KUALA LUMPUR: UEM Sunrise Bhd’s net profit in the year ended December 31, 2017 (FY17) surged 90.15 per cent to RM280.09 million from RM147.30 million in 2016.
In an exchange filing yesterday, UEM Sunrise said its FY17 revenue surged 57.61 per cent to RM2.90 billion from RM1.84 billion.
Its fourth-quarter (Q4) earnings eased 29.33 per cent to RM37.66 million from RM53.29 million due to lower contribution from land sale and higher operational expenditure.
Its revenue for the period increased 19.76 per cent to RM748.12 million from RM624.66 million a year ago, largely driven by construction progress from its international projects and sale of completed units.
UEM Sunrise proposed a final single-tier cash dividend of one sen per share for FY17, subject to the shareholders’ approval at its forthcoming annual general meeting.
The company exceeded its 2017’s gross development value (GDV) target of RM1.7 billion, having launched a total of RM2 billion.
Managing director and chief executive officer Anwar Syahrin Abdul Ajib said the 2017 revenue set a new record high since it was listed in 2008.
It will continue to embark aggressively in its asset monetisation and divestment strategy to generate funds required to increase presence in the central region.
“In executing our strategy to rebalance our land portfolio, we have acquired Equine Park land in Seri Kembangan, Selangor measuring 19.2-acre last year. We are currently exploring other opportunities to increase our landbank in the Central region,” he said.
UEM Sunrise is on a lookout for opportunities to landbank a sizeable area for a mixed integrated township development in the Klang Valley.
“Our mission is to develop the next Mont’Kiara but at more affordable prices,” he added.
UEM Sunrise plans to remain prudent in its targets for 2018 despite exceeding its 2017’s sales target.
“For 2018, our sales target remains at RM1.2 billion,” he said.