- Improved performance largely on higher topline of 8 million and absence of loss-making operations of trading and manufacturing
- Unbilled sales and order book of RM368.4 million to provide earnings visibility over next three years
Selangor, Malaysia, 26 February 2020 – Boutique integrated property developer OCR Group Berhad (OCR, Bloomberg: ONC:MK; Reuters: OCRG.KL) returned to black in the financial year ended 31 December 2019 (FY2019) with RM9.0 million net profit recorded on RM81.8 million revenue.
As a comparison the Group reported a net loss of RM7.0 million on RM70.3 million revenue in the previous financial period ended 31 December 2018.
The improved performance was largely due to stronger sales and healthy progress billings from the Group’s property development projects, namely Isola KLCC and PRIYA Scheme Kuantan, higher contributions from the construction business, together with the absence of the loss-making operations of trading and manufacturing.
The Group’s unbilled sales and orderbook stood at RM232.3 million and RM136.1 million respectively, which will provide solid earnings visibility for the next three years.
“Our first full financial year with the sole focus on property development, construction and project management businesses have evidently resulted in tremendous improvements in the Group’s financial performance, as we turned around from being a loss-making company to registering consistent quarterly profits.
We are also making great strides with the recent launches of property development projects. For example, the soft launch of The Mate in Damansara Jaya garnered a great response from homebuyers, as approximately 80% of the studio apartment units had been taken up within a short span of time. In the coming months, we aim to launch the 2-bedroom units and officially launch the project.
Going forward, we are optimistic of the Group’s prospects following the recent announcement of Bank Negara Malaysia reducing the overnight policy rate by 25 basis points. Nevertheless, the Group will be on the constant lookout for potentially earnings-accreditive opportunities across its property development, construction, project management consultant and related businesses.”
Billy Ong Kah Hoe(“王家豪”),
Managing Director of OCR Group Berhad
For the fourth quarter ended 31 December 2019, the Group noted RM2.7 million net profit on RM21.2 million revenue.
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:
Ms. Julia Pong E: firstname.lastname@example.org Tel: 03-27111391/ 012-3909258
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