China motors division powers Sime Darby Q3 profit

KUALA LUMPUR: Sime Darby Bhd’s net profit jumped 161% to RM300mil in the third quarter ended March 31 (Q3) from RM115mil a year ago, underpinned by the strong performance of the motors division, particularly in China.

Revenue increased by 30.7% to RM11.02bil from RM8.43bil a year ago. Earnings per share rose to 4.4 sen from 1.7 sen.

“The group’s profit before interest and tax (PBIT) for the quarter grew 75% to RM463mil, as compared to Q3 of financial year 2020 (FY20). “This was due to solid sales performance in Motors China, where PBIT more than tripled to RM125mil with higher revenue and margins, ” it said.

Sime Darby group CEO Datuk Jeffri Salim Davidson said the motors division continued to perform well in Q3 of FY21 on the back of sustained strong demand for luxury cars, especially in the key markets of China and Australasia.

“Restrictions on international travel have diverted domestic spending to premium and luxury brands, which have benefitted us. On the other hand, we saw a softening in demand for equipment and parts in our industrial division’s operations in Australia. As part of our strategy to grow, Ramsay Sime Darby Health Care recently completed the acquisition of Manipal Hospital in Klang, Selangor, ” he said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Sime Darby , profit , Q3 , China , motors , Jeffri Salim Davidson ,


Next In Business News

Space station mishap prompts NASA to postpone launch of Boeing Starliner
Rights group asks US customs to probe Goodyear Malaysia over labour practices
Money rolls in for Europe Inc as companies banish pandemic blues
Oil settles up, Brent tops US$76 as US supplies tighten more
Wall St gains with upbeat earnings and forecasts
Genetec says EV sector orders lifted Q1 earnings�
Singapore Airlines first-quarter loss narrows on cargo demand boost
Tough going for blue chips, Public Bank dips below key RM4
CGS-CIMB Securities launches two Shariah-compliant products
Public Mutual launches Public e-Pioneer Entrepreneur Fund

Stories You'll Enjoy