Latest news with #Jeffri
The Sun
27-05-2025
- Automotive
- The Sun
Sime Darby nine-month net profit rises to RM1.29 billion
PETALING JAYA: Sime Darby Bhd (Sime) reported net profit from continuing operations of RM1.29 billion for the nine-month period ended March 31, 2025 (9M25), a growth of 9.9% from the previous corresponding period. The improved performance was mainly attributable to the higher contribution from the UMW division and a higher one-off gain on disposal of Malaysia Vision Valley land, despite lower profits from the industrial and motors divisions. The group's revenue for the nine months increased by 8.2% to RM52.3 billion, compared with RM48.3 billion in the previous financial year. For the third quarter ended March 31, 2025 (Q3'25), net profit saw a decrease to RM193 million, while revenue was down by 13.4% at RM16.3 billion. During the quarter under review, the industrial division recorded lower profit before interest and tax (PBIT) of RM221 million, mainly due to reduced profits from the division's operations in Australasia. Profits In Australasia were impacted by a currency-related parts price adjustment, unfavourable weather conditions and a weaker Australian dollar against the ringgit. The motors division reported a reduced PBIT of RM114 million in Q3'25, attributed to lower vehicle sales in most markets, as well as increased competition. For the UMW division, PBIT for the quarter under review was largely contributed by the division's automotive business, particularly higher Perodua sales. However, the division saw a decline in PBIT to RM194 million as a result of competitive market conditions. Sime Group CEO Datuk Jeffri Salim Davidson said, 'We continue to face external headwinds, particularly in the motors division with ongoing economic uncertainty and the rise of Chinese automotive brands increasingly dominating the market. The consumer segment remains challenging amid the continuing price war and industry overproduction in China.' For the UMW division, he added, Toyota and Perodua continue to perform well in Malaysia. 'Despite the impact of the currency-related parts price adjustment, the long-term prospects for our industrial division remain positive on the back of robust mining demand,' he said, adding that, across the group, they remain focused on cost discipline, efficient inventory management and operational agility to navigate the current environment. 'As a result of our efforts, the reduction in inventories has resulted in a RM1.7 billion improvement to our operating cash flow for the nine months ended 31 March 2025. While the current landscape is undoubtedly tough, our operating cash flow is positive and our balance sheet is strong, underpinned by sustained revenue. These are fundamentals that will see us through during these choppy waters,' said Jeffri.
New Straits Times
27-05-2025
- Automotive
- New Straits Times
Sime's nine-month net profit up 9.9pct to RM1.29bil
KUALA LUMPUR: Sime Darby Bhd reported a net profit from continuing operations of RM1.29 billion for the nine months ended March 31 2025, up 9.9 per cent from RM1.17 billion in the previous corresponding period. The was mainly attributable to the higher contribution from the UMW division and a higher one-off gain on disposal of Malaysia Vision Valley land, despite lower profits from the industrial and motors divisions. The group's revenue for the nine months increased 8.2 per cent to RM52.3 billion from RM48.3 billion in the previous financial year. For the third quarter (Q3), Sime's net profit fell 43.2 per cent to RM193 million from RM340 million a year ago, due to lower earnings from all its core divisions. Its revenue fell to RM16.31 billion from RM18.84 billion previously, the group's filing to Bursa Malaysia showed. As a result, the group registered lower earnings per share of 2.80 sen compared to 5.00 sen in Q3. The group's industrial division profits fell 38.4 per cent to RM221 million during the quarter, mainly due to lower profits from Australasia. Profit from Australasia was impacted by a currency-related parts price adjustment, unfavourable weather conditions and a weaker Australian dollar against the ringgit. Its motors division profits dropped 36.7 per cent to RM114 million mainly due to lower revenue and core profit from several markets, particularly Malaysia, Hong Kong and New Zealand. The group said these markets had been impacted by weaker demand and fierce competition. UMW Holdings Bhd's profit fell 26 per cent to RM194 million mainly due to losses at the lubricants business. Sime group chief executive officer Datuk Jeffri Salim Davidson said the group continued to face external headwinds, particularly in the motors division with ongoing economic uncertainty and the rise of Chinese automotive brands increasingly dominating the market. He added that the consumer segment remains challenging amid the continuing price war and industry overproduction in China. "For the UMW division, Toyota and Perodua continue to perform well in Malaysia. "Despite the impact of the currency-related parts price adjustment, the long-term prospects for our industrial division remains positive on the back of robust mining demand. "Across the group, we remain focused on cost discipline, efficient inventory management and operational agility to navigate the current environment," he said in a separate statement. Jeffri also said as a result of the group's efforts, the reduction in inventories has resulted in a RM1.7 billion improvement to its operating cash flow for the nine months ended March 31, 2025. "While the current landscape is undoubtedly tough, our operating cash flow is positive and our balance sheet is strong, underpinned by sustained revenue. "These are fundamentals that will see us through during these choppy waters," he noted. On its prospects, the group said there is significant uncertainty in the global economic outlook after the US announced tariffs to be imposed on most countries. It added that volatility has also increased in the financial markets, affecting foreign currency exchange rates and interest rates. Amid the uncertainty, business conditions are expected to be challenging for the group's industrial and motors businesses. However, the medium to long term demand for the group's products and after-sales service from the mining industry in Australia is expected to remain robust. Sime expects the core financial performance for the financial year ending June 30, 2025 to be lower than that of the previous financial year.
