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More headwinds in FY2023 for Sime Darby -- Group CEO

17/08/2022 08:11 PM

KUALA LUMPUR, Aug  17 (Bernama) -- Sime Darby Bhd is expecting more headwinds in the financial year ending June 30, 2023 (FY2023) amid high inflation and increased borrowing costs impacting consumers’ sentiment, said group chief executive officer (CEO) Datuk Jeffri Salim Davidson.

He pointed out that headwinds in the supply chain had not been fully resolved and lockdowns in China due to the emergence of COVID-19 had also impacted the group’s business.   

“I am still fairly confident that we have a broad-based business in the Asia Pacific and we have a strong team managing the business,” he told a virtual press conference after announcing Sime Darby’s performance for the financial year ended June 30, 2022 (FY2022) today.  

Sime Darby registered a lower net profit of RM1.10 billion for FY2022 versus RM1.43 billion a year earlier. This includes a one-off gain of RM272 million on the divestment of the group’s stake in Tesco Malaysia.

Excluding the gain, the group’s net profit declined marginally by 4.3 per cent due to lower profits from its industrial and motors business in China, which were impacted by an industry-wide contraction in volume for heavy equipment, inventory shortages and COVID-19 restrictions. 

Revenue was lower at RM42.50 billion for the year compared with RM44.30 billion in FY2021.

On potential merger and acquisition, Jeffri said the group was evaluating opportunities to grow its motor business in China and other countries. 

Meanwhile, Sime Darby managing director for Motor Division Andrew Basham said currently, the group’s electric vehicle (EV) business contributed about 4.0 to 4.5 per cent to Sime Darby Motors' revenue in FY2022.

“Given the orderbooks that we have and the fact that the organisations that we worked with are trying to ramp up their EV cars, we expect to see a higher percentage of that,” he said. 


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