PETALING JAYA: UEM Sunrise Bhd
posted its strongest net profit in five years as it crossed its sales target for the financial year 2024 by nearly half-a-billion ringgit.
The property developer, which is majority-owned by Khazanah Nasional Bhd, reported a net profit of RM104.34mil –which increased by 37.8% year-on-year (y-o-y) in its financial year ended Dec 31, 2024 (FY24)
Despite a flattish revenue of RM1.34bil, UEM Sunrise’s bottom line was boosted by stronger other income and higher contributions from associates and joint ventures.
These factors were able to offset the increase in expenses and the foreign-exchange losses faced by the group in FY24.
UEM Sunrise told shareholders that its improved FY24 earnings were reflective of disciplined execution, cost efficiencies and strategic portfolio management on the back of existing market conditions.
A dividend of 1.24 sen was declared for the year, which translates to a payout ratio of 60% – the highest-ever payout by UEM Sunrise.
In 2024, the property developer achieved RM1.42bil in sales, exceeding its RM1bil target by 42%. Its launched gross development value (GDV) reached RM904mil, outperforming the RM800mil goal.
“These achievements underscore the company’s ability to capture market demand, driven by well-timed and market-responsive launches in the southern region, reaffirming its role as the master planner of Iskandar Puteri, Johor.”
Unbilled sales in 2024 rose to RM3.04bil, up 15% y-o-y to new heights post-Covid-19, providing strong earnings visibility over the next 18 to 36 months.
For the fourth quarter of FY24 (4Q24), net profit nearly doubled to RM54.33mil, while revenue improved by 28.2% y-o-y to RM540.81mil.
According to UEM Sunrise, 4Q24 is the best-performing quarter over the last two financial years. Quarter-on-quarter, revenue rose on stronger sales conversion for new launches and steady revenue diversification strategies.
Sales momentum remained robust with RM489mil in 4Q24, a 15% increase from the previous quarter. Notably, 46% of the quarter’s sales came from newly launched projects.
Key sales contributors included The MINH, Residensi ZIG and The Connaught One in the central region, as well as Aspira Hills, Aspira LakeHomes and Senadi Hills in the southern region.
Looking ahead to 2025, UEM Sunrise has set a target of RM2bil for its launched GDV, while its sales target remained similar at RM1bil. With regard to its balance sheet, UEM Sunrise said it remains steady, with cash and bank balances, including short-term investments, rising by 16% y-o-y to RM1.27bil.
