Back in black - Proton pulls up DRB-HICOM's FY2022 earnings, RM 409.99 mil profit before tax
Hans · Feb 22, 2023 09:49 AM
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Strong performance in DRB-HICOM’s automotive division has pushed the conglomerate back into black. It ended its financial year ending 31-December 2022 with RM409.99 million profit before tax, reversing the previous financial year’s pre-tax loss of RM291.27 million.
However it also registered a pre-tax loss of RM73.13 million for Q4 2022, but the group says this is mainly due to year-end assessment’s impairment loss of assets.
The automotive division is the group’s crown jewel, leading revenue growth with an increase of RM 2.89 billion, up 35.2 percent (FY2022: RM11.09 billion, FY2021: FY8.20 billion).
From left: Deputy CEO Roslan Abdullah, CEO Dr. Li Chunrong
DRB-HICOM says the growth is attributed to by the Government’s sales tax holiday which boosted revenue for Proton and other marques under the DRB-HICOM umbrella.
For FY2022, the national carmaker Proton sold its highest number of units since 2013, totalling 141,432 units (domestic and export), an increase of 23.3 percent year-on-year.
Other sectors that contributing to the group’s increase in revenue is Aerospace & Defence (up 41 percent to RM 254.46 million) and Banking (up 13.7 percent to RM 152.36 million).
Apart from holding 50.1 percent in Proton Holdings, DRB-HICOM also owns EON, one of the country’s largest multi-brand dealer group.
EON Auto Mart is the largest Mitsubishi Motors dealer in the country
Although EON is best known as a Proton dealer, EON Auto Mart is the largest dealer for Mitsubishi Motors Malaysia. EON also operates Euromobil (Audi) and HICOM Auto (Volkswagen) dealerships.
Beyond retail, DRB-HICOM is also a local partner of Honda Malaysia, Isuzu Malaysia, and Mitsubishi Motors Malaysia.
Its DRB-HICOM Auto Solutions (DHAS) handles importation and logistics for many automotive marques.
The group is also involved in manufacturing and engineering. The division also benefited from the growth in DRB-HICOM's automotive retail business.
Its subsidiary PHN is a body stamping and chassis parts vendor to many automotive brands, including those outside of the DRB-HICOM family. HICOM-TECK SEE is a major supplier of plastics body and interior parts for many CKD cars here.
Note the HICOM Automotive uniform on the assembly line workers
The HICOM Automotive plant in Pekan is also home to vehicle assembly facilities for Mercedes-Benz, Mitsubishi, and Volkswagen.
Over 15 years of experience in automotive, from product planning, to market research, to print and digital media. Garages a 6-cylinder manual RWD but buses to work.
