DRB-HICOM’s FY2023 net profit surges on automotive sector growth

DRB-HICOM Bhd reported a net profit of RM238.88 million for the fiscal year ending Dec 31, 2023, compared to RM187.71 million in the previous year, backed by a 2.2% increase in revenue reaching RM15.9 billion.

The fourth quarter saw a net profit of RM26.46 million, a turnaround from the RM100.06 million net loss in the same period the previous year, with revenue at RM3.8 billion.

The robust FY2023 performance was primarily driven by the automotive sector, which experienced a revenue growth of 2.3% to RM11.3 billion.

Proton Holdings achieved a record high in vehicle sales, and Honda maintained its leading position in the non-national passenger vehicle segment.

The banking sector recorded a 35.3% revenue increase, while the services sector saw a 13.4% revenue growth, attributed to in-flight catering, ground handling business, and higher revenue from the Ar-Rahnu business.

DRB-HICOM expressed optimism for the automotive sector, aiming to expand product offerings through technology-driven upgrades .

The group emphasised vigilance and efficiency in other sectors, including aerospace, defence, postal, services, and properties, along with a commitment to sustainability initiatives. — TMR