KUALA LUMPUR: DRB-HICOM Bhd recorded a net profit of RM238.88 million for the year ended Dec 31 2023, up from the RM187.71 million in the previous year.
This was on the back of a 2.2 per cent increase in revenue, which stood at RM15.9 billion (FY2022: RM15.5 billion).
For the fourth quarter, the group posted RM26.46 million net profit, reversing a RM100.06 million net loss a year ago, on a revenue of RM3.8 billion.
The FY2023 performance was primarily driven by strong performance within the automotive sector, DRB-HICOM said today.
This sector saw a revenue growth of 2.3 per cent, rising to RM11.3 billion from RM11.1 billion in FY2022.
The improved performance was mainly attributed to increased vehicle sales volume, strong after-sales performance, and effective operational cost reduction initiatives.
National carmaker Proton Holdings Bhd achieved a new record high in vehicle sales since 2011 with 154,611 units sold in 2023 (FY2022: 141,432 units).
Honda retained its number one position in the non-national passenger vehicle segment which it had held since 2014, achieving its 2023 sales target of more than 80,000 units.
The banking sector achieved a revenue increase of 35.3 per cent (FY2023: RM1.7 billion, FY2022: RM1.3 billion).
this was primarily due to higher financing income fuelled by an increase in financing volume attributed to sustainable expansion and a growing customer base, along with a rise in the overnight policy rate to 3.00 per cent in FY2023 from 2.75 per cent in FY2022.
The services sector recorded a revenue increase of 13.4 per cent (FY2023: RM833.6 million, FY2022: RM734.8 million).
This was mainly contributed by the in-flight catering business with a higher number of meals prepared and ground handling business in line with the growing number of flights, as well as higher revenue from the Ar-Rahnu business.
The group said Malaysia's total industry volume (TIV) vehicles sales recorded outstanding performance in 2023 with a total of 799,731 new vehicles registered (2022: 721,177 units).
In tandem with this improved TIV, the group's automotive sector continued its upward trajectory.
It aims to further expand overall product offerings through technology-driven upgrading, while continuing to play an active role in the growth and development of the Malaysian economy.
"Businesses in the aerospace and defence, postal, services and properties sectors remain vigilant, strengthening operational efficiencies and practicing prudent financial management, while simultaneously pursuing the group's sustainability agenda," it added.