PETALING JAYA: UOA Development Bhd posted a 41% jump in net profit to RM63.87 million in the second quarter ended June 30, 2023 (Q2 FY2023) from RM45.3 million a year ago.
This rise was attributed to increased contribution from miscellaneous revenue sources, including investment income, the property developer said in a bourse filing today.
Revenue for the quarter fell 19% to RM98.1 million from RM121.11 million in Q2 FY2022.
For the six-month period ended June 30, net profit hiked 55% to RM109.97 million from RM70.69 million in the previous year while revenue rose 4% to RM183.33 million from RM175.69 million.
The company said the major sources of revenue were from the progressive recognition of ongoing development projects such as Laurel Residence and Aster Hill, and the sale of stocks predominantly from The Goodwood Residence and United Point Residence.
The company announced an inaugural single-tier dividend of 20 sen per share for the fiscal year ending Dec 31, 2023.
The dividend payout, totalling RM486.16 million, will have its entitlement and payment dates disclosed in due course.
The filing said new property sales reached around RM303 million for the period ended June 30, 2023, driven by projects such as The Goodwood Residence, Aster Hill, Laurel Residence, and United Point Residence.
Its unbilled sales stood at approximately RM285.2 million as of June 30, 2023.
The group said it will continue to explore “strategic development lands” that meet its objectives.
At the close of trade, UOA’s share price rose 2 sen or 1.17% to RM1.73, valuing the group at RM4.21 billion.