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New Straits Times
6 days ago
- Business
- New Straits Times
OSK, EPF JV in Melbourne sees strong sales
KUALA LUMPUR: OSK Holdings Bhd reported a 67 per cent take-up rate for Phase 2 of BLVD, a high-rise residential tower in Melbourne Square (MSQ), developed in partnership with the Employees Provident Fund (EPF). Sales efforts for Phase 1 are ongoing, while profits from Phase 2 are expected upon handover in early 2027. OSK, in its corporate results statement, said its property development division continues to be a key growth driver, with upcoming launches progressing as planned. The group remains focused on hitting construction milestones and controlling costs to ensure timely delivery and sustained profitability. For the first quarter ended March 31, 2025 (Q1 2025), OSK posted a 9 per cent year-on-year increase in revenue to RM400.6 million. Pre-tax profit remained steady at RM140 million, supported by its diversified business portfolio. Group executive chairman Tan Sri Ong Leong Huat noted that the group's diversified model has enabled it to sustain earnings despite ongoing economic challenges. The property segment contributed RM188.5 million in revenue and RM31.2 million in pre-tax profit, down from RM204.7 million and RM36.9 million, respectively, in Q1 2024, mainly due to the absence of a high-margin project. As of March 31, 2025, unbilled sales stood at RM1.2 billion, reflecting strong demand and a low level of unsold completed units. OSK's land landbank totals 2,083 acres, with an estimated gross development value (GDV) of RM17.7 billion across key locations in the Klang Valley, Kedah, Penang, Negeri Sembilan, and Melbourne. The property investment division continues to deliver consistent income from its office and retail leasing portfolio. Meanwhile, the hospitality segment posted RM23.4 million in revenue for Q1 2025, with a pre-tax loss of RM1.5 million, compared to RM24 million in revenue and a RM0.7 million loss a year earlier. The wider loss was attributed to refurbishment works at Swiss-Garden Beach Resort Kuantan, which temporarily impacted F&B and event revenues. The Phase 2 refurbishment is expected to be completed in Q2 2025, aimed at enhancing guest experiences and expanding event capabilities. Recently rebranded hotels, DoubleTree by Hilton Damai Laut Resort and Holiday Inn Express & Suites Johor Bahru, are also expected to strengthen their market positions in the hospitality sector. Ong noted that Malaysia's tourism outlook is upbeat, supported by extended visa-free travel for Chinese and Indian tourists until December 2026, which is expected to drive growth in both leisure and business travel. "With the strength of our diversified portfolio, we are confident of delivering satisfactory results for the remainder of 2025," he said.
The Sun
6 days ago
- Business
- The Sun
OSK Holdings pleased with solid start to FY25
PETALING JAYA: OSK Holdings Bhd reported revenue of RM400.6 million for the first quarter ended March 31, 2025 (Q1'25), a 9% increase compared to the same period last year. Pre-tax profit remained stable at RM140 million, reflecting the continued contribution of its diversified portfolio and prudent management strategies. 'We are pleased with the solid start to the year and strong fundamentals across most core segments. Despite the challenging operating environment, our diversified business model has enabled us to sustain earnings and strengthen our fundamentals across key segments,' said OSK Group executive chairman Tan Sri Ong Leong Huat. The financial services segment delivered a robust performance with a 27% year-on-year increase in revenue to RM67.9 million and an 18% rise in pre-tax profit to RM30.9 million in Q1'25. This performance was mainly supported by the expansion of the loan portfolio in both Malaysia and Australia. As of March 31 2025, total outstanding loans stood at RM2.4 billion, up from RM1.7 billion in the corresponding quarter of the previous year. The segment is expected to maintain its growth trajectory throughout 2025, driven by continued portfolio expansion, broader geographical reach, and the introduction of new product offerings. The investment holdings segment meanwhile reported a pre-tax profit of RM73.7 million in Q1'25, up from RM68.5 million in Q1'24, driven by higher profit contribution from RHB Group which saw an improved performance. The industries segment also saw strong growth, posting a 41% year-on-year increase in revenue to RM120.8 million in Q1'25. Pre-tax profit declined to RM5.7 million, primarily due to the refurbishment and operating costs of the two newly acquired factories under the cable division in Johor Bahru. Operations at these facilities officially commenced on March 6, and the new plants are expected to make a positive contribution to future earnings as production scales up and operational efficiencies are realised. Excluding the losses from the Johor Bahru factories, the segment posted an improved pre-tax profit of RM12.0 million, consistent with the steady revenue growth. For Q1'25, the property segment reported revenue of RM188.5 million and a pre-tax profit of RM31.2 million, compared to RM204.7 million and RM36.9 million respectively in Q1'24. As at March 31, 2025, the group's unbilled sales stood at RM1.2 billion, reflecting sustained buyer interest and the Group recorded minimal level of unsold completed stock. Ong said, 'As we move forward, we will continue building momentum by staying focused on operational excellence and strategic execution, propelling the group's growth. With the strength of our diversified portfolio and the dedication of our OSKers, we are confident of delivering satisfactory results for the remainder of 2025.'
New Straits Times
7 days ago
- Business
- New Straits Times
OSK posts 9pct revenue growth in Q1 2025, supported by diversified segments
KUALA LUMPUR: OSK Holdings Bhd recorded a 9 per cent year-on-year rise in revenue to RM400.6 million for the first quarter ended March 31, 2025 (Q1 2025), while pre-tax profit held steady at RM140 million, underpinned by its diversified portfolio. Group executive chairman Tan Sri Ong Leong Huat said, "Despite the challenging operating environment, our diversified business model has enabled us to sustain earnings and strengthen our fundamentals across key segments." The financial services segment saw revenue jump 27 per cent to RM67.9 million, with pre-tax profit rising 18 per cent to RM30.9 million, driven by loan portfolio growth in Malaysia and Australia. Outstanding loans rose to RM2.4 billion from RM1.7 billion a year ago. The investment holdings division posted a pre-tax profit of RM73.7 million, up from RM68.5 million, supported by stronger contributions from RHB Group. Revenue in the industries segment surged 41 per cent to RM120.8 million, though pre-tax profit slipped to RM5.7 million due to costs tied to newly acquired cable factories in Johor Bahru. Excluding those, segment profit stood at RM12 million. OSK said it is upgrading its Melaka facilities to boost capacity. The IBS division continues to generate steady revenue amid consistent demand. The property segment recorded revenue of RM188.5 million and pre-tax profit of RM31.2 million, down from RM204.7 million and RM36.9 million, respectively, in Q1 2024, due to the absence of a high-margin project. OSK is maintaining momentum in its property development activities, with upcoming launches on track and efforts focused on meeting construction milestones while managing costs. As of March 31, 2025, the group's unbilled sales stood at RM1.2 billion, with a minimal level of unsold completed stock, reflecting sustained demand. The group holds a 2,083-acre land landbank with an estimated effective gross development value (GDV) of RM17.7 billion across key regions in Malaysia and Australia. Meanwhile, the group's property investment division continued to generate stable income from its office and retail portfolios. The hospitality segment posted RM23.4 million in revenue for Q1 2025 with a pre-tax loss of RM1.5 million, compared to a smaller loss of RM0.7 million last year. The higher loss was attributed to ongoing refurbishments at Swiss-Garden Beach Resort Kuantan, which temporarily impacted revenue from F&B and MICE segments.
The Star
23-05-2025
- Business
- The Star
FGV to acquire full ownership in eight subsidiaries for RM229.75mil
KUALA LUMPUR: FGV Holdings Bhd will acquire full ownership of eight subsidiaries via share purchases totalling RM229.75 million from Koperasi Permodalan Felda Malaysia Bhd (KPF). In a filing to Bursa Malaysia today, FGV said its units, FGV Palm Industries Sdn Bhd (FGVPI) and Felda Holdings Bhd (FHB), have signed conditional share sale agreements to acquire the remaining stakes in the companies currently jointly owned with KPF. Under the agreements, FGVPI will acquire the remaining interests in three companies - FGV Kernel Products Sdn Bhd (16.67 per cent), FGV Refineries Sdn Bhd (33.33 per cent) and FGV Marketing Services Sdn Bhd (49 per cent) - for RM54.70 million. Meanwhile, FHB will purchase the remaining stakes in five companies - FGV Agri Services Sdn Bhd (23.08 per cent), FGV Transport Services Sdn Bhd (49 per cent), FGV Security Services Sdn Bhd (49 per cent), FGV Prodata Systems Sdn Bhd (20 per cent), and FGV Rubber Industries Sdn Bhd (28.57 per cent) - for RM175.05 million. FGV said the acquisitions will be fully funded through a mix of RM140 million in new borrowings and RM89.7 million from internal funds. "The exercise will allow FGV to streamline operations and gain better control over strategic decision-making and performance management across its subsidiaries,' it said. The group said proposed acquisitions would allow the FGV Group to streamline the company's business operations and facilitate faster decision-making, which better aligns with the group's strategic direction. The proposed acquisitions are expected to be completed by the third quarter of 2025, subject to shareholder and regulatory approvals. Maybank Investment Bank is acting as the principal adviser, while QuantePhi Sdn Bhd has been appointed as the independent adviser to assess the fairness of the deal to minority shareholders. - Bernama
New Straits Times
23-05-2025
- Business
- New Straits Times
FGV to acquire full ownership in eight subsidiaries for RM229.75mil
KUALA LUMPUR: FGV Holdings Bhd will acquire full ownership of eight subsidiaries via share purchases totalling RM229.75 million from Koperasi Permodalan Felda Malaysia Bhd (KPF). In a filing to Bursa Malaysia today, FGV said its units, FGV Palm Industries Sdn Bhd (FGVPI) and Felda Holdings Bhd (FHB), have signed conditional share sale agreements to acquire the remaining stakes in the companies currently jointly owned with KPF. Under the agreements, FGVPI will acquire the remaining interests in three companies - FGV Kernel Products Sdn Bhd (16.67 per cent), FGV Refineries Sdn Bhd (33.33 per cent) and FGV Marketing Services Sdn Bhd (49 per cent) - for RM54.70 million. Meanwhile, FHB will purchase the remaining stakes in five companies - FGV Agri Services Sdn Bhd (23.08 per cent), FGV Transport Services Sdn Bhd (49 per cent), FGV Security Services Sdn Bhd (49 per cent), FGV Prodata Systems Sdn Bhd (20 per cent), and FGV Rubber Industries Sdn Bhd (28.57 per cent) - for RM175.05 million. FGV said the acquisitions will be fully funded through a mix of RM140 million in new borrowings and RM89.7 million from internal funds. "The exercise will allow FGV to streamline operations and gain better control over strategic decision-making and performance management across its subsidiaries," it said. The group said proposed acquisitions would allow the FGV Group to streamline the company's business operations and facilitate faster decision-making, which better aligns with the group's strategic direction. The proposed acquisitions are expected to be completed by the third quarter of 2025, subject to shareholder and regulatory approvals. Maybank Investment Bank is acting as the principal adviser, while QuantePhi Sdn Bhd has been appointed as the independent adviser to assess the fairness of the deal to minority shareholders. -- BERNAMA
