OCR Berhad Reports Strong Recovery in Q2 FY2024

Integrated property developer OCR Berhad (OCR, 7071) has announced a remarkable set of results for the second quarter of the financial year 2024 (Q2 FY2024). The company achieved a revenue of approximately RM46.7 million and a profit before tax (PBT) of RM1.8 million for the quarter ended 30 June 2024.

The revenue for Q2 FY2024 saw a substantial increase of 42.2% year-on-year (YoY) and a 37.4% rise compared to the previous quarter. This growth was primarily driven by higher sales and accelerated progress on ongoing projects, including Isola KLCC and The Mate, Damansara Jaya, both of which are slated for completion in the second half of 2024. Additionally, a higher sales take-up rate for Stellar Damansara in the current quarter contributed significantly to the revenue boost.

OCR 's PBT also exhibited a robust performance, with a significant increase of 153.3% YoY and 108.1% quarter-on-quarter (QoQ). This impressive growth in PBT was mainly attributed to the aforementioned higher sales and accelerated project progress. Moreover, the company's gross profit also saw a dramatic improvement, rising by 105.1% YoY to approximately RM9.4 million, significantly contributing to the overall profitability.

On the other hands, the company's earnings per share (EPS) for both basic and diluted figures rose to 0.17 cents, a notable increase from 0.01 cents in Q2 FY2023, reflecting the company's solid financial performance and strong recovery.

Looking forward, OCR remains steadfast in its commitment to project delivery and completion, while also exploring new collaborations under its internal consolidation strategy. One of the key projects set to launch this financial year is Residensi Akasia, an affordable housing initiative under the Rumah Selangorku scheme, with a gross development value of RM287.1 million. This project is targeted for launch in the third quarter of 2024.

Despite maintaining a cautious outlook for the year, OCR Berhad anticipates a healthy recovery, driven by its strategic focus and continued project success.