KUALA LUMPUR (Aug 27): OSK Holdings Bhd (KL:OSK) posted a net profit of RM128.7 million or 6.24 sen per share for its second quarter ended June 30, 2024 (2QFY2024), down nearly 2% from RM131.04 million or 6.35 sen a year ago.

During the quarter under review, increased profits from property, hospitality and financial services was more than offset by a 55% decline in the industries segment, according to its filing with Bursa Malaysia on Tuesday. 

Its industries segment included the manufacturing and sale of power cables, and the manufacturing and sale of Industrialised Building System (IBS) concrete wall panels. 

Revenue for 2QFY2024 dropped 7% to RM368.42 million from RM397.44 million a year ago, as the declines in the property and industries segments more than offset increased revenue posted by OSK’s hospitality, financial services and investment holdings.

Nevertheless, OSK said in a separate filing that its board had resolved to declare a single-tier interim dividend of 3.0 sen per ordinary share for its FY2024.

“The date of entitlement and date of payment in respect of the aforesaid interim dividend will be determined and announced in due course,” it added. 

For the first half of its financial year ending Dec 31, 2024 (1HFY2024), the group’s net profit rose 2.23% to RM251.63 million, from RM246.13 million a year earlier. 

The group’s total revenue for 1HFY2024 was recorded at RM736.4 million, showing a slight increase from RM730.6 million in 1HFY2023, boosted by the property and financial services segments. 

Meanwhile, pre-tax profits increased by 4%, reaching RM282.8 million compared to RM271.9 million in the same period last year. 

In a separate statement, OSK group executive chairman Tan Sri Ong Leong Huat said: “Our first-half results reflect the strength of our diversified business model and the success of our strategic initiatives. 

“The steady growth in the property, hospitality and financial services segments, alongside consistent performance in other areas, reaffirms our progress towards building solid, sustainable businesses across all of our business verticals,” Ong added.

OSK shares fell 1 sen or 0.6% to settle at RM1.57 at closing, valuing the group at RM3.3 billion.