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Why Oxley is pinning its hope for profit growth on overseas projects
60% of unbilled sales are from overseas market.
Oxley Holdings’ projects in Singapore may be the company’s key profit driver in FY16, but it will rely heavily on its overseas businesses going forward, analysts said.
RHB revealed that of Oxley’s current $3 billion unbilled sales, 60% are from overseas markets such as UK and Cambodia.
“The group has started to hand over units to buyers at its massive Royal Wharf development in London and with a sales backlog of $1.6bn, profit recognition would stretch over the next 2-3 years as units are progressively handed over,” RHB explained.
For the next two quarters, the group is gearing up for new launches in Malaysia, Myanmar, and Indonesia. Sale of commercial and residential units are also ongoing in projects in Cambodia, RHB added.
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