Kota Bharu: Eastern and Oriental Bhd’s (E and O) net profit jumped to RM168.64 million in the financial year ended March 31, 2025 (FY2025) from the previous financial year’s RM133.60 million. Revenue increased by 75.3 per cent to RM741.08 million from RM422.83 million in FY2024.
According to BERNAMA News Agency, the performance was driven by strong sales from the properties segment, which contributed RM630.5 million in revenue, an increase of 102.0 per cent year-on-year (y-o-y), equivalent to 85.1 per cent of the group’s total revenue. Additionally, joint venture projects such as Conlay, The Peak, and Avira Garden Terraces contributed RM428.9 million in revenue, marking a 61.5 per cent increase. On an aggregate basis, the total revenue generated by the properties segment, including joint ventures, reached RM1.06 billion.
For the fourth quarter ended March 31, 2025 (4Q 2025), the group’s net profit rose to RM69.84 million from RM36.47 million in the same quarter last year, while revenue jumped to RM236.65 million from RM121.32 million previously.
On prospect, its managing director, Kok Tuck Cheong, said the group’s performance reflects the impact of its strategic direction and focus on sustainable growth. At Andaman Island, there are five ongoing projects with an estimated gross development value of RM2.7 billion. Furthermore, there are plans to launch four developments comprising a mix of residential and retail properties strategically located on Penang Island and Klang Valley.
Meanwhile, during a virtual press conference held in conjunction with the company’s FY2025 results announcement, Kok said the group aims to realise RM1.5 billion in property sales between FY2026 and FY2029. To date, the property development company has RM1.5 billion in unbilled sales. Kok noted that the sales projection is supported by its development projects located in the Klang Valley, Johor Bahru, and Penang.
The total gross development value (GDV) for the project called The Meg, located at Andaman Island, Penang, amounts to RM691 million and is expected to be completed in April 2026. The next project, expected to be completed next year, is Senna and Fera, also located in Penang, with the GDV for the 69-unit, three-storey development built on 1.60 hectares estimated at around RM280 million.
Kok also noted that the group will not solely focus on the Penang market and intends to expand its business to other locations as well. He said the group is constantly on the lookout for potential land acquisitions, with most current opportunities coming in the form of pocket developments. The group is exercising caution, as it has already established this primary segment of its strategic direction and wants to maintain that focus.