KUALA LUMPUR (June 18): Bermaz Auto Bhd net profit more than doubled quarter-on-quarter to RM66.83 million in the fourth quarter ended April 30, 2021 (4QFY21) from RM33.08 million in 3QFY21 on higher profits from domestic sales, offset by weaker performance in the Philippines.

Quarterly earnings per share ballooned to 5.75 sen, from 2.85 sen. The group has declared a dividend of 1.5 sen plus a special dividend of 1.75 sen, bringing the full-year total to 6.5 sen, from 7.45 sen in FY20.

“Higher sales volume from the domestic operations was achieved when consumers rushed to buy new vehicles in the new calendar year 2021 and before the end of the sales tax exemption in June 2021,” said Bermaz.

Quarterly revenue grew 7.23% q-o-q to RM641.2 million from RM597.98 million, also on higher sales at home.

On a year-on-year basis, the results arrived from a low base of RM2.46 million in 4QFY20 on revenue of RM299.36 million — its weakest since listing, due to Covid-19 lockdowns in Malaysia and Philippines.

The latest results pushed Bermaz's full-year FY21 profit up 32.8% to RM133.94 million from RM100.84 million in FY20. Annual revenue grew 30.34% to RM2.29 billion from RM1.76 billion.

On prospects, the extension of the sales tax exemption to the end of this year augurs well, Bermaz said.

The group has made inroads into two new brands Peugeot and Kia, local assembly of Kia vehicles, and sale of automotive parts from Europe and Asia, although these ventures may not significantly impact earnings in the near term.

“Although there are plans to introduce new and/or new facelifts models under Mazda, Peugeot and/or Kia brands, it is still very much dependent on the market sentiments and economic conditions then,” it added.

Shares of Bermaz gained two sen or 1.37% to RM1.48, valuing the group at RM1.72 billion.