UEM Sunrise Berhad has announced its financial results for the full year ended 31 December 2023 with reported revenue of RM1.3 billion which came in lower against FY2022 when the group recorded revenue of RM1.47 billion. Net profit for the year was flat at RM75 million as oppose to RM80 million attained in the previous year.
For the fourth quarter, revenue was significantly higher at RM421 million compared to RM326 million from the previous years quarter, leading to a better net profit of RM27 million.
As part of its financial and debt management initiatives and on the back of recent successful capital market issuances, the Company remained financially firm given the gross and net gearing of 0.61x and 0.45x, respectively, as of 31 December 2023. The gearing ratio reduced from 0.64x and 0.48x, respectively, as of 31 December 2022. The Company’s healthy cash
balance stands at RM1.1 billion as of 31 December 2023, whilst the unbilled sales of RM2.7 billion will be substantially recognised over the next 18 to 48 months.
In FY2023, the Company recorded property sales of RM2.1 billion, with 49% from Central region, mainly from The MINH in Mont’Kiara, The Connaught One in Taman Connaught, Kuala Lumpur, Residensi ZIG in Kiara Bay, and Intrika in Serene Heights. While sales from the Southern region contributed about 10%, mostly from the new phases of Senadi Hills in Iskandar Puteri, international projects contributed the remaining 41% 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 million (or RM874 million).
The declare a dividend of 0.75 sen per share amounting to RM37.9 million, for FY2023 to be paid in May 2024; this is equivalent to 50% dividend payout ratio.
