KUALA LUMPUR (Nov 20): Property developer UOA Development Bhd’s (KL:UOADEV) net profit for the three months ended Sept 30, 2024 (3QFY2024) dropped 5.2% to RM48.34 million, compared with RM50.86 million a year ago, although its revenue jumped 32%. 

Its quarterly revenue soared to RM141.36 million, from RM107.04 million in the corresponding quarter a year earlier (3QFY2023).

UOA did not declare a dividend for the financial quarter under review. 

In a bourse filing on Wednesday, UOA said its revenue was mainly driven by higher progressive recognition from the group’s ongoing development projects, namely Aster Hill and Laurel Residence, as well as the medical centre in Bangsar South. 

Its total expenditure during the quarter under review amounted to RM73.2 million, including administrative and general expenses of RM52.0 million.

The group’s total unbilled sales as at Sept 30, 2024 amounted to approximately RM502.2 million, UOA said, noting that it will explore strategic development lands that meet the objectives of the company.

Total new property sales for the period ended Sept 30, 2024 was approximately RM789.5 million, the developer added. The property sales were mainly derived from Bamboo Hills Residences, Aster Hill, Duo Tower, and Laurel Residence. 

For the first nine months ended Sept 30 (9MFY2024), UOA’s net profit was nearly flat at RM159.09 million, against RM160.8 million a year earlier. Revenue came in higher at RM310.83 million, compared with RM290.38 million in the corresponding period last year (9MFY2023).   

At the time of writing on Wednesday, UOA shares dropped one sen at RM1.84, with a market capitalisation of RM4.83 billion.