Oriental Interest sees 160% rise in 2Q profit, declares special dividend of 20 sen

• Quarterly revenue increased 35.60% to RM185.32 million from RM136.67 million, driven by higher contribution margins and strong demand for industrial plots in Pulau Indah, as well as Myra Putri, Serai Residensi and Myra Cove.

KUALA LUMPUR (April 29): Oriental Interest Bhd's net profit rose 159.90% to RM22.28 million for its second quarter ended Feb 28, 2025 (2QFY2025), from RM8.57 million a year earlier, on the back of higher revenue fuelled by strong performance in the property development segment.

Earnings per share increased to 4.80 sen from 1.85 sen, according to the property developer's stock exchange filing on Monday.

Quarterly revenue increased 35.60% to RM185.32 million from RM136.67 million, driven by higher contribution margins and strong demand for industrial plots in Pulau Indah, as well as Myra Putri, Serai Residensi and Myra Cove.

The company has announced a special dividend of 20 sen per share for the quarter, which will be paid on July 18.

The sharply higher quarterly net profit also led to a 55.64% increase in net profit for the first half of FY2025 to RM38.01 million, from RM24.42 million in the same period of the previous year. Six-month earnings per share rose to 8.16 sen from 5.26 sen previously.

 Revenue for the six months grew 22.30% to RM321.04 million from RM262.49 million previously.

Looking ahead, Oriental Interest said it is poised for growth with unbilled property sales of about RM493.81 million as at end February 2025. Given the on-hand bookings and sales momentum, the group is optimistic of delivering another set of positive results for FY2025.

The group currently has 2,986 acres of strategic development land, including land banks under landowners and developer agreements, that augurs well for the future growth of its property development activities, it added.

"The executive leadership continues to actively consider and acquire new land banks, given the positive long-term outlook in the property development industry and sustainable demand from first-time home buyers and the owner-occupier market for residential properties," the company said.

Oriental Interest's share price dropped one sen or 0.7% to RM1.39 on Monday, giving the company a market capitalisation of RM799.5 million. The counter has risen by 9.45% year-to-date.

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