DRB-Hicom returns to black in 1Q with RM107.91mil net profit

KUALA LUMPUR: DRB-Hicom Bhd returned to the black in the first financial quarter ended March 31, 2023 (1Q FY2023) with a net profit of RM107.91 million against a net loss of RM25.74 million in the same quarter last year.

Revenue rose 33.7 per cent to RM4.10 billion from RM3.07 billion previously following an improved performance in the group’s automotive and banking sectors, the company said in a filing with Bursa Malaysia today.

In a separate statement, DRB-Hicom said its automotive sector revenue rose 46.3 per cent to RM3.02 billion in Q1 FY2023 from RM2.07 billion previously due to improved market share and auto sales performance from all marques within the group.

"Notably, Proton achieved remarkable growth in 1Q FY2023 with 40,287 units sold compared with 26,706 units in the corresponding period in FY2022 driven by Proton’s key models, including the Proton X50 that has enjoyed sustained popularity since its introduction,” it said.

Its banking sector expanded 33.1 per cent to RM379.29 million in the quarter under review against RM284.99 million a year ago primarily due to higher financing income led by financing volume growth.

Revenue for the services sector increased by 10.6 per cent to RM204.37 million in 1Q FY2023 compared with RM184.82 million in 1Q FY2022 driven by in-flight catering business and new contracts secured by the logistics business.

The aerospace and defence sector also recorded a higher revenue of RM168.63 million in 1Q FY2023 from RM160.32 million previously mainly due to higher delivery of single-aisle and certain aircraft parts.

"However, this was partially offset by lower delivery of defence products,” it said.

On prospects, the conglomerate said the introduction of new models featuring advanced technologies from marques under the group, such as Honda, Mitsubishi and Isuzu as well as Modenas, is expected to enhance DRB-HICOM’s overall competitive advantage.

"The postal sector continues to execute its multi-pronged transformation plan aimed at improving its financial performance and optimising margin-led initiatives.

"Similarly, the aerospace sector is focused on accelerating productivity to handle the influx of post-pandemic aircraft orders,” it said.

It added that the group’s banking, defence, services and properties sectors are also strengthening their core operations to ensure sustainable growth throughout challenging business cycles. - Bernama

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

DRB-Hicom , Proton ,


Next In Business News

Yinson unit enters call option to acquire Netherland-based AFPS
Bursa Malaysia applauds PLCs embracing board gender diversity
Rex Industry to decommission Bukit Minyak factory
Tech shares see biggest-ever weekly inflow on AI boom-BofA
Ringgit higher against US$, regional peers
Gold heads for best week since April on Fed pause bets
Late recovery lifts Bursa Malaysia off intraday low
Bumi Armada assessing solutions to Kraken FPSO shut-in
Rehda: Govt should be responsible for delivery of affordable housing
Lee Yeow Seng redesignated CEO of IOI Properties, Voon Tin Yow to retire on July 1

Others Also Read