BUSINESS

DRB-HICOM'S 1Q EARNINGS FALL ON HIGHER TAXATION, PRE-TAX PROFIT UP 5.0 PCT

23/05/2024 07:43 PM

KUALA LUMPUR, Masy 23 (Bernama) -- DRB-Hicom Bhd’s net profit fell 15.2 per cent to RM91.54 million for the first quarter ended March 31, 2024, from RM107.91 million a year earlier amid higher taxation charge.

However, the group, which is involved in six core sectors, recorded a 5.0 per cent growth in profit before tax (PBT) to RM210.76 million against RM200.77 million previously, thanks mainly to the better performance of its automotive and services sectors.

 Revenue rose 5.6 per cent to RM4.33 billion from RM4.10 billion previously, with all core sectors showing better results, it said in a filing with Bursa Malaysia today.

The owner of brands such as Proton and Modenas said the automotive sector remained its main revenue contributor, recording an 0.8 per cent rise in revenue to RM3.05 billion mainly due to higher sales volume.

The group’s banking sector, represented by Bank Muamalat Malaysia Bhd, saw a 34.6 per cent jump in revenue to RM510.41 million due to increased financing income, driven by a rise in financing volume linked to sustainable growth and an expanding customer base.

“Additionally, the increase in the Overnight Policy Rate from 2.75 per cent to 3.00 per cent in May 2023 contributed to the sector’s strong performance,” it said in a media statement.

Meanwhile, the aerospace and defence sector recorded an 11.4 per cent growth in revenue to RM187.79 million, mainly due to increased product deliveries of single-aisle and aircraft parts, it said.

The postal sector, represented by Pos Malaysia Bhd, registered a 4.6 per cent higher revenue of RM291.23 million, primarily contributed by its mail business.

The services sector, which includes a range of services from vehicle inspection to airfreight, improved its revenue by 6.0 per cent to RM216.65 million. This was mainly contributed by the in-flight catering business with a higher number of meals prepared, and the ground-handling business, which is in line with the rising number of flights. 

On prospects, DRB-Hicom said it maintains “a satisfactory outlook” for the financial year ending Dec 31, 2024.

-- BERNAMA

 

 


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