OSK’s 1Q earnings rise 10% to RM122.93m

• OSK said the property, financial services, industries and investment holding segments were the top contributors to tax profits, with the industries and financial services segments recording growth of 59% and 42% respectively, compared to the same period last year.

KUALA LUMPUR (May 30): OSK Holdings Bhd’s (KL:OSK) net profit for the first quarter ended March 31, 2024 (1QFY2024) rose 10% to RM122.93 million from RM115.09 million, on the back of a 10% rise in revenue to RM367.94 million, versus RM333.20 million.

In a bourse filing on Thursday, OSK said the property, financial services, industries and investment holding segments were the top contributors to tax profits, with the industries and financial services segments recording growth of 59% and 42% respectively, compared to the same period last year.

Earnings per share was 5.96 sen, versus 5.58 sen earlier.

OSK did not declare any dividend.

In a separate statement, OSK group executive chairman Tan Sri Ong Leong Huat said the first-quarter results reflect the outcome of the company’s continued commitment to execute growth strategies for core businesses, with a long-term focus in mind.

“The healthy growth in our property and financial services segments, along with stable performance across other segments, underscores our resilience and commitment to delivering continuous value to our stakeholders,” said Ong.

OSK said the property segment demonstrated positive growth, with revenue reaching RM204.7 million, marking a 6% increase compared to the RM192.4 million recorded in 1QFY2023.

As of March 31, the group’s unbilled sales stood at RM1.1 billion.

OSK said the financial services segment delivered a strong result, with a 50% increase in revenue to RM53.2 million compared to RM35.6 million, and a 42% rise in pre-tax profit to RM26.1 million compared to RM18.4 million in 1QFY2023.

Ong said OSK continues to remain optimistic in delivering satisfactory results for the remainder of 2024, bolstered by healthy unbilled sales in the property development division and steady growth in the capital financing business.

“As we move forward, we remain dedicated to seizing opportunities and overcoming challenges to sustain our growth trajectory,” he said.

At midday break on Thursday, OSK rose 1.23% or two sen to RM1.65, with 1.90 million shares traded.

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