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KUALA LUMPUR, May 24 (Bernama) -- UMW Holdings Bhd's net profit jumped to RM101.21 million in the first quarter ended March 31, 2022 (Q1 2022) from RM79.80 million in Q1 2021.
Revenue soared to RM3.65 billion from RM2.95 billion previously, mainly due to the higher sales in all core segments, save for the manufacturing and engineering segments following the disposal of a subsidiary in the prior year, the company said in a filing with Bursa Malaysia today.
It said the improved revenue was driven by continued strong sales momentum following the economic recovery under the National Recovery Plan as opposed to the economic environment during the Recovery Movement Control Order in Q1 2021.
On prospects, UMW said it expects its performance for 2022 to be satisfactory, barring any unforeseen circumstances.
“The group will continue to remain vigilant on the potential challenges arising from the external environment, including the lingering threat of COVID-19, the persistent and prolonged supply chain disruptions, as well as the impact of further escalation of geopolitical conflicts.
“The group will continue to improve its resiliency through cost optimisation activities and improvement in operational efficiency," it said.
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