KUALA LUMPUR: Main Market-listed EP Manufacturing Bhd’s (EPMB) net profit surged more than 50-fold for the financial year ended December 31, 2023 (FY23), the highest since 2014.
Revenue crossed the RM600 million mark for the first time, helped by strong demand for the company’s products.
EPMB’s net profit for FY23 was RM20.22 million, compared to RM0.40 million in FY22. The company’s revenue was RM648.00 million, 25.5 per cent higher year-on-year (YoY).
Group chief executive officer Ahmad Razlan Mohamed said the company’s improved results reflect the positive outcome of the transformational work started in early 2023, focusing on operation and cost optimisation.
“Moving forward, we will continue to strengthen our core businesses and pursue new market opportunities with substantial growth potential,” he said in a statement.
Ahmad Razlan said 2024 is set to be an exciting year for EPMB as the company will start the construction of its new vehicle assembly plant in Melaka.
“We will manufacture and assemble vehicle models for BAIC International Development Co Ltd (BAIC) and Great Wall Motor Sales Malaysia (GWM).
“Working with prominent automakers will help us build awareness, branding, credibility, and confidence across the industry.
“I believe this will unlock even greater growth opportunities for EPMB, even as we continue moving up the value chain in line with Malaysia’s New Industrial Master Plan (NIMP) 2030,” Ahmad Razlan said.
For the fourth quarter (Q4) FY23, EPMB reported revenue of RM199.64 million, its highest in history and a 26.0 per cent increase from RM158.38 million posted in Q3 FY23.
Revenue growth was mainly attributed to an increase in sales of automotive parts.
In line with the increased revenue, net profit was RM2.94 million, 617.1 per cent higher than RM0.41 million in Q3 FY23.
