KUALA LUMPUR: Oriental Interest Bhd
's (OIB) net profit for the financial year ended Aug 31, 2024 (FY2024) increased to RM85.21 million from RM78.69 million a year ago.
Revenue surged to RM652.47 million from RM534.33 million in FY2023, marking a 22 per cent increase.
"The property development segment achieved higher revenue with an increase of 16 per cent, driven by strong demand for the group's new and ongoing development projects.
"Meanwhile, the general construction segment reported an increase of 62 per cent compared with the previous financial year, attributed to enhanced progress in construction activities for external customers," it said in a filing with Bursa Malaysia.
For the 4Q 2024 ended Aug 31, 2024, OIB's net profit was down to RM35.55 million versus RM44.57 million 4Q 2023.
Revenue for 4Q 2024 rose by 4.0 per cent to RM209.56 million from RM200.91 million, supported by higher sales and progress billings from ongoing development projects, as well as completion and handover of projects.
On prospect, the group is poised for continued growth with unbilled property sales of about RM603.45 million from its existing projects.
"Given the on-hand bookings and sales momentum, the group is optimistic to deliver another set of positive results for FY2025," it said.
The board declared an interim single-tier dividend of 5.5 sen per ordinary share FY2024. The entitlement date is Dec 2 and the payment date is Dec 16, 2024. - Bernama
