Oriental Interest eyes growth with RM584.4mil unbilled sales


KUALA LUMPUR: Oriental Interest Bhd (OIB) is poised for growth with unbilled property sales of about RM584.4mil from its existing projects as at Feb 29.

“Given the on-hand bookings and sales momentum, the group is optimistic in delivering another set of positive results for the financial year ending Aug 31, 2024 (FY24),” the developer said in a filing with Bursa Malaysia.

During the quarter, OIB delivered vacant possession for 72 bungalows in Taman Serai Wangi together with 36 units of three storey shop houses, single storey bungalow and double storey terrace homes in Taman Cengal Jaya with both projects situated in northern region.

Additionally, the group launched 121 units of double storey homes under a new phase of Taman Permaipura with estimated gross development value of RM45.4mil.

“The group currently has 3,142 acres of strategic development lands (including land banks under landowners and developer agreements) that will augur well for the future growth of its property development activities,” OIB said.

In the second quarter ended Feb 29, OIB’s net profit fell 18.7% to RM8.6, or earnings per share of 1.85 sen compared with RM10.5mil, or 2.27 sen in the same corresponding period last year.

Revenue rose 12.8% to RM136.7mil versus RM121.2mil a year prior.

In the first six months, it posted a net profit of RM24.4mil on revenue of RM262.5mil.

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Oriental Interest , property

   

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