The Auditor-General’s Report 2019 Series 1 found UDA Holdings Berhad’s financial position to be stable as shown in its profit after-tax records for three consecutive years.
The company’s total assets exceeded liabilities and in positive cash position despite showing a decline in the three-year period.
However, the audit report said performance efficiency in project implementation could be improved.
It said land banking management was also less effective as the balances showed a declining trend each year.
The report recommends a review in the appointment of a chairman at the board of directors committee level as it risks creating a conflict of interest.
It also proposes that UDA Holdings diversify its promotional and marketing efforts to increase existing property sales. — BERNAMA