Cycle & Carriage Bintang Behad released in second quarter result with sales volume for its vehicles rising significantly compared to the preceding year. The group’s Q2 FY22 revenue came in at RM320 million its overall 6 months revenue now stands at RM620 million with an RM15 million profit achievement.
Chairman Wilfrid Loo attributed the results to the group’s ongoing cost control initiatives, which contributed to the net profit in the first half of 2022.
Despite a surge in Q2 vehicle bookings taking place, the Chairman is wary that the industry continues to face serious disruption owing to global supply chain challenges. These are expected to remain for the rest of the year and are very likely to impact the financial performance of the group.
The group’s revenue six months revenue of RM620.6 million was 16% higher than the same period in 2021, mainly attributed to a 14% increase in vehicle unit sales and an increase in the aftersales volume by 19% as a result of the removal of all prior movement restrictions.
A net profit of RM15 million was recorded compared to a net profit of RM1.6 million in the same period in 2021. Overall net profit improved as the Group benefitted from the sales tax reduction which supported the demand for consumer vehicles in the first half of the year.
Cycle & Carriage’s net debt improved from RM30.6 million at the end of 2021 to net cash of RM35.6 million as of 30th June 2022, due to healthy cash flow.
