Strong first-quarter performance for UMW

Commenting on the overall prospects, UMW Holdings president and group chief executive officer Datuk Ahmad Fuaad Kenali expects the transition to the endemic phase of Covid-19 to intensify economic activities locally and globally, as restrictions are further eased, and international borders reopen.

PETALING JAYA: UMW Holdings Bhd’s net profit surged 26.8% to RM101.2mil for the first quarter ended March 31, 2022 (1Q22) compared with RM79.8mil in the previous comparative quarter, mainly attributed by increase in revenue as the economy recovers from the pandemic.

The group’s revenue rose by 23.6% to RM3.65bil in 1Q22 compared with RM2.95bil in the previous corresponding quarter due to strong contribution from its automotive and equipment segments as demand improved following the economic recovery under the National Recovery Plan.