UEM Sunrise chief executive officer Sufian Abdullah
KUALA LUMPUR: UEM Sunrise
has achieved RM928.5mil in sales year-to-date (YTD), representing 93% of its RM1bil full-year sales target, driven by well-executed project launches and strategic inventory management.
The developer also exceeded its launched gross development value (GDV) target of RM800mil, driven by successful introduction of projects in high-demand locations.
These include Aspira Hills (Phase 1), DiReka Square, and Aspira LakeHomes (Phases 4, 5 and 6) in Iskandar Puteri, collectively achieving RM499mil in GDV.
“The strong market response to our recent launches underscores our ability to align with buyer preferences with precision, through thoughtfully curated developments.
“The positive momentum in Iskandar Puteri highlights the strategic advantages of the Johor-Singapore Special Economic Zone and our commitment to fostering vibrant ecosystems between Johor and Singapore,” UEM Sunrise chief executive officer Sufian Abdullah said in a statement.
In the third quarter ended Sept 30 (3Q24), UEM Sunrise’s net profit nearly tripled to RM22.9 mil, up from RM8.3mil, while earnings per share rose to 0.45 sen, compared with 0.17 sen a year ago.
It said the improved profit was driven by better operational efficiencies, lower financing costs, and higher contributions from joint ventures and associates.
Revenue rose 18.2% to RM369.3mil against RM312.3mil posted in the same quarter a year prior.
“Our efforts to optimise inventory, fuelled by strong demand for attainable products in the RM500,000 to RM1,000,000 range on the back of our attractive marketing campaigns, were key in delivering RM426mil in sales for 3Q24, marking a 58% growth from RM269.8mil. This strong momentum gives us confidence in meeting our full-year sales target of RM1bil,” Sufian said.
For the first nine months, UEM Sunrise posted a higher net profit of RM50mil on revenue of RM799mil.
UEM Sunrise said its unbilled sales grew to RM2.89bil, providing revenue and cashflow visibility for the next 18 to 36 months.
Its financial position remained solid, with a net gearing ratio of 0.43 times and RM1.17bil in cash and bank balances.
