KUALA LUMPUR: UMW Holdings Bhd’s net profit for the financial year ended Dec 31, 2019, increased to RM454.44 mil from RM344.51 mil recorded in FY18.
Revenue rose to RM11.74 bil from RM11.30 bil previously, mainly due to higher revenue in the automotive, manufacturing and engineering businesses, it said in a filing with Bursa Malaysia today.
For the fourth quarter ended Dec 31, 2019, the group’s net profit jumped to RM200.46 mil compared with RM17.93 mil in the same period a year ago, while revenue surged to RM3.11 bil from RM2.68 bil previously.
In a separate statement, president and group CEO Badrul Feisal Abdul Rahim said amidst a challenging business environment in 2019, the group took decisive actions to improve the competitiveness of its businesses.
In the automotive segment, he said, efforts to improve the competitiveness of UMW Toyota Motor included the expansion of model line-up, which resulted in an increased market share of 11.6 per cent in 2019.
“The aerospace business, which is a key part of UMW’s broader strategic shift into high-value manufacturing, turned profitable in 2019, after commencing commercial production in late 2017,” he added. – Feb 27, 2020, Bernama
