OCK Group posts new record high quarterly revenue in 3Q

by ANIS HAZIM / pic source: www.ock.com.my 

OCK Group Bhd’s net profit for the third quarter ended Sept 30, 2022 (3Q22) jumped 64.8% to RM8.24 million from RM5 million in the same period last year, driven by higher contributions from the telecommunications network services in line with the ongoing rollout of the 4G and 5G infrastructures.

Quarterly revenue grew 36.56% to RM162.1 million from RM118.7 million a year earlier also on higher contributions from the telecommunications network services. 

Earnings per share rose to 62 sen from 57 sen previously, the telco network solutions provider’s Bursa Malaysia filing today showed.

The group did not declare any dividend for the quarter under review.

For the cumulative first nine months of 2022, OCK’s net profit increased 23.87% to RM23.66 million from RM19.1 million last year, while revenue was up by 23.86% to RM431.67 million from RM348.51 million.

Commenting on the group’s financial performance, OCK group MD Sam Ooi Chin Khoon said that the group managed to achieve an all-time high for its quarterly revenue. 

“Our cumulative nine months’ profit after tax and minority interest (Patami) is already more than 93% of 2021’s full-year Patami.

“This is significant for us as it shows that we are aggressively supporting the rollout of the 5G infrastructure, benching on our expertise,” Sam said in a separate statement.

Meanwhile, OCK expects 2022 to be a good year for the group, backed by its current orderbook of over RM410 million.

Moreover, OCK has achieved its internal target for the telecommunications tower portfolio which now stands at over 5,000 towers. 

“Along with the industrial prospects and recent achievements by OCK, we are anticipating stronger growth in the coming future thus we have made the necessary preparations to be able to further capitalise on this growth opportunity moving ahead,” he added.

OCK’s share closed 1.2% or half a sen to 42 sen today, valuing the group at RM437.62 million.