KUALA LUMPUR: Sime Darby Bhd
CEO Datuk Jeffri Salim Davidson said the group is confident the Asia Pacific region holds enormous potential for its motor and industrial divisions in the mid- to long-term.
In a statement, Jeffri Salim said its acquisition of Onsite Rental Group, an Australian specialist equipment rental business, is key in providing diversification to its industrial rental equipment offerings across a broad range of industries in the Australian market.
Meanwhile, he said its motors division has taken a foothold in the Indonesian automotive market with its new joint venture, PT Performance Motors Indonesia.
"This marks our first foray in Indonesia for our Motors business, with a view of growing our presence in this market further," he said.
In the third quarter of the financial year ended March 31, 2023, Sime Darby said net profit was marginally lower at RM240mil as compared to RM244mil in the same quarter last year.
The group's earnings per share for the quarter was 3.5 sen, down from 3.6 sen in the comparative quarter.
According to the group, the lower bottomline was owing to the lower profit from its motors business in China and higher finance costs during the quarter under review.
However, this was partially offset by higher profit from the industrial business.
The industrial division's profit before interest and tax jumped 57.3% to RM236mil in the quarter due to higher profit from Australasia.
It said this was largely attributed to higher parts revenue, which was supported by parts price increase and growing demand for maintenance of mining equipment
Sime Darby reported revenue of RM11.53bil, which was 9.5% higher than RM10.52bil in the previous corresponding quarter.
For the three quarters to March 31, 2023, the group's net profit was improved at RM836mil, from RM825mil in the same period in 2022.
Revenue was also higher over the nine months under review to RM35bil, up from RM31.65bil in 9MFY22.
