Osk Holdings Records Higher 3q Net Profit Of Rm123.03 Mln

KUALA LUMPUR, Nov 27 (Bernama) -- OSK Holdings Bhd’s net profit increased to RM123.03 million in the third quarter ended Sept 30, 2023 (3Q 2023), from RM112.85 million in the same quarter last year, lifted by higher contributions from the industries and hospitality segments. 

In a filing with Bursa Malaysia, the property developer said its revenue surged 25 per cent to RM433.64 million against RM347.07 million previously.

“The industries segment recorded a 58 per cent increase in revenue of RM121.6 million and a more than seven-fold rise in pre-tax profit to RM17.2 million in 3Q 2023, compared to the same quarter last year.

“The significant improvement in performance was attributed to stronger sales revenue achieved in cables and industrialised building system (IBS) wall-panel, from both local and export sales,” the group said.

OSK said the hospitality segment reported revenue of RM26.2 million and a pre-tax profit of RM2.5 million in 3Q 2023 compared with revenue of RM24.1 million and a pre-tax profit of RM0.8 million in the same period last year.

"The improvement was mainly due to the higher occupancy rate and average room rates from the hotel and resort division as demand for local tourism and meeting and event activities remain strong," the group said.

For the nine months of 2023 (9M 2023), OSK’s net profit rose to RM369.16 million from RM303.04 million during the same period of 2022, while revenue improved 18 per cent year-on-year to RM1.16 billion from RM988.19 million previously.

As at Sept 30, 2023, the group's effective unbilled sales stood at RM1.2 billion with minimal unsold completed stocks, while its total land bank measured at 806.94 hectares, with an estimated effective gross development value of RM15.5 billion.

-- BERNAMA