Uem Sunrise posts Rm75.23 Mln Net Profit for Fy2023

KUALA LUMPUR, Feb 28 (Bernama) -- UEM Sunrise Bhd posted a lower net profit of RM75.23 million for the financial year ended Dec 31, 2023 (FY2023) compared to RM80.54 million in FY2022.

Revenue fell to RM1.34 billion in FY2023 from RM1.47 billion a year ago.

In a filing with Bursa Malaysia, UEM Sunrise said the lower FY2023 revenue was due to FY2022 receiving higher revenue contribution from the property development division resulting from the completion of Residensi Solaris Parq in Mont Kiara and higher settlements from Australian projects.

During the fourth quarter (4Q) of FY2023, UEM Sunrise's net profit increased to RM27.34 million from RM20.46 million, while revenue rose to RM421.97 million from RM336.22 million.

"Revenue for the current quarter increased by 26 per cent as compared to the preceding year's corresponding quarter, which was mainly due to contributions from ongoing and completed projects in the Central and Southern regions," it said.

In terms of prospects, UEM Sunrise said it planned to launch a total gross development value of RM800 million, with a focus to be on landed residences, affordably priced high-rise apartments, smaller built-ups which are attainable, and niche high-end products in prime locations.

"Through these planned launches for the current year, it aimed for a sales target of RM1.0 billion for 2024," it said.

In addition, the group said their performance this year would be supported by the divestment of non-strategic land and non-core assets to secure the necessary approvals for their previously announced land sales in Tapah, Perak, as well as in Iskandar Puteri. 

It said the proposed divestment of its interest in Durban, South Africa, is still ongoing and expected to be completed by the end of 2024. 

"As part of the company’s financial and debt management initiatives and on the back of recent successful capital market issuances, we remain financially firm given our gross and net gearing of 0.61 times and 0.45 times, respectively, as of Dec 31, 2023.

"The gearing ratio reduced from 0.64 times and 0.48 times, respectively, in the last financial year with the cash balances standing healthy at RM1.1 billion as of Dec 31, 2023, whilst unbilled sales of RM2.7 billion will be substantially recognised over the next 18 to 48 months," it said.

In a separate filing, UEM Sunrise's board of directors declared a single-tier tax-exempt dividend of 0.75 sen per share for FY2023, amounting to RM38 million,  equivalent to a 50 per cent dividend payout ratio.

"The proposed dividend will be paid on May 24, 2024, to shareholders registered at the close of business on April 30, 2024," it added.

-- BERNAMA