has recommended for 4QFY21, a first and final dividend of 10 sen a share. "The proposed dividend shall be subject to the approval of the company's shareholders at the forthcoming 18th annual general meeting of the company," UOA Development said.

UOA Development said 4QFY21's lower revenue was mainly due to lower sales from the existing real estate projects.

"The higher profit compared to the corresponding quarter of previous financial year was mainly due to higher progressive [income] recognition and the fair value adjustment on investment properties of RM92.4 million," UOA Development said.

For the full year, UOA Development said FY21 net profit fell to RM222.45 million from RM391.29 million a year earlier as revenue slipped to RM547.48 million from RM844.6 million.

"[In quarterly terms] the group's profit before tax of RM136.1 million for the current 4QFY21 was higher than the immediate preceding quarter of RM47.1 million," UOA Development said.

According to UOA Development, the company's cumulative new property sales for FY21 were approximately RM341.2 million.

"The property sales were mainly derived from Goodwood Residence, Sentul Point Suite Apartments, United Point Residence and Aster Green Residence.

"The total unbilled sales as at Dec 31, 2021 amounted to approximately RM92.5 million," the company said.

On prospects, UOA Development said the group will continue to explore strategic development lands that meet the group's business objective.

At 4.12pm on Thursday, UOA Development's share price dropped four sen or 2.3% to RM1.70, which gives the company a market capitalisation of about RM3.96 billion.

UOA Development had 2.33 billion issued shares, according to its latest quarterly financial report.

The company's latest-reported net assets per share stood at RM2.42.

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