OSK Holdings Q2 net profit rises to RM106.23mil

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KUALA LUMPUR: OSK Holdings Bhd’s net profit rose to RM106.23 million in the second quarter ended June 30, 2022 (Q2 2022) from RM103.61 million a year earlier as the property segment and capital financing division continued to be major profit contributors for the group.

Revenue for Q2 2022 soared to RM334.66 million versus RM267.21 million previously, it said in a filing with Bursa Malaysia today.

Group executive chairman Tan Sri Ong Leong Huat said Malaysia’s return to normalcy as COVID-19 risk subsides, facilitated by relaxation of the respective containment measures, has set the grounds for accelerated recovery in the nation’s economy, which is reflected in the group’s performance for Q2 2022.

"We are pleased to note that all our businesses have registered a stronger performance underpinned by growing demand across our products and services, despite ongoing labour shortages, rising interest rates and the increase in prices of raw materials.

"Even amidst these challenging times, we continue to run our operations efficiently and execute our plans in line with our long term strategy,” he said.

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Property development division's Q2 2022 revenue increased 11 per cent year-on-year to RM184.7 million, underpinned by high take-up rate from ongoing projects: MIRA @ Shorea Park, YouCity III (both in Selangor), Bandar Puteri Jaya in Sungai Petani and Iringan Bayu in Seremban, as well as higher progress billings in line with healthy construction progress during the quarter.

Over in Melbourne, Australia, the group said it will continue to focus on selling the remaining completed residential units in Phase 1 of Melbourne Square developed by its joint-venture company for the remaining quarters of FY2022.

Meanwhile, OSK’s capital financing division has expanded its financing portfolio in Islamic financing businesses in Malaysia.

A single-tier interim dividend of two sen per share was approved by the board meeting held on Aug 26, 2022 for FY2022.

"We remain on track in meeting our targets for pipeline projects slated to be launched in FY2022, including LEA By The Hills in Taman Melawati, Rubica in Butterworth, ANYA @ Shorea Park as well as new phases within existing townships.

"In terms of forward earnings visibility, the group’s total unbilled property sales grew to RM1.0 billion in the current quarter (Q1 2022: RM0.9 billion),” added Ong. - Bernama