• Its revenue rose 17% to a record RM1.32 billion from RM1.13 billion a year ago, exceeding pre-pandemic levels.

KUALA LUMPUR (Feb 27): OSK Holdings Bhd's net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022) rose 23.4% to RM121.32 million, supported by its property and financial services and investment holding divisions.

Earnings per share rose to 5.88 sen from 4.77 sen in 4QFY2021, according to a Bursa Malaysia filing on Monday (Feb 27).

Revenue rose 5.77% to RM332.71 million from RM314.57 million a year ago.

For the full year ended Dec 31, 2022 (FY2022), the group posted a net profit of RM427.18 million, up 7.27% from RM398.23 million a year ago, with all business segments posting better pre-tax profit except for a one-off share of profit recognised from sale of the retail podium at Melbourne Square (MSQ) in FY2021.

Meanwhile, its revenue rose 17% to a record RM1.32 billion from RM1.13 billion a year ago, exceeding pre-pandemic levels.

Its record performance was thanks to better operating performance and market conditions.

"Accordingly, the group’s financial position continues to grow from strength to strength as total assets reached a new high of RM9.68 billion (2021: RM9.22 billion) with a corresponding earnings per share of 20.72 sen (2021: 19.31 sen)," the group said in a separate statement.

OSK's executive chairman Tan Sri Ong Leong Huat said the group had performed well in terms of how it instilled resiliencies to drive better business outcomes.

“The new milestones that we have achieved today is due to the strategies and plans that we had put in place years ago. These measures have come to fruition, underpinned by the continued economic recovery seen in the fourth quarter of FY2022,” he added.

The group declared a final dividend of four sen per share, with an ex-date of April 20 and a payment date of May 12. This brings the total dividend for the year to six sen per share compared with five sen per share in FY2021.

On its outlook, OSK said it is confident of maintaining its satisfactory performance in FY2023.

The group said its property development division will continue to be supported by recognition of revenue from progress billings of properties sold from its ongoing projects in Malaysia, which will provide a sustainable revenue stream for FY2023 and beyond.

It has unbilled sales of RM1 billion as at Dec 31, 2022 with minimal unsold completed stocks.

Meanwhile, it will continue to sell its remaining completed residential units in MSQ, with a second phase launch having an estimated gross development value of RM1.9 billion.

Meanwhile, its construction arm will focus on delivering its current outstanding order book, which stood at RM460.9 million as at Dec 31, 2022.

"The demand for hotel rooms across all hotels under the group is expected to remain strong. The two rebranded hotels, DoubleTree by Hilton Damai Laut Resort and Holiday Inn Express, together with our own Swiss-Garden hotels are expected to contribute positively to the group in the longer term.

"We expect the pent-up demand for local tourism will continue in FY2023. The vacation club division will focus [on servicing] our existing members with vacation destinations available to them. 

"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.

"With the expansion of its financing portfolio and products offering in Malaysia as well as Australia, the division is expected to contribute stronger financial performance to the group in FY2023," it said.

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