UOA 4Q net profit flat at RM88 mil, declares 13 sen dividend

KUALA LUMPUR (Feb 25): UOA Development Bhd saw its net profit for the fourth quarter ended Dec 31, 2014 (4QFY14) almost flat at RM88.4 million or 6.18 sen per share, from RM87.94 million a year ago; while revenue dipped 5% to RM333.75 million, from RM352.05 million.

In a filing with Bursa Malaysia this evening, UOA said its revenue was mainly derived from the progressive recognition of on-going development projects such as Desa Green, Vertical Office Suites, Scenaria @ North Kiara Hills, South View Serviced Apartments, Southbank Residence and Desa Sentul.

For the full year ended Dec 31, 2014 (FY14), the group registered a 12.9% drop in net profit to RM316.12 million or 22.89 sen per share; while revenue slipped to RM1.08 billion, from RM1.24 billion previously.

UOA declared a first and final single-tier dividend of 13 sen per share, which amounted to a net dividend payable of RM186.03 million. The group said the dividend will be paid within three months from the date of shareholders’ approval, at its upcoming annual general meeting.

Despite having no new projects launched in the fourth quarter of last year, UOA said it recorded total new sales of RM1.64 billion in FY14. As at Dec 31, 2014, the group’s total unbilled sales rose to RM2 billion, from RM1.8 billion previously.

Going forward, UOA (fundamental: 3; valuation: 1.2) said it will continue its focus on property development in Greater Kuala Lumpur, and source for strategic development lands that meet the criteria it has set.

“In FY15, there are approximately RM1.7 billion worth of residential and commercial properties slated to be launched in Taman Desa, Kepong, Segambut and Bangsar South,” the group said.

The stock ended unchanged at RM2.12 today, with 536,000 shares traded, giving it a market capitalisation of RM3.03 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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