KUALA LUMPUR (May 22): UOA Development Bhd’s net profit jumped 81.62% to RM46.1 million for the first quarter ended March 31, 2023 (1QFY2023), from RM25.39 million a year earlier, while revenue grew 56.17% to RM85.24 million, from RM54.58 million over the same period.

The property developer said that its net profit and revenue were mainly derived from its ongoing development projects, namely Laurel Residence and Aster Hill, and the sales of stocks from The Goodwood Residence and United Point Residence, according to its filing.

Its earnings per share rose to 1.92 sen in 1QFY2023 from 1.09 sen in the same quarter last year.

Its new property sales for the quarter under review stood at about RM124.1 million, which were mainly attributed from The Goodwood Residence, Aster Hill and Laurel Residence.

The total unbilled sales as of 1QFY2023 amounted to approximately RM226.3 million.

On a quarter-on-quarter (q-o-q) basis, UOA’s net profit fell 13% from RM53 million in 4QFY2022, as revenue dropped by 24.25% from RM112.52 million in the immediate preceding quarter.

It said the higher net profit and revenue from the preceding quarter of 4QFY2022 were mainly due to higher progressive recognition of the ongoing development projects compared to 1QFY2023.

On prospects, the group said that it will continue to explore strategic development lands that meet the objectives of the group.

Shares in UOA closed up one sen or 0.57% at RM1.75 on Monday (May 22), valuing the group at RM4.22 billion.