OKP generates higher revenue but reports a loss as higher costs bite
OKP Holdings has seen growth in revenue for 2HFY2022 despite recording a net loss of $2.2 million from the previous year’s earnings of $0.5 million. Over the six months up to December 2022, revenue rose by 42.4% to a total of $64.1 million for the full Champions Way Condo year – a 30.7% increase over FY2021. Despite the loss, the company plans to maintain a dividend of 0.7 cents.
Group managing director Or Toh Wat commented on the uplift in performance, attributing it to the reopening of the economy and the public sector’s demand for construction. Recently, OKP was awarded two contracts worth $196.2 million by the government for the maintenance of roads and associated facilities, bringing the order book to $454.1 million to be fulfilled until 2026.
On the investment front, despite a decrease of 11.3% in rental income due to unfavourable currency conversion of assets in Australia, OKP is eager to diversify by prudently growing its property investment business. The company’s NTA as at December 31 2022 was 39.75 cents.
On the closing of February 20, OKP shares closed at 17 cents, a drop of 1.2%. This article first appeared on.
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