OCR Group Berhad (“OCR” or the “Group”), an integrated real estate company specialising in property development and project management, has recorded a Profit Before Tax (“PBT”) of RM7.1 million for the financial year ended 31 December 2024 (“FYE2024”), a significant turnaround from a Loss Before Tax (“LBT”) of RM18.0 million in the previous year.
The Group’s profitability was primarily driven by effective cost management and fair value gains on investment properties reflecting its commitment to sustainable earnings growth.
For the fourth quarter ended 31 December 2024 (“Q4 FY2024”), OCR recorded PBT of RM3.8 million, marking a significant RM23.8 million improvement compared to the LBT of RM20.0 million in Q4 FY2023.
Despite a decline in revenue to RM4.0 million from RM26.0 million in the previous corresponding quarter due to lower contributions from projects such as Isola KLCC and The Mate @ Damansara Jaya which were nearing completion, the Group successfully improved its earnings primarily driven by the absence of additional development costs which were incurred in the Priya Kuantan and Isola KLCC projects in the previous corresponding quarter, coupled with fair value gains on investment properties.
On a quarter-on-quarter basis, OCR’s PBT surged sixfold from RM0.6 million in the immediate preceding quarter (“Q3 FY2024”) to RM3.8 million in Q4 FY2024, despite a decline in revenue from RM9.9 million in Q3 FY2024 to RM4.0 million as major developments were nearing completion.
Increase in PBT was supported by the appreciation in the value of investment properties, which helped offset the provision for liquidated ascertained damages to house buyers.
On a full-year basis, OCR reported revenue of RM94.6 million, lower than RM146.9 million in financial year ended 31 December 2023 (“FYE2023”), as key projects neared completion.
However, the Group achieved a earnings recovery, with PBT increasing to RM7.1 million in FYE2024 from a LBT of RM18.0 million in FYE2023.
Group Managing Director of OCR Group Berhad, Billy Ong Kah Hoe
“Our turnaround in FYE2024 reflects OCR’s resilience, strategic financial management, and commitment to delivering quality developments. The completion of Isola KLCC in our Luxury Living segment marks another key milestone for the Group, while our entry into the Essential Living segment with Kyra Collection (“Kyra”) – Residensi Akasia (Phase 1) is expected to drive future growth.
With robust demand for Kyra and the upcoming launch of D’Templer Hilltop Residences in Q2 FY2025, we are well-positioned to sustain our growth momentum into 2025 and beyond.“
Overall, OCR remains financially resilient in FYE2024, bolstered by the successful completion of its rights issue with warrants, which raised RM46.77 million to strengthen its balance sheet and provide flexibility for upcoming projects.
With Malaysia’s property market recording RM232.3 billion in transactions for 2024, the Group is well-positioned to capitalise on emerging opportunities across both affordable and high-end property segments, reinforcing its commitment to sustainable growth.
As OCR moves into 2025, the Group remains committed to delivering quality developments, optimising cost structures, and enhancing shareholder value.
With a strong development pipeline, including Kyra and D’Templer Hilltop Residences, OCR continues to strengthen its position as a leading integrated property developer in Malaysia.
For more information, visit https://ocrbhd.com/.
