KUALA LUMPUR, Feb 27 — UMW Holdings Bhd posted a higher net profit of RM415.05 million in the financial year ended Dec 31, 2022 (FY2022), up 54.74 per cent from RM268.23 million in the previous year on higher revenue in all divisions.

Revenue rose 42.95 per cent to RM15.81 billion from RM11.06 billion previously on better performance in all segments following the strong recovery of the Malaysian and regional economies.

In a filing with Bursa Malaysia today, UMW Holdings said its automotive segment raked in RM13.31 billion in revenue in FY2022, up 47.4 per cent from RM9.03 billion in the previous corresponding year, underpinned by the higher number of vehicles sold during the year following the continued strong sales momentum.

It said the equipment segment’s revenue rose 16.3 per cent to RM1.53 billion in FY2022, while the manufacturing and engineering segment’s revenue climbed 35.5 per cent to RM984.2 million.

The company added that the segment under others also posted higher revenue of RM80.4 million in FY2022 from RM39.5 million in the corresponding year, primarily due to the revenue recognition relating to the sale of industrial plots in Serendah in the current year.

For the fourth quarter ended Dec 31, 2022 (4Q FY2022), UMW said its net profit was lower at RM105.95 million versus RM239.97 million in 4Q FY2021, dragged by higher operating expenses.

Revenue climbed to RM4.38 billion from RM3.65 billion in the previous corresponding quarter on improving sales momentum in all business segments as the economy recovers post-pandemic.

The company declared a final dividend of 11.2 sen per share, amounting to RM130.8 million for FY2022, and is payable on May 12, 2023.

Moving forward, UMW said the group would 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,” it added. — Bernama