Sime yearly profit at RM1.10bil

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Group chief executive officer Datuk Jeffri Salim Davidson said there were more headwinds going into FY23 with rising interest rates that have led to higher borrowing costs for customers, dampening consumer sentiment. He noted that China’s Covid-19 lockdown had also impacted the group’s business.

KUALA LUMPUR: Sime Darby Bhd, which posted a lower net profit of RM1.10bil for the financial year ended June 30, 2022 (FY22), is bracing for yet another challenging year ahead amid supply chain disruptions and rising inflation.

Group chief executive officer Datuk Jeffri Salim Davidson said there were more headwinds going into FY23 with rising interest rates that have led to higher borrowing costs for customers, dampening consumer sentiment. He noted that China’s Covid-19 lockdown had also impacted the group’s business.

“It is going to be a tough year and we have to work quite hard to get the results we want,” he said during a media briefing on Sime Darby’s fourth-quarter ended June 30, 2022 (4Q22) results.

However, Jeffri remains “fairly positive” on the outlook for FY23, saying that the group had broad-based businesses throughout the Asia-Pacific region.

“Demand for cars will be fairly strong and there will be a one-off gain of RM250mil from the land disposal in Labu that will be realised in FY23,” he added.

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Sime Darby is slated to complete its sale of 760 acres of land in Malaysia Vision Valley (MVV) at Labu to Sime Darby Property Bhd in FY23.

Jeffri said the group would explore opportunities to dispose other parts of the MVV land, as well as to unlock value of its non-core assets through monetisation and opportunistic divestments.

For FY22, Sime Darby’s net profit fell 22.6% to RM1.10bil from RM1.43bil a year ago, due to a one-off gain of RM272mil in FY21 from the divestment of the group’s stake in Tesco Malaysia.

“Excluding the gain, the group’s net profit declined marginally by 4.3% due to lower profits from its industrial and motor business in China, which were impacted by industry-wide contraction in volume for heavy equipment, inventory shortages and Covid-19 restrictions,” it said.

Sime Darby is slated to complete its sale of 760 acres of land in Malaysia Vision Valley (MVV) at Labu to Sime Darby Property Bhd in FY23. Jeffri said the group would explore opportunities to dispose other parts of the MVV land, as well as to unlock value of its non-core assets through monetisation and opportunistic divestments.