UOA Development's 3Q profit jumps nearly three times on progressive recognition of ongoing project

TheEdge Tue, Nov 29, 2022 02:41pm - 1 year View Original

KUALA LUMPUR (Nov 29): UOA Development Bhd’s net profit and revenue jumped almost three times year-on-year for the third quarter ended Sept 30, 2022 (3QFY2022) on progressive recognition of the property developer’s ongoing project.

Net profit rose to RM96.19 million from RM33.15 million a year ago, while revenue soared to RM163.44 million from RM54.58 million, the group said in a Bursa Malaysia filing on Tuesday (Nov 29).

This took net profit for the nine-month period ended Sept 30, 2022 (9MFY2022) to RM166.88 million, up 35% from RM123.59 million in the previous corresponding period, notwithstanding an 18% decline in revenue to RM339.13 million from RM411.04 million over the same period.

The group said its total unbilled sales as at Sept 30, 2022 amounted to approximately RM181.1 million.

Going forward, UOA Development said it will continue to explore strategic development lands that meet its objectives.

UOA was trading two sen or 1.3% higher at RM1.60 per share at noon market break, giving it a market capitalisation of RM3.85 billion.

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