PETALING JAYA: Bermaz Auto Bhd (BAuto)’s pre-tax profit surged 20.9% to RM139.5 million in the fourth quarter ended April 30, 2023 compared with RM115.4 million for the corresponding quarter in the previous year, driven by higher revenue and higher contributions from its new marques.
Revenue increased 19.5% to RM1.07 billion from RM897.36 million in the same quarter last year, mainly due to the final rush to register the balance unfulfilled backorders (made prior to June 30, 2022) in February and March 2023 in order to be eligible for the sales tax exemption incentives.
For the full year, pre-tax profit increased 93.5% to RM421.2 million from RM217.6 million, largely due to increase in the overall sales volume from the group’s domestic operations and better gross margin for its Mazda domestic operations, which benefitted from the appreciation of the ringgit against the Japanese yen.
Revenue rose 52.7% to RM3.55 billion compared with RM2.32 billion, mainly due to the continued fulfilment of the substantial backorders received prior to the expiration of the sales tax exemption incentives on June 30, 2022 for the group’s domestic operations up to the last day on March 31, 2023 for the backorders to be registered in order for vehicle buyers to be eligible for incentives.
The group declared a fourth interim dividend of 3.50 sen single-tier dividend per share and a special dividend of 7.50 sen single-tier dividend per share in respect of financial year ended April 30, 2023 to be payable on August 4, 2023. The entitlement date has been fixed on July 21, 2023.
On prospects, the group said that the automotive sector continues to face ongoing challenges such as shortages in supply of microchips and components, delays in supply of vehicles, tighter financial conditions, rising interest rates, uncertainties in geopolitical conflicts and weaker global growth.
“The launching of new and/or facelifts models of the group’s existing marques namely Mazda, Peugeot and Kia, are still very much dependent on the market sentiments and economic conditions then.
“Barring any unforeseen circumstances, the board anticipates the performance of the group to remain positive for the financial year ending April 30, 2024,” the group said in a statement today.