KUALA LUMPUR (Dec 8): Bermaz Auto Bhd's net profit soared 152.22% to RM65.67 million in the second quarter ended Oct 31, 2022 (2QFY2023) from RM26.04 million last year due to higher sales, better contributions from associates and the appreciation of the ringgit against Japanese yen.

The group, engaged in distribution and retailing for Mazda, Peugeot and Kia in Malaysia, said in a Bursa Malaysia filing on Thursday (Dec 8) that it achieved a higher revenue of 61.8% in 2QFY2023 at RM782.97 million from RM483.84 million a year ago due to substantial back orders for all three marques received during the sales tax exemption incentive period.

Additionally, revenue for the preceding year's corresponding quarter was adversely impacted by strict compliance with certain standard operating procedures despite the lifting in August 2021 of the total lockdown, which was implemented under Phase 1 of the National Recovery Plan in June and July 2021.

Bermaz declared a second interim single-tier dividend of 3.5 sen per share, to be payable on Jan 6, 2023, bringing the total dividend declared for the cumulative six months ended Oct 31, 2022 (6MFY2023) to 6.5 sen per share (6MFY2022: two sen per share).

Earnings per share increased to 5.65 sen in 2QFY2023 from 2.24 sen in 2QFY2022.

For 6MFY2023, Bermaz recorded a revenue of RM1.5 billion and a net profit of RM115.83 million, greater than 6MFY2022's revenue of RM804.63 million and net profit of RM36.31 million.

Bermaz added that gross margin for its Mazda operations in 2QFY2023 improved due to the change in composition of sales mix and the appreciation of the ringgit against Japanese yen.

In terms of prospects, it said the automotive sector continues to face stiff competition from non-traditional vendors in the electronics, electrical and IT-related industries for the supply of microchips and components.

"This had compounded the microchip and component shortage situation and resulted in delays in the delivery of vehicles. The gradual resumption of production by semiconductor manufacturers locally and overseas will help ease the microchip and component shortage situation," the company said.

"Premised on the foregoing and barring any unforeseen circumstances, the board anticipates the performance of the group for the rest of FY2023 to remain positive."

Bermaz settled unchanged at RM1.99 on Thursday, valuing the group at RM2.32 billion. Year-to-date, its shares have gained 22.84% from RM1.62.