For the year ended March, revenue increased by 65.1% to a record RM421.5 million, led by an 80% surge in its manufacturing activities.

The company reported earnings of RM6.5 million, versus a loss of RM3.3 million in FY2022.

Revenue for the 2HFY2023 ended March was up 24.1% y-o-y to RM217.4 million, which helped lift earnings to RM3.8 million from RM1.8 million in 2H2022.

"We have seen an increase in demand from new and existing customers, surpassing pre-pandemic levels, thereby contributing to our record revenue," says executive chairman and CEO Wong Cheong Chee (picture).

"This was driven by an uplift in dealership sales and manufacturing demand from our customers, with the reopening of the Malaysian economy," he adds.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/capital/results/vicplas-reports-521-lower-profit-after-tax-42-mil-fy2023?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Vicplas reports 52.1% lower profit after tax of $4.2 mil for FY2023</a></b></span>

The company is looking forward to generating higher production volumes with new capacity being added.

MeGroup says it is "cautiously optimistic" about its business performance with the existing and new orders in the manufacturing segment and the new product line-up by the brand principals in the dealership segment.

"MeGroup is continuously looking at opportunities to expand its product offerings in the automotive sector," the company adds.

MeGroup back profitable for FY2023 with easing of pandemic curbs

Data is the new oil but is it as dirty?

'Transition credits' could sweeten deal for early retirement of coal-fired power plants: MAS, McKinsey paper

DPM Lawrence Wong appointed as GIC’s deputy chairman

MeGroup back profitable for FY2023 with easing of pandemic curbs

Related News

Highlights

Data is the new oil but is it as dirty?

Related News

Should Malaysia force wages to rise through direct wage policy intervention?

CGS-CIMB appoints veteran economist Song Seng Wun as economic advisor

MeGroup’s subsidiary acquires Malaysian property for $4.7 mil