PETALING JAYA: Automotive group UMW Holdings Bhd posted a higher net profit of RM415.05 million for its financial year ended Dec 31, 2022 (FY2022), up 54.74% from RM268.23 million in the previous year on higher revenue in all divisions.
Revenue rose 42.95 % to RM15.81 billion from RM11.06 billion previously on better performance in all segments following the strong recovery of the Malaysian and regional economies.
In a filing with Bursa Malaysia today, UMW Holdings said its automotive segment raked in revenue of RM13.31 billion in FY2022, up 47.4% from RM9.03 billion in the previous corresponding year, underpinned by the higher number of vehicles sold during the year.
It said the equipment segment’s revenue rose 16.3% to RM1.53 billion in FY2022, while the manufacturing and engineering segment’s revenue climbed 35.5% to RM984.2 million.
The company added that segment under others also posted higher revenue of RM80.4 million in FY2022 from RM39.5 million in the corresponding year, primarily due to the revenue recognition relating to the sale of industrial plots in Serendah.
However, for the fourth quarter ended Dec 31, 2022 (Q4 FY2022), UMW’s net profit fell 55.85% to RM105.95 million versus RM239.97 million in the quarter a year ago, dragged by higher operating expenses.
Revenue climbed to RM4.38 billion from RM3.65 billion in the previous corresponding quarter on improving sales momentum in all business segments as the economy recovered post-pandemic.
The company declared a final dividend of 11.2 sen per share, amounting to RM130.8 million for FY2022, and is payable on May 12, 2023.
Moving forward, UMW will continue to focus on strengthening its core businesses through operational efficiency and cost management initiatives to improve its business resilience amidst the challenging business environment in 2023.
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