- 3Q19 financial performance remains intact
- 9M19 performance surpassed previous financial year results
Selangor, Malaysia, 29 November 2019 – Boutique integrated property developer OCR Group Berhad (OCR, Bloomberg: ONC:MK; Reuters: OCRG.KL) maintained its strong momentum in the third quarter ended 30 September 2019 (3Q19), achieving net profit of RM1.9 million on the back of RM17.7 million revenue.
For the nine months ended 30 September 2019 (9M19), the Group recorded revenue of RM60.6 million, surpassing RM44.5 million revenue generated from continuing operations in the previous financial year. Meanwhile, the Group’s 9M19 net profit remained relatively stable at RM6.3 million.
The Group’s unbilled sales and orderbook stood at RM290 million and RM127 million respectively, which will provide solid earnings visibility for the next 27 months.
“The Group’s strong financial performance comes on the back of higher sales and progress billings of Isola KLCC and PRIYA Scheme Kuantan; which achieved commendable take-up rates of 81% and 85% respectively. We are also making headway with our construction project YOLO Signature Suites in Bandar Sunway, Selangor and is expected to complete by 2022.
Moreover, our top-and-bottomline for the nine months ended 30 September 2019 have already surpassed the 17-month performance recorded in the previous financial year. This is due to a favourable product mix coupled with the divestment of the loss-making operations of trading and manufacturing.
Moving forward, we plan to launch two new projects in the coming months, namely The Mate at Damansara Jaya, Selangor and Vertex at Kuantan, Pahang. Both projects have a combined estimated gross development value of RM412.0 million, which will contribute positively to the Group’s financials over the next three years. Meanwhile, we will constantly be on the lookout for other potential growth opportunities.”
Billy Ong Kah Hoe(“王家豪”),
Managing Director of OCR Group Berhad
About OCR Group Berhad
The Group was involved in property development and construction since 1989 but subsequently acquired Takaso Resources Berhad as part of its growth plan to be listed. Thereafter, the Group divested its manufacturing and trading divisions in 2018 and focused on the property and construction business, which is now the core business for OCR Group as a whole.
As an integrated property developer, the Group has since garnered over 20 years of experience in the property and construction sector. OCR has completed a total of 17 projects with a cumulative GDV of more than RM1 billion to date.
Led by the Group’s nimble and young management team, OCR’s dynamic team is able to conceptualize unique project designs to gain a strong following.
For more information, visit http://www.ocrbhd.com
Issued for and on behalf of OCR GROUP Berhad by Aquilas Advisory (M) Sdn. Bhd. For media enquiries, please contact:
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