Back

UEM Sunrise Announces Revenue of RM419 Million for 1Q 2019

·        

·        Revenue 46% higher compared to 1Q 2018.

·        Property development activities main driver of revenue growth sustained by strong settlement of Conservatory, Melbourne.

·       Profit after tax and non-controlling interests improved by 19% compared to 1Q 2018.

Digital Media: The company’s revenue of RM419.3 million as at 31 March 2019 was up by 46% compared to 1Q 2018, supported by both local and international property development activities, sustained by the strong settlement of Conservatory, Melbourne. Profit after tax and non-controlling interests improved by 19% compared to the corresponding quarter.

Full Release: KUALA LUMPUR, 23 May 2019 – UEM Sunrise Berhad (“UEM Sunrise” or the “Company”) today announced its financial results for the first quarter ended 31 March 2019 (“1Q 2019”) where total revenue recorded for the period increased to RM419.3 million compared to RM287.7 million in the corresponding quarter in 2018 (“1Q 2018”) in view of the recognition of ongoing local developments as well as the completion and settlement of the Company’s developments in Melbourne, Australia, the majority of which is from Conservatory. Profit after tax and non-controlling interests for the period increased to RM30.1 million, a rise of 19% compared to RM25.3 million in 1Q 2018 on account of the strong revenue growth and gains from cost-savings initiatives.

Property development activities accounted for 93% of the total revenue; 59% higher than the property development revenue reported in 1Q 2018 with 57% contributed from international projects followed by 22% from the southern region and 21% central. The largest contributor was Conservatory in Melbourne, followed by Symphony Hills in Cyberjaya and Sefina Residences in Mont’Kiara. Its unbilled sales as at 31 March 2019 stood at RM4.1 billion.

Property development sales for the quarter was RM215.2 million; 54% contributed by the Central region mainly from Symphony Hills, Residensi Astrea and Serene Heights Bangi, followed by 38% from Southern largely from the recently launched mid-market residences Aspira ParkHomes in Gerbang Nusajaya, Almas@Puteri Harbour and Denai Nusantara, while the remaining 8% was from Conservatory.

As at to date, the Company has launched projects with a total Gross Development Value (“GDV”) of RM160.0 million.

Commenting on the financial results, Anwar Syahrin Abdul Ajib, Managing Director/Chief Executive Officer of UEM Sunrise said, “Our revenue for this quarter has improved compared to last year’s and the composition is a good mixture of both local and international projects including a small portion generated from our Hyatt House Kuala Lumpur, Mont’Kiara, which we have commenced operations in December last year. Our inventory monetisation campaigns continue to aid the efforts as slightly more than half of the local property development revenue was from completed properties like Symphony Hills, Denai Nusantara and Almas@Puteri Harbour. As for the other ongoing local developments, progress completion is on track. Internationally, the bulk of our property development revenue is from Conservatory. We have completed the entire 446 units and achieved a settlement rate of 73% for all units sold to-date. Its financing has also been settled via the settlement proceeds”. 

More on Australia, “Our Aurora Melbourne Central reached its structural peak on 4 April 2019 towering at 289-meter AHD (Australian Height Datum), making it currently the tallest building in Melbourne CBD. Separable portion 3 or SP3, which we handed over starting in September last year, has a settlement rate of 98%. We are currently handing over SP4 in May with a GDV of AUD277.6 million while SP5 with a GDV of AUD241.2 million will be in September”.

Touching on new project launches, “The ideal UEM Sunrise project focuses on customer centricity; EXCITING with unbeatable VALUE and EASY to own. In January 2019, we launched Aspira ParkHomes in Gerbang Nusajaya at a GDV of RM101.8 million. The first phase offers 162 units of double-storey terrace homes priced from RM529,000 per unit. The take up including bookings to-date is 66%. The second phase is targeted for launching in June. On 11 May, we launched Dahlia 2 of Serene Heights Bangi, 74 double-storey terrace homes priced from RM621,000 per unit after considering amongst others, the incentives we have made available under the Home Ownership Campaign 2019 initiated by the Government in early March. Dahlia 2 has a GDV of RM58.0 million. Serene Heights Bangi’s Eugenia 2 is intended for launch in June. For the second half of the year, we plan to launch other similar mid-market products in both Iskandar Puteri as well as the Central region including the much-awaited development in Kepong, towards the end of this year. We also anticipate launching a new commercial development in Gerbang Nusajaya. Notwithstanding our plans, we are mindful of the challenging market environment and remain pragmatic on our RM1.2 billion GDV target. Additional launches depend on market conditions and demand. We will also remain prudent in our sales target of RM1.2 billion”.

-Ends-