KUALA LUMPUR, Feb 24 — UOA Development Bhd's net profit narrowed to RM222.45 million for the financial year ended Dec 31, 2021 (FY2021) from RM391.29 million in FY2020, mainly pulled down by higher impairment losses in both financial and non-financial assets.

In a filing with Bursa Malaysia today, the property developer said its revenue shrank to RM547.48 million from RM844.60 million previously.

The board of directors has proposed a single-tier final dividend of 10 sen per share for FY2021, subject to the approval of the shareholders.

For the fourth quarter ended Dec 31, 2021 (Q4 FY2021), UOA posted a higher net profit of RM98.86 million versus RM34.96 million, mainly due to higher progressive recognition and a fair value adjustment on investment properties of RM92.4 million.

Revenue for the quarter under review fell to RM136.45 million from RM194.11 million, mainly attibutable to lower sales from the existing projects.

The company said total new property sales for the period ended Dec 31, 2021 worth about RM341.2 million, mainly derived from Goodwood Residence, Sentul Point Suite Apartments, United Point Residence, and Aster Green Residence.

"The total unbilled sales as at Dec 31, 2021 amounted to approximately RM92.5 million," it said.

Moving forward, UOA said it would continue to explore strategic development land that meets the objective of the group. — Bernama