UEM Sunrise Berhad reported its nine months financials recording revenue of RM917 million, and gross profit margin improved to 33% in YTD 3Q 2023 compared to 27% in the corresponding period of 2022 arising from project cost savings.
Profit for the 9 months dropped to RM48 million compared to RM60 million it generated in 2022, for the current quarter the group recorded revenue of RM312 million a slight drop as compared to the RM355 million it recorded in the previous year. Its Q3 profit slid drastically by 60% to RM8 million compared to RM20 million recorded in Q3FY2022.
UEM said its inventories have reduced from RM203 million at the end of the last financial year to RM136 million, as of 30 September 2023. Its gross and net gearing of 0.62x and 0.46x, respectively, remained moderate, with cash balances of RM1.1 billion as of 30 September 2023. Its unbilled sales of RM2.7 billion will be substantially recognised in the next 18 to 48 months.
As of 30 September 2023, the Company has recorded property sales of approximately RM1.8 billion, with 41% from Central, mainly from The MINH and Residensi Allevia, both located in Mont’Kiara and The Connaught One in Cheras, while sales from the Southern region, contributed around 10%, mostly from Senadi Hills, Estuari Gardens and Almas Suites, all in Iskandar Puteri. International projects contributed 49% of secured sales during the review period with the sale of the Collingwood development in Melbourne, Australia, to Greystar Real Estate Partners amounting to AUD277.3 million (or RM873.7 million).
