Oriental Holdings' 3Q net profit rises 49% on higher revenue

Oriental Holdings' 3Q net profit rises 49% on higher revenue
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KUALA LUMPUR (Nov 24): Oriental Holdings Bhd registered a net profit of RM102.35 million for the third quarter ended Sept 30, 2022 (3QFY2022), up 49.07% from RM68.66 million a year earlier.

The higher net profit was driven by a 35.61% increase in revenue to RM960.25 million from RM708.09 million in 3QFY2021, the group said in a Bursa Malaysia filing.

Compared with 2QFY2022, the group's net profit declined 25.19% from RM136.81 million, amid lower contributions from plantation, investment holding segments and unrealised foreign exchange loss. This was despite revenue rising 2.24% from RM939.18 million amid a higher number of cars sold by the automotive segment.

For the cumulative nine months ended Sept 30, 2022 (9MFY2022), Oriental Holdings' net profit surged 125% to RM507 million from RM225.63 million a year earlier, mainly attributed to gain on disposal from the hotels and resorts segment and favourable foreign exchange gain from the plantation segment.

Higher contributions from the automotive, investment properties, trading of building materials products and plastics segments also pushed up the conglomerate's 9MFY2022 revenue up by 20.24% to RM2.84 billion from RM2.36 billion.

"The board will continue to demonstrate resilience by placing emphasis on improving our efficiency and look forward to seek excellent business opportunities to add synergy to existing business," the group said.

Oriental Holdings' share price finished up nine sen or 1.35% at RM6.74 on Thursday (Nov 24), giving the group a market capitalisation of RM4.18 billion.

S Kanagaraju