UEM Sunrise chief executive officer Sufian Abdullah.
PETALING JAYA: UEM Sunrise Bhd
achieved sales of RM426mil in the third quarter ended Sept 30, 2024 (3Q24), nearly reaching the RM502.4mil sales recorded in the first half of the year.
In a statement, the property developer highlighted that its unbilled sales had grown to RM2.89bil, providing revenue and cash flow visibility for the next 18 to 36 months.
Year-to-date (y-t-d), UEM Sunrise has achieved RM928.5mil in sales, representing 93% of its RM1bil full-year target.
The strong performance is attributed to well-executed project launches and effective inventory management.
The company said it has also exceeded its gross development value (GDV) launch target of RM800mil, driven by successful project introductions in high-demand locations.
Notably, projects such as Aspira Hills (Phase 1), DiReka Square, and Aspira LakeHomes (Phases 4, 5, and 6) in Iskandar Puteri contributed RM499mil to the GDV.
For 3Q24, UEM Sunrise saw its revenue rise by 18.2%, reaching RM369.33mil compared to RM312.35mil in the same period last year.
Property development contributed 61% of total revenue, while land sales further bolstered performance with RM113mil recognised following the fulfillment of conditions precedent for land sales in Iskandar Puteri, Johor.
Net profit for the quarter surged by 175.8%, reaching RM22.99mil, up from RM8.34mil in 3Q23.
UEM Sunrise said this increase reflects improved operational efficiencies, reduced financing costs, and higher contributions from joint ventures and associates.
Its chief executive officer Sufian Abdullah said the strong sales momentum gives the group confidence in meeting its full-year sales target of RM1bil.
“Our efforts to optimise inventory, fuelled by strong demand for attainable products in the RM500,000 to RM1mil range on the back of our attractive marketing campaigns, were key in delivering RM426mil in sales for 3Q24,” he noted.
For the nine months ended Sept 30, 2024 (9M24), UEM Sunrise’s revenue and net profit stood at RM799.51mil and RM50.01mil, respectively, down 12.82% and 3.35% from RM917.09mil and RM48.39mil in 9M23.
The company’s financial position remained robust with a net gearing ratio of 0.43 times and RM1.18bil in cash and bank balances.
Sufian said the strong market response to its recent launches underscores its ability to align with buyer preferences 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,” he added.
