NHF SEES 70PC REVENUE FROM EXPORTS

Firm expanding product range and distribution coverage in Asean

AUTOMOTIVE replacement parts manufacturer New Hoong Fatt Holdings Bhd (NHF) aims to increase its export revenue contribution to 70 per cent by 2021.

Managing director Chin Jit Sin said group sales from overseas market currently stood at 52 per cent.

“Asean remains a key focus for the group, with a 30 per cent contribution to total exports. We are making continuous efforts to expand our product range and distribution coverage in the region, along with our ongoing investment in human capital.

“We are confident of being on course to meet the target, ” he said after the company’s annual general meeting, here, yesterday.

NHF currently exports to more than 50 countries. Apart from Asean, its main markets are the Middle East, Central and South America, Europe and Africa.

Chin said among the Asean countries, Thailand was its biggest export country, but the group also saw growth potential in Indonesia.

For its financial year ended December 31 last year, NHF posted a 38.3 per cent increase in pretax profit to RM36.8 million. Revenue grew 11.9 per cent to RM231.9 million.

Chin said the record result was due to the favourable impact from foreign exchange gains, which had contributed about RM6.8 million to the group’s bottom line.

He said the company had allocated about RM30 million to RM35 million in capital expenditure this year for equipment upgrade to increase capacity. Bernama