KUALA LUMPUR, 26 February 2015 – UEM Sunrise Berhad (“UEM Sunrise” or the “Company”) today announced its financial results for the financial year ended 31 December 2014 (“FY2014”) where total revenue recorded for the period stood at RM2,661.6 million compared to RM2,425.3 million reported for the financial year ended 31 December 2013 (“FY2013”), an increase of approximately 10%.
Revenue from property development activities recorded an increase of 10% from RM1,512.2 million in FY2013 to RM1,670.6 million in FY2014 mainly attributable to progress made from the Nusajaya residential projects namely East Ledang, Imperia and Teega both in Puteri Harbour as well as those from outside of Nusajaya like Quintet in Canada, Summer Suites in Kuala Lumpur and Symphony Hills in Cyberjaya.
Revenue growth was also supported by RM771.0 million revenue from the strategic land sales to Scope Energy Sdn Bhd, the 40% (UEM Land Berhad) : 60% (KLK Land Sdn Bhd) joint venture company which will develop 500 acres of land in Gerbang Nusajaya into a mixed residential development as well as the strategic land sales to FASTrack Iskandar Sdn Bhd, the 30% (UEM Land Berhad) : 70% (FASTrack Autosports Pte Ltd) joint venture company which will develop 300 acres of lands also in Gerbang Nusajaya into a Motorsports City to house amongst others, showrooms, automotive retails, test track and provision of auto related services.
Profit After Tax and Non-Controlling Interest (“PATANCI”) recorded a decrease of 17% from RM579.1 million in FY2013 to RM479.9 million in FY2014 due to lower average margin of 36% from the strategic land sales in FY2014 as compared to the land sales in FY2013 which had an average margin of 58% contributed mainly from Puteri Harbour. The lower margins for the strategic land sales in FY2014 are due to the catalytic nature of the two projects which will help kick start the development of Gerbang Nusajaya.
Total property development sales for the period under review was RM2.4 billion, 20% higher than the Company’s revised sales target of RM2.0 billion announced in August 2014. The sales achievement was driven by the stellar performance of Aurora Melbourne Central, the Company’s maiden project in Melbourne, Australia. Located at the heart of the Melbourne Central Business District, this mixed-use development saw 95% of its 941 residential units booked and sold within two weeks of its preview in October 2014 with total sales of RM1.4 billion for the period. Total property development sales for the Company’s Malaysian projects stood at RM1.0 billion in line with the relatively weaker property market sentiments in Malaysia during 2014. Unrecognised revenue and unbilled sales as at 31 December 2014 stood at RM3.9 billion and RM5.3 billion respectively.
UEM Sunrise is proposing a first and final single tier dividend of 3.0 sen per ordinary share of RM0.50 each for the financial year ended 31 December 2014 compared to 4.0 sen per ordinary share in FY2013.