DRB-HICOM Berhad recorded a pre-tax profit of RM200.77 million in the first three months of FY2023, representing a 50-fold increase against the corresponding quarter in FY2022 which was RM4 million. This is alongside the Group revenue of RM4.10 billion, a 33.7% increase against RM3.07 billion in Q1FY2022, following the improved performance of the Group’s Automotive and Banking sectors.
The group said the strong financial results were mainly driven by its automotive sector due to improved market share and auto sales performance from all marques within the Group, recording a 46.3% increase in revenue from the corresponding period in FY202s. Notably, DRB said PROTON had achieved remarkable growth in Q1FY2023 with 40,287 units sold compared with 26,706 units sold during the corresponding period in FY2022 driven by key models, including the Proton X50 that
which has enjoyed sustained popularity since its introduction.
The Banking Sector recorded a 33.1% increase in revenue (Q1FY2023: RM379.29 million; Q1FY2022: RM284.99 million) primarily due to higher financing income led by the growth in financing volume. This was attributed to sustainable growth
and expanding customer base as well as the rise in the Overnight Policy Rate (OPR) Revenue for the Services Sector increased by 10.6% (Q1FY2023: RM204.37 million; Q1FY2022 RM184.82 million) driven by the in-flight catering business
and new contracts secured by the logistics business. The Aerospace and Defence Sector also recorded higher revenue of 5.2% (Q1FY2023: RM168.63 million; Q1FY2022 RM160.32 million) mainly due to higher delivery of single-aisle and certain aircraft parts.
However, this was partially offset by lower delivery of defence products. The remaining business sectors of Postal and Properties reported lower revenues in Q1FY2023 compared to Q1FY2022.
DRB-HICOM is optimistic of its performance and maintains a positive outlook for FY2023 given its strong market position and diverse portfolio, despite ongoing challenges in the global economy.
