KUALA LUMPUR (Feb 20): UEM Sunrise Bhd (KL:UEMS) is seeking to speed up growth and start developing projects worth RM2 billion this year after the property firm reported a 38% rise in net profit last year.

The company is also aiming to sell RM1 billion worth of properties in 2025, according to its statement on Thursday. UEM Sunrise launched projects worth RM904 million in 2024, above its own target of RM800 million, and exceeded its sales target by 42%, achieving RM1.42 billion.

“We are confident in our ability to sustain our accelerated progress, leveraging improving domestic environment and supporting national developments,” said UEM Sunrise officer in charge and chief financial officer Hafizuddin Sulaiman.

The company, the flagship real estate arm of sovereign wealth fund Khazanah Nasional Bhd, said it is looking to strengthen its presence in the industrial segment to capture surging demand in line with the Johor-Singapore Special Economic Zone and National Energy Transition Roadmap initiatives.

For the fourth quarter ended Dec 31, 2024 (4QFY2024), UEM Sunrise reported that its net profit nearly doubled to RM54.33 million from RM27.34 million in the same three months a year earlier, thanks to share of profits from joint ventures and associates.

Revenue increased 28.2% year-on-year to RM540.81 million as compared to RM421.97 million, driven by completion of Residensi Allevia, along with progress of the newly launched projects.

The strong final quarter performance helped net profit for FY2024 to rise 38% to RM104.34 million from RM75.73 million in FY2023. Revenue, however, was relatively flat at RM1.34 billion.

UEM Sunrise declared an interim dividend of 1.24 sen per share, payable on May 19, versus 0.75 sen a year earlier. The payment, totalling RM63 million, represents a 60.4% payout ratio.

Khazanah owns a 69.56% stake in UEM Sunrise through UEM Group Bhd. 

Shares of UEM Sunrise ended two sen or 2.2% lower at 88.5 sen, valuing the company at RM4.45 billion ahead of the results announcement.