MBM Resources Berhad (MBMR) and its subsidiaries has announced its financial results for the fourth quarter of 2020 ended 31st December 2020.
MBM Resources Announce Business Performance
The Group’s revenue rose higher by RM70.6million or 14.3 per cent against the corresponding quarter in 2019 to close at RM563.4 million. The higher revenue and volume were contributed by both the Motor Trading and Auto Parts Manufacturing Divisions due to increased consumer and carmakers demand. Subsequently, the Group doubled its PBT with an increase of RM49.2 million or 104.0 per cent against the corresponding quarter in 2019 to achieve the quarter PBT of RM96.5 million.
The Group’s share of results in its joint venture likewise improved significantly with RM2.7 million or 83.1 per cent increase in profit against the corresponding quarter to close at RM6.0 million for the quarter. The share of associates’ results similarly showed higher performance to close at a profit of RM65.8 million against the corresponding quarter, with an increase of RM22.1 million or 50.6 per cent.
Commenting on the Group’s Q4 2020 performance, newly appointed CEO and President of MBMR, Muhammad Fateh Teh Abdullah stated, “With the extension of the sales tax exemptions for passenger vehicles until 30 June 2021 under the Penjana stimulus package and the positive customer response seen in the second half of 2020, the Group is looking forward to sustain buying interest in both our passenger and commercial vehicles in 2021. We would like to take this opportunity to thank the Government as well as all stakeholders for the support given.”
He added, “The Group however, is also mindful of the challenges and uncertainties coming from the unabatedly high Covid-19 cases within the country and globally which will certainly be the key risk factor undermining the Group’s performance in the near term, although we are diligently practicing Covid-19 measures and procedures at all our outlets and premises to minimise the risk.”
Following the results, the Company declared a single-tier second interim dividend of 6 sen per share.
