UOA Development posts FY20 net profit of RM391.29mil

KUALA LUMPUR: UOA Deveopment Bhd posted a net profit of RM391.29mil in the financial year ended Dec 31, 2020, a 2.04% decrease from RM399.47mil in the previous corresponding period.

Revenue for the year was RM844.6mil versus RM1.1bil in 2019.

The board of directors has recommended a dividend of 14 sen per share and a special dividend of one sen per share.

In 4Q, the property developer's net profit was RM34.96mil compared to RM112.61mil in the previous corresponding quarter due to the fair value adjustment on investment properties in the comparative quarter.

For the current quarter, the group posted a fair value loss of RM5.2mil.

The group said in a filing with Bursa Malaysia that the 4Q earnings were mainly derived from progressive recognition of the group's ongoing development projects.

The revenue and earnings were lower owing to the higher progressive recognition from United Point Resident in the comparative quarter.

Total new property sales for 2020 was about RM383.61mil, derived mainly from Aster Green Residence, Goodwood Residence, Sentul Point and United Point Residence.

The total unbilled sales as at Dec 31, 2020 amounted to about RM312.3 mil.
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UOA Development , property


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