UMW Holdings Bhd expects improved growth

by | Dec 1, 2022 | Business, LOCAL | 0 comments

UMW Holdings Bhd posted a net profit of RM100.7 million for the 3Q ending Sept 30, 2022 and expects the growth and increase to improve further in the last quarter of this year following an economic recovery under the National Recovery Plan (NRP).

The group expects the momentum to continue based on outstanding orders, as well as an improving demand for its products and services. But it is cautious of the potential downside of both external and internal market forces.

But the group will continue to work on its resilience by focusing on cost optimization and operational efficiency, while engaging with its principals, suppliers and shareholders to overcome the challenges.

Group revenue in the 3Q of this year increased by more than 100 percent to RM4.06 billion against RM2.02 billion a year ago supported by the improved contribution from all three core business segments.

The group’s improved performance was attributed mostly to the economic recovery under the NRP as opposed to the full Movement Control Order (MCO) as well as the transition into the endemic phase of the Covid19 pandemic.

In view of the encouraging performance, UMW has declared an interim dividend of three sen per share, amounting to RM35 million for the financial year ending Dec 31, 2022 which will be paid on Dec 15, 2022.