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UEM SUNRISE HELD 11TH ANNUAL GENERAL MEETING

FOR IMMEDIATE RELEASE              

                                                               

 

UEM SUNRISE HELD 11TH ANNUAL GENERAL MEETING

 

· Improvement in financial results for year ended 2018 with 10% increase in revenue to RM2.04 billion with PATANCI improving by 166% to RM280.3 million.

· Sales exceeded target of RM1.2 billion to RM1.4 billion.

·Good traction of handover and settlement for Aurora Melbourne Central and Conservatory projects.


Digital Media: UEM Sunrise delivered an improvement in its financial results, driven by disciplined operational performance and placing customers at the heart of its business. Building on the strength of the Company’s EVE (Exciting, bringing Value and Easy to own) philosophy, it seeks to anticipate the customers’ evolving needs and continue to improve the efficiency and quality of dealing with them.



Full Release : KUALA LUMPUR, 30 May 2019 – Following its eleventh Annual General Meeting (“11th AGM”) today, UEM Sunrise Berhad (“UEM Sunrise” or the “Company”) announced its achievements for 2018, having delivered an improvement in its financial results, driven by disciplined operational performance and placing customers at the heart of its business.


Tan Sri Dato’ Sri Zamzamzairani Mohd Isa, Chairman of UEM Sunrise said, “The property sector looks set to be tough and continue in much the same vein as it did in 2018, hence we will be more cautious and selective with regards to our product launches. Despite the challenges, we also see opportunities and will continue to offer our unique brand value propositions. We will maintain our current focus on mid-market landed developments accentuated by more up-market projects in strategic locations”.


UEM Sunrise will continue to strengthen its resilience against the backdrop of the current

challenging property market environment by improving the efficiency of its operations and prioritising cost controls to improve margins. Through the execution of its priorities, the Company aims to deliver sustainable shareholder value, build profitability and make a positive impact in the communities in which it operates. It will exercise prudence in its product launches and remain pragmatic in its targets in view of the soft property market. The Company is determined to build encouraging operational and financial performance to drive further efficiencies across the business and will continue to build great homes and projects for its customers, creating jobs and supporting economic growth while delivering the expected results both operationally and financially to its shareholders.


UEM Sunrise recently announced its financial results for the first quarter ended 31 March 2019.


Commenting on the financials, Mohamed Rastam Shahrom/Chief Financial Officer said, “Total revenue recorded for the period increased to RM419.3 million compared to RM287.7 million in the corresponding quarter in 2018 in view of the recognition of ongoing local developments as well as the 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 the last quarter on account of the strong revenue growth and gains from cost-savings initiatives”.


He added, “We continue to attain a very good settlement rate for our Australian projects, with Conservatory achieving a settlement rate of 73% for all units sold to-date allowing us to settle all its project financing. We are also currently handing over separable portion 4,

or SP4 of our Aurora Melbourne Central with a GDV of AUD277.6 million starting from 17 May 2019. As at 28 May, we have already achieved a settlement rate of 89%. Our SP5 with a GDV of AUD241.2 million will be handed over to the buyers for settlement in September

2019. We expect to fully repay the financing for Aurora Melbourne Central by year end. This will see a further reduction in our gearing position”.


As at to date, the Company has launched projects with a total Gross Development Value (“GDV”) of RM160.0 million. Its unbilled sales as at 31 March 2019 stood at RM4.1 billion.


Building on the strength of the Company’s EVE (Exciting, bringing Value and Easy to own) philosophy, it seeks to anticipate the customers’ evolving needs and continue to improve the efficiency and quality of dealing with them. These are achieved through research, improvements in sales processes and investing in technology.


 “We recognise that our quest towards operational excellence and building sustainable communities of the future hinges on our ability to adapt, innovate and integrate digital technologies into our business. It is an exciting time for us, and I have every confidence that UEM Sunrise has what it takes to continue to deliver; enticing homebuyers and community tenants with our unique value propositions,” Tan Sri Dato’ Sri Zamzamzairani Mohd Isa concluded.

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