UEM Edgenta jumps 10.68% on special dividend, firm 4Q earnings

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KUALA LUMPUR (Feb 21): UEM Edgenta Bhd jumped 10.68% this morning after it announced a special dividend of 18 sen per share — together with a second interim dividend of 5 sen per share  — after its fourth quarter net profit jumped about 20 times following the disposal of its entire stake in Opus International Consultants Ltd (OIC) last year.

At 9am, UEM Edgenta rose 25 sen to RM2.59 with 160,100 shares done.

Net profit for the fourth quarter ended Dec 31, 2017 surged to RM324.81 million from RM16.49 million a year earlier, after booking in a gain of RM274.91 million from the disposal of its 61.2% stake in OIC, held via indirect wholly-owned unit, Opus International (NZ) Ltd. The disposal was completed in December.

The special dividend is payable on April 18, while the second interim dividend is payable on May 17. The total 23 sen payout, in respect of its FY17, brings the group’s full year payout to 31 sen, versus 7 sen in FY16.

Quarterly revenue grew 31.08% to RM672.31 million against RM512.9 million.

For the full FY17, UEM Edgenta’s net profit spiked 422% year-on-year to RM418.19 million from RM80.06 million, while revenue grew 34% y-o-y to RM2.12 billion from RM1.58 billion.