The Star
27-05-2025
- Automotive
- The Star
Sime Darby's 9MFY25 net profit rises nearly 10% to RM1.3bil
Datuk Jeffri Salim Davidson, group CEO, Sime Darby KUALA LUMPUR: Sime Darby Bhd 's motors division continues to face increased competition with the rise in Chinese automotive brands that are increasingly dominating the market, said group CEO Datuk Jeffri Salim Davidson. "The consumer segment remains challenging amid the continuing price war and industry overproduction in China," he added. In a statement announcing the group's latest quarterly result, Jeffri noted that Toyota and Perodua under the UMW division continue to perform well in Malaysia, while the long-term prospects of the industrial division remain positive on the back of robust mining demand, despite the impact of the currency-related parts price adjustment. Over the cumulative nine months period to March 31, 2025, Sime Darby reported a net profit from continuing operations of RM1.3bil, which reflects growth of 9.9% from the previous corresponding period. It said the improved performance was mainly owing to the higher contribution from the UMW division and a higher one-off gain on disposal of Malaysia Vision Valley (MVV) land, despite lower profits from the industrial and motors divisions. The group reported nine-month revenue of RM52.3bil, up 8.2% compared with RM48.34bil in the previous comparative period. In the third quarter of the financial year (3QFY25), Sime Darby recorded a net profit of RM193mil compared to RM340mil in the year-ago quarter. Revenue was RM16.31bil compared to RM18.84bil in 3QFY24. In the business divisions, the motors division reported a reduced pre-tax profit of RM114mil in 3QFY25 while the UMW division saw a decrease in pre-tax profit to RM194mil as a result of competitive market conditions. The industrial division recorded a lower pre-tax profit of RM221mil, mainly due to reduced profits from the division's operations in Australasia. Australasia's profits were impacted by a currency-related parts price adjustment, unfavourable weather conditions, and a weaker Australian dollar against the ringgit. According to Jeffri, the reduction in inventories has resulted in a RM1.7bil improvement to the operating cash flow for the nine months ended March 31, 2025. 'While the current landscape is undoubtedly tough, our operating cash flow is positive and our balance sheet is strong, underpinned by sustained revenue. These are fundamentals that will see us through during these choppy waters,' he said.
Yahoo
06-03-2025
- Automotive
- Yahoo
Sultan of Brunei's Secret Ferrari F90s
Read the full story on Modern Car Collector The Sultan of Brunei, renowned for owning one of the most extravagant car collections in the world, secretly commissioned six one-of-a-kind Ferrari F90s—vehicles so exclusive that even Ferrari was unaware of their existence for years. The project originated in 1989 when the Sultan's brother, Prince Jeffri, approached Pininfarina's then-design chief, Enrico Fumia, with a challenge: to create a Ferrari unlike any other, built entirely from scratch rather than based on an existing model. The design was loosely inspired by the Testarossa but took on a radically different form. Keeping the project under strict secrecy, Pininfarina worked outside Ferrari's purview, developing and testing the F90s in complete isolation. The commission was so significant that it provided Pininfarina with vital financial support at a crucial time, surpassing the revenue generated from all its other manufacturer contracts combined. The secrecy paid off. Ferrari only became aware of the F90s in 2005—16 years after they were built. By then, the Italian automaker had no recourse but to acknowledge their existence, formally recognizing them as Ferrari models in 2006, despite never having seen them in person. Details and images of the elusive F90s remain scarce. The few known pictures showcase a sleek, wedge-shaped design, a stark contrast to the Testarossa's angular aesthetics. All six cars are believed to still reside in the Sultan's vast collection, which boasts approximately 7,000 vehicles valued at an estimated $15 billion. In an era where secrets are increasingly difficult to keep, the F90 project stands as a remarkable feat of discretion and automotive ambition—one that may never be replicated. Follow us on Facebook and Twitter
