KUALA LUMPUR (Aug 29): OSK Holdings Bhd's net profit rose 23% year-on-year to RM131.04 million for the second quarter ended June 30, 2023 (2QFY2023), from RM105.75 million a year earlier, underpinned by improved operational efficiencies and stronger demand for the group’s products and services.

In a bourse filing on Tuesday, the company said quarterly revenue rose to RM397.44 million, versus RM334.66 million a year ago.

Earnings per share rose to 6.35 sen, from 5.13 sen previously.

OSK also declared a dividend of three sen per share, to be paid on Oct 13.

For the cumulative six months ended June 30, 2023 (1HFY2023), net profit jumped to RM246.13 million versus RM190.19 million, on the back of a revenue of RM730.64 million against RM641.12 million for 1HFY2022.

Reviewing its performance, OSK said all of its business segments showed an improvement in revenue.

In a separate statement, OSK executive chairman Tan Sri Ong Leong Huat said: "There was a broad-based improvement in our businesses, as OSK continued executing its long-term business strategy through improving our operational efficiency, improving the quality of products and services, and managing financial resources prudently.

“Recognising the external challenges ahead, we shall continue to undertake all necessary measures to adapt to the changing market conditions,” he added.

At the midday break on Tuesday, OSK had shed 0.79% or one sen to RM1.25, with 2.44 million shares traded.