Ann: UOA Development Bhd - Profit Result (4th Qtr 2022), page-2

Profit for CY2022 reasonably flat on CY2021, but still seems no uptick in revenues suggesting that they are seeing any material improvement in the property (sales) market.

They did 1,100m (MYR) in revenues in CY2019, 844m in 2021, 547m in CY2021 and only 451m in CY2022 so material drop in sales that don't seem to have recovered, however, it seems margins (on sales) are still strong, and also rental income has made up for the sales shortfall.

It does seem like they are back to full headcount (admin & other expenses back to 2019/20 levels), but sales are not back.

The positive is that UOA has Net Assets per share of ~MYR2.38 which equates to ~AUD79c and with UOS owning 71% you get AUD56c....so spot on with the current share price. Given how conservatively they value land and property that asset value is probably understated, but it seems there is no major change in these accounts to indicate a change in how the business is performing, so holders are just going to have to hold for longer (and painfully without a dividend).......how long is the question as the opportunity cost could be expensive