UMW Holdings net profit surges to RM303.55mil in 2Q

KUALA LUMPUR: UMW Holdings Bhd’s net profit almost tripled to RM303.55 million in the second quarter ended June 30, 2023 (2Q 2023) from RM107.19 million in 2Q 2022 on the back of gains from the sale of an industrial land in Serendah.

Revenue surged 20.2 per cent to RM4.48 billion against RM3.73 billion previously

"The better revenue was attributed to higher contribution from all segments, driven by sustained demand in the current quarter and the completion of the sale of industrial land to Longi (Kuching) Sdn Bhd for RM304.9 million,” the group said in a filing with Bursa Malaysia today.

UMW Holdings said revenue from its automotive segment grew 9.6 per cent year-on-year (y-o-y) to RM3.42 billion, equipment rose 24.4 per cent y-o-y to RM456.2 million, manufacturing and engineering segment increased 32.4 per cent y-o-y to RM299.7 million, while other segments registered revenue of RM340.3 million.

As for the first half of 2023 (1H 2023), the group’s net profit advanced to RM438.01 million from RM208.39 million in 1H 2022, while revenue soared to RM8.86 billion from RM7.38 billion previously.

On prospects, the group said it will continue to focus on strengthening its businesses through operational efficiency and cost management initiatives, while accelerating its CREST@UMW initiatives to improve its resilience and sustainability.

"The group expects to deliver satisfactory performance this year,” it said, adding that it anticipates the automotive segment to continue to perform well in 2H 2023 to meet the higher mobility needs as the economy continues to expand. - Bernama