UOA Development posts strong quarterly results

PETALING JAYA: UOA Development Bhd said it remains committed to exploring strategic land parcels that align with and amplify its objectives, after an encouraging third quarter ended September (3Q25) which saw new property sales for the period totalled at RM564.6mil.

The developer commented that contributions from Bamboo Hills Residences, Duo Tower, Laurel Residence and Aster Hill accounted for the bulk of transactions, as unbilled sales also amounted to RM794.9mil at quarter-end, which will be recognised as projects reach completion in the coming years.

Releasing its results for 3Q25 yesterday, UOA Development’s net profit saw an exponential growth of almost 2.5 times year-on-year (y-o-y) to RM115.6mil, which translates to an earnings per share (EPS) of 4.37 sen, as revenue also soared 53.7% to RM217.3mil.

Meanwhile, over the nine months ended September, net profit also surged 76.8% y-o-y to RM281.3mil, representing an EPS of 10.69 sen, as turnover grew 60.7% to RM499.6mil.

UOA Development attributed the climb in revenue, which in turn led to net profit growth, primarily to the progressive recognition of its ongoing development projects, namely the medical centre in Bangsar South, Bamboo Hills Residences, Aster Hill, and Duo Tower.

Compared to the preceding quarter ended June 30, the group also saw improvement in its results, with net profit increasing 26.1% from RM91.7mil, as revenue also grew 66.9% from RM130.2mil.

The group pointed out that the better sequential profitability was mainly attributed to the progressive recognition from its ongoing development projects. UOA Development did not declare any dividends for the quarter, nor for the financial year ending December 2025 so far.

Early last month, UOA Development said its wholly-owned subsidiary, Distinctive Acres Sdn Bhd, has been served with an additional tax assessment by the Inland Revenue Board (IRB) for the 2020 assessment year, totalling RM165,660,988.80, including penalties.

The notice relates to the disposal of UOA Corporate Tower in Bangsar South to UOA Real Estate Investment Trust in 2020. The IRB sees the gain from this transaction as subject to Corporate Income Tax instead of the Real Property Gains Tax, prompting the additional assessment.

The group stated that, based on advice from its tax consultants, it has a strong basis to challenge the IRB’s view and the validity of the assessment, filing a Notice of Appeal via Form Q.

The company emphasised that there will be no immediate financial impact pending the outcome of the appeal and pledged to provide updates.