KUALA LUMPUR: UEM Sunrise Bhd's net profit nearly doubled in the fourth quarter, fuelled by stronger contributions from joint ventures and associates, along with reduced finance costs.

The property developer posted a net profit of RM54.3 million, up 98.7 per cent from RM27 million in the same quarter in 2023, according to a filing with Bursa Malaysia today.

UEM Sunrise's revenue grew 28 per cent to RM540 million fron RM422 million previously driven by the property development segment, which recorded a 48 per cent growth.

This was supported by the completion of Residensi Allevia in Mont'Kiara, along with progress of the newly-launched projects Aspira Hills and Aspira LakeHomes (Phases 4, 5, and 6) in the southern region, as well as Intrika and Serene Square in the central region.

Meanwhile, revenue from land sales marginally increased by one per cent, contributing 28 per cent to the total revenue, compared to 36 per cent previously.

The company declared a single-tier dividend of 1.24 sen per share that will be paid on May 19.

Culmulatively, UEM Sunrise's net profit rose 38 per cent to RM104 million in the financial year 2024 (FY24) from RM75.7 million previously.

Meanwhile, its revenue inched up to RM1.34 billion from RM1.33 billion previously.

In 2024, the group's sales reached RM1.4 billion, surpassing the target of RM1 billion.

The central region was the largest contributor, generating RM841 million, followed by the southern region (RM558 million) and the international region (RM18 million).

The launched gross development value (GDV) reached RM904 million, outperforming the RM800 million goal.

UEM Sunrise has set a launch GDV target of RM2 billion and a sales target of RM1 billion.

In a statement, officer in charge and chief financial officer Hafizuddin Sulaiman said the company's performance, particularly in the second half of the year, underscored the resilience of its core operations and strategic market positioning.

He said surpassing sales and launched GDV targets in a competitive landscape reflected the trust and confidence that homebuyers and investors have in the company amid a dynamic market.

"With the Malaysian economy projected to grow between 4.5 per cent and 5.5 per cent in 2025, we are confident in our ability to sustain our accelerated progress, leveraging improving domestic environment and supporting national developments," he said.