OSK Posts Net Profit Of RM115 Million, Up By 36% In 1Q23

OSK Holdings Bhd’s net profit for the first financial quarter ended March 31, 2023 (1Q FY2023) rose to RM115.09 million from RM84.44 million in the same quarter last year.

Revenue increased to RM333.20 million from RM306.46 million previously, attributed to its industries, hospitality as well as financial services and investment holding segment.

In a filing with Bursa Malaysia today, the company said the property segment reported a consistent revenue of RM174.5 million in quarter under review against RM175.0 million a year ago due to its on-going projects in Malaysia and the sale of completed inventories in Australia.

The industries segment recorded a revenue and a pre-tax profit of RM81.1 million and RM6.4 million, up 23 per cent and 24 per cent, respectively, from 1Q FY2022 underpinned by strong sales due to higher customer deliveries.

The company said its hospitality segment recorded a revenue of RM24.0 million in 1Q FY2023 compared with RM17.3 million in 1Q FY2022, having benefitted from the lifting of movement restrictions and pent-up demand for local tourism and convention and meeting activities since early 2022.

It said the capital financing division’s pre-tax profit for 1Q FY2023 rose 23 per cent to RM18.4 million from RM15.0 million on the back of a higher revenue of RM35.6 million with its increase in loan disbursement compared to 1Q FY2022.

Meanwhile, the investment holding division contributed a pre-tax profit of RM75.4 million in 1Q FY2023 from RM51.7 million a year ago, mainly contributed by RHB Group amounting to RM77.9 million in 1Q FY2023.

On prospects, OSK said the construction segment will focus to deliver its current outstanding order book which stood at RM415.1 million as of March 31, 2023.

“The performance of the industries segment is expected to improve gradually while the hospitality industry is expected to be stable in FY2023.

“The performance of the financial services and investment holding segment is dependent on the performance of RHB Group and the new loans to be originated and disbursed by the capital financing division,” it said.

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