PETALING JAYA : UMW Holdings Bhd profit after taxation and minority interests (PATAMI) increased by 32.9% to RM134.46 million for the first quarter ended March 31, 2023 (Q1 2023), compared with the RM101.2 million registered in the corresponding quarter a year ago. The company said in a press statement that the increase was mainly attributed to the increase in revenue by 20.0% to RM4,379.6 million.
Its Automotive segment’s revenue for Q12023 grew by 18.1% to RM3,626.9 million compared with the corresponding quarter, mainly due to the higher number of vehicles sold. In line with the higher revenue, the segment’s Profit Before Tax and Zakat (PBTZ) increased by 5.4% to RM217.0 million. The Group expects the Automotive segment to remain positive going forward.
Meanwhile, UMW Holdings Equipment segment’s revenue increased by 17.0% to RM434.9 million in Q12023 mainly due to the stronger demand for the segment’s products and services in the local and overseas markets. The higher revenue, coupled with a reduction in operating expenses, resulted in the segment’s PBTZ to surge by 61.6% to RM51.3 million for Q1 2023.
Its Manufacturing & Engineering (M&E) segment registered revenue of RM323.6 million in Q12023, 42.5% higher than the RM227.1 million recorded in the corresponding quarter. The improved performance was attributable to the higher contribution from all sub-segments, including the Aerospace sub-segment due to the higher delivery of fan cases. The segment recorded PBTZ of RM22.4 million in the current quarter which was more than double the PBTZ of RM10.6 million reported in the corresponding quarter.
“We are encouraged by the Group’s results in the first quarter of 2023, which has exceeded the pre-pandemic levels. Moving forward, the Group will continue to focus on strengthening its core businesses through operational efficiency and cost management initiatives as well as accelerate its CREST@UMW initiatives to improve its business resilience. The Group expects to deliver satisfactory performance for the financial year 2023,” said UMW Holdings Berhad President and Group CEO, Datuk Ahmad Fuaad Kenali in a statement.
