The company had set a target of RM1 billion in sales for 2024, which meant that it had exceeded its goal by 42%.
The developer’s launched projects also achieved a gross development value (GDV) of RM904 million, considerably higher than its goal of RM800 million at the start of the year.
For the 2024 financial year, UEM Sunrise’s revenue reached RM1.34 billion while its profit after tax and non-controlling interests surged by 38% to RM104 million.
“Unbilled sales rose to RM3.04 billion, up 15% from the 2023 financial year, to new heights post-Covid-19, providing strong earnings visibility over the next 18 to 36 months.
“The company’s steady balance sheet, with cash and bank balances, including short-term investments totalling RM1,265 million (improved by 16% year-on-year), reinforces its financial resilience,” it said in a press statement.
Its chief financial officer, Hafizuddin Sulaiman, said the company’s strong performance reflected its resilient core operations and strategic market positioning.
“Exceeding our sales and GDV targets amid a competitive landscape demonstrates the trust and confidence that homebuyers and investors have in UEM Sunrise in a dynamic market,” he said.
The company also announced an improved dividend payout of 1.24 sen per share, which it said reflected its sustainable value to shareholders.
Its asset optimisation strategy also delivered tangible results, with the average net yield improving to 5.1% last year thanks to higher occupancy rates and enhanced rental revenue in its commercial properties.
UEM Sunrise said its fourth quarter of 2024 was particularly strong and was its best over the last two financial years.
“Revenue rose 46% quarter-on-quarter to RM541 million on stronger sales conversion for new launches and steady revenue diversification, while gross profit climbed 43% quarter-on-quarter to RM162 million.
“A sharp increase in the share of results from joint ventures and associate companies as a result of effective joint venture management and enhanced business strategies, up 594% quarter-on-quarter to RM68 million, further bolstered earnings,” it said.
Moving forward, UEM Sunrise has set a RM2 billion GDV target and RM1 billion sales target for 2025.
The developer seeks to leverage artificial intelligence and emerging technology to future-proof the company and strengthen its presence in the industry.
“With the Malaysian economy projected to grow between 4.5% and 5.5% in 2025, we have confidence in our ability to sustain our accelerated progress, leveraging the improving domestic environment and supporting national developments.
“Our strategy remains clear, and we will continue harnessing innovation, optimising capital and delivering meaningful value to our stakeholders as we shape the future of real estate,” said Hafizuddin.