UMW records higher net profits in first quarter

KUALA LUMPUR: UMW Holdings Bhd recorded a net profit of RM93.79 million in the first quarter ended March 31, 2018, from a net loss of RM10.56 million registered in the same period last year.

Revenue dipped to RM2.415 billion in the quarter under review from RM2.695 billion a year earlier.

The group also posted a higher pre-tax profit of RM147.3 million versus RM138.86 million, previously, primarily driven by the automotive segment, which contributed 45 per cent to RM125.9 million, compared with RM87.1 million in the previous corresponding quarter.

UMW Holdings President and Group Chief Executive Officer Badrul Feisal Abdul Rahim said the group continued to register healthy results despite challenging economic and operating circumstances.

“Subsequent to the results, we have declared an interim singletier dividend of 5.0 sen per share amounting to a net dividend payable of approximately RM58.4 million for the financial year ending Dec 31, 2018, to be paid on June 21, 2018,” he said in a statement yesterday.

Badrul added that following the exit from the listed oil and gas segment, the group was now well-positioned with improved earnings visibility and growth.

Moving forward, UMW Holdings was confident of the long-term prospect of its three core businesses as demonstrated by its ongoing investments in automotive, equipment and manufacturing and engineering businesses.