6 days ago
E&O's FY25 net profit surges to RM169mil
E&O managing director Kok Tuck Cheong.
KUALA LUMPUR: Eastern and Oriental Bhd 's (E&O) net profit jumped to RM168.65mil in its financial year ended March 31, (FY25) from the previous year's RM133.60mil.
Revenue increased by 75.3% to RM741.08mil from RM422.83mil in FY24.
In a statement yesterday, E&O said the performance was driven by strong sales from its properties segment, which contributed RM630.5mil in revenue, an increase of 102% year-on-year (y-o-y), equivalent to 85.1% of the group's total revenue.
'Additionally, joint-venture projects such as Conlay, The Peak, and Avira Garden Terraces contributed RM428.9mil in revenue, marking a 61.5% increase.
'On an aggregate basis, the total revenue generated by the properties segment, including joint ventures, reached RM1.06bil,' it said.
For the fourth quarter ended March 31 (4Q25), the group's net profit rose to RM69.84mil from RM36.47mil in the same quarter last year, while revenue jumped to RM236.65mil from RM121.32mil previously.
E&O managing director Kok Tuck Cheong said the group's performance reflects the impact of its strategic direction and focus on sustainable growth.
'At Andaman Island in Penang, we have five ongoing projects with an estimated gross development value of RM2.7bil.
'Furthermore, we have plans to launch four developments comprising a mix of residential and retail properties strategically located on Penang Island and Klang Valley,' he said.
During a virtual press conference held in conjunction with the company's FY25 results announcement, Kok said the group aims to realise RM1.5bil in property sales between FY26 and FY29.
To date, the property development company has RM1.5bil in unbilled sales.
Kok noted that the sales projection is supported by its development projects located in the Klang Valley, Johor Baru, and Penang.
'The total gross development value (GDV) for our project called The Meg, located at Andaman Island, Penang, amounts to RM691mil and is expected to be completed in April 2026.
'Our next projects, which are expected to be completed next year, are the Senna and Fera homes, also located in Penang,' he said, adding that the GDV for the 69 units of three-storey homes on 1.60ha is estimated at around RM280mil.
Kok also noted that the group will not solely focus on the Penang market and intends to expand its business to other locations as well.
He said the group is constantly on the lookout for potential land acquisitions, with most current opportunities coming in the form of pocket developments.
'We are also exercising a bit more caution, as we have already established this primary segment of our strategic direction and want to maintain that focus,' he added. — Bernama
