UMW Holdings Profit Surges
The company’s gearing ratio improved to 0.22 times from 0.40 times year-on-year, while the net cash position strengthened from MYR 811m to MYR 1.45bn over 12 months.
UMW Holdings Bhd, a Malaysian multinational conglomerate, has reported a surge in profit after taxation and minority interests (PATAMI) of MYR 415m ($102m) for the financial year 2022.
The company has declared a final dividend of MYR 0.112 per share amounting to MYR 130.8m for the same period. With the earlier interim dividend of MYR 0.03 per share, the total dividend in respect of FY2022 is MYR 0.142 per share, amounting to MYR 165.8m or equivalent to a 40% dividend payout ratio. UMW’s revenue increased by 43% to MYR 15.81bn for the financial year 2022.
The growth was supported by the improved contribution from all three core business segments; automotive, equipment, and manufacturing and engineering.
The automotive segment’s revenue for FY2022 rose by 47% to MYR 13.31bn supported by the sales tax exemption and the introduction of new models. In line with the increased revenue, the segment’s profit before taxation and zakat surged by 63% to MYR 774.9m from the previous year.
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The company’s gearing ratio improved to 0.22 times from 0.40 times year-on-year, while the net cash position strengthened from MYR 811m to MYR 1.45bn over 12 months.
UMW's President and Group CEO, Dato’ Ahmad Fuaad Kenali, said the group is cautiously optimistic about the sustained performance of its core business segments based on the encouraging order book and improving demand for its products and services.
“After an invigorating expansion of GDP by 8.7% in 2022, Malaysia’s GDP growth is projected to taper to 4% in 2023, in line with the anticipated slowdown in the global economy. Nevertheless, the Group is cautiously optimistic of a sustained performance by its core business segments based on the encouraging order book and improving demand for its products and services.
“The Group will continue to focus on strengthening its core businesses through operational efficiency and cost management initiatives to improve its business resilience amidst the challenging business environment in 2023. The Group expects to deliver satisfactory performance for 2023.”
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