“UEM Sunrise Bhd surpassed its FY2024 targets, achieving RM1.42 billion in sales and RM904 million in launched GDV. Strong earnings, a 60% dividend payout, and a resilient balance sheet highlight its growth.“
Kuala Lumpur, 21th Feb 2025, 01.45pm – UEM Sunrise Bhd has delivered an outstanding financial performance for the year ended Dec 31, 2024 (FY2024), surpassing its full-year targets for both sales and launched gross development value (GDV).
The company recorded RM1.418 billion in sales, exceeding its initial RM1 billion target by 42%. Additionally, launched GDV reached RM904 million, outperforming the RM800 million goal. These achievements reflect the company’s ability to effectively capture market demand through strategic launches, particularly in the Southern region, reinforcing its role as the master planner of Iskandar Puteri, Johor.
For FY2024, UEM Sunrise posted a revenue of RM1.34 billion, while profit after tax and non-controlling interests (PATANCI) surged 38% to RM104 million. The company attributed this growth to disciplined execution, cost efficiencies, and strategic portfolio management amidst evolving market conditions.
Unbilled sales rose by 15% year-on-year (YoY) to RM3.044 billion, marking a new post-pandemic high and ensuring strong earnings visibility over the next 18 to 36 months. The company’s financial resilience was further supported by cash and bank balances, including short-term investments, totaling RM1.265 billion—up 16% YoY—and a stable net gearing ratio of 0.40x, an improvement of 0.05x YoY.
As part of its commitment to delivering shareholder value, UEM Sunrise declared an improved dividend payout of 1.24 sen per share, representing a payout ratio of 60%, compared to 0.75 sen in FY2023 (50% payout ratio). The company’s asset optimization strategy also delivered results, with an improved average net yield of 5.1% in FY2024, driven by higher occupancy rates and increased rental revenue across its commercial properties.
Strong Performance in Q4 2024
The fourth quarter (4Q2024) marked UEM Sunrise’s strongest quarter in the last two financial years, reinforcing its growth trajectory. Revenue surged 46% quarter-on-quarter (QoQ) to RM541 million, supported by stronger sales conversions for new launches and steady revenue diversification. Gross profit climbed 43% QoQ to RM162 million, while PATANCI more than doubled to RM54 million from RM23 million in the preceding quarter.
A significant contributor to this growth was a 594% QoQ surge in the share of results from joint ventures and associate companies, driven by effective joint venture management and enhanced business strategies. Sales momentum remained robust, with RM489 million recorded in 4Q2024—a 15% increase from the previous quarter. Notably, 46% of the quarter’s sales came from newly launched projects, highlighting sustained demand for UEM Sunrise’s attainable and affordable developments.
“Our robust performance in FY2024, particularly in the second half of the year, underscores the resilience of our core operations and strategic market positioning. Exceeding our sales and GDV targets in a competitive market reaffirms the trust and confidence that homebuyers and investors have in UEM Sunrise,” said Hafizuddin Sulaiman, officer in charge and chief financial officer of UEM Sunrise.
With strong financial fundamentals, strategic market positioning, and an expanding portfolio of developments, UEM Sunrise is poised to sustain its growth trajectory in the years ahead.
