Dear Friends

UAC Berhad held its Annual General Meeting (AGM) of UAC Berhad on 01 April at which all the resolutions put to the shareholders were passed unanimously. Shareholder attendance was good at the AGM, reflecting the keen interest shareholders have in the affairs of their company.

The performance of the Group in 2009 registered a marked improvement with profit after tax improving by 53% to RM19.7 million.  Earnings per share likewise improved from 17.3 sen in 2009 to 26.5 sen, out of which 26 sen was paid out as gross dividends in the year. Building products business declined by 7.3% but this was more than compensated by increase in net rental income from Menara UAC and improved income from investments in quoted shares.

2010 started encouraging with the Company achieving another milestone when it was awarded the coveted BrandLaureate for Best Brands in Product Branding under the category of Manufacturing – Cellulose Fibre Cement Boards by the Asia Pacific Brands Foundation. This award reflects the strong brand position of the Company’s cellulose fibre cement products in both the domestic and international markets. Congratulations to the marketing and sales team and our business partners who have worked to strongly position the UAC and UCO brands over the years in Malaysia and in other parts of the world.

We are optimistic at the business prospects for the remaining part of this year. The Malaysian economy has returned to positive territory and economies of the Group’s key export markets, having rebounded from their recession are expected to expand. Profit performance in the coming year will depend on demand for the Company’s building products and production costs remaining stable. The Group will continue to pursue enhancement in productivity and improvement in cost efficiencies. Research and development efforts will result in the launch of new products within the next 12 to 18 months to augment the present range of products.

 
Koo Hock Fee
Chief Executive Officer / Managing Director

01 June 2010