PETALING JAYA: UMW Holdings Bhd
expects its automotive segment to continue performing well in the second half of 2023 (2H23) to meet the higher mobility needs as the economy continues to expand.
In a filing with Bursa Malaysia, the group said aggressive marketing campaigns, new model launches and faster delivery due to the improved supply chain environment will continue to sustain consumer buying interest and sales orders.
UMW’s net profit almost tripled to RM303.55mil in the second quarter ended June 30, 2023 (2Q23) from RM107.19mil in 2Q22, spurred by gains from the sale of an industrial land in Serendah.
Revenue rose to RM4.48bil from RM3.73bil. Basic earnings per share stood at 25.98 sen versus 9.17 sen previously.
In 1H23, the group’s net profit grew to RM438.01mil from RM208.40mil in 1H22, while revenue improved to RM8.86bil from RM7.38bil previously.
UMW said the economy will continue to be driven by resilient domestic demand, underpinned by favourable labour market conditions, stronger pick-up in tourism activities as well as continued progress of multi-year infrastructure projects.
On the outlook for its equipment segment, UMW said the division remains positive in all the sectors that it serves, underpinned by encouraging demand amid recovery in global economic growth, as well as resumption of infrastructure and construction projects.
