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BusinessToday
27-05-2025
- Automotive
- BusinessToday
Sime Darby's 9M Profit Plunges 60% To RM1.29 Billion
Sime Darby Berhad reported a net profit from continuing operations of RM1.29 billion for the Group's nine-month period ended 31 March 2025 (9M FY2025), reflecting a growth of 9.9 per cent from the previous corresponding period. However, on a year-on-year comparison, the group saw a decline of 60% from RM3.21 billion. Revenue, on the other hand, was higher at RM52 billion compared to RM48 billion in 3QFY24. For the third quarter under review, Sime saw its net profit plunge from RM340 million to RM193 million, down 43% from the preceding year's quarter. Revenue was recorded at RM16 billion, which was lower by RM2 billion versus the year before. The performance was mainly attributable to the higher contribution from the UMW division and a higher one-off gain on the disposal of Malaysia Vision Valley (MVV) land, despite lower profits from the Industrial and Motors divisions. The Group's revenue for the nine months increased by 8.2 per cent to RM52.3 billion, compared with RM48.3 billion in the previous financial year. During the quarter under review, the Industrial division recorded a lower PBIT of RM221 million, mainly due to reduced profits from the division's operations in Australasia. In Australasia, profits were impacted by a currency-related parts price adjustment, unfavourable weather conditions, and a weaker Australian dollar against the Malaysian Ringgit. The Motors division reported a reduced PBIT of RM114 million in Q3 FY2025. This is attributed to the 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's Group Chief Executive Officer Dato' 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, 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. Related
New Straits Times
22-05-2025
- Business
- New Straits Times
CelcomDigi's Q1 earnings up 1.9pct to RM383.78mil, offset by sharp rise in tax expenses
KUALA LUMPUR: CelcomDigi Bhd reported a marginal 1.9 per cent increase in net profit to RM383.78 million for the first quarter ended March 31, 2025 (1Q25), up from RM376.46 million in the same period last year. The modest growth was largely offset by a sharp rise in tax expenses, which diluted gains from operational income, the group said in a filing to Bursa Malaysia. Tax expenses rose to RM164.95 million, nearly triple the amount a year earlier due to a prior reversal in tax provision. CelcomDigi's revenue for the quarter increased to RM3.21 billion from RM3.17 billion previously. As a result, the group registered higher earnings per share of 3.27 sen against 3.21 sen in 1Q24. CelcomDigi said its service revenue stood at RM2.69 billion in 1Q25, down 1.2 per cent year-on-year (YoY). Postpaid revenue rose 3.2 per cent YoY to RM1.07 billion, driven by a 6.2 per cent increase in subscribers, higher uptake of convergence plans, more device contracts, and migration from prepaid to postpaid. Prepaid revenue came in at RM1.06 billion, with the subscriber base showing slight quarter-on-quarter (QoQ) growth as more users adopt mobile internet, pointing to a shift toward higher-value, data-focused customers. Home and fibre revenue rose 48.1 per cent to RM55 million, fueled by subscriber growth and strong demand for CelcomDigi One plans and fixed wireless access. CelcomDigi closed the quarter with additional 190,000 subscribers YoY, an increase of 0.93 per cent, bringing its total subscribers to 20.6 million. The company declared a first interim dividend of 3.7 sen per share, in line with its sustainable dividend commitment to shareholders. CelcomDigi chief executive officer Datuk Idham Nawawi said the group is pleased with the encouraging start to 2025. Its first quarter performance delivered growth in revenue, earnings before interest and taxes and net profit. He added that this reflects the continued strength of the group's core business and disciplined execution of its strategic priorities. "We are progressing well in creating pathways for sustained profitable growth through four strategic focus areas – solidifying market leadership, enhancing customer experience, driving operational excellence and investing for the future," he said in a separate statement. CelcomDigi said its network integration and modernisation reached approximately 80 per cent completion as of end-March 2025, with six states fully completed. The group continued to ramp up IT consolidation activities, with 28 out of over 50 systems integrated to date, with a target of achieving approximately 75 per cent of systems integrated by year end. CelcomDigi's retail transformation also continued to advance, with over 50 new digital-concept stores launched to date, resulting in higher sales productivity and enhanced customer engagements. The group is now embarking on the next phase of transforming more than 300 exclusive partner stores. Upon completion, the company will form one of Malaysia's largest branded retail chains of digital products distribution, well-positioned to support Malaysians' evolving digital lifestyles. As a flow-through of cost efficiencies from these integration initiatives, CelcomDigi said it remains on track to deliver steady-state annualised cost savings of around RM700 to RM800 million post-2027. CelcomDigi expects a stronger financial and market performance this year, with most integration-related costs and one-off adjustments recognised in 2024. "CelcomDigi continues to remain committed in distributing dividend at minimum of 80 per cent of its bet profit, subject to availability of its free cash flow and distributable reserves, to be paid quarterly and ensuring sustainable dividend payout," it noted.
