Latest news with #SimeDarbyBhd
Malaysian Reserve
3 days ago
- Business
- Malaysian Reserve
Malaysia taps career diplomat as new US ambassador amid tariffs
MALAYSIA has tapped a career diplomat as its new ambassador to the US, according to people familiar with the matter, as the Southeast Asian nation seeks tariff relief from Washington. Shahrul Ikram Yaakob, who retired as secretary-general of Malaysia's Foreign Affairs Ministry in 2022, will be the new envoy, although his appointment has yet to be ratified by Washington, the people said, asking not to be identified because they're not authorized to speak publicly. The 64-year-old is currently an independent non-executive director at state-controlled conglomerate Sime Darby Bhd. The foreign affairs ministry, the US Embassy in Kuala Lumpur and Sime Darby couldn't immediately comment on Friday. The position has been vacant for more than three months even as Malaysia negotiates with the US to bring levies on the Southeast Asian nation down from the 24% that President Donald Trump has pledged to impose. The previous ambassador, Mohamed Nazri Abdul Aziz, ended his two-year stint in Washington in February. The outcome of the tariff talks will be crucial for trade-reliant Malaysia, which counts the US as its largest export market and China as its biggest trading partner, making it vulnerable to the trade war between the world's two largest economies. Shahrul served 34 years in diplomatic service, including two stints in the US. He was first secretary to the embassy in Washington in the 1990s, and was the country's permanent representative to the United Nations in New York from 2017 to 2018, according to his professional biography on Sime Darby's website. He also had stints as Malaysia's ambassador to Qatar and Austria. –BLOOMBERG
The Star
5 days ago
- Business
- The Star
Sime Darby's 9M25 net profit rises 10% to RM1.3bil
PETALING JAYA: Sime Darby Bhd reported a net profit from continuing operations of RM1.29bil for its nine-month period ended March 31, 2025 (9M25), reflecting a growth of 9.9% from the previous corresponding period. In a statement, the conglomerate said the improved performance was mainly attributable to the higher contribution from UMW Holdings Bhd 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 RM52.3bil, compared with RM48.3bil in the previous financial year.' In a filing with Bursa Malaysia, Sime Darby said the higher profit before interest and tax (PBIT) from UMW during the nine-month period was mainly due to the consolidation of its result for the full three quarters in the current financial year, compared with less than five months in the previous corresponding period. UMW's businesses include automotive, equipment, manufacturing and engineering, as well as other segments. Meanwhile, the PBIT of the industrial division was lower by 15.6% at RM901mil, largely due to the lower profits from Australasia. Sime Darby said PBIT for the motors division decreased by 26.6% to RM422mil, primarily due to lower results from Malaysia, Hong Kong, Australia and New Zealand. 'These markets have been impacted by weaker demand, especially in the luxury segment, and fierce competition.' As for its discontinued operations, Sime Darby said the previous corresponding period included the gain on disposal of Ramsay Sime Darby Health Care of RM2bil. For the third quarter ended March 31, 2025 (3Q25), net profit saw a decrease to RM193mil, while revenue was down by 13.4% at RM16.3bil. During the quarter under review, Sime Darby said the industrial division recorded a lower PBIT of RM221mil, 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 ringgit.' It added that the motors division reported a reduced PBIT of RM114mil in 3Q25. This is attributed to the lower vehicle sales in most markets, as well as increased competition. For the UMW division, the group said 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 RM194mil as a result of competitive market conditions.' In the same statement, Sime Darby group chief executive officer Datuk Jeffri Salim Davidson said he expects the group to continue facing external headwinds. He said this is 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 Perusahaan Otomobil Kedua Sdn Bhd (Perodua) continue to perform well in Malaysia.' Perodua's sales in 2024 scaled to a record level of 358,102 units, on the back of its highest-ever production volume of 368,100. The national carmaker's 2024 sales were 8.4% higher than its previous historical high of 330,325 in 2023, while production rose 7.2% over its 2023 level of 343,400. Perodua said it captured 44% of the country's estimated total industry volume of 814,000 units last year, and was the main growth driver of Malaysian car sales in 2024. UMW announced earlier this year that its subsidiary, UMW Toyota Motor Sdn Bhd (UMWT), had concluded 2024 with a steady sales momentum, recording over 12,800 units sold in December 2024. This brought the total annual units sold to more than 102,300, marking the year 2024 as the third consecutive year for UMWT to surpass the 100,000 annual goal. Separately, Jeffri Salim said the long-term prospects for the group's industrial division remains positive on the back of robust mining demand, despite the impact of the currency-related parts price adjustment. 'Across the group, we 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 RM1.7bil improvement to our operating cash flow for the nine months ended March 31, 2025.' Jeffri Salim noted that while the current landscape is undoubtedly tough, he said the group's operating cash flow is positive and that its balance sheet is strong, underpinned by sustained revenue. 'These are fundamentals that will see us through during these choppy waters,' he said.
The Sun
6 days ago
- 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
6 days ago
- 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
6 days ago
- 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.
