UOA Development 1Q profit up 49%, sees near RM900m unbilled sales

• The group recorded a net profit of RM73.95 million for the quarter, up from RM49.70 million in the corresponding period last year. Earnings per share stood at 2.82 sen, up from two sen previously.

KUALA LUMPUR (May 28): Property developer UOA Development Bhd (KL:UOADEV) reported a 48.79% increase in net profit for the first quarter ended March 31, 2025 (1QFY2025), supported by the progressive revenue recognition from its ongoing development projects.

These projects include Aster Hill, Laurel Residence, Bamboo Hills Residences and a medical centre in Bangsar South, UOA said in its filing.

The group recorded a net profit of RM73.95 million for the quarter, up from RM49.70 million in the corresponding period last year. Earnings per share stood at 2.82 sen, up from two sen previously.

No dividend was declared for the quarter under review.

Revenue for the quarter rose by 116.51% year-on-year to RM152.10 million, from RM70.25 million a year earlier, primarily driven by the contributions from active development projects.

New property sales totalled RM265 million for the period ended March 31, 2025. These sales were generated from Bamboo Hills Residences, Aster Hill, Duo Tower and Laurel Residence.

Looking ahead, UOA Development stated that unbilled sales stood at RM891.7 million as of the end of the quarter. These will be recognised progressively as the respective projects reach completion in the coming years.

It also reaffirmed its commitment to identifying and pursuing strategic land acquisition opportunities.

At the time of writing, UOA shares were one sen or 0.6% lower at RM1.78, valuing the group at RM4.67 billion. Year to date, the stock has gained 1.71%.

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