KUALA LUMPUR: EP Manufacturing Bhd’s (EPMB) production at its new plant in Tanjung Malim, which specialises in car seats to begin in the second half of 2023, according to group chief executive officer Ahmad Razlan Mohamed said.
“EPMB expects to manufacture more than 300,000 sets of car seats over a period of several years, which should unlock a new earnings driver for the group,” he said in a statement.
In the first quarter ended March 31, EPMB’s net profit jumped more than eight-fold to RM3.55mil from RM386,000 in last year's corresponding period.
This was driven by a 55.1% year-on-year surge in revenue to RM152.12mil, from RM98.10mil last year.
“Building on our momentum in FY22, we are proud to report a positive start to FY23. While it is expected that Malaysia's total industry volume will decline from a historically high base in 2022, we believe the rollout of new car models, including electric vehicles, will continue to drive the market for passenger cars,” Ahmad Razlan said.