Sime yearly profit at RM1.10bil

Group chief executive officer Datuk Jeffri Salim Davidson said there were more headwinds going into FY23 with rising interest rates that have led to higher borrowing costs for customers, dampening consumer sentiment. He noted that China’s Covid-19 lockdown had also impacted the group’s business.

KUALA LUMPUR: Sime Darby Bhd, which posted a lower net profit of RM1.10bil for the financial year ended June 30, 2022 (FY22), is bracing for yet another challenging year ahead amid supply chain disruptions and rising inflation.

Group chief executive officer Datuk Jeffri Salim Davidson said there were more headwinds going into FY23 with rising interest rates that have led to higher borrowing costs for customers, dampening consumer sentiment. He noted that China’s Covid-19 lockdown had also impacted the group’s business.