KUALA LUMPUR (April 25): EUPE Corp Bhd's net profit surged by 28.9% to RM14.54 million in the fourth quarter ended Feb 29, 2024 (4QFY2024) from RM11.28 million a year ago, underpinned by a higher contribution from the property development division.

Earnings per share increased to 11.22 sen from 8.81 sen, the Kedah-based property developer said in a bourse filing on Thursday.

Quarterly revenue rose 36.2% to RM107.28 million in 4QFY2024 from RM78.8 million in the previous corresponding quarter, mainly due to the contribution by the group’s third Kuala Lumpur high-rise residential project, namely Est8@Seputeh, and its fourth KL project — Helix2@PJ South, both of which have achieved strong sales rates as well as good construction progress.

There were no dividends paid during the quarter under review.

For the full year of FY2024, net profit increased by 35.5% to RM35.4 million from RM26.12 million in FY2023, mainly attributed to the strong sales take-up rate and progressive site works from ongoing and newly launched projects in the central region. Revenue jumped 68.4% to RM340.18 million from RM201.99 million during the same period.

Looking ahead, the group maintains a cautious optimism regarding the property market outlook, buoyed by macro-economic factors such as sustained population and employment growth, alongside the expectation of stable interest rates throughout 2024.

However, the group acknowledges the persistent challenges of affordability and market fragmentation within the property sector.

Shares in EUPE Corp settled three sen or 2.13% higher at RM1.44 on Thursday, valuing the group at RM203.9 million.