KUALA LUMPUR (Dec 12): Bermaz Auto Bhd reported a 37.19% jump in net profit for its second quarter ended Oct 31, 2023 (2QFY2024) to RM90.10 million, from RM65.67 million in the corresponding quarter a year ago, as it registered stronger revenue, along with better share of results from associates and forex gains.

Earnings per share (EPS) rose to 7.73 sen from 5.65 sen, its bourse filing showed. The group declared a second interim dividend of five sen per share, to be paid on Jan 5, 2024. This brings its total dividends declared year-to-date to 10 sen per share, up from 6.5 sen per share a year ago.

The group's revenue grew 28.61% to RM1.01 billion in 2QFY2024 from RM782.97 million in 2QFY2023, driven by the better performance from its Mazda operations in Malaysia, with the CX-30 CKD model continuing to chart higher sales since it was unveiled in March.

"The increase was, however, partly set off by lower sales registered from its Peugeot marque operations during the quarter under review. In line with the increase in the group's revenue as explained above as well as improved contribution from its Mazda marque operations in the Philippines, the group’s profit before tax had also improved by RM31.2 million or 34.1% [to RM122.83 million] compared to the preceding year corresponding quarter," Bermaz said in a separate filing.

For the six months ended Oct 31, 2023 (1HFY2024), Bermaz's net profit jumped 59.8% to RM203.62 million from RM127.42 million a year ago, as revenue grew 39.76% to RM2.1 billion from RM1.5 billion in 1HFY2023.

The Mazda CX-30 model sales and fulfilment of the remaining back orders for the Mazda 3 model drove earnings for the period, said Bermaz.

Bermaz also noted that the automotive sector has continued to register growth this year, albeit at a slower pace, underpinned by improvements in the supply chains and vehicle shipments.

As such, it expects its performance to remain positive for its current financial year that will end on April 30, 2024.

"Inflationary pressures, uncertainties in geopolitical conflicts and weaker global growth will continue to have an adverse impact on the overall economy. The launching of new and/or new facelifts models of the group’s vehicle marques are still very much dependent on the market sentiments and economic conditions then," it added.

Bermaz shares closed down four sen or 1.71% to RM2.30, for a market capitalisation of RM2.69 billion. Year-to-date, however, the counter has appreciated by 9%.