SHAH ALAM, 26 February 2015–UMW Holdings Berhad recorded a total revenue of RM14,958.9 million for the year ended 31st December 2014, 7.2% higher than the RM13,951.5 million recorded in the year 2013. The improved revenue was mainly contributed by the Automotive and Oil & Gas Segments.
In line with the increase in revenue, the Group profit before taxation for the year ended 31st December 2014 increased to RM1,620.8 million from RM1,435.7 million registered in 2013, an increase of RM185.1 million or 12.9%. Consequently, the net profit attributable to equity holders of the Company increased to RM657.7 million from the RM652.9 million registered in 2013.
The Automotive Segment contributed a higher revenue of RM10,777.7 million, an increase of RM754.7 million or 7.5% from the RM10,023.0 million registered in 2013. The improved revenue for the year was attributed by higher Toyota vehicle sales of 12.0% compared to the previous year.
Market share for Toyota vehicles increased marginally to 15.5% in 2014 compared to 14.1% in 2013. In line with the higher revenue, the profit before taxation increased to RM1,472.2 million, an increase of RM58.7 million or 4.2% compared to RM1,413.5 million recorded in the previous year.
The Equipment Segment recorded a revenue of RM1,769.1 million for the year ended 31st December 2014, an increase of RM63.6 million or 3.7% higher than RM1,705.5 million recorded in 2013.
The higher revenue was attributed mainly to improved sales in the industrial equipment segment especially in the overseas operations. The uplift of suspension of the mining activities in Myanmar further contributed to the higher revenue. In line with the increase in revenue, profit before taxation for the segment increased by RM21.5 million or 11.0%, from RM195.8 million to RM217.3 million.
The Oil & Gas Segment registered a higher revenue of RM1,016.3 million for the year ended 31st December 2014, a growth of RM278.5 million or 37.7% from RM737.8 million in 2013.
The revenue improvement was attributed by the following:
Higher daily operating rates for NAGA 2 and NAGA 3;
Full year contribution from NAGA 4 which commenced operations in April 2013;
Additional contribution from NAGA 5 and NAGA 6, which commenced operations in May and October 2014, respectively; Higher barge sales; and
Improved utilisation rate of GAIT 3.
Consequently, profit before taxation increased to RM286.2 million in 2014 from RM206.8 million registered in 2013.
The Manufacturing & Engineering Segment’s revenue for the year 2014 of RM724.3 million was marginally lower than RM735.5 million registered in 2013. This was due to stiff competition in the lubricant business and lower contributions from our local automotive component manufacturers in the Group.
The segment reported a profit before taxation of RM15.7 million compared to a loss of RM39.2 million in the previous year. The improvement was due to:
Improved operating margin contribution from our lubricant business in China; and
No impairment of assets provided during the current year compared to the previous year.