Sime Darby declares 4 sen special dividend as net profit soars 124.5pc


KUALA LUMPUR: Sime Darby Bhd’s net profit rose 124.5 per cent to RM633 million in the second quarter ended Dec 31 last year from RM282 million in the same period in 2019.

The conglomerate said in an exchange filing yesterday the higher earnings was mainly contributed by the gain on disposal of the group’s 30 per cent stake in Tesco Malaysia of RM272 million (net of tax) and strong performance of the motors division.

Revenue rose 10.1 per cent year-on-year to RM11.24 billion from RM10.21 billion previously.

For the six-month period, Sime Darby’s net profit surged 73.1 per cent to RM914 million from RM528 million in the same period in 2019, while revenue increased 12.3 per cent to RM22.12 billion from RM19.70 billion previously.

Sime Darby has announced a special dividend of 4.0 sen per share and an interim dividend of 2.0 sen per share, payable on May 11.

Group chief executive officer Datuk Jeffri Salim Davidson said Sime Darby’s motors division was the standout performer in the second quarter after almost doubling its profit following the outstanding contribution from its China operations.

“Motors Australia’s performance was also noteworthy given our turnaround of the Sydney dealerships that we acquired in 2019.

“We have been fortunate that demand for luxury cars has remained relatively robust during this period,” he said in a separate statement yesterday.

Jeffri said Sime Darby completed the sale of its stake in Tesco Malaysia as well as the Jining river ports in China in the second quarter following its commitment to divest non-core assets.

“While we are well positioned to ride the wave of demand for luxury cars, we remain mindful of the risks from the Covid-19 pandemic, as well as the slowing demand for our products and services from the coal mining segment in Australia as a result of the restrictions on coal imports by China.”

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