KUALA LUMPUR (Jan 30): Oriental Interest Bhd's net profit rose 41.83% to RM15.85 million for its first quarter ended Nov 30 2023 (1QFY2024), from RM11.18 million a year earlier, on the back of higher revenue.

Earnings per share increased to 3.41 sen from 2.41 sen, according to the group's stock exchange filing.

Revenue rose 40.46% to RM125.83 million from RM89.58 million, driven by the robust performance of its property development segment, which includes the sale of industrial and residential units at Pulau Indah as well as SP Saujana and Myra Cove projects.

Stronger revenue was also supported by better revenue contribution from the general construction segment, amid an upsurge in external projects, the group said.

Looking ahead, Oriental Interest said it is poised for growth with unbilled property sales of about RM653.12 million as at end November 2023. Given the on-hand bookings and sales momentum, the group is optimistic of delivering another set of positive results for FY2024.

The group currently has 2,873 acres of strategic development land (including land banks under landowners and developer agreements) that augurs well for the future growth of its property development activities, it added.

Oriental Interest’s share price closed unchanged at RM1.20 on Monday, bringing the stock a market capitalisation of RM557 million.