E&O managing director Kok Tuck Cheong. (Photo by Sam Fong/The Edge)

KUALA LUMPUR (May 28): Eastern & Oriental Bhd’s (KL:E&O) net profit for the financial year ended March 31, 2024 (FY2024) tripled to RM133.61 million, from RM44.54 million a year earlier, on the back of higher revenue from the properties segment.

In a bourse filing on Tuesday, E&O said revenue for the full year rose to RM422.83 million from RM318.07 million.

For the fourth quarter ended March 31, 2024 (4QFY2024), net profit more than doubled to RM36.48 million from RM16.09 million. Earnings per share rose to 1.87 sen from 1.10 sen.

E&O did not declare any dividend for the latest quarter.

Reviewing its performance, E&O said the improvement in full-year results was mainly due to higher revenue recognition from the properties and hospitality segments, and higher unrealised foreign exchange gains of RM52.4 million as compared to unrealised foreign exchange loss of RM7.6 million in the previous corresponding financial year.

In view of the healthy take-up rate of its properties in Penang, E&O plans to launch three new projects in the state with an estimated gross development value (GDV) of RM1.63 billion in 2024 and 2025.

The planned launches consist of The Lume, a 261-unit residential condominium with a GDV of RM689 million, Marina, a serviced apartment project with an estimated GDV of over RM600 million and phase two of Senna and Fera, a 68-unit landed home project with an estimated GDV of nearly RM300 million, its managing director Kok Tuck Cheong told a press conference after the company’s 4QFY2024 result briefing on Tuesday.

The take-up rate for phase one of Senna and Fera’s has reached 90% since its launch in 2024, Kok noted.

As at end-March 2024, E&O has achieved property sales of RM870.6 million and unbilled sales of RM1.35 billion, which will provide earnings visibility until FY2026.

E&O’s share price fell three sen to RM1.01 on Tuesday, bringing the group a market capitalisation of RM2.07 billion. Year to date, the stock has gained 81%.