UOA Development’s earnings rise 41% in 2Q on higher other income

• UOA Development posted a net profit of RM109.97 million for the six months ended June 30, up 55% from RM70.69 million a year ago, while revenue increased slightly by 4% to RM183.33 million from RM175.69 million.
• Meanwhile, the group declared a first interim single-tier dividend for the financial year ending Dec 31, 2023 of 20 sen per share, amounting to a net dividend payable of RM486.16 million, with the entitlement and payment dates to be announced at a later date.

KUALA LUMPUR (Aug 23): UOA Development Bhd (UOADev)’s earnings rose 41% to RM63.87 million or 2.65 sen per share in the second quarter ended June 30, 2023, from RM45.3 million or 1.95 sen per share a year ago due to higher other income, including investment income.

In a filing to Bursa Malaysia on Wednesday (Aug 23), the property development group said revenue decreased by 19% to RM98.1 million, from RM121.11 million.

It noted that the group’s revenue for the quarter under review were mainly derived from the progressive recognition of the group’s ongoing development projects, namely Laurel Residence and Aster Hill, and the sales of stocks mainly from The Goodwood Residence and United Point Residence.

UOADev posted a net profit of RM109.97 million for the six months ended June 30, up 55% from RM70.69 million a year ago, while revenue increased slightly by 4% to RM183.33 million from RM175.69 million.

Meanwhile, the group declared a first interim single-tier dividend for the financial year ending Dec 31, 2023 of 20 sen per share, amounting to a net dividend payable of RM486.16 million, with the entitlement and payment dates to be announced at a later date.

UOADev said new property sales for the period ended June 30, 2023 was at approximately RM303 million, which were mainly derived from The Goodwood Residence, Aster Hill, Laurel Residence and United Point Residence. 

The total unbilled sales as at June 30,2023 amounted to approximately RM285.2 million.

“The group will continue to explore strategic development lands that meets the objectives of the group,” it said.

At noon break on Wednesday, UOA was unchanged at RM1.71, translating into a market capitalisation of some RM4.15 billion.

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