UMW to focus on operational efficiencies, cost optimisation
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KUALA LUMPUR: UMW Holdings Bhd, which posted a net profit of RM107.2mil in the quarter to June 30, remains cautious in view of the challenges arising from the environment of rising interest rates and high inflation.
President and group CEO Datuk Ahmad Fuaad Kenali said the prolonged military conflict in Ukraine and rising geopolitical tensions have added to the increased uncertainty in the general business environment and confidence which in turn continues to strengthen the US dollar against other currencies including ringgit.
“Against this backdrop, the group will continue to improve its resilience through continued focus on cost optimisation and operational efficiency as well as engaging closely with its principals, suppliers and stakeholders to mitigate the impact to the group.
“Overall, the group expects its performance for the financial year 2022 to be better than the previous year,” he said in a statement.
UMW’s revenue in 2Q22 rose by 52.6% to RM3.73bil, a strong recovery to the pre-Covid-19 levels while earnings per share rose to 9.17 sen against a loss per share of 0.31 a year ago.,
The group’s improved performance is mainly attributed to the economic recovery under the National Recovery Plan as opposed to the Full Movement Control Order implemented from June 1, 2021 to Aug 15, 2021 as well as the transition into the endemic phase of Covid-19.
Its automotive segment’s revenue for 2Q grew by 57.3% to RM3.12bil compared with the corresponding quarter, supported by the higher number of vehicles sold which was driven by the sales tax exemption as well as the introduction of new models.
The segment’s profit before taxation and zakat (PBTZ) increased almost six-fold to RM202.9mil.
“As the ongoing global semiconductor chip shortage continues to ease together with improvements made in the supply chain, the group is confident of achieving its sales targets for the year,” UMW said.
Its equipment segment’s revenue increased by 22.2% to RM366.6mil in 2Q22 compared with RM299.9mil in the corresponding quarter. The segment’s PBTZ of RM35.4mil was 11.4% higher than the RM31.8mil reported in the corresponding quarter.
The manufacturing and engineering and aerospace segment’s revenue increased by 41.6% to RM226.4mil while PBTZ stood at RM13.1mil in 2Q.