Integrated Annual Report 2024

Sustainability Report 2024

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Financial Statements

Notice of AGM

Administrative Notes

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    • Cover Rationale
    • 2024 Performance Snapshots
    • Executive Chairman’s Letter to Stakeholders
    • From the Desk of Our Group Managing Director
    • Our Value Creation Model
    • Business Review
    • Sustainability Statement
    • Downloads

OSK

MOVING
FORWARD,

PROGRESSING TOGETHER.

INTEGRATED ANNUAL REPORT 2024

OSK HOLDINGS BERHAD

199001015406 (207075-U)

(Incorporated in Malaysia)

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OSK

MOVING
FORWARD,

PROGRESSING TOGETHER.

INTEGRATED ANNUAL REPORT 2024

OSK HOLDINGS BERHAD

199001015406 (207075-U)

(Incorporated in Malaysia)

Scroll Down

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COVER RATIONALE

The journey forward is not one taken alone. Just as ants work in unison, each performing its role with purpose and precision, OSK Group moves as a collective, united by a shared vision and common objectives. Every step we take strengthens the foundation for sustainable progress, ensuring that we are Moving Forward, Progressing Together. Our success is built on collaboration, resilience and the unwavering commitment of every individual working towards a shared future.

2024 Performance Snapshots

Financial Highlights

Revenue
RM1.7 billion

(FY2023: RM 1.6 billion)

Profit before tax
RM611.4 million

(FY2023: RM555.1 million)

Total assets
RM11.4 billion

(FY2023: RM10.4 billion)

Shareholders’ funds
RM6.4 billion

(FY2023: RM6.1 billion)

Net assets per share
RM3.12

(FY2023: RM2.97)

Dividend per share
8.0 sen

(FY2023: 7.0 sen)

Dividend yield
4.49%

(FY2023: 5.65%)

Net gearing ratio
0.46 times

(FY2023: 0.41 times)

Net debts
RM3.0 billion

(FY2023: RM2.5 billion)

Return on equity
8.55%

(FY2023: 7.91%)

    Business Highlights

    PROPERTY SEGMENT
    Total GDV of launches
    RM1.3 billion

    Upheld quality excellence in our products by achieving an average QLASSIC score of

    82% for high-rise projects & 81% for landed projects
    A total land bank of
    1744 acres

    with an estimated effective gross development value of RM15.7 billion, with land parcels in Malaysia and Australia

    OSK Construction delivered
    2,224 units

    in Malaysia

    Total unbilled property sales at RM1.1 billion

    Partnered with PeopleUp, a leading multi-enrichment and play group from Singapore, to establish a flagship family entertainment centre spanning over 60,000 sqft, set to open in the fourth quarter of 2025

    FINANCIAL SERVICES SEGMENT
    Capital Financing Portfolio of
    RM2.2 billion

    (FY2023: RM1.7 billion)

    Malaysia Portfolio of
    RM1.6 billion

    (FY2023: RM1.3 billion)

    Australia Portfolio of
    RM602 million

    (FY2023: RM465 million)

    INDUSTRIES SEGMENT
    Total cable sales of
    29,012 km

    (FY2023: 20,745 km)

    Completed the acquisition of

    two cable manufacturing plants

    in Johor Bahru

    Total wall panel sales of
    1,146,357 m2

    (FY2023: 1,218,309 m2)

    HOSPITALITY SEGMENT

    Completed renovations of Swiss-Garden Beach Resort Kuantan leading to a significant increase in Average Daily Rates (ADR) of

    14.5 %

      Sustainability Highlights

      Inducted into the
      FTSE4Good Bursa Malaysia Index

      Investment of RM2.7 million in community development to catalyse
      positive change

      Establishment of a Board Sustainability Committee to enhance the Group’s sustainability governance and strengthen sustainability stewardship

      Introduction of Sustainable Labour Practices Policy, Sustainable Procurement Policy and Sustainable Property Portfolio Management Policy to integrate ESG considerations across operations

