KUALA LUMPUR: UMW Holdings Bhd
will continue to focus on strengthening its businesses through operational efficiency and cost management initiatives.
UMW, in a statement, said it would also accelerate its CREST@UMW initiatives to improve its resilience and sustainability.
“The group expects to deliver satisfactory performance for the year,” it said in a statement.
In the third quarter ended Sept 30 (3Q), UMW’s net profit surged 71.9% to RM173.1mil compared with the RM100.7mil registered in the corresponding quarter ended Sept 30.
UMW said the higher profit was mainly due to the increase in revenue by 19.1% to RM4.83bil from RM4.06bil a year ago.
It registered an earnings per share of 14.82 sen in 3Q from 8.62 sen posted last year.
UMW said the automotive segment’s revenue for 3Q increased by 17.4% to RM4.02bil compared with the RM3.43bil recorded in the corresponding quarter, mainly due to the higher number of vehicles sold.
The equipment segment’s revenue increased by 14.6% to RM452mil in 3Q due to the sustained demand for equipment in both local and overseas markets.
Its manufacturing & engineering (M&E) segment registered revenue of RM363.8mil in 3Q, 44.3% higher than the RM252.2mil recorded in the corresponding quarter.
“Going forward, the auto components and lubricants sub-segments are expected to benefit from the sustained demand in the original equipment (OE) market, in line with the expected higher demand for new vehicles in the last quarter of the year,” UMW said.
In the first nine months to Sept 30, its net profit almost doubled to RM611.1mil from RM300.1mil while revenue rose 19.7% to RM13.7bil against RM11.4bil.
