KUALA LUMPUR, Feb 28 (Bernama) — UMW Holdings Berhad’s Group profit before taxation (PBT) from Continuing Operations surged almost three-fold to RM786.2 million, powered by better performance from all three core business segments and the reversal of provisions, while revenue increased by 2.2% to RM11,306.3 million for financial year 2018. The Automotive segment’s PBT was strengthened by the improved performance of an associate company coupled with improved profit margin from cost optimisation activities, while the performance of the Equipment segment was boosted by higher sales in the mining and logging industries. The aerospace business continued to deliver fan cases as per its contractual agreement with Rolls-Royce, thus generating higher revenue for the Manufacturing & Engineering (M&E) segment. Consequently, net profit from Continuing Operations rose to RM490.6 million in 2018 compared to RM35.3 million in 2017. Overall, the Group’s consolidated net profit soared to RM341.7 million compared to a loss of RM640.6 million a year ago.
UMW Holdings Berhad President & Group CEO, Badrul Feisal bin Abdul Rahim said, “For the financial year 2018, the Group has achieved a robust recovery and registered a healthy profit. The commendable results of our three core businesses coupled with strategic initiatives to boost growth put the Group in a firm position to achieve greater heights and emerge as a leading industrial conglomerate in the region. We have also embarked on a vigorous Group-wide transformation programme to drive long-term growth through expansion of products and services and nurturing innovation across the organisation in order to remain relevant in the ever-changing business environment.”
