KUALA LUMPUR: For the second quarter ended Oct 31, 2023, Bermaz Auto Bhd (BAuto) reported a higher group revenue and profit before tax of RM1.01 billion and RM122.8 million respectively in the current quarter under review as compared to the preceding year corresponding quarter which reported a group revenue and profit before tax of RM783.0 million and RM91.6 million respectively.
Higher group revenue by RM224 million, an increase of 28.6%, was mainly attributable to the Mazda marque domestic operations, especially from its CX-30 CKD model which continued to register higher sales since it was launched in March 2023. The increase was however partly set off by lower sales registered from its Peugeot marque operations during the quarter under review.
In line with the increase in the group revenue as well as improved contribution from its Mazda marque operations in the Philippines, the group’s profit before tax had also improved by RM31.2 million or 34.1% compared to the preceding year corresponding quarter.
For the six months period ended Oct 31, 2023, the group reported a higher revenue and profit before tax of RM2.10 billion and RM263.5 million respectively as compared to the preceding year corresponding period which reported a Group revenue and profit before tax of RM1.5 billion and RM166.2 million respectively.
Higher group revenue by RM596.4 million, an increase of 39.8%, was mainly attributable to the Mazda marque domestic operations, especially from its CX-30 CKD model as explained above and the continued fulfilment of the balance backorders for Mazda 3 in the previous financial quarter.
In line with the increase in the group revenue, the group’s profit before tax had also improved by RM97.3 million or 58.6% compared to the preceding year corresponding quarter mainly from the higher sales volume for the Mazda marque domestic operations.
The board has approved and declared a second interim dividend of 5 sen single-tier dividend per share in respect of financial year ending April 30, 2024 (preceding year’s corresponding quarter ended Oct 31, 2022: 3.5 sen single-tier dividend per share).
The entitlement date has been fixed on Dec 20, 2023 and payable on Jan 5, 2024. This will bring the total dividend declared to 10 sen single-tier dividend per share for the financial period ended Oct 31, 2023 (previous financial period ended Oct 31, 2022: 6.5 sen single-tier dividend per share).
The Malaysian economy expanded by 3.3% in the third quarter of calendar year 2023 (Q2’23: 2.9%), anchored by resilient domestic demand which was supported by continued growth in employment and wages. The Malaysian economy is projected to expand by around 4% in 2023, which will be driven by the continued expansion in domestic demand.
The Total Industry Volume (TIV) in October 2023 of 74,896 units was 6,740 units (about 10%) higher compared to 68,156 units in September 2023. Cumulative TIV up to October 2023 was 646,840 units, an increase of 67,923 units (about 12%) compared to the same period last year of 578,917 units.
The growth was mainly attributable to the strong performance by the national marques. For November 2023, sales are expected to maintain its momentum mirroring the robust performance recorded in October 2023.
In the Philippines, the Philippine Statistics Authority had reported in November 2023 that the country’s gross domestic product (GDP) posted a growth of 5.9% for the third quarter of calendar year 2023 (Q2’23: 4.3%). The increase in GDP was due to higher government and public spending. The Philippines economic outlook for 2023 is expected to remain positive.
The automotive sector continues to register growth albeit at a slower pace, underpinned by improvements in the supply chains and vehicle shipments. Inflationary pressures, uncertainties in geopolitical conflicts and weaker global growth will continue to have an adverse impact on the overall economy. The launching of new and/or new facelifts models of the group’s vehicle marques are still very much dependent on the market sentiments and economic conditions then.
Barring any unforeseen circumstances, the board anticipates the performance of the group to remain positive for the financial year ending April 30, 2024.
