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Friday, June 17, 2011

UEM Land targets 50% growth in revenue to RM1.66bil

UEM Land Holdings Bhd managing director/CEO Datuk Wan Abdullah Wan Ibrahim (right) and finance, corporate affairs and investments director Mohd Zakir Omar (left) at a briefing after the AGM on June 16.

KUALA LUMPUR: UEM Land Holdings Bhd has set a headline key performance indicator (KPI) target to achieve 50% year-on-year growth in revenue to RM1.66bil and 10% return on equity this year.

“The headline KPI numbers are our aspiration goals,” managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim said after the company's AGM yesterday.

He believed the target was “very achievable”, given the combined financial performance of UEM Land and its newly acquired wholly-owned subsidiary, Sunrise Bhd.

“With the acquisition of Sunrise, we are the biggest property player in terms of market capitalisation. But we do not have the earnings to show yet but we hope to surpass our competitors in the near future,” Wan Abdullah said.

He added that based of the first few months of this year, UEM Land was “on track” to achieve its target.

Wan Abdullah said UEM Land was unable to realise its headline KPI for FY10 in terms of revenue growth, although the company managed to achieve its sales target, as it failed to recognise its income due to various reasons.

UEM Land has an unbilled sales of RM1.5bil which will be realised over the next two years.

For the financial year ended Dec 31, 2010, it posted a net profit of RM194.5mil on revenue of RM469.7mil.

UEM Land plans to launch properties with a gross development value (GDV) of RM5bil this year.

“We are building up a portfolio. We have enough projects in the pipeline for us to catch up,” Wan Abdullah said.

By The Star

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