DRB-HICOM to continue with strategic plans amid challenging economy

PETALING JAYA: Despite numerous challenges posed to the economy, DRB-Hicom Bhd maintains a satisfactory outlook for its financial year ending Dec 31, 2024 and will continue with its strategic plans moving forward.

In a note to Bursa Malaysia, the automotive manufacturer said it expanded its research and development capabilities by furthering its collaboration with Zhejiang Geely Holding Ltd.

“A new research and development centre has been set up in China to enhance cross-border collaboration, facilitate knowledge transfer, as well as to build up competencies not only in Malaysia, but also in the Asean region,” it said.

The group added that Honda Malaysia will target sales of 95,000 units this year, an increase from 80,027 units in 2023.

In its banking sector, the group said it will continue to progress in its digital transformation while enhancing customer experience.

“Other sectors under the group, namely aerospace and defence, services and properties continue to maintain a proactive approach to cost management in ensuring resilience against prevailing market risks,” DRB-Hicom said.

Meanwhile, for the first quarter ended March 31, 2024, the group posted a higher revenue of RM4.33bil compared to RM4.10bil in the same quarter last year on the back of higher sales volume, as well as better profit from the property and banking sector.

Its profit however was lower at RM91.5mil compared to RM107.9mil for the same quarter last year.

The group did not declare any dividend for the financial period under review.