KUALA LUMPUR, May 30 — OSK Holdings Bhd reported a steadier performance, posting RM122.93 million in net profit for the first quarter ended March 31, 2024 (1Q 2024) against RM115.09 million recorded in the same quarter last year.

OSK also registered better revenue by 10 per cent to RM367.94 million from RM333.20 million previously, said the property developer in a filing with Bursa Malaysia.

"Our first-quarter results reflect the outcome of our continued commitment to execute growth strategies for our core businesses with a long-term focus in mind.

"The healthy growth in our property and financial services segments, along with stable performance across other segments, underscores our resilience and commitment to delivering continuous value to our stakeholders,” said group executive chairman Tan Sri Ong Leong Huat.

It noted that the property segment demonstrated positive growth, with revenue reaching RM204.7 million, marking a six per cent increase compared with the RM192.4 million recorded in 1Q 2023.

"As of March 31, 2024, the group’s unbilled sales stood at RM1.1 billion.

"The group has a total land bank of 768.09 hectares with an estimated effective gross development value of RM16.2 billion,” it said.

The company stated that it remains optimistic about delivering satisfactory results for the remainder of 2024, bolstered by healthy unbilled sales in the property development division and steady growth in the capital financing business.

"As we move forward, we remain dedicated to seizing opportunities and overcoming challenges to sustain our growth trajectory,” said Ong.

The group’s net gearing ratio stood at 0.39 times and cash and bank balances totalling RM848.2 million as of March 31, 2024, indicating financial stability and liquidity, it added. — Bernama