KUALA LUMPUR, May 20 (Bernama) — The 39th Annual General Meeting (“AGM”) of UMW Holdings Berhad was held virtually due to the COVID-19 pandemic. At the AGM today, the Group reflected on its key achievements in 2020 and communicated its plans for 2021 and beyond, through its new strategic framework which will further strengthen the Group and continue to deliver long-term value to its stakeholders.
UMW Holdings Berhad President and Group CEO, Dato’ Ahmad Fuaad Kenali said, “In 2020, we have proven that the Group was able to recover and deliver solid results despite the challenging operating environment caused by the pandemic. The Group continues to strengthen in the domestic automotive industry, with a market share of 52.8% in 2020, the highest in its history. On the other hand, our cost optimisation efforts resulted in a Group-wide cost reduction of RM134 million in 2020 and we will continue to drive further cost-saving initiatives through continuous business process improvements. Overall, the Group’s performance for FY2020 exceeded our expectations which was driven mainly by the sales tax waiver given under the government’s stimulus package.”
