KUALA LUMPUR, May 25 (Bernama) — Driven by the strong automotive sales, UMW Holdings Berhad (“Group”) achieved profit after tax and minority interests (“PATAMI”) of RM97.3 million for the first quarter ended 31 March 2021, more than double the RM44.3 million recorded in the first quarter of 2020. Group revenue surged by 39.4% to RM2,954.2 million compared with the corresponding quarter ended 31 March 2020 (“corresponding quarter”) mainly due to higher contribution from the Automotive and Equipment segments.
UMW Holdings Berhad President and Group CEO, Dato’ Ahmad Fuaad Kenali said, “We are encouraged by the Group’s results in the first quarter of 2021 despite the challenging business environment. The Automotive segment’s performance improved significantly as it benefitted from the sales tax exemption as well as introduction of new models. With the improving economic activities, the Equipment segment also recorded a higher revenue. Prudent cost management has also contributed to the improved financial result. The Group will continue to implement cost optimisation initiatives and optimise our business processes further to generate better returns to our shareholders.”