      39,900

      training hours to support staff development


      Investment in employee learning and development increased by

      38.9%

      Solar power capacity increased to
      1.96 MWp at 7 sites

      Maintained zero workplace fatalities
      group-wide

      12.6%

      group-wide reduction in
      grid electricity consumption

      33

      recipients of the OSK Foundation Scholarship since 2021

      A group-wide reduction of
      21.3% in municipal water consumption

      6,814

      volunteer hours recorded, doubling from
      the previous period

      Three-fold increase

      in investment towards digitalisation and automation

      Maintained zero substantiated cases of corruption and bribery

      Greenhouse Gas Emissions
      Scope 1

      2,622.9 MTCO2e, reduced by 7.0% as compared to FY2023


      Scope 2

      24,774.4 MTCO2e, reduced by 12.6% as compared to FY2023


      Scope 3

      7,014.0 MTCO2e

      Scope 1 & 2 emissions reduced by 12.1% compared to FY2023

      Gender Diversity
      33.3%

      women at Board level


      39.4%

      women at Senior Management level

      Sustainability Chart

      Aligned with

      12 UN SDGs
        • Financial Highlights
          Revenue
          RM1.7 billion

          (FY2023: RM 1.6 billion)

          Profit before tax
          RM611.4 million

          (FY2023: RM555.1 million)

          Total assets
          RM11.4 billion

          (FY2023: RM10.4 billion)

          Shareholders’ funds
          RM6.4 billion

          (FY2023: RM6.1 billion)

          Net assets per share
          RM3.12

          (FY2023: RM2.97)

          Dividend per share
          8.0 sen

          (FY2023: 7.0 sen)

          Dividend yield
          4.49%

          (FY2023: 5.65%)

          Net gearing ratio
          0.46 times

          (FY2023: 0.41 times)

          Net debts
          RM3.0 billion

          (FY2023: RM2.5 billion)

          Return on equity
          8.55%

          (FY2023: 7.91%)

          • Business Highlights
            PROPERTY SEGMENT
            Total GDV of launches
            RM1.3 billion

            Upheld quality excellence in our products by achieving an average QLASSIC score of

            82% for high-rise projects & 81% for landed projects
            A total land bank of
            1,744 acres

            with an estimated effective gross development value of RM15.7 billion, with land parcels in Malaysia and Australia

            OSK Construction delivered
            2,224 units

            in Malaysia

            Total unbilled property sales at RM1.1 billion

            Partnered with PeopleUp,a leading multi-enrichment and play group from Singapore, to establish a flagship family entertainment centre spanning over 60,000 sqft, set to open in the fourth quarter of 2025

            FINANCIAL SERVICES SEGMENT
            Capital Financing Portfolio of
            RM2.2 billion

            (FY2023: RM1.7 billion)

            Malaysia Portfolio of
            RM1.6 billion

            (FY2023: RM1.3 billion)

            Australia Portfolio of
            RM602 million

            (FY2023: RM465 million)

            INDUSTRIES SEGMENT
            Total cable sales of
            29,012 km

            (FY2023: 20,745 km)

            Completed the acquisition of

            two cable manufacturing plants

            in Johor Bahru

            Total wall panel sales of
            1,146,357 m2

            (FY2023: 1,218,309 m2)

            HOSPITALITY SEGMENT

            Completed renovations of Swiss-Garden Beach Resort Kuantan leading to a significant increase in Average Daily Rates (ADR) of

            14.5 %
            • Sustainability Highlights

              Inducted into the
              FTSE4Good Bursa Malaysia Index

              Investment of RM2.7 million in community development to catalyse positive change

              Establishment of a Board Sustainability Committee to enhance the Group’s sustainability governance and strengthen sustainability stewardship

              Introduction of Sustainable Labour Practices Policy, Sustainable Procurement Policy and Sustainable Property Portfolio Management Policy to integrate ESG considerations across operations

              39,900

              training hours to support staff development


              Investment in employee learning and development increased by

              38.9%

              Solar power capacity increased to 1.96 MWp at 7 sites

              Maintained zero workplace fatalities group-wide

              12.6%

              group-wide reduction in grid electricity consumption

              33

              recipients of the OSK Foundation Scholarship since 2021

              A group-wide reduction of 21.3% in municipal water consumption

              6,814

              volunteer hours recorded, doubling from the previous period

              Three-fold increase

              in investment towards digitalisation and automation

              Maintained zero substantiated cases of corruption and bribery

              Greenhouse Gas Emissions
              Scope 1

              2,622.9 MTCO2e, reduced by 7.0% as compared to FY2023


              Scope 2

              24,774.4 MTCO2e, reduced by 12.6% as compared to FY2023


              Scope 3

              7,014.0 MTCO2e

              Scope 1 & 2 emissions reduced by 12.1% compared to FY2023

              Gender Diversity
              33.3%

              women at Board level


              39.4%

              women at Senior Management level

              Sustainability Chart

              Aligned with

              12 UN SDGs

              Executive Chairman’s Letter to Stakeholders

              TAN SRI ONG LEONG HUAT @ WONG JOO HWA

              Executive Chairman

              Dear Stakeholder,

              In 2024, OSK Group continued to operate with resilience while charting the way forward through strategic and sustainable growth initiatives. I am pleased to share that our steadfast focus on long-term planning, disciplined execution, and sustainable value creation enabled us to maintain steady progress across all business divisions.

              EMPOWERING COMMUNITIES THROUGH EDUCATION AND WELFARE

              OSK Foundation contributed RM2.7 million in 2024
              to initiatives in education, community development and environment

              CHAMPIONING ENVIRONMENTAL CONSERVATION

              OSK Foundation launched a two-year collaboration with the Global Environmental Centre to protect the Sungai Kayu Ara catchment area in Selangor

              DRIVING POSITIVE SOCIAL IMPACT AND RECOGNITION

              OSK Group won the Company of the Year Award at the Sustainability & CSR Malaysia Awards 2024, recognising its commitment to inclusive growth

              From the Desk of Our Group Managing Director

              ONG JU YAN

              Group Managing Director

              Dear Valued Stakeholders,

              In 2024, the Group’s commitment to disciplined execution, operational excellence and stakeholder value creation was the cornerstone of its continued success. It was a year of forward momentum as we strived to grow our core businesses and capture new opportunities while navigating a challenging operating environment.

              OSK Group demonstrated resilience and strategic focus, achieving stable financial performance and reaching key operational milestones across all divisions. The Group’s diversified portfolio, supported by precise planning, disciplined execution and operational excellence, enabled us to deliver unprecedented results.

              REVENUE

              RM1,658 million (FY2023: RM1,588 million)

              PROFIT BEFORE TAX

              RM611 million (FY2023: RM555 million)

              SHAREHOLDERS' FUNDS

              RM6,429 million (FY2023: RM6,121 million)

              Our Value Creation Model

              INPUTS

              Financial Capital

              Manufactured Capital

              Intellectual Capital

              Human Capital

              Social and Relationship Capital

              Natural Capital

              Our Value Creation Model

              OUTPUTS


              OUTCOMES

              OOR KEY CAPITALS...
              Financial Capital

              Our funding and financial resources needed to support our business operations and expansion.

              Manufactured Capital

              Our manufactured capital comprises tangible objects essential for producing products and services across all our business segments, including facilities and equipment. Manufacturing lines, sales galleries and production sites are integral components of the Group's manufactured capital, providing the framework and systems that support the operational needs of our businesses.

              Intellectual Capital

              Intangible assets including our branding, reputation, industry know-how, market insights, research and development, as well as our Group's vision, mission, values and culture that create a competitive advantage for the business.

              Human Capital

              Our biggest asset is our people who represent the Group's collective knowledge, experience, skills, competencies, drive and the ability to innovate to meet our business goals and objectives.

              Social and Relationship Capital

              Synergies formed through strategic partnerships, community goodwill, social licence and engagements that we carry out with all our stakeholders.

              Natural Capital

              Natural resources consumed by the Group in the course of our daily operations including land, clean water, air, renewable and non-renewable energy, as well as natural habitals and ecosystems that from our living environment.

              OUR INPUTS

              Financial Capital
              • Total assets: RM11.4 billion
                (FY2023: RM10.4 biliion)
              • Shareholders' funds: RM6.4 biliion
                (FY2023: RM6.1 biliion)
              • Net Gearing: 0.46 times
                (FY2023: 0.41 times)
              Manufactured Capital
              • 1,744 acres of landbook
              • 1.4 million sq ft net lettable area
              • Capital financial portfolio: RM2.2 billion
              • Six Factories (3 Cable, 3 IBS)
              • Six hotels and one golf club
              Intellectual Capital
              • Group-wide digitalisation and business innovation
              • RM6.6 million invested in digitalisation initiatives
              • RM0.3 million invested in cybersecurity
              Human Capital
              • Employees: Over 1,800
              • Investment in training: RM1.01 million
              Social and Relationship Capital
              • Maintained the execution of CSR programmes focusing on education, community development and environmental conservation
              Natural Capital
              • Ongoing climate mitigation efforts through renewable energy initiatives
              • Continued commitment to developing sustainable products and services
              …ENABLE VALUE-ADDING ACTIVITIES THAT CREATE…

              OUR OUTPUTS

              Financial Capital
              • Profit Before Tax: RM611.4 million (FY2023: RM555.1 million)
              • Achieved a Return on Equity of 8.55% (FY2023: 7.91%)
              • Total dividend payout: RM165.0 million (FY2023: RM144.3 million)
              Manufactured Capital
              • Handed over 2,150 units of residential homes
              • Unbilled sales: RM1.1 billion
              • Construction order book: RM518.4 million
              • Growth of loan book: RM2.2 billion
              Intellectual Capital
              • Digitalised and automated the onboarding process and workflow for the Civil Servant Financing business
              • Upgraded the loan solution for Capital Financing Business
              • Deployed a Customer Relationship Management ("CRM") system to centralise property buyer information and streamline property sales processes
              • Upgraded the Enterprise Resource Planning ("ERP") system for Olympic Cable Division
              • Deployment of Cable Design Software
              • Upgraded the accounting and related systems to ensure compliance with statutory requirements
              • Leveraged Al and Machine Learning technologies to strengthen data protection and enhance cybersecurity measures
              • Implemented ERP Solution for Property Development, Construction and Property Investment Divisions
              • Deployed the Quality Management System to track and manage construction defects in new property projects
              Human Capital
              • 39,900 hours of training and development
              • Diversity: 33% of the Board and 39% of Senior Management are Women
              Social and Relationship Capital
              • The Group contributed RM2.7 million towards community development initiatives, reinforcing our commitment to creating a positive and lasting impact in communities nationwide
              Natural Capital
              • Increased renewable energy capacity with a total system size of 1,959 kWp across seven operations sites
              • Ongoing decarbonisation efforts through the provision of green-certified products and the greening of our supply chain
              …ENABLE VALUE-ADDING ACTIVITIES THAT CREATE…
              Strategic Focus Area
              • Deliver Sustainable Growth
              • Affordability and Quality
              • Enhancing User and Customer Experience
              • Joint-Venture (“JV”) and Partnership Development
              • Enhance Property Value Creation
              • Market Expansion
              • Operational Efficiency
              • New Innovation and Project Development
              • Upholding High Standards
              Sustainability Strategic Pillars

              P1 Driving Value Creation

              P2 Caring for the Environment

              P3 Elevating Societal Well-Being

              P4 Championing Responsible Governance

              Material Matters

              • Driving Value Creation
                • Sustainable Returns
                • Quality Products and Customer Satisfaction
                • Digitalisation and Innovation
                • Responsible Supply Chain

              • Caring for the Environment
                • Environment and Climate Action
                • Resource Efficiency and Responsible Consumption

              • Elevating Societal Well-Being
                • Talent Management and Empowerment
                • Diversity, Equity and Inclusion
                • Safety, Health and Well-Being
                • Community Support and Development

              • Championing Responsible Governance
                • Governance and Regulatory Compliance
                • Data Privacy and Cybersecurity
              Key Risks
              • Strategic Risks
              • Financial Risks
              • Operational Risks
              • Regulatory and Compliance Risks
              • Environmental Risks
              • Cybersecurity Risks
              Market Trends
              • Economic Uncertainties
              • Commodity Markets
              • Automation and Digitalisation
              • Environmental Sustainability and Climate Concern
              …VALUE FOR OUR STAKEHOLDERS.

              OUR OUTCOMES

              Financial Capital
              • Sustained a robust asset base with total assets of RM11.4 billion, demonstrating financial stability and capacity for future growth (FY2023: RM10.4 billion)
              • Maintained shareholders’ funds of RM6.4 billion, ensuring long-term sustainability and investor confidence (FY2023: RM6.1 billion)
              • Maintained a financial position with a net gearing ratio of 0.46 times (FY2023: 0.41 times)
              • Delivered profit before tax of RM611.4 million, showcasing resilient performance amid evolving market dynamics (FY2023: RM555.1 million)
              • Achieved a commendable ROE of 8.55%, demonstrating effective capital utilisation and profitability (FY2023: 7.91%)
              • Received the Best Sukuk – Conglomerate Award at The Asset Triple A Islamic Finance Awards 2024
              Manufactured Capital
              • Leveraged 1,744 acres of landbank to support future development projects, ensuring sustainable growth and expansion opportunities
              • QLASSIC score of 82% for high-rise projects and 81% for landed projects
              • Managed 1.4 million sq ft of net lettable area, contributing to steady rental income and asset value growth
              • Achieved RM2.2 billion growth in the loan book, reflecting our ability to support customers and business partners financially
              Intellectual Capital
              • Leveraged technology to enhance customer experience by streamlining the customer onboarding journey
              • Improved back-office loan operation efficiency
              • Sales consultants can efficiently manage and track customer interest in projects, from initial inquiry to final booking, all within a single platform
              • Enhanced system performance to meet the growing demands of the business
              • Streamlined the management of the cable design process
              • Ensured alignment and consistency between real-time electronic invoice submissions and statutory reports
              • Strengthened the Group’s cybersecurity and enhanced data privacy protection
              • Improved operational efficiency and optimised processes
              • Improved tracking, documentation and regulatory compliance in construction quality management
              Human Capital
              • Improved employee skills and competencies through structured training programmes, leading to increased productivity and innovation
              • Strengthened diversity in leadership, fostering inclusive decision-making and driving equitable workplace practices
              • Higher retention and satisfaction levels due to investments in development opportunities and a supportive organisational culture
              Social and Relationship Capital
              • 27,959 beneficiaries impacted through community investments in 2024
              • A total of 6,814 hours of programmes were conducted, with 262 volunteers participating in the Group’s CSR activities
              Natural Capital
              • 2,431 MWh of solar power generated and 1,882 MWh of greenhouse gas emissions avoided
              • All high-rise developments launched in 2024 were green-­certified, and Olympic Cable obtained ISO 14001:2015 Environmental Management Systems certification
              • Improved environmental sustainability and resource efficiency across operations, resulting in a 12.1% reduction in Scope 1 and 2 emissions

              Business Review

              • Group Performance
              • PROPERTY Segment
              • Financial Services Segment
              • INDUSTRIES Segment
              • HOSPITALITY Segment
              OVERALL GROUP
              PERFORMANCE
              OVERALL GROUP PERFORMANCE

              In 2024, the Group recorded a 4% increase in revenue, reaching RM1.7 billion compared to RM1.6 billion in 2023. This was achieved despite challenges and uncertainties in its business segments, underscored by volatility in foreign exchange, global geopolitical tensions and persistently high interest rates in Australia. Profit before tax grew by 10% to RM611.4 million, driven by strong performances across key business segments.

              REVENUE (RM'million)
              1,086
              1,126
              1,321
              1,588
              1,658
              2020 2021 2022 2023 2024
              PROFIT BEFORE TAX (RM'million)
              417
              465
              485
              555
              611
              2020 2021 2022 2023 2024
              PROPERTY
              SEGMENT
              • Property Development Division
              • Property Investment Division

              The Property Development Division, under the banner of the OSK Property brand, continued to deliver value for our Stakeholders. With a dedication to excellence and a customer-first approach, we have earned our reputation as a trusted brand in the market.

              REVENUE (RM'million)
              704
              743
              777
              874
              826
              2020 2021 2022 2023 2024
              PROFIT BEFORE TAX (RM'million)
              241
              179
              145
              129
              113
              2020 2021 2022 2023 2024
              PROPERTY SALES (RM’million)
              636
              850
              947
              977
              929
              2020 2021 2022 2023 2024
              UNBILLED SALES (RM’million)
              1,104
              869
              1,045
              1,185
              1,133
              2020 2021 2022 2023 2024

                OSK’s Property Investment Division encompasses a diverse portfolio of properties, including retail malls and commercial buildings. Overall, the retail property market in Malaysia faced challenges in maintaining occupancy levels in 2024, highlighting the importance of innovative strategies to enhance tenant attraction and customer experience.

                REVENUE (RM'million)
                42
                42
                46
                47
                51
                2020 2021 2022 2023 2024
                PROFIT/(LOSS) BEFORE TAX (RM'million)
                (28)
                10
                18
                16
                41
                2020 2021 2022 2023 2024
                FINANCIAL SERVICES
                SEGMENT
                FINANCIAL SERVICES SEGMENT

                The Financial Services Segment delivered a stronger performance in 2024 on the back of higher financing disbursement and average financing portfolio, driven by the Group’s strategic planning. In our Capital Financing business, our Group focuses on providing financing to the underserved segments of the market in Malaysia and Australia.

                REVENUE (RM'million)
                87
                98
                115
                171
                227
                2020 2021 2022 2023 2024
                PROFIT BEFORE TAX (RM'million)
                50
                57
                63
                85
                103
                2020 2021 2022 2023 2024
                FINANCING PORTFOLIO SIZE (RM’million)
                823
                980
                1,397
                1,739
                2,180
                2020 2021 2022 2023 2024
                NEW FINANCING DISBURSED (RM’million)
                484
                641
                1,059
                1,184
                1,819
                2020 2021 2022 2023 2024
                  INDUSTRIES
                  SEGMENT
                  INDUSTRIES SEGMENT

                  The performance of our Industries Segment is closely connected to the construction and infrastructure market landscape. Various infrastructure projects planned by the Government, coupled with the increase in property development activities, would directly benefit the cable and IBS businesses. The National Energy Transition Roadmap (“NETR”) is also poised to act as a major driver for our cable business.

                  REVENUE (RM'million)
                  204
                  205
                  294
                  396
                  445
                  2020 2021 2022 2023 2024
                  PROFIT BEFORE TAX (RM'million)
                  18
                  9
                  15
                  48
                  41
                  2020 2021 2022 2023 2024
                  SALES OF CABLES (km)
                  24,216
                  19,703
                  17,777
                  20,745
                  29,012
                  2020 2021 2022 2023 2024
                  SALES OF WALL PANELS (m2)
                  604,069
                  657,893
                  838,465
                  1,218,309
                  1,146,357
                  2020 2021 2022 2023 2024
                    HOSPITALITY
                    SEGMENT
                    HOSPITALITY SEGMENT

                    In 2024, OSK’s Hotels & Resorts Business demonstrated progress in enhancing its offerings and expanding its market reach. With a portfolio spanning urban and resort destinations, the division remains focused on improving product quality and delivering exceptional guest experiences.

                    REVENUE (RM'million)
                    48
                    37
                    88
                    99
                    109
                    2020 2021 2022 2023 2024
                    PROFIT/(LOSS) BEFORE TAX
                    (RM’million)
                    (40)
                    (21)
                    3
                    3
                    4
                    2020 2021 2022 2023 2024
                    AVERAGE OCCUPANCY FOR HOTELS (%)
                    28
                    28
                    45
                    50
                    50
                    2020 2021 2022 2023 2024

                      Sustainability Statement

                      Sustainability remains a core focus in OSK, as we strive to balance economic priorities with our impact on the environmental, social and governance (“ESG”) spheres. In FY2024, we continued to advance our sustainability agenda and achieved several milestones on our journey.

                      Most notably, OSK has been inducted into the FTSE4Good Bursa Malaysia Index, which measures public listed companies’ liquidity and ESG performances. We also enhanced our sustainability governance, Group Sustainability Policy and rolled out new policies to improve labour, procurement and property management practices, enabling us to better embed sustainability into our operations.

                      We will continue to incorporate ESG considerations into our operations and strengthen our sustainability and reporting practices, with the aim of creating more sustainable value for our stakeholders.

                      Downloads

                      Integrated Annual Report 2024

                      Sustainability Report 2024

                      Other Documents

                      Financial Statements

                      Notice of AGM

                      Administrative Notes

                      Form of Proxy

                      © 2025 OSK Holdings Berhad 199001015406 (207075-U).