UOA Development wraps up FY2024 with highest net profit in four years

• New property sales for FY2024 was RM1 billion, mainly contributed by the Bamboo Hills Residences, Aster Hill, Duo Tower and Laurel Residence projects.

KUALA LUMPUR (Feb 25): UOA Development Bhd (KL:UOADEV) has reported its highest quarterly net profit in four years, thanks to higher progressive recognition of its development projects.

Net profit for the fourth quarter ended Dec 31, 2024 (4QFY2024) rose 8% year-on-year (y-o-y) to RM128.21 million, from RM118.72 million in the same period last year, the property developer said in an exchange filing on Monday. Earnings per share was at 4.89 sen, up from 4.77 sen in 4QFY2023.

Revenue for the quarter more than doubled to RM234.86 million — the highest since 1QFY2020 — compared with RM109.01 million in 4QFY2023, mainly driven by the group’s ongoing projects, namely Bamboo Hills Residences, Laurel Residence, Aster Hill and a medical centre in Bangsar South.

The group has proposed a first and final dividend of 10 sen per share, amounting to RM262.38 million, lower than the 30 sen dividend per share reported for FY2023.

UOA Development also closed FY2024 with the highest net profit in four years, up by 2.78% y-o-y to RM287.3 million from RM279.55 million in FY2023. Annual revenue climbed 36.63% to RM545.7 million from RM399.39 million previously.

New property sales for FY2024 was RM1 billion, mainly contributed by the Bamboo Hills Residences, Aster Hill, Duo Tower and Laurel Residence projects. The company’s unbilled sales stood at RM837.4 million as of Dec 31, 2024.

“The group will continue to explore strategic development land that meets the objectives of the group,” the group said of its prospects.

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