Bermaz profit raises to RM133.9mil in FY21

KUALA LUMPURv(Bernama) -- Bermaz Auto Bhd's (BAuto) net profit for the financial year (FY21) ended April 30, 2021 increased to RM133.94 million from RM100.84 million in FY20.

In a filing with Bursa Malaysia today, the company said its revenue also rose to RM2.29 billion from RM1.76 billion a year ago, driven by higher sales volume from its domestic operations, though this was partly offset by the lower sales volume from the Philippines operations.

"The higher domestic sales volume for the financial year was mainly attributed to the improved sales volume in the second to fourth quarter (Q2-Q4) due to the positive impact from the introduction of economic stimulus package under National Economic Recovery Plan (Penjana), as well as from the aggressive promotional campaign introduced by the group,” Bermaz said.

Meanwhile, its net profit for Q4 2021 increased to RM66.83 million as compared to RM2.46 million in Q4 2020, while revenue rose to RM641.2 million as compared with RM299.36 million in the same period last year.

The group also announced a fourth interim dividend of 1.50 sen single-tier dividend per share and a special dividend of 1.75 sen single-tier dividend per share in respect of its FY21 performance.

Bermaz said it had managed to register encouraging results for FY21 despite the COVID-19 pandemic, mainly due to its aggressive promotional campaigns and government incentives such as the sales tax exemptions.

On prospects, the group said its business ventures into new car brands (Peugeot and Kia) and retailing of automotive spare parts are currently in the infant stages, thus are not expected to have a major impact on the group’s results for the FY22.

"The unpredictable course of the COVID-19 pandemic both globally and domestically continues to be a major concern for all and will have an impact on the overall growth of the economy.

"The slower-than-expected rollout of vaccines and detection of new strains of the COVID-19 virus could also result in stronger precautionary behaviour by consumers,” it said.

However, it noted that the extension of the sales tax exemptions to Dec 31, 2021 for passenger cars under the PEMERKASA Plus economic stimulus package augurs well for the automotive market.

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

Bermaz Auto , Mazda


Next In Business News

China state media seeks to calm investor nerves after stock rout
China bond bulls unfazed by crackdown on capital markets
Bursa lacklustre after overnight decline on Wall Street
Maybank IB lowers earnings projections on Globetronics
Kenanga maintains 'outperform' on Kossan
Trading ideas: Kossan, Globetronics, DNex, VSTECS, AirAsia
US metals buyers paying highest ever premium for Aluminium
IMF raises growth forecasts for rich nations, dims outlook for Malaysia and developing world
Microsoft scores record quarterly profit on cloud boost
GameStop to join S&P MidCap 400 index next week

Stories You'll Enjoy