NHF remains cautious on FY21 prospects

by BERNAMA / pic by TMR FILE

NEW Hoong Fatt Holdings Bhd (NHF) remains cautious on its financial year 2021 (FY21) prospects as the business environment in Malaysia and around the globe remains challenging in light of the ongoing Covid-19 pandemic.

In its Annual Report 2020, MD Chin Jit Sin (picture) said despite the challenges brought about by Covid-19, the company would continue to work towards achieving its vision of becoming the leading automotive parts solution provider in Asia by concentrating on three strategic business priorities.

He said the priorities are continuing to strengthen and grow the core business; build competitive edge through cost efficiency and the use of technology; and build a sustainable workforce and performance culture.

“The current key focus of the company is to rapidly address the needs of its customers to increase its competitive advantage, hence, it will concentrate on enhancing its product range by increasing the items available to its customers locally and abroad.”

He said this includes identifying new product launches in the passenger vehicle segment and adapting to the changing needs and demand of car owners, as well as how to better serve its customers.

Chin said given the current business environment, the company would step up its marketing strategies and improve customer engagement in order to create brand awareness and generate demand for its products.

“With the emergence of digital commerce, the company aspires to build its digital strategies to capture new marketplace opportunities.”

He said to improve its operational efficiency and enhance competitive advantages, the company would continue to refine its processes across the organisation.

“Moving forward, it will remain steadfast to managing its expenses to help improve its profitability,” he said.

He said in gearing up for future growth, the company is highly dedicated to grow its human capital.

“The company will step up its efforts in building and improving critical skill sets and competencies of its employees, and building leadership bench strength through rigorous talent management and leadership development programmes.”