KUALA LUMPUR (May 22): UEM Sunrise Bhd (KL:UEMS) reported a 150.51% surge in first quarter net profit to RM20.49 million from RM8.18 million a year earlier, supported by higher revenue and lower finance costs.

Revenue for the quarter ended March 31, 2025 (1QFY2025) jumped 85.65% to RM417.63 million from RM224.96 million previously, driven by ongoing projects including Aspira Hills and Aspira LakeHomes in Iskandar Puteri, Serene Heights in Semenyih, and The MINH in Mont’Kiara, said the real estate arm of sovereign wealth fund Khazanah Nasional Bhd.

Its finance cost declined 8% year-on-year to RM36.06 million from RM39.32 million, according to the company's bourse filing on Thursday.

UEM Sunrise did not declare any dividend for the quarter. 

In a separate statement, the company said it is targeting launches of up to RM1.5 billion in gross development value and achieving sales of RM1.05 billion in the current year.

It noted that unbilled sales increased to RM3.02 billion, providing earnings visibility over the next 18 to 36 months.

On the industrial development front, UEM Sunrise anticipates the final gazettement under the upcoming Local Plan by early 2026. “In the meantime, the developer is accelerating the activation and completion of key infrastructure works to ensure that it is fully prepared to proceed with the launch of its industrial development immediately when the planning approval is secured,” the company said.

UEM Sunrise added that the company is also advancing its international expansion with a mixed-use residential development in Subiaco East, Perth, its first venture in Western Australia. This project, comprising 340 apartments across two towers,  is scheduled to be launched in the second half of the year.

Shares of UEM Sunrise ended flat at 73.5 sen on Thursday, valuing the company at RM3.72 billion. The counter has declined 30.66% so far this year.

Source by: The Edge