KUALA LUMPUR (Feb 22): UOA Development Bhd posted a 46% year-on-year drop in net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022), owing to lower progressive recognition for ongoing development projects.

Net profit fell to RM53.06 million or 2.2 sen per share for 4QFY2022, from RM98.86 million or 4.25 sen per share a year ago, while revenue dropped 17.5% to RM112.52 million, from RM136.45 million over the same period.

For the full FY2022, net profit eased 1.1% to RM219.94 million from RM222.45 million for FY2021, while revenue declined by 17.5% to RM451.65 million from RM547.48 million, said the property developer in a stock exchange filing on Wednesday (Feb 22).

UOA said total new property sales last year amounted to approximately RM638.2 million, mainly derived from Laurel Residence, The Goodwood Residence and United Point Residence.

Total unbilled sales as at end-2022 amounted to approximately RM203.4 million.

“The group will continue to explore strategic development land that meets the objectives of the group,” said UOA.

Shares in UOA were trading three sen or 1.8% lower at RM1.65 at Wednesday's noon market break, valuing the group at RM3.97 billion.