UMW achieves FY20 earnings of Rm205mil

KUALA LUMPUR: UMW Holdings Bhd’s (UMW) net profit fell by more than half to Rm204.6mil in the financial year ended Dec 31, 2020 (FY20) from Rm454.4mil in FY19.

Revenue declined to Rm9.55bil from Rm11.76bil previously, mainly due to lower revenue recorded in all of its main business segments due to the Covid-19 pandemic’s adverse impact, it said in a filing with Bursa Malaysia yesterday.

It said the automotive segment’s revenue for the year decreased by 19.5% year-on-year to Rm7.48bil, mainly due to the lower number of vehicles sold during the movement control order (MCO) period.

Meanwhile, it said equipment segment’s revenue stood at Rm1.14bil, lower than the Rm1.41bil recorded in FY19, following the slow down in construction, manufacturing, mining and logging activities due to the Covid19’s impact in countries that the segment operated in.

UMW said the manufacturing and engineering segment’s revenue dropped to Rm918.3mil from Rm1.06bil previously, due to the lower contribution from all sub-segments which were impacted by the pandemic.

In terms of its fourth quarter’s (Q4’2020) performance, its net profit depreciated to Rm137.44mil from Rm200.46mil in Q4’2019, while revenue was higher at Rm3.24bil from Rm3.12bil previously.

It said the increase in revenue was mainly due to higher sales in the automotive segment, following the implementation of the recovery MCO during the quarter. — Bernama