KUALA LUMPUR: Sime Darby Bhd's net profit more than doubled to RM300 million in the third quarter (Q3) ended March 31, 2021 from RM115 million registered in the same quarter last year.
Group revenue jumped 30.8 per cent to RM11.02 billion from RM8.43 billion.
In a statement today, Sime Darby said this was due to solid sales performance in Motors China, where pre-tax profit more than tripled to RM125 million with higher revenue and margins.
"Our motors division continued to perform well in the Q3 of financial year 2021 (FY21) on the back of sustained strong demand for luxury cars, especially in the key markets of China and Australasia.
"Restrictions on international travel have diverted domestic spending to premium and luxury brands, which have benefitted us.
"On the other hand, we saw a softening in demand for equipment and parts in our Industrial division's operations in Australia," Sime Darby group chief executive officer Datuk Jeffri Salim Davidson said.
He said as part of the group's strategy to grow the healthcare business, its joint venture company Ramsay Sime Darby Health Care had recently completed the acquisition of Manipal Hospital in Klang, Selangor.
"We also concluded the sale of our stake in Eastern & Oriental Bhd in line with our non-core asset rationalisation plan.
"This will allow us to focus our efforts on our core divisions and to deliver maximum value to our stakeholders," he added.
For the nine-month period, Sime Darby's net profit surged 88.8 per cent to RM1.21 billion from RM643 million, while revenue grew 17.9 per cent to RM33.14 billion from RM28.11 billion.