KUALA LUMPUR: OSK Holdings Bhd’s net profit widened to RM398.23mil for the financial year ended Dec 31, 2021 (FY21) from RM343.70mil last year, mainly derived from the financial services and investment holding as well as hospitality segments, but was offset by high raw material costs.

       It said the capital financing division and share of profit of RHB Group contributed substantially to the increase in earnings, while the reopening of inter-districts and inter-state travels since October 2021 has led to higher room occupancy for all its operating hotels, thus reducing substantially its losses compared to a year ago.

       Its revenue expanded to RM1.13bil from RM1.09bil, Bernama reported.

       The group has declared a single-tier final dividend of four sen per share, payable on May 13, 2022.

       For the fourth quarter (Q4), OSK’s net profit eased to RM98.32mil from RM99.57mil due to lower contribution from property, construction and industries segments, which offset against better performance from financial services and investment holdings as well as hospitality segments.

       Revenue declined to RM314.57mil in Q4’21 from RM335.54mil in the same period last year.

       Moving forward, the group expects its revenue to remain strong in the coming quarters, supported by unbilled property sales of RM900mil with nominal unsold completed stock as of Dec 31, 2021.

       The group’s current land bank totals 800.47 hectares located across the Klang Valley, Sungai Petani, Butterworth, Kuantan, Seremban and Melbourne, Australia with an estimated effective gross development value of RM14.7bil.

       ‘The property development division will remain as a key contributor to the performance of the group for FY22,” it said. — Bernama