UMW Toyota Reports Strong Sales For February; Up 37% From January

UMW Toyota Motor Sdn Bhd (UMWT) announced that it sold 9,297 vehicles in February, a 37% increase over the 6,786 units sold in January. UMWT, the subsidiary of UMW Holdings Bhd, reported the highest ever month-on-month sales performance in February, selling 9,233 Toyota and 64 Lexus vehicles. Vehicle sales increased 45% year on year last month, according to the company.

“The year-to-date sales for February 2023 for Toyota and Lexus are 16,004 units and 79 units, respectively, continuing its strong start for 2023. "This year-to-date sales figure also shows a consistent 15% (Toyota and Lexus) increase compared to the same period in 2022," the company said in a statement. UMWT president Datuk Ravindran K commented on the performance, saying the company's February 2023 sales figures were a testament to the company's dedication and hard work.

"By continuously listening to our customers and adapting to their needs, we have been able to maintain our position as a top-performing player in the automotive industry. “With the introduction of our new GR and GR Sport models and the all-new Toyota Vios, we are excited to continue providing our customers with exceptional vehicles that exceed their expectations,” he said. UMW Holdings Bhd reported a 56% drop in net profit to RM105.95mil in the fourth quarter of 2022 (4Q22), despite revenue increasing by 20% to RM4.38bil.

Earnings per share in 4Q22 were 9.07 sen, down from 20.54 sen the previous year. According to UMW Holdings, the lower net profit in 4Q22 was primarily due to a lower share of profit from an associated company. UMW Holdings increased its net profit by 55% to RM415.05 million in 2022, while revenue increased by 43% to RM15.8 billion. Earnings per share in 2022 were 35.53 sen, up from 22.96 sen the previous year. The company declared a final dividend of 11.2 cents per share, with an ex-date of April 17, 2023 and a payment date of May 12, 2023. This increases UMW Holdings' total dividend for 2022 to 14.20 sen, up from 5.80 sen in 2021.

In a financial performance statement, UMW Holdings stated that it expects to deliver satisfactory results in 2023, while remaining cautiously optimistic about the continued performance of its core business segments based on an encouraging order book and improving demand for its products and services.