OSK Holdings 2Q Net Profit Slips To RM128.70 Mln

KUALA LUMPUR, Aug 27 (Bernama) -- OSK Holdings Bhd’s net profit in the second quarter ended June 30, 2024 (2Q 2024) fell to RM128.70 million from RM131.03 million in the same quarter last year. 

Revenue declined to RM368.42 million from RM397.44 million previously, primarily due to weaker performance in the industries and investment holding segments, it said in a filing with Bursa Malaysia.

“Revenue in the industries segment dipped 26 per cent to RM75.7 million while pre-tax profit saw a sharp decline of 55 per cent to RM5.8 million in 2Q 2024 against 2Q 2023.

“The performance for both the cables and industrialised building system wall panels were impacted by slower take-up by some of the major customers,” it said.

OSK Holdings has declared a single-tier interim dividend of three sen per ordinary share for the financial year ending Dec 31, 2024 (FY2024).

For the first half of FY2024 (1H 2024), the group recorded a higher net profit of RM251.63 million from RM246.12 million in 1H 2023 while revenue increased to RM736.36 million compared with RM730.64 million previously, due to improved performance in the property and financial services segments.

Its group executive chairman Tan Sri Ong Leong Huat said the group remained focused on enhancing shareholder value and driving sustained growth.

“With the momentum gained in 1H 2024, we are well-positioned to achieve our long-term objectives,” he said.

The group’s property development division will continue to plan and launch projects as scheduled, while actively monitoring progress and costs and implementing sales and marketing strategies to ensure strong take-up rates.

-- BERNAMA