PETALING JAYA: Oriental Interest Bhd (OIB) has reinforced its financial stability with forward sales of RM585.5 million, expected to be realised over the next three years.
Chairman Raja Puan Muda of Kedah Che Puan Muda Zaheeda Mohamad Ariff said this strong forward sales position highlights the group’s capacity to navigate market uncertainties while maintaining a steady growth trajectory.
“With projects secured, planning permissions granted, financing in place, and construction costs fixed, OIB is well-equipped to deliver on its commitments and drive sustainable value creation,” she said in the company’s annual report filed with Bursa Malaysia.
She highlighted that the group’s strategic landbank and experienced management team position it to adapt agilely to changing market conditions.
“This adaptability is key to ensuring continued success, even amid an unpredictable operating environment. OIB’s proven business model, which balances investment in new opportunities with the optimisation of existing assets, has enabled the group to maintain a focus on cash generation while delivering solid returns for shareholders,” she added.
Despite economic challenges, the group reported strong financial performance for the financial year ended Aug 31, 2024 (FY24).
Revenue grew to RM652.5 million, a notable increase from RM534.3 million in FY23, while profit after tax rose to RM101.8 million compared to RM96.6 million the previous year.
OIB’s total assets expanded to RM1.8 billion, supported by a cash reserve of RM147.6 million. This demonstrates OIB’s ability to manage short-term challenges while investing in future growth.
OIB successfully delivered 1,714 residential units during the year with a combined GDV of RM912 million.
In addition, the group launched four new projects and new phases of existing developments in key target locations.
Looking ahead, OIB plans to unveil new projects and phases with a GDV of RM1.09 billion, further solidifying its position as a leading property developer.
Zaheeda remarked that OIB’s RM585.5 million in unbilled sales ensures earnings visibility over the next three years and underscores OIB’s financial resilience.
“This strong foundation allows the group to confidently pursue new opportunities while maintaining operational efficiency and stake-holder value,” she said.
She noted that OIB remains committed to curating exceptional living environments where aspirations are transformed into realities.
“As it enters the next phase of growth, the group is poised to capitalise on emerging opportunities in the property sector, driven by innovation, strategic execution and a steadfast focus on sustainable development,” Zaheeda added.
