KUALA LUMPUR (May 24): Sime Darby Bhd net profit for the third quarter (3Q) ended March 31, 2023 dipped 1.6% year-on-year to RM240 million from RM244 million, due to lower profit from its motors business in China and higher finance costs.
In a bourse filing on Wednesday (May 24), the conglomerate said revenue for the quarter rose to RM11.53 billion from RM10.52 billion.
Earnings per share slipped to 3.5 sen from 3.6 sen.
Sime Darby did not declare any dividend for the quarter.
For the nine months ended March 31, Sime Darby’s net profit rose to RM836 million from RM825 million on the back of a revenue of RM35 billion versus RM31.65 billion.
In a separate statement, Sime Darby chief executive officer Datuk Jeffri Salim Davidson said in March the group signed an agreement to acquire Onsite Rental Group Ltd (Onsite), a market leading Australian specialist equipment rental business that focuses on hire solutions.
“This deal is key in providing diversification to our industrial rental equipment offerings across a broad range of industries in the Australian market. The acquisition of Onsite was completed in April 2023.
“Onsite is a leader in the mining and construction equipment rental market. Given the strong demand in this sector in Australia, we look forward to seeing Onsite deliver to the group’s earnings, while we expand our geographical footprint for our industrial division,” he said.
Davidson said in a strategic move to continue strengthening our regional play, Sime Darby has taken a foothold in the Indonesian automotive market with its new joint venture, PT Performance Motors Indonesia.
“This marks our first foray in Indonesia for our motors business, with a view of growing our presence in this market further.
“We also recently announced a partnership with Chery Automobile, for the assembly of Chery vehicles at our motor vehicle production and assembly facility, Inokom in Kulim, Kedah. This collaboration is part of our efforts to grow our assembly portfolio.
“We are firing up our two primary engines of motors and industrial (divisions) and we are confident that the Asia-Pacific region holds enormous potential in the mid- to long-term for these divisions,” he said.
At the midday break, Sime Darby shed 0.47% or one sen to RM2.12 with 357,200 shares traded.
Source: TheEdge - 25 May 2023
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