DRB-Hicom aims to perform better in the current year
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KUALA LUMPUR: DRB-Hicom Bhd, which posted a net profit of RM165.56mil in the second quarter (2Q) ended June 30, aims to record a better performance for the current financial year ending Dec 31, 2022 (FY22).
The conglomerate said as operations had begun to normalise, the other businesses within the group would continue to strengthen their positions in their respective markets.
“The banking segment is expected to grow in its retail financing due to better prospects of the domestic economy. The group’s postal segment will continue its transformation plan by maintaining a market-leading next-day service level, driving cost efficiencies, increasing parcel yields and ensuring optimum customer experience at every touchpoint. Other businesses in defence, aerospace, services and properties segments will continue to adopt prudent cost management strategies while remaining agile to manoeuvre ongoing challenges,” DRB-Hicom said in its filing with Bursa Malaysia.,
In 2Q, its revenue rose 36% to RM3.55bil from RM2.62bil a year ago while earnings per share for the period stood at 8.77 sen against loss per share of 11.25 sen.
The quarter’s performance was boosted by higher sales by national carmaker Proton Holdings Bhd, as well as from the group’s manufacturing and engineering as well as automotive distribution businesses.
In the first six months, the group posted a net profit of RM143.82mil from a net loss of RM234.45mil previously. Its revenue came in at RM6.62bil from RM6.13bil last year, with its automotive sector contributing two-thirds.
For DRB-Hicom’s automotive sector, June revenue was particularly high due to the sales tax exemption offered by the government.