KUALA LUMPUR: UEM Sunrise Bhd's net profit surged 176 per cent to RM22.99 million in the third quarter (3Q) of the financial year ended Sept 30, 2024, from RM8.34 million in the same period last year, amid higher margin contributions from the sale of land.

Revenue rose to RM369.33 million from RM312.35 million previously, contributed by the sale of non-strategic land in Iskandar Puteri, Johor, but was offset by lower contribution from property development.

In a filing with Bursa Malaysia today, it said that for the nine months, net profit saw modest growth to RM50.01 million from RM48.39 million in the same period last year, while revenue eased to RM799.51 million versus RM917.09 million, amid lower contribution from property development.

Revenue from property development dropped to RM524 million compared to RM700 million previously due to the progression of projects at advanced stages like Residensi AVA in Kiara Bay, Residensi Astrea in Mont'Kiara and Serene Heights in Semenyih